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← 1386 GENERAL ELECTRIC CREDIT UNION

Form 990 for tax year 2023

Filed by 1386 GENERAL ELECTRIC CREDIT UNION.

Totals

Total revenue
$238,144,145
Total expenses
$246,606,321
Contributions and grants received
$0
Grants paid
$281,300
Program service revenue
$218,130,826
Investment income
$20,013,319
Other revenue
$0
Total assets, end of year
$5,102,489,836
Total liabilities, end of year
$4,795,822,906
Net assets or fund balances, end of year
$306,666,930
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: Loan Interest

    total $186,746,099 · related or exempt $186,746,099

  • 2b · Program service revenue: Fee/Other Income

    total $31,384,727 · related or exempt $31,249,916 · unrelated business $134,811

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $22,892,775 · related or exempt $22,892,775

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $27,145,000 · other assets $423,841,000

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

    securities $29,657,024 · other assets $424,208,432

  • 7c · Gain or loss

    securities -$2,512,024 · other assets -$367,432

  • 7d · Net gain or loss

    total -$2,879,456 · related or exempt -$2,879,456

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $265,300

  • 2 · Grants to domestic individuals

    total $16,000

  • 5 · Compensation of officers, directors and key employees

    total $3,538,903

  • 7 · Other salaries and wages

    total $29,872,148

  • 8 · Pension plan contributions

    total $506,399

  • 9 · Other employee benefits

    total $8,206,999

  • 10 · Payroll taxes

    total $2,583,488

  • 11b · Fees: legal

    total $226,893

  • 11c · Fees: accounting

    total $370,000

  • 11g · Fees: other

    total $1,688,717

  • 12 · Advertising and promotion

    total $4,429,653

  • 13 · Office expenses

    total $1,304,724

  • 16 · Occupancy

    total $7,486,083

  • 17 · Travel

    total $111,364

  • 19 · Conferences, conventions and meetings

    total $345,490

  • 20 · Interest

    total $148,524,007

  • 22 · Depreciation, depletion and amortization

    total $3,769,443

  • 23 · Insurance

    total $487,482

  • 24a · Other expenses: Provision for Loan Losses

    total $22,415,322

  • 24b · Other expenses: Data Processing Expense

    total $5,469,522

  • 24c · Other expenses: Loan Servicing

    total $4,973,185

  • 24d · Other expenses: Miscellaneous Operating

    total $15,199

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,163,227 · end of year $9,106,124

  • 2 · Savings and temporary cash investments

    beginning of year $290,700,606 · end of year $302,338,165

  • 4 · Accounts receivable

    beginning of year $2,403,526 · end of year $1,123,794

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $3,844,498,824 · end of year $4,287,035,255

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,263,381 · end of year $2,920,033

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

    $72,230,629

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

    $19,026,942

  • 10c · Land, buildings and equipment, net

    beginning of year $51,097,998 · end of year $53,203,687

  • 12 · Investments: other securities

    beginning of year $375,638,436 · end of year $386,974,238

  • 13 · Investments: program-related

    beginning of year $61,391,747 · end of year $1,500,000

  • 15 · Other assets

    beginning of year $45,893,335 · end of year $58,288,540

  • 17 · Accounts payable and accrued expenses

    beginning of year $22,774,544 · end of year $27,697,508

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $242,357,912 · end of year $785,541,092

  • 25 · Other liabilities

    beginning of year $4,099,326,308 · end of year $3,982,584,306

  • 31 · Retained earnings, endowment or other funds

    beginning of year $318,592,316 · end of year $306,666,930

Mission and programs · 2023

Mission

OFFER A VARIETY OF QUALITY PRODUCTS AND FINANCIAL SERVICES DESIGNED TO BENEFIT ALL MEMBERS UNDER A STRONG FINANCIAL STRUCTURE THAT ENSURES THE CONTINUED VIABILITY OF THE CREDIT UNION.

Activities or mission (Part I)

PROVIDE FINANCIAL SERVICES TO CREDIT UNION MEMBERS.

