Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INCOME FROM LOANS

  total $371,609,685 · related or exempt $371,609,685

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

  total $83,806,032 · related or exempt $83,806,032

• 2c · Program service revenue: GAIN ON SALE OF LOANS RECEIVABLE

  total $11,460,360 · related or exempt $11,460,360

• 2d · Program service revenue: NON-MEMBER ATM SURCHARGES

  total $568,868 · unrelated business $568,868

• 3 · Investment income

  total $47,622,821 · excluded $47,622,821

• 6a · Gross rents

  real property $14,400

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $14,400

• 6d · Net rental income or loss

  total $14,400 · excluded $14,400

• 11a · Other revenue: OTHER GAINS

  total $1,160,818 · excluded $1,160,818

• 11e · Other revenue, total

  $1,160,818

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $10,816,883

• 7 · Other salaries and wages

  total $78,821,937

• 8 · Pension plan contributions

  total $3,717,648

• 9 · Other employee benefits

  total $11,725,113

• 10 · Payroll taxes

  total $5,830,963

• 11b · Fees: legal

  total $1,274,524

• 11c · Fees: accounting

  total $600,000

• 11g · Fees: other

  total $4,493,317

• 13 · Office expenses

  total $11,555,296

• 14 · Information technology

  total $14,442,540

• 16 · Occupancy

  total $14,813,604

• 17 · Travel

  total $984,699

• 19 · Conferences, conventions and meetings

  total $955,967

• 20 · Interest

  total $167,141,665

• 22 · Depreciation, depletion and amortization

  total $7,722,500

• 23 · Insurance

  total $1,299,987

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $66,406,860

• 24b · Other expenses: MARKETING EXPENSE

  total $9,651,749

• 24c · Other expenses: DEBIT AND CREDIT CARD E

  total $9,599,676

• 24d · Other expenses: LOAN SERVICING

  total $9,455,752

• 24e · All other expenses

  total $36,173,409

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $43,043,842 · end of year $47,623,069

• 2 · Savings and temporary cash investments

  beginning of year $674,887,052 · end of year $400,428,441

• 4 · Accounts receivable

  beginning of year $6,366,767 · end of year $91,755,248

• 5 · Loans and receivables from officers and key people

  beginning of year $82,994,888 · end of year $80,737,587

• 7 · Other notes and loans receivable

  beginning of year $7,312,427,505 · end of year $7,339,479,784

• 9 · Prepaid expenses and deferred charges

  beginning of year $14,872,353 · end of year $10,874,980

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

  $200,306,876

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

  $96,598,685

• 10c · Land, buildings and equipment, net

  beginning of year $96,059,997 · end of year $103,708,191

• 11 · Investments: publicly traded securities

  beginning of year $432,496,031 · end of year $461,476,490

• 12 · Investments: other securities

  beginning of year $45,850,971 · end of year $35,671,070

• 15 · Other assets

  beginning of year $237,056,632 · end of year $232,936,295

• 17 · Accounts payable and accrued expenses

  beginning of year $114,397,663 · end of year $121,684,335

• 23 · Secured mortgages and notes payable

  beginning of year $1,140,000,000 · end of year $540,000,000

• 25 · Other liabilities

  beginning of year $6,859,625,125 · end of year $7,253,001,080

• 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 $832,033,250 · end of year $890,005,740

The filer's explanations (Part III)

PART I, LINES 4A-B

THE CREDIT UNION HAS ENTERED INTO SECURED SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENTS WITH TIMOTHY M. ANTONITION, CEO/PRESIDENT, GARY PRAGER, SVP/CHIEF GROWTH OFFICER, SHANE HOYLE, SVP/COO, GABRIEL ENGMAN, EVP/CFO, LINDA HART, FORMER SVP/CHRO, AND CHAD JAENKE, SVP/CIO. THE PREMIUMS ON THE POLICIES WERE FUNDED BY THE CREDIT UNION THROUGH LOANS TO THE OFFICERS. INTEREST ACCRUES TO THE LOANS MONTHLY. THE CREDIT UNION PROVIDES A NON-QUALIFIED DEFERRED COMPENSATION PLAN UNDER CODE SECTION 457(F) FOR THE FOLLOWING SENIOR MANAGEMENT EMPLOYEES: ANTHONY BLUNT, DANIEL BRYANT, DAVID CANNING, DANIEL CHIAPPONE, ERIN FREEMAN, DELANEY HENDRICK, JODIE KINLEY-SMITH, BENJAMIN SNEAD, TODD WICKARD, AND PATRICK WOOD. AS PART OF THE PLAN, THE CREDIT UNION PAYS A RETENTION BENEFIT TO EACH EMPLOYEE. BENEFITS ARE ALSO PAID IF EMPLOYMENT TERMINATES BEFORE THE RETENTION PERIOD IS MET UNDER SPECIFIED CIRCUMSTANCES.

Disregarded entities

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

• 1500 E COMMERICAL BOULEVARD LLC

  REO MANAGEMENT · FL · income $0 · assets $100

• SCCU AUTO FUNDING LLC

  ACQUISITION OF LOANS FOR SALE TO ABS BOND ISSUER · DE · income $16,466,928 · assets $65,392,029