Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST INCOME ON LOANS

  total $14,903,427 · related or exempt $14,903,427

• 2b · Program service revenue: FEE INCOME

  total $4,484,637 · related or exempt $4,484,637

• 2c · Program service revenue: FINANCE AND INSURANCE

  total $26,075 · unrelated business $26,075

• 3 · Investment income

  total $7,531,701 · excluded $7,531,701

• 6a · Gross rents

  real property $72,534

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $72,534

• 6d · Net rental income or loss

  total $72,534 · excluded $72,534

• 11a · Other revenue: MISCELLANEOUS INCOME

  total $2,344,811 · related or exempt $2,344,811

• 11b · Other revenue: INCOME FROM CUSOS

  total $1,244,928 · related or exempt $1,244,928

• 11e · Other revenue, total

  $3,589,739

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $121,172

• 5 · Compensation of officers, directors and key employees

  total $2,087,372

• 7 · Other salaries and wages

  total $8,373,207

• 8 · Pension plan contributions

  total $338,610

• 9 · Other employee benefits

  total $588,904

• 10 · Payroll taxes

  total $681,628

• 11a · Fees: management

  total $392,684

• 11b · Fees: legal

  total $10,307

• 11c · Fees: accounting

  total $73,578

• 11g · Fees: other

  total $1,178,254

• 12 · Advertising and promotion

  total $357,376

• 13 · Office expenses

  total $3,464,746

• 14 · Information technology

  total $159,355

• 16 · Occupancy

  total $1,030,368

• 17 · Travel

  total $15,516

• 20 · Interest

  total $5,549,607

• 22 · Depreciation, depletion and amortization

  total $1,678,536

• 23 · Insurance

  total $145,854

• 24a · Other expenses: LOAN SERVICING

  total $2,153,186

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $998,337

• 24c · Other expenses: STAFF EXPENSES

  total $437,680

• 24d · Other expenses: MISCELLANEOUS EXPENSES

  total $229,869

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,019,984 · end of year $4,395,361

• 2 · Savings and temporary cash investments

  beginning of year $20,421,151 · end of year $41,751,649

• 4 · Accounts receivable

  beginning of year $2,817,874 · end of year $2,224,057

• 7 · Other notes and loans receivable

  beginning of year $265,935,512 · end of year $285,241,074

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,534,142 · end of year $1,543,965

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

  $29,649,602

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

  $12,045,834

• 10c · Land, buildings and equipment, net

  beginning of year $18,026,480 · end of year $17,603,768

• 12 · Investments: other securities

  beginning of year $293,848,058 · end of year $248,211,129

• 15 · Other assets

  beginning of year $32,016,305 · end of year $36,874,783

• 17 · Accounts payable and accrued expenses

  beginning of year $5,729,387 · end of year $5,988,188

• 23 · Secured mortgages and notes payable

  end of year $10,000,000

• 25 · Other liabilities

  beginning of year $586,523,376 · end of year $570,215,249

• 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 $46,366,743 · end of year $51,642,349

The filer's explanations (Part III)

PART I, LINES 4A-B

MICHAEL BAHORSKI: $61,921 THE CREDIT UNION HAS ESTABLISHED DEFERRED COMPENSATION AGREEMENTS FOR SELECT MEMBERS OF THE CREDIT UNION'S MANAGEMENT TEAM. THE CREDIT UNION INVESTED AN INITIAL AMOUNT OF $4,165,000. IN ACCORDANCE WITH THE AGREEMENT, THE CREDIT UNION HAS ESTABLISHED A LIABILITY FOR THE BENEFITS PAYABLE TO THE PARTICIPANTS WHICH IS EQUAL TO THE AMOUNT OF CUMULATIVE EARNINGS ON THE INITIAL AMOUNT INVESTED BY THE CREDIT UNION FOR EACH OF THE PLAN PARTICIPANTS. EARNINGS RECOGNIZED DURING THE YEAR ENDED DECEMBER 31, 2023 ARE INCLUDED IN EACH OF THE PARTICIPANTS DEFERRED COMPENSATION BENEFITS REPORTED IN PART VII/SCHEDULE J. THE BALANCE OF THE BENEFITS PAYABLE TO EACH PARTICIPANT AS OF DECEMBER 2023 WHERE AS FOLLOWS: ROBERT GRECH: $677,100 DANIEL DAVIDSON: $154,222 RANDALL RICHMOND: $82,093 MICHAEL BAHORSKI: $0 CHERYL MALLARD: $0

Disregarded entities

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

• MEMBER SECURITY PLUS LLC

  HOLDING COMPANY · MI · income $0 · assets $336,715

  Directly controlled by ALLIANCE CATHOLIC CREDIT UNION