Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $61,308,318 · related or exempt $61,308,318

• 2b · Program service revenue: INTERCHANGE INCOME

  total $12,925,168 · related or exempt $12,925,168

• 2c · Program service revenue: FEE INCOME

  total $10,651,181 · related or exempt $10,651,181

• 2d · Program service revenue: OTHER INCOME

  total $1,481,330 · related or exempt $1,481,330

• 2e · Program service revenue: FINANCE AND INSURANCE

  total $293,027 · unrelated business $293,027

• 3 · Investment income

  total $7,248,602 · related or exempt $7,248,602

• 7a · Gross sales of assets other than inventory

  other assets $31,202

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

  other assets $13,852

• 7c · Gain or loss

  other assets $17,350

• 7d · Net gain or loss

  total $17,350 · related or exempt $17,350

• 11a · Other revenue: INS COMM MEMBER SERVICE

  total $3,213,278 · related or exempt $3,213,278

• 11e · Other revenue, total

  $3,213,278

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $236,500

• 2 · Grants to domestic individuals

  total $4,000

• 5 · Compensation of officers, directors and key employees

  total $1,800,356

• 7 · Other salaries and wages

  total $21,343,744

• 8 · Pension plan contributions

  total $2,599,402

• 9 · Other employee benefits

  total $4,087,788

• 10 · Payroll taxes

  total $1,513,689

• 11b · Fees: legal

  total $158,733

• 11c · Fees: accounting

  total $143,665

• 11g · Fees: other

  total $1,058,181

• 12 · Advertising and promotion

  total $1,794,973

• 13 · Office expenses

  total $4,595,139

• 14 · Information technology

  total $4,555,104

• 16 · Occupancy

  total $3,833,236

• 17 · Travel

  total $150,647

• 19 · Conferences, conventions and meetings

  total $116,041

• 20 · Interest

  total $9,003,271

• 22 · Depreciation, depletion and amortization

  total $5,267,244

• 23 · Insurance

  total $118,328

• 24a · Other expenses: PROCESSING FEES

  total $5,884,945

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $4,461,818

• 24c · Other expenses: CREDIT CARD REWARDS

  total $2,896,292

• 24d · Other expenses: LOAN SERVICING

  total $2,605,886

• 24e · All other expenses

  total $1,281,574

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $16,268,590 · end of year $14,965,742

• 2 · Savings and temporary cash investments

  beginning of year $200,021,821 · end of year $122,412,299

• 4 · Accounts receivable

  beginning of year $12,930,926 · end of year $10,211,787

• 5 · Loans and receivables from officers and key people

  beginning of year $17,447,671 · end of year $17,651,809

• 7 · Other notes and loans receivable

  beginning of year $1,253,738,357 · end of year $1,469,262,627

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,722,048 · end of year $2,448,557

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

  $78,950,312

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

  $35,376,546

• 10c · Land, buildings and equipment, net

  beginning of year $38,693,514 · end of year $43,573,766

• 11 · Investments: publicly traded securities

  beginning of year $245,678,787 · end of year $236,716,564

• 12 · Investments: other securities

  beginning of year $48,284,755 · end of year $51,867,296

• 14 · Intangible assets

  beginning of year $10,399,826 · end of year $11,006,679

• 15 · Other assets

  beginning of year $44,904,055 · end of year $45,327,974

• 17 · Accounts payable and accrued expenses

  beginning of year $26,871,071 · end of year $41,741,565

• 23 · Secured mortgages and notes payable

  end of year $60,000,000

• 25 · Other liabilities

  beginning of year $1,653,550,829 · end of year $1,737,764,117

• 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 $210,668,450 · end of year $185,939,418

The filer's explanations (Part III)

PART I, LINE 1A

A PER DIEM IS PAID FOR MEALS FOR BOARD MEMBERS' TRAVEL COMPANIONS.

PART I, LINE 4B

THE CREDIT UNION MAINTAINS A SUPPLEMENTAL SPLIT DOLLAR LIFE INSURANCE RETIREMENT BENEFIT FOR THE CEO, KAREN HARBIN, THE CHIEF FINANCIAL OFFICER, STEVE BELLAS, AND THE CHIEF BRAND & ADVOCACY OFFICER, PATRICIA SMITH. UNDER THE SUPPLEMENTAL SPLIT DOLLAR LIFE INSURANCE RETIREMENT PLANS, THE CREDIT UNION HAS FUNDED AN ANNUITY ACCOUNT TO PAY THE ANNUAL LIFE INSURANCE PREMIUMS ON BEHALF OF THE EXECUTIVE. THE EXECUTIVE IS THE SOLE OWNER OF THE POLICY AND HAS ASSIGNED THE LIFE INSURANCE POLICIES AS COLLATERAL TO THE CREDIT UNION AS SECURITY FOR THE REPAYMENT OF THE PREMIUMS.