  • PROVIDE 279,500 MEMBERS A VARIETY OF LOAN AND DEPOSIT SERVICES AT COMPETITIVE INTEREST RATES AND TERMS.

  • ORIGINATED LOANS IN EXCESS OF $1.9 BILLION IN VARIOUS LOANS CATEGORIES INCLUDING RESIDENTIAL, COMMERCIAL, CONSUMER, INDIRECT AUTO, MARINE, AND RV LOANS.

  • CONTINUED ADDITIONS TO TECHNOLOGY DESIGNED TO MAXIMIZE ACCESS TO VARIOUS ONLINE PORTALS THAT CONTAIN A VARIETY OF PRODUCTS AND SERVICES TO ITS MEMBERS.

As filed on the 2023 return.

Listed in Part VII

  • MARY CAY VESSELLS

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL JOHNSON

    1ST VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • RICHARD ILLE

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • TIMOTHY D BALLINGER

    PRESIDENT/CEO

    Total calculated
    $927,448
    From this org
    $870,057
    From related orgs
    $0
    Other
    $57,391
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $863,545
    Bonus
    $0
    Other
    $6,512
    Deferred
    $41,250
    Nontaxable benefits
    $16,141
    Filer's total
    $927,448

  • CHERYL HILL

    2ND VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • GAYLE NYSWONGER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JERRY CABE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PERRY ENGSTROM

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ROBERT PEAK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ASHLEY CUNNINGHAM

    CHIEF DEVELOPMENT OFFICER

    Total calculated
    $295,204
    From this org
    $259,776
    From related orgs
    $0
    Other
    $35,428
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $210,073
    Bonus
    $49,703
    Other
    $0
    Deferred
    $21,312
    Nontaxable benefits
    $14,116
    Filer's total
    $295,204

  • DANIEL J VONDERHAAR

    CHIEF FINANCIAL OFFICER

    Total calculated
    $136,762
    From this org
    $123,771
    From related orgs
    $0
    Other
    $12,991
    Hours/week
    40

  • JEFFREY LENZER

    CHIEF RISK OFFICER

    Total calculated
    $280,327
    From this org
    $252,245
    From related orgs
    $0
    Other
    $28,082
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,757
    Bonus
    $47,488
    Other
    $0
    Deferred
    $20,629
    Nontaxable benefits
    $7,453
    Filer's total
    $280,327

  • JILL LINGO

    CHIEF COMMUNICATION OFFICER

    Total calculated
    $286,359
    From this org
    $251,542
    From related orgs
    $0
    Other
    $34,817
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $203,960
    Bonus
    $47,582
    Other
    $0
    Deferred
    $20,701
    Nontaxable benefits
    $14,116
    Filer's total
    $286,359

  • JOSEPH ELAM

    CHIEF INFORMATION OFFICER

    Total calculated
    $253,847
    From this org
    $214,950
    From related orgs
    $0
    Other
    $38,897
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,410
    Bonus
    $35,540
    Other
    $0
    Deferred
    $18,389
    Nontaxable benefits
    $20,508
    Filer's total
    $253,847

  • MELANIE DISNEY TAMASKA

    CHIEF HUMAN RESOURCES OFFICER

    Total calculated
    $231,718
    From this org
    $201,119
    From related orgs
    $0
    Other
    $30,599
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $163,041
    Bonus
    $38,078
    Other
    $0
    Deferred
    $16,609
    Nontaxable benefits
    $13,990
    Filer's total
    $231,718

  • MELISSA ZIEGELMEYER

    CHIEF AUDIT OFFICER

    Total calculated
    $245,451
    From this org
    $227,124
    From related orgs
    $0
    Other
    $18,327
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,123
    Bonus
    $49,001
    Other
    $0
    Deferred
    $17,812
    Nontaxable benefits
    $515
    Filer's total
    $245,451

