Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST

  total $29,742,098 · related or exempt $29,742,098

• 2b · Program service revenue: FEES & OPERATING INCOME

  total $15,512,576 · related or exempt $15,380,466 · unrelated business $132,110

• 3 · Investment income

  total $5,368,241 · related or exempt $5,368,241

• 7a · Gross sales of assets other than inventory

  securities $126,747,638 · other assets $35,800

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

  securities $127,410,302 · other assets $29,935

• 7c · Gain or loss

  securities -$662,664 · other assets $5,865

• 7d · Net gain or loss

  total -$656,799 · related or exempt -$656,799

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,800,233

• 7 · Other salaries and wages

  total $11,912,664

• 8 · Pension plan contributions

  total $1,512,231

• 9 · Other employee benefits

  total $2,041,330

• 10 · Payroll taxes

  total $1,097,401

• 11a · Fees: management

  total $1,815,861

• 11b · Fees: legal

  total $48,352

• 11c · Fees: accounting

  total $186,016

• 11g · Fees: other

  total $428,203

• 12 · Advertising and promotion

  total $1,485,645

• 13 · Office expenses

  total $2,961,688

• 14 · Information technology

  total $2,968,679

• 16 · Occupancy

  total $533,469

• 17 · Travel

  total $117,390

• 19 · Conferences, conventions and meetings

  total $104,380

• 20 · Interest

  total $3,205,177

• 22 · Depreciation, depletion and amortization

  total $1,780,732

• 23 · Insurance

  total $29,266

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $2,143,474

• 24b · Other expenses: LOAN SERVICING

  total $1,800,775

• 24c · Other expenses: MISCELLANEOUS

  total $1,330,359

• 24d · Other expenses: CREDIT CARD EXPENSES

  total $1,255,785

• 24e · All other expenses

  total $2,014,377

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $9,162,461 · end of year $15,773,051

• 2 · Savings and temporary cash investments

  beginning of year $22,142,998 · end of year $39,663,010

• 4 · Accounts receivable

  beginning of year $405,270 · end of year $12,653,944

• 5 · Loans and receivables from officers and key people

  beginning of year $2,003,000 · end of year $3,436,000

• 7 · Other notes and loans receivable

  beginning of year $496,152,193 · end of year $832,688,447

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,208,564 · end of year $1,841,579

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

  $41,270,797

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

  $21,744,461

• 10c · Land, buildings and equipment, net

  beginning of year $12,828,276 · end of year $19,526,336

• 11 · Investments: publicly traded securities

  beginning of year $240,375,590 · end of year $262,060,857

• 12 · Investments: other securities

  beginning of year $1,800,000 · end of year $3,155,900

• 14 · Intangible assets

  end of year $9,138,188

• 15 · Other assets

  beginning of year $16,656,440 · end of year $32,575,982

• 17 · Accounts payable and accrued expenses

  beginning of year $2,584,495 · end of year $4,990,665

• 18 · Grants payable

  beginning of year $66,201 · end of year $1,594,143

• 23 · Secured mortgages and notes payable

  beginning of year $30,000,000 · end of year $25,000,000

• 25 · Other liabilities

  beginning of year $681,811,804 · end of year $1,069,614,376

• 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 $88,272,292 · end of year $131,314,110

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION MAINTAINED A SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN FOR THE FORMER EXECUTIVE, MARILYN RENO. THE PLAN PROVIDED, UPON RETIREMENT, TWO LUMP SUM CASH PAYMENTS. A RELATED LIABILITY WAS ACCRUED FOR THE FUTURE BENEFIT PAYMENTS OF $250,000 AND $500,000 AT DECEMBER 31, 2021 AND 2020, RESPECTIVELY. SUCH AMOUNTS WERE INCLUDED IN ACCRUED EXPENSES AND OTHER LIABILITIES ON THE ACCOMPANYING STATEMENTS OF FINANCIAL CONDITION. NO REMAINING LIABILITY WAS OUTSTANDING AT DECEMBER 31, 2022.