Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $39,591,888 · related or exempt $39,591,888

• 2b · Program service revenue: SERVICE INCOME

  total $14,155,441 · related or exempt $13,906,704 · unrelated business $248,737

• 3 · Investment income

  total $31,523,250 · excluded $31,523,250

• 6a · Gross rents

  real property $62,971

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $62,971

• 6d · Net rental income or loss

  total $62,971 · excluded $62,971

• 7a · Gross sales of assets other than inventory

  other assets $2,940

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

  other assets $0

• 7c · Gain or loss

  other assets $2,940

• 7d · Net gain or loss

  total $2,940 · excluded $2,940

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $300,000

• 2 · Grants to domestic individuals

  total $57,500

• 5 · Compensation of officers, directors and key employees

  total $1,715,030

• 7 · Other salaries and wages

  total $17,099,770

• 8 · Pension plan contributions

  total $1,589,371

• 9 · Other employee benefits

  total $2,282,794

• 10 · Payroll taxes

  total $1,354,234

• 11b · Fees: legal

  total $25,613

• 11c · Fees: accounting

  total $272,940

• 11g · Fees: other

  total $4,183,374

• 12 · Advertising and promotion

  total $1,450,674

• 13 · Office expenses

  total $2,583,761

• 14 · Information technology

  total $924,761

• 16 · Occupancy

  total $1,470,422

• 17 · Travel

  total $86,944

• 19 · Conferences, conventions and meetings

  total $252,807

• 20 · Interest

  total $1,606,368

• 22 · Depreciation, depletion and amortization

  total $4,564,643

• 23 · Insurance

  total $178,576

• 24a · Other expenses: DIVIDENDS PAID TO MEMBE

  total $29,503,615

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $1,524,162

• 24c · Other expenses: STAFF EVENTS/APPRECIATI

  total $158,876

• 24d · Other expenses: DUES AND SUBSCRIPTIONS

  total $157,140

• 24e · All other expenses

  total $165,449

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $364,719,956 · end of year $324,680,496

• 4 · Accounts receivable

  beginning of year $27,330,912 · end of year $26,934,466

• 5 · Loans and receivables from officers and key people

  beginning of year $6,372,478 · end of year $6,420,706

• 7 · Other notes and loans receivable

  beginning of year $870,366,739 · end of year $934,189,305

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,049,279 · end of year $907,968

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

  $38,009,853

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

  $14,480,114

• 10c · Land, buildings and equipment, net

  beginning of year $19,268,613 · end of year $23,529,739

• 12 · Investments: other securities

  beginning of year $725,245,321 · end of year $708,119,927

• 15 · Other assets

  beginning of year $24,851,596 · end of year $25,582,502

• 17 · Accounts payable and accrued expenses

  beginning of year $6,853,354 · end of year $7,060,886

• 21 · Escrow or custodial account liability

  beginning of year $1,710,020 · end of year $2,035,585

• 23 · Secured mortgages and notes payable

  beginning of year $72,074,126 · end of year $66,286,429

• 25 · Other liabilities

  beginning of year $1,829,250,837 · end of year $1,818,665,338

• 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 $129,316,557 · end of year $156,316,871

The filer's explanations (Part III)

PART I, LINE 1A

COAST CENTRAL CREDIT UNION (THE CREDIT UNION) PROVIDE MEMBERSHIP DUES FOR JAMES SESSA AND FRED MOORE TO SERVICES CLUBS (E.G. ROTARY, KIWANIS, ETC.) FOR EDUCATIONAL, NETWORKING, AND COMMUNITY SERVICES PURPOSES. THE MEMBERSHIP DUES AMOUNTS ARE INCLUDED IN REPORTABLE COMPENSATION ON SCHEDULE J, PART II. THE CREDIT UNION ALSO PROVIDES A DISCRETIONARY SPENDING ACCOUNT TO JAMES SESSA AND FRED MOORE. EXPENSES INCURRED FOR BUSINESS PURPOSES ARE REIMBURSED TO SENIOR MANAGEMENT UNDER AN ACCOUNTABLE PLAN AND ARE NOT INCLUDED IN TAXABLE COMPENSATION. ANY PERSONAL EXPENSES INCURRED ARE INCLUDED IN REPORTABLE COMPENSATION ON SCHEDULE J, PART II.