Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INCOME FROM MEMBERS

  total $23,934,673 · related or exempt $23,934,673

• 2b · Program service revenue: FEE INCOME

  total $2,426,814 · related or exempt $2,426,814

• 3 · Investment income

  total $2,165,837 · excluded $2,165,837

• 11a · Other revenue: ATM INTERCHANGE INCOME

  total $4,374,749 · related or exempt $4,318,404 · unrelated business $56,345

• 11b · Other revenue: OTHER INCOME

  total $322,874 · related or exempt $249,874 · unrelated business $73,000

• 11e · Other revenue, total

  $4,697,623

Functional expenses

Part IX, the statement of functional expenses.

• 4 · Benefits paid to or for members

  total $8,297,515

• 5 · Compensation of officers, directors and key employees

  total $1,509,124

• 7 · Other salaries and wages

  total $8,179,406

• 8 · Pension plan contributions

  total $437,124

• 9 · Other employee benefits

  total $1,600,109

• 10 · Payroll taxes

  total $691,731

• 11b · Fees: legal

  total $25,082

• 11c · Fees: accounting

  total $102,000

• 11g · Fees: other

  total $3,425,593

• 12 · Advertising and promotion

  total $911,125

• 13 · Office expenses

  total $1,097,753

• 16 · Occupancy

  total $1,396,583

• 17 · Travel

  total $110,266

• 19 · Conferences, conventions and meetings

  total $4,557

• 20 · Interest

  total $87,337

• 22 · Depreciation, depletion and amortization

  total $804,396

• 23 · Insurance

  total $104,478

• 24a · Other expenses: LOAN SERVICING

  total $559,501

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $525,000

• 24c · Other expenses: OTHER EXPENSES

  total $133,166

• 24d · Other expenses: DUES AND SUBSCRIPTIONS

  total $72,966

• 24e · All other expenses

  total $94,938

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $6,176,884 · end of year $31,873,980

• 2 · Savings and temporary cash investments

  beginning of year $13,839,404 · end of year $14,858,236

• 4 · Accounts receivable

  beginning of year $101,097 · end of year $37,090

• 5 · Loans and receivables from officers and key people

  beginning of year $6,707,035 · end of year $7,871,953

• 7 · Other notes and loans receivable

  beginning of year $424,093,595 · end of year $417,724,134

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,408,887 · end of year $1,342,031

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

  $19,720,049

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

  $6,936,112

• 10c · Land, buildings and equipment, net

  beginning of year $11,539,581 · end of year $12,783,937

• 12 · Investments: other securities

  beginning of year $69,940,653 · end of year $64,215,985

• 15 · Other assets

  beginning of year $4,850,765 · end of year $18,470,402

• 17 · Accounts payable and accrued expenses

  beginning of year $1,928,802 · end of year $2,142,932

• 24 · Unsecured notes and loans payable

  beginning of year $9,356,425 · end of year $3,131,525

• 25 · Other liabilities

  beginning of year $488,381,054 · end of year $521,856,474

• 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 $38,991,620 · end of year $42,046,817

The filer's explanations (Part III)

PART I, LINE 3

COMPENSATION COMMITTEE APPROVES ANY PAY INCREASES ON AN ANNUAL BASIS. EACH YEAR GOALS FOR THE CEO ARE ESTABLISHED. MERIT INCREASES ARE BASED ON COMPLETION OF GOALS.

PART I, LINE 4B

JASON LINDSTROM AND KATHLEEN ARCHAMBAULT HAVE A 457F PLAN.