Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $38,475,105 · related or exempt $38,475,105

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

  total $5,822,835 · related or exempt $5,822,835

• 2c · Program service revenue: FINANCE & INSURANCE

  total $77,831 · unrelated business $77,831

• 3 · Investment income

  total $14,997,592 · related or exempt $14,997,592

• 6a · Gross rents

  real property $370,943

• 6b · Less rental expenses

  real property $372,988

• 6c · Rental income or loss

  real property -$2,045

• 6d · Net rental income or loss

  total -$2,045 · related or exempt -$2,045

• 7a · Gross sales of assets other than inventory

  other assets $804,434

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

  other assets $431,626

• 7c · Gain or loss

  other assets $372,808

• 7d · Net gain or loss

  total $372,808 · related or exempt $372,808

• 11a · Other revenue: OTHER INCOME

  total $8,186,631 · related or exempt $8,186,631

• 11b · Other revenue: COMMISION FROM SALES OF SECURITIE

  total $112,566 · related or exempt $112,566

• 11e · Other revenue, total

  $8,299,197

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $37,500

• 5 · Compensation of officers, directors and key employees

  total $2,824,061

• 7 · Other salaries and wages

  total $19,199,034

• 8 · Pension plan contributions

  total $1,672,281

• 9 · Other employee benefits

  total $2,544,494

• 10 · Payroll taxes

  total $1,529,061

• 11b · Fees: legal

  total $110,585

• 11c · Fees: accounting

  total $142,426

• 11f · Fees: investment management

  total $145,581

• 11g · Fees: other

  total $1,214,370

• 12 · Advertising and promotion

  total $1,779,182

• 13 · Office expenses

  total $7,685,332

• 14 · Information technology

  total $1,495,709

• 16 · Occupancy

  total $937,708

• 17 · Travel

  total $589,434

• 20 · Interest

  total $10,299,081

• 22 · Depreciation, depletion and amortization

  total $1,854,950

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $2,325,993

• 24b · Other expenses: LOAN SERVICING

  total $2,266,183

• 24c · Other expenses: MISC. EXPENSES

  total $927,247

• 24d · Other expenses: OPERATING FEES

  total $196,120

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $12,418,905 · end of year $8,768,152

• 2 · Savings and temporary cash investments

  beginning of year $235,007,438 · end of year $184,843,049

• 4 · Accounts receivable

  beginning of year $1,943,500 · end of year $1,314,838

• 5 · Loans and receivables from officers and key people

  beginning of year $8,627,700 · end of year $20,749,839

• 7 · Other notes and loans receivable

  beginning of year $717,175,383 · end of year $811,059,934

• 9 · Prepaid expenses and deferred charges

  beginning of year $9,169,391 · end of year $10,074,284

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

  $48,225,224

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

  $20,929,716

• 10c · Land, buildings and equipment, net

  beginning of year $27,586,465 · end of year $27,295,508

• 11 · Investments: publicly traded securities

  beginning of year $365,729,090 · end of year $352,607,254

• 15 · Other assets

  beginning of year $31,760,439 · end of year $29,845,025

• 17 · Accounts payable and accrued expenses

  beginning of year $15,020,461 · end of year $16,783,410

• 23 · Secured mortgages and notes payable

  beginning of year $10,000,000 · end of year $30,000,000

• 25 · Other liabilities

  beginning of year $1,286,909,419 · end of year $1,290,561,610

• 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 $97,488,431 · end of year $109,212,863

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION PROVIDES NON-QUALIFIED DEFERRED COMPENSATION PLANS FOR CERTAIN MEMBERS OF MANAGEMENT. FOR PURPOSES OF THIS SECTION THE TWO PLANS REPORTED ARE 457(F) PLANS AND SPLIT DOLLAR INSURANCE AGREEMENTS. SPLIT DOLLAR INSURANCE AGREEMENTS INVOLVE METHODS OF PAYING FOR INSURANCE COVERAGE FOR THE EMPLOYEES BY SPLITTING THE ELEMENTS OF A LIFE INSURANCE POLICY. UNDER THE AGREEMENTS, THE EMPLOYEES ARE THE OWNERS OF THE POLICIES AND MAKE COLLATERAL ASSIGNMENTS TO THE CREDIT UNION IN RETURN FOR LOANS EQUAL TO THE AMOUNT OF PREMIUMS PAID ON BEHALF OF THE EMPLOYEES. AT THE TIME OF DEATH, THE LOAN AMOUNT WILL BE REPAID TO THE CREDIT UNION AND THE BALANCE OF THE INSURANCE BENEFIT WILL BE PAID TO THE EMPLOYEES' DESIGNATED BENEFICIARIES. THE FOLLOWING EXECUTIVES PARTICIPATE IN THE SPLIT DOLLAR LIFE INSURANCE PLAN: SUSAN GRUBER, CEO/PRESIDENT ALISON DETUNCQ, FORMER CEO/PRESIDENT KAREN GILLISPIE, FORMER VP OPERATIONS LESLIE ROBINSON, SVP ADMINISTRATION KEITH O'NEIL, COO

Disregarded entities

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

• MEMBER OPTIONS LLC

  CONSUMER MORTGAGE ORIGINATIONS · VA · income $2,005,352 · assets $5,661,400

  Directly controlled by UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION