Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $749,000

• 2a · Program service revenue: INTEREST ON LOANS

  total $13,212,001 · related or exempt $13,212,001

• 2b · Program service revenue: FEE INCOME

  total $4,894,275 · related or exempt $4,833,502 · unrelated business $60,773

• 2c · Program service revenue: OTHER NON-INTEREST INCOME

  total $1,093,632 · related or exempt $1,093,632

• 2d · Program service revenue: FOREIGN TRANSACTION FEES

  total $44,745 · unrelated business $44,745

• 3 · Investment income

  total $11,864,634 · excluded $11,864,634

• 7a · Gross sales of assets other than inventory

  securities $92,000

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

  securities $0 · other assets $82,683

• 7c · Gain or loss

  securities $92,000 · other assets -$82,683

• 7d · Net gain or loss

  total $9,317 · related or exempt $9,317

• 11a · Other revenue: PASSTHROUGH INCOME

  total $187,422 · unrelated business $187,422

• 11b · Other revenue: MISC OPERATING INCOME

  total $85,806 · related or exempt $85,806

• 11c · Other revenue: NON-MEMBER INSURANCE

  total $34,787 · unrelated business $34,787

• 11e · Other revenue, total

  $308,015

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $65,000

• 5 · Compensation of officers, directors and key employees

  total $1,814,510

• 7 · Other salaries and wages

  total $4,967,479

• 8 · Pension plan contributions

  total $1,562,442

• 9 · Other employee benefits

  total $1,076,909

• 10 · Payroll taxes

  total $567,229

• 11b · Fees: legal

  total $11,430

• 11c · Fees: accounting

  total $309,374

• 11f · Fees: investment management

  total $29,710

• 11g · Fees: other

  total $588,109

• 12 · Advertising and promotion

  total $236,364

• 13 · Office expenses

  total $1,036,941

• 14 · Information technology

  total $386,397

• 16 · Occupancy

  total $583,260

• 17 · Travel

  total $77,890

• 19 · Conferences, conventions and meetings

  total $210,841

• 20 · Interest

  total $450,672

• 22 · Depreciation, depletion and amortization

  total $1,258,959

• 23 · Insurance

  total $586,441

• 24a · Other expenses: DIVIDENDS

  total $3,941,182

• 24b · Other expenses: DEBIT/CREDIT & ATM FEES

  total $2,700,470

• 24c · Other expenses: PROVISION FOR LOAN LOSS

  total $1,898,522

• 24d · Other expenses: LOAN EXPENSE

  total $483,905

• 24e · All other expenses

  total $882,563

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $9,577,008 · end of year $18,054,974

• 2 · Savings and temporary cash investments

  beginning of year $551,504 · end of year $551,504

• 4 · Accounts receivable

  beginning of year $1,996,222 · end of year $1,915,767

• 5 · Loans and receivables from officers and key people

  beginning of year $3,427,708 · end of year $1,086,111

• 7 · Other notes and loans receivable

  beginning of year $246,510,654 · end of year $251,568,761

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,101,666 · end of year $1,017,097

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

  $18,337,931

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

  $9,088,240

• 10c · Land, buildings and equipment, net

  beginning of year $9,381,864 · end of year $9,249,691

• 12 · Investments: other securities

  beginning of year $302,131,016 · end of year $294,078,801

• 13 · Investments: program-related

  beginning of year $2,855,455 · end of year $3,866,824

• 15 · Other assets

  beginning of year $12,929,423 · end of year $13,464,551

• 17 · Accounts payable and accrued expenses

  beginning of year $16,647,185 · end of year $9,282,499

• 25 · Other liabilities

  beginning of year $523,261,215 · end of year $527,533,994

• 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 $50,554,120 · end of year $58,037,588

The filer's explanations (Part III)

PART I - OTHER ADDITIONAL INFORMATION

SCHEDULE J, PART I, QUESTION 4(B) THE CREDIT UNION ENTERED INTO A DEFERRED COMPENSATION AGREEMENT (THE "AGREEMENT") WITH MEMBERS OF THE EXECUTIVE MANAGEMENT TEAM THAT PROVIDES BENEFITS PAYABLE TO THESE EMPLOYEES UNDER TERMS AS OUTLINED IN THE AGREEMENT. BENEFITS ARE ACCRUED AND PAID BEGINNING WITH ATTAINMENT OF RETIREMENT AGE, AS DEFINED IN THE AGREEMENT. ADDITIONALLY, IF SUCH EMPLOYEE BECOMES FULLY DISABLED, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE. THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE, AS DEFINED IN THE AGREEMENT. THE CREDIT UNION HAS RECORDED OTHER LIABILITIES OF APPROXIMATELY $2,153,599 AND $1,807,528 UNDER THE AGREEMENT FOR THE YEAR ENDED DECEMBER 31, 2023 AND 2022, RESPECTIVELY.