Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST INCOME ON LOANS

  total $136,019,469 · related or exempt $136,019,469

• 2b · Program service revenue: MEMBER FEES

  total $17,133,290 · related or exempt $16,929,120 · unrelated business $204,170

• 2c · Program service revenue: LOAN FEES

  total $3,215,564 · related or exempt $3,215,564

• 3 · Investment income

  total $13,646,619 · excluded $13,646,619

• 7a · Gross sales of assets other than inventory

  other assets $76,566,505

• 7b · Less cost or other basis and sales expenses

  other assets $75,482,180

• 7c · Gain or loss

  other assets $1,084,325

• 7d · Net gain or loss

  total $1,084,325 · excluded $1,084,325

• 11a · Other revenue: BOLI INCOME

  total $1,032,140 · related or exempt $1,032,140

• 11b · Other revenue: VISA INCOME

  total $676,756 · related or exempt $676,756

• 11c · Other revenue: MISC INCOME

  total $471,216 · related or exempt $471,216

• 11d · All other revenue

  total $80,505 · related or exempt $72,454 · unrelated business $8,051

• 11e · Other revenue, total

  $2,260,617

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $303,606

• 2 · Grants to domestic individuals

  total $18,500

• 5 · Compensation of officers, directors and key employees

  total $4,004,992

• 7 · Other salaries and wages

  total $22,281,062

• 8 · Pension plan contributions

  total $1,937,453

• 9 · Other employee benefits

  total $3,981,982

• 10 · Payroll taxes

  total $2,225,869

• 11b · Fees: legal

  total $304,421

• 11c · Fees: accounting

  total $504,575

• 11g · Fees: other

  total $2,121,650

• 12 · Advertising and promotion

  total $2,530,594

• 13 · Office expenses

  total $2,806,527

• 14 · Information technology

  total $8,326,274

• 16 · Occupancy

  total $5,785,357

• 17 · Travel

  total $142,844

• 19 · Conferences, conventions and meetings

  total $246,571

• 20 · Interest

  total $92,498,809

• 22 · Depreciation, depletion and amortization

  total $577,255

• 23 · Insurance

  total $911,412

• 24a · Other expenses: UBIT TAX EXPENSES

  total $15,948

• 24b · Other expenses: ATM DEBIT CARD EXPENSES

  total $5,459,177

• 24c · Other expenses: PROVISION FOR LOAN LOSS

  total $3,676,507

• 24d · Other expenses: MANUFACTURED HOMES RESE

  total $3,409,356

• 24e · All other expenses

  total $2,036,732

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $10,172,656 · end of year $8,797,711

• 2 · Savings and temporary cash investments

  beginning of year $136,792,461 · end of year $110,216,184

• 5 · Loans and receivables from officers and key people

  beginning of year $7,592,342 · end of year $9,048,313

• 7 · Other notes and loans receivable

  beginning of year $2,980,998,463 · end of year $2,938,589,370

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,415,490 · end of year $2,938,794

• 10a · Land, buildings and equipment: cost or other basis

  $56,194,897

• 10b · Land, buildings and equipment: accumulated depreciation

  $23,396,134

• 10c · Land, buildings and equipment, net

  beginning of year $32,928,564 · end of year $32,798,763

• 11 · Investments: publicly traded securities

  beginning of year $102,724,619 · end of year $193,308,030

• 12 · Investments: other securities

  beginning of year $34,590,814 · end of year $35,598,654

• 14 · Intangible assets

  beginning of year $3,290,235 · end of year $3,290,235

• 15 · Other assets

  beginning of year $102,685,986 · end of year $105,446,294

• 17 · Accounts payable and accrued expenses

  beginning of year $39,458,317 · end of year $39,487,607

• 21 · Escrow or custodial account liability

  beginning of year $5,852,031 · end of year $6,113,994

• 23 · Secured mortgages and notes payable

  beginning of year $422,862,950 · end of year $404,336,505

• 25 · Other liabilities

  beginning of year $2,689,585,852 · end of year $2,714,256,146

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $256,432,480 · end of year $275,838,096

The filer's explanations (Part III)

PART I, LINE 1A

THE CREDIT UNION HAS AN AGREEMENT WITH ROBERT CASHMAN, ERIK PORTER, TRACI MICHEL, AND MARIA JUSTINIANO TO REIMBURSE THE TAX OWED AS A RESULT OF THE TAXABLE INCOME GENERATED FROM THE PREMIUM DEPOSIT ACCOUNT IN EACH OF THEIR RESPECTIVE LOAN REGIME SPLIT DOLLAR PLANS.

