Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $7,415,061 · related or exempt $7,415,061

• 2b · Program service revenue: SERVICE FEES AND MISCELLANEOUS IN

  total $4,000,025 · related or exempt $4,000,025

• 3 · Investment income

  total $4,729,039 · excluded $4,729,039

• 7a · Gross sales of assets other than inventory

  other assets $8,560

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

  other assets $3,322

• 7c · Gain or loss

  other assets $5,238

• 7d · Net gain or loss

  total $5,238 · excluded $5,238

• 11a · Other revenue: NON-MEMBER FOREIGN ATM INCOME

  total $22,767 · unrelated business $22,767

• 11e · Other revenue, total

  $22,767

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,580,131

• 7 · Other salaries and wages

  total $3,340,946

• 8 · Pension plan contributions

  total $133,350

• 9 · Other employee benefits

  total $144,088

• 10 · Payroll taxes

  total $342,477

• 11b · Fees: legal

  total $115,344

• 11c · Fees: accounting

  total $106,457

• 12 · Advertising and promotion

  total $222,607

• 13 · Office expenses

  total $1,269,655

• 16 · Occupancy

  total $353,163

• 17 · Travel

  total $22,144

• 19 · Conferences, conventions and meetings

  total $48,143

• 20 · Interest

  total $1,116,254

• 22 · Depreciation, depletion and amortization

  total $368,705

• 23 · Insurance

  total $136,917

• 24a · Other expenses: CREDIT & DEBIT CARD EXP

  total $672,755

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $584,002

• 24c · Other expenses: ATM EXPENSES

  total $466,421

• 24d · Other expenses: HOME BANKING EXPENSE

  total $318,086

• 24e · All other expenses

  total $696,527

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,651,744 · end of year $3,830,453

• 2 · Savings and temporary cash investments

  beginning of year $107,931,864 · end of year $91,601,882

• 4 · Accounts receivable

  beginning of year $57,341 · end of year $55,666

• 5 · Loans and receivables from officers and key people

  beginning of year $4,302,767 · end of year $4,392,830

• 7 · Other notes and loans receivable

  beginning of year $137,311,428 · end of year $141,119,959

• 9 · Prepaid expenses and deferred charges

  beginning of year $469,134 · end of year $610,853

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

  $15,331,463

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

  $7,002,329

• 10c · Land, buildings and equipment, net

  beginning of year $8,391,891 · end of year $8,329,134

• 12 · Investments: other securities

  beginning of year $28,581,450 · end of year $30,378,274

• 15 · Other assets

  beginning of year $6,040,881 · end of year $6,482,385

• 17 · Accounts payable and accrued expenses

  beginning of year $1,097,227 · end of year $3,294,921

• 25 · Other liabilities

  beginning of year $266,061,176 · end of year $249,327,623

• 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 $29,580,097 · end of year $34,178,892

The filer's explanations (Part III)

PART I, LINE 4B

"CARYL A. GREENE, PRESIDENT/CEO, HAS A 457(F) DEFERRED COMPENSATION ARRANGEMENT WITH THE CREDIT UNION THAT PROVIDED A BENEFIT TO THE PRESIDENT/CEO IN 2023 OF $50,000, WHICH WAS INCLUDED IN HER W-2 WAGES. THE PLAN WILL PROVIDE ANOTHER BENEFIT IN 2024. THE BENEFIT IS ACCRUED MONTHLY. THE CREDIT UNION ENTERED INTO COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENTS WITH CARYL A. GREENE, PRESIDENT/CEO (2015) AND MICHELE WILLIAMS, EVP/COO (2016). THE PREMIUMS ON THE POLICIES WERE FUNDED BY THE CREDIT UNION THROUGH LOANS TO THE PRESIDENT/CEO AND EVP/COO. INTEREST WILL ACCRUE TO THE LOANS ANNUALLY."