  • NEIL D PATTERSON

    CHIEF CREDIT OFFICER

    Total calculated
    $328,194
    From this org
    $296,522
    From related orgs
    $0
    Other
    $31,672
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $240,660
    Bonus
    $55,862
    Other
    $0
    Deferred
    $24,219
    Nontaxable benefits
    $7,453
    Filer's total
    $328,194

  • NICHOLAS MCEVOY

    CHIEF DELIVERY OFFICER

    Total calculated
    $287,677
    From this org
    $252,404
    From related orgs
    $0
    Other
    $35,273
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,579
    Bonus
    $47,825
    Other
    $0
    Deferred
    $21,157
    Nontaxable benefits
    $14,116
    Filer's total
    $287,677

  • ROBIN SARGENT

    CHIEF SUPPORT OFFICER

    Total calculated
    $269,367
    From this org
    $235,738
    From related orgs
    $0
    Other
    $33,629
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,135
    Bonus
    $44,603
    Other
    $0
    Deferred
    $19,513
    Nontaxable benefits
    $14,116
    Filer's total
    $269,367

  • BRIAN LUCAS

    SENIOR VICE PRESIDENT OF COMPLIANCE

    Total calculated
    $237,896
    From this org
    $206,079
    From related orgs
    $0
    Other
    $31,817
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $174,410
    Bonus
    $31,669
    Other
    $0
    Deferred
    $17,746
    Nontaxable benefits
    $14,071
    Filer's total
    $237,896

  • AMY S WHEELER

    SENIOR VICE PRESIDENT/CONTROLLER

    Total calculated
    $210,502
    From this org
    $174,307
    From related orgs
    $0
    Other
    $36,195
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,449
    Bonus
    $21,858
    Other
    $0
    Deferred
    $15,693
    Nontaxable benefits
    $20,502
    Filer's total
    $210,502

  • BRANDON J WHEATLEY

    LOAN ORIGINATOR

    Total calculated
    $766,453
    From this org
    $742,801
    From related orgs
    $0
    Other
    $23,652
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $742,801
    Bonus
    $0
    Other
    $0
    Deferred
    $1,662
    Nontaxable benefits
    $21,990
    Filer's total
    $766,453

  • LAURA J WURZELBACHER

    SENIOR VICE PRESIDENT OF FINANCIAL PLANNING & ANALYSIS

    Total calculated
    $221,343
    From this org
    $207,256
    From related orgs
    $0
    Other
    $14,087
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,386
    Bonus
    $25,870
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $14,087
    Filer's total
    $221,343

  • SCOTT MEYER

    VICE PRESIDENT OF MORTGAGE ORIGINATIONS

    Total calculated
    $273,995
    From this org
    $265,935
    From related orgs
    $0
    Other
    $8,060
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $265,935
    Bonus
    $0
    Other
    $0
    Deferred
    $1,477
    Nontaxable benefits
    $6,583
    Filer's total
    $273,995

  • SERGE N HOWARD

    SENIOR VICE PRESIDENT, BRANCH SERVICES

    Total calculated
    $198,170
    From this org
    $167,233
    From related orgs
    $0
    Other
    $30,937
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,668
    Bonus
    $20,565
    Other
    $0
    Deferred
    $10,437
    Nontaxable benefits
    $20,500
    Filer's total
    $198,170

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Travel for companions
COMPENSATION BENEFITS RECEIVED: THE CREDIT UNION HAS POLICIES WHICH ALLOW CERTAIN TRAVEL EXPENSES TO BE PAID BY THE CREDIT UNION WHEN A GUEST ACCOMPANIES AN OFFICIAL OR EMPLOYEE ON CREDIT UNION BUSINESS. THESE EXPENSES ARE TREATED AS TAXABLE INCOME TO THE OFFICIAL OR EMPLOYEE ON WHOSE BEHALF THE EXPENSES ARE PAID.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CUSO CORPORATION

    C Corporation · MORTGAGE SERVICE · OH · 100% owned · share of income $540,084 · share of assets $97,730 · controlled entity

    Directly controlled by GECU

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202403199349314810

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