Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOANS TO MEMBERS

  total $72,081,584 · related or exempt $72,081,584

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

  total $16,077,930 · related or exempt $16,077,930

• 2c · Program service revenue: INVESTMENT SERVICES

  total $237,041 · unrelated business $237,041

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

  total $64,503 · unrelated business $64,503

• 2e · Program service revenue: NON-MEMBER NOTARY FEE

  total $4,355 · unrelated business $4,355

• 3 · Investment income

  total $5,643,406 · excluded $5,643,406

• 6a · Gross rents

  real property $172,491

• 6b · Less rental expenses

  real property $283,266

• 6c · Rental income or loss

  real property -$110,775

• 6d · Net rental income or loss

  total -$110,775 · excluded -$110,775

• 7a · Gross sales of assets other than inventory

  securities $7,045,411 · other assets $1,070,000

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

  securities $7,520,740 · other assets $1,068,059

• 7c · Gain or loss

  securities -$475,329 · other assets $1,941

• 7d · Net gain or loss

  total -$473,388 · related or exempt -$473,388

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $200,000

• 2 · Grants to domestic individuals

  total $330,800

• 5 · Compensation of officers, directors and key employees

  total $4,559,349

• 7 · Other salaries and wages

  total $14,758,947

• 8 · Pension plan contributions

  total $1,433,707

• 9 · Other employee benefits

  total $2,125,431

• 10 · Payroll taxes

  total $1,417,920

• 11b · Fees: legal

  total $230,961

• 11c · Fees: accounting

  total $175,093

• 11g · Fees: other

  total $3,891,125

• 12 · Advertising and promotion

  total $1,083,266

• 13 · Office expenses

  total $2,392,816

• 14 · Information technology

  total $1,958,042

• 16 · Occupancy

  total $552,120

• 17 · Travel

  total $312,008

• 19 · Conferences, conventions and meetings

  total $68,695

• 20 · Interest

  total $26,147,594

• 21 · Payments to affiliates

  total $150,577

• 22 · Depreciation, depletion and amortization

  total $2,041,080

• 23 · Insurance

  total $164,060

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $11,349,833

• 24b · Other expenses: LOAN SERVICING

  total $5,017,753

• 24c · Other expenses: MAINTENANCE

  total $684,872

• 24d · Other expenses: ATM EXPENSES

  total $265,348

• 24e · All other expenses

  total $6,574

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,527,663 · end of year $5,438,556

• 2 · Savings and temporary cash investments

  beginning of year $57,947,449 · end of year $86,680,551

• 4 · Accounts receivable

  beginning of year $1,415,443 · end of year $1,541,505

• 5 · Loans and receivables from officers and key people

  end of year $1,600,000

• 7 · Other notes and loans receivable

  beginning of year $970,193,168 · end of year $1,029,630,340

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,947,970 · end of year $2,639,601

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

  $43,799,096

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

  $13,858,481

• 10c · Land, buildings and equipment, net

  beginning of year $29,815,512 · end of year $29,940,615

• 11 · Investments: publicly traded securities

  beginning of year $95,899,705 · end of year $98,081,886

• 12 · Investments: other securities

  beginning of year $5,863,395 · end of year $4,397,181

• 15 · Other assets

  beginning of year $38,718,887 · end of year $39,562,062

• 17 · Accounts payable and accrued expenses

  beginning of year $26,323,331 · end of year $25,324,709

• 25 · Other liabilities

  beginning of year $1,064,260,166 · end of year $1,146,491,395

• 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 $115,745,695 · end of year $127,696,193

The filer's explanations (Part III)

PART I, LINE 4B

DURING 2024, THE BELOW-LISTED EMPLOYEES RECEIVED A NON-QUALIFIED 457(F) DEFERRED COMPENSATION PLAN PAYOUT: ROCH, KAREN- $280,000 DURING 2024, THE BELOW-LISTED EMPLOYEES PARTICIPATED IN A NON-QUALIFIED 457(F) DEFERRED COMPENSATION PLAN. DOLLAR AMOUNTS REPORTED REPRESENT THE ACCRUED BENEFIT EXPENSE INCURRED BY THE CREDIT UNION DURING 2024. BIRR, ROBERT- $64,000 CRUZ, DIANA- $18,667 GREEN, DANIELLE- $18,667 POLODSKI, KELLY- $26,667 DOUNG, NING- $37,333 BAKER, SETH- $18,667 O'CONNOR, RYAN- $18,667 BURT, JAIME- $18,667 RUIZ, MANNY- $18,667 THE CEO/PRESIDENT, KAREN ROCH, PARTICIPATES IN A SUPPLEMENTAL RETIREMENT BENEFIT PLAN THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. SEE ADDITIONAL INFORMATION IN SCHEDULE L.