Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $18,378,054 · related or exempt $18,378,054

• 3 · Investment income

  total $5,874,114 · excluded $5,874,114

• 7a · Gross sales of assets other than inventory

  other assets $17,500

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

  other assets $4,997

• 7c · Gain or loss

  other assets $12,503

• 7d · Net gain or loss

  total $12,503 · excluded $12,503

• 11a · Other revenue: FEES AND SERVICE CHARGES

  total $19,990,976 · related or exempt $19,990,976

• 11b · Other revenue: CORPORATE CAPITAL RECOVERY

  total $384,044 · related or exempt $384,044

• 11c · Other revenue: ATM FOREIGN FEE INCOME

  total $268,557 · unrelated business $268,557

• 11e · Other revenue, total

  $20,643,577

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $508,380

• 5 · Compensation of officers, directors and key employees

  total $1,669,231

• 7 · Other salaries and wages

  total $7,084,767

• 8 · Pension plan contributions

  total $442,343

• 9 · Other employee benefits

  total $1,951,488

• 10 · Payroll taxes

  total $725,089

• 11b · Fees: legal

  total $52,576

• 11c · Fees: accounting

  total $134,163

• 11g · Fees: other

  total $914,054

• 12 · Advertising and promotion

  total $509,219

• 13 · Office expenses

  total $1,585,117

• 14 · Information technology

  total $806,877

• 16 · Occupancy

  total $893,464

• 17 · Travel

  total $399,924

• 19 · Conferences, conventions and meetings

  total $92,360

• 20 · Interest

  total $4,062,708

• 22 · Depreciation, depletion and amortization

  total $1,923,122

• 23 · Insurance

  total $199,396

• 24a · Other expenses: ATM AND DEBIT CARD EXPE

  total $3,402,069

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $2,914,114

• 24c · Other expenses: LOAN SERVICING EXPENSE

  total $1,100,047

• 24d · Other expenses: ONLINE BANKING EXPENSES

  total $409,828

• 24e · All other expenses

  total $970,879

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $12,048,697 · end of year $11,436,132

• 2 · Savings and temporary cash investments

  beginning of year $50,092,916 · end of year $35,974,168

• 4 · Accounts receivable

  beginning of year $6,836,095 · end of year $8,409,196

• 5 · Loans and receivables from officers and key people

  beginning of year $10,626,863 · end of year $10,745,879

• 7 · Other notes and loans receivable

  beginning of year $335,378,368 · end of year $381,799,154

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,259,352 · end of year $1,409,106

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

  $41,651,074

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

  $10,326,365

• 10c · Land, buildings and equipment, net

  beginning of year $27,054,045 · end of year $31,324,709

• 11 · Investments: publicly traded securities

  beginning of year $179,498,050 · end of year $229,482,223

• 12 · Investments: other securities

  beginning of year $11,869,154 · end of year $12,983,647

• 15 · Other assets

  beginning of year $26,382,957 · end of year $25,100,751

• 17 · Accounts payable and accrued expenses

  beginning of year $7,465,905 · end of year $11,525,584

• 19 · Deferred revenue

  beginning of year $81,667 · end of year $46,667

• 23 · Secured mortgages and notes payable

  end of year $65,000,000

• 25 · Other liabilities

  beginning of year $578,420,370 · end of year $608,405,097

• 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 $75,078,555 · end of year $63,687,617

The filer's explanations (Part III)

PART I, LINE 4B

IN 2017, THE CREDIT UNION ENTERED INTO A COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT WITH ROBERT A. STEENSMA, PRESIDENT/CEO. THE PREMIUMS ON THE POLICIES WERE FUNDED BY THE CREDIT UNION THROUGH A LOAN TO THE PRESIDENT/CEO FOR $9,500,000. INTEREST WILL ACCRUE TO THE LOAN ANNUALLY.