PART I, LINE 4B

THE CREDIT UNION SPONSORS A DEFINED BENEFIT PENSION PLAN FOR THE BENEFIT OF ITS EMPLOYEES. THE PLAN CALLS FOR BENEFITS TO BE PAID TO ELIGIBLE EMPLOYEES AT RETIREMENT BASED PRIMARILY UPON YEARS OF SERVICE WITH THE CREDIT UNION AND COMPENSATION LEVELS AT RETIREMENT. CONTRIBUTIONS TO THE PLAN REFLECT BENEFITS ATTRIBUTED TO EMPLOYEES' SERVICES TO DATE, AS WELL AS SERVICES EXPECTED TO BE PROVIDED IN THE FUTURE. THE CREDIT UNION'S DEFINED BENEFIT PENSION PLAN WAS FROZEN EFFECTIVE JANUARY 1, 2009. ON AUGUST 31, 2024, THE CREDIT UNION OFFICIALLY TERMINATED THE PLAN AND BENEFITS WERE DISTRIBUTED IN SATISFACTION OF ALL OBLIGATIONS AS OF DECEMBER 31, 2024. DURING 2020, THE CREDIT UNION ENTERED INTO A COLLATERAL ASSIGNMENT SPLIT DOLLAR LIFE INSURANCE AGREEMENT WITH THE CHIEF EXECUTIVE OFFICER (CEO) WHICH SUPERSEDED THE PREVIOUS SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN WITH THE CEO. IN CONNECTION WITH THE AGREEMENT, THE CREDIT UNION PROVIDED THE CEO WITH A $3,272,000 NOTE RECEIVABLE, INCLUDED IN OTHER ASSETS ON THE CONSOLIDATED BALANCE SHEET, WHICH WAS USED TO PURCHASE LIFE INSURANCE CONTRACTS FOR THE BENEFIT AND PROTECTION OF THE EXECUTIVE'S FAMILY, IN ADDITION TO ACCUMULATING CASH VALUE THAT THE EXECUTIVE CAN ACCESS THROUGH LOANS FROM THE POLICIES TO SUPPLEMENT RETIREMENT INCOME. THE NOTE CREDITS INTEREST AT A RATE OF 1.86%. THE CREDIT UNION'S INTEREST IS SECURED BY COLLATERAL ASSIGNMENT OF THE LIFE INSURANCE POLICIES. THE NOTE RECEIVABLE WILL BE REPAID WITH LIFE INSURANCE PROCEEDS UPON DEATH OF THE EXECUTIVE. IN 2021, OTHER EXECUTIVES ENTERED INTO SIMILAR SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENTS, WHICH PROVIDED THE EXECUTIVES WITH NOTES RECEIVABLES IN THE AGGREGATE AMOUNT OF $5,750,000. DURING 2024, ONE OF THE EXECUTIVES FOR WHICH A COLLATERAL ASSIGNMENT SPLIT DOLLAR LIFE INSURANCE AGREEMENT WAS ENTERED INTO RESIGNED FROM THE CREDIT UNION, AND THE UNUSED PREMIUM DEPOSIT WAS RETURNED TO THE CREDIT UNION. THESE NOTES CREDIT INTEREST AT A RATE OF 2.07%. THE CREDIT UNION'S EXPENSE IN CONNECTION WITH THESE AGREEMENTS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 AMOUNTED TO $104,000 AND $105,000, RESPECTIVELY.

SCHEDULE J, PART II, COLUMN F:

ROBERT M. CASHMAN RECEIVED $418,109 SERP PAYOUT IN 2024, WHICH REPORTED AS DEFERRED COMPENSATION IN PRIOR YEARS.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• METRO INSURANCE ADVISORS LLC

  INSURANCE PRODUCT · MA · income $80,100 · assets $503,744

  Directly controlled by METRO CREDIT UNION