Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $11,073,232 · related or exempt $11,073,232

• 2b · Program service revenue: FEES/CHARGES/OTHER

  total $3,165,032 · related or exempt $3,165,032

• 2c · Program service revenue: FINANCE AND INSURANCE

  total $19,086 · unrelated business $19,086

• 3 · Investment income

  total $4,350,746 · related or exempt $4,350,746

• 7a · Gross sales of assets other than inventory

  securities $470,634 · other assets $56,238

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

  securities $316,400 · other assets $42,007

• 7c · Gain or loss

  securities $154,234 · other assets $14,231

• 7d · Net gain or loss

  total $168,465 · related or exempt $168,465

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $250

• 5 · Compensation of officers, directors and key employees

  total $1,037,139

• 7 · Other salaries and wages

  total $4,296,411

• 8 · Pension plan contributions

  total $215,115

• 9 · Other employee benefits

  total $1,015,649

• 10 · Payroll taxes

  total $433,122

• 11b · Fees: legal

  total $25,203

• 11c · Fees: accounting

  total $111,417

• 11g · Fees: other

  total $467,625

• 12 · Advertising and promotion

  total $405,792

• 13 · Office expenses

  total $719,110

• 14 · Information technology

  total $996,282

• 16 · Occupancy

  total $325,229

• 17 · Travel

  total $60,099

• 20 · Interest

  total $1,357,833

• 21 · Payments to affiliates

  total $19,319

• 22 · Depreciation, depletion and amortization

  total $319,351

• 23 · Insurance

  total $126,229

• 24a · Other expenses: UBIT EXPENSE

  total $1,520

• 24b · Other expenses: ATM EXPENSES

  total $854,592

• 24c · Other expenses: PROVISION FOR LOAN LOSS

  total $546,541

• 24d · Other expenses: MAINTENANCE

  total $518,321

• 24e · All other expenses

  total $765,909

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,008,365 · end of year $2,744,184

• 2 · Savings and temporary cash investments

  beginning of year $8,230,759 · end of year $16,559,744

• 4 · Accounts receivable

  beginning of year $1,941,578 · end of year $1,725,161

• 5 · Loans and receivables from officers and key people

  beginning of year $7,248,184 · end of year $7,379,408

• 7 · Other notes and loans receivable

  beginning of year $227,569,832 · end of year $241,890,216

• 9 · Prepaid expenses and deferred charges

  beginning of year $5,829,399 · end of year $664,364

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

  $9,153,414

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

  $1,442,696

• 10c · Land, buildings and equipment, net

  beginning of year $6,586,264 · end of year $7,710,718

• 11 · Investments: publicly traded securities

  beginning of year $163,465,640 · end of year $133,728,380

• 12 · Investments: other securities

  beginning of year $13,243,094 · end of year $9,691,579

• 14 · Intangible assets

  beginning of year $5,455,957 · end of year $4,243,522

• 15 · Other assets

  beginning of year $7,719,528 · end of year $8,604,802

• 17 · Accounts payable and accrued expenses

  beginning of year $5,325,312 · end of year $5,390,973

• 25 · Other liabilities

  beginning of year $421,483,688 · end of year $398,796,756

• 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 $23,489,600 · end of year $30,754,349

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION HAS SPLIT DOLLAR COLLATERAL ASSIGNMENT LOAN AGREEMENTS WITH JON ELLIOT, CHRISTENA KOESTER, STEPHEN P. GRECH, KARI CIARAMITARO, WHEREAS THE CREDIT UNION PAYS THE ANNUAL LIFE INSURANCE PREMIUMS DURING THE EXECUTIVES' YEARS OF SERVICE ON BEHALF OF THE EXECUTIVES. THE CREDIT UNION HAS DEPOSITED FUNDS INTO A PREMIUM DEPOSIT ACCOUNT TO PAY THE ANNUAL LIFE INSURANCE PREMIUMS ON BEHALF OF THE EXECUTIVES. THE EXECUTIVES ARE THE SOLE OWNERS OF THE POLICIES AND ASSIGNED THE LIFE INSURANCE POLICIES AND THE ASSOCIATED PREMIUM DEPOSIT ACCOUNTS AS COLLATERAL TO THE CREDIT UNION. THE SPLIT DOLLAR ARRANGEMENTS WERE GRANTED TO THE EXECUTIVES WITH FULL RECOURSE BY THE CREDIT UNION. THE LOANS ARE EXPECTED TO BE REPAID FROM THE DEATH BENEFIT OF THE POLICIES.