Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST INCOME

  total $15,796,678 · related or exempt $15,796,678

• 2b · Program service revenue: FEE AND OTHER INCOME

  total $9,370,936 · related or exempt $9,370,936

• 2c · Program service revenue: FINANCE AND INSURANCE

  total $74,361 · unrelated business $74,361

• 3 · Investment income

  total $9,079,107 · related or exempt $9,079,107

• 6a · Gross rents

  real property $81,600

• 6b · Less rental expenses

  real property $73,501

• 6c · Rental income or loss

  real property $8,099

• 6d · Net rental income or loss

  total $8,099 · related or exempt $8,099

• 7a · Gross sales of assets other than inventory

  other assets $471,633

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

  other assets $361,924

• 7c · Gain or loss

  other assets $109,709

• 7d · Net gain or loss

  total $109,709 · related or exempt $109,709

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $167,337

• 2 · Grants to domestic individuals

  total $17,532

• 5 · Compensation of officers, directors and key employees

  total $748,346

• 7 · Other salaries and wages

  total $6,587,108

• 8 · Pension plan contributions

  total $830,637

• 9 · Other employee benefits

  total $989,383

• 10 · Payroll taxes

  total $562,358

• 11b · Fees: legal

  total $20,457

• 11c · Fees: accounting

  total $165,872

• 11g · Fees: other

  total $1,828,123

• 12 · Advertising and promotion

  total $330,479

• 13 · Office expenses

  total $1,570,779

• 14 · Information technology

  total $441,248

• 16 · Occupancy

  total $720,404

• 19 · Conferences, conventions and meetings

  total $209,337

• 20 · Interest

  total $5,334,682

• 22 · Depreciation, depletion and amortization

  total $565,418

• 23 · Insurance

  total $77,810

• 24a · Other expenses: 990T EXPENSE

  total $4,334

• 24b · Other expenses: LOAN SERVICING

  total $2,789,690

• 24c · Other expenses: PROVISION FOR LOAN LOSS

  total $346,158

• 24d · Other expenses: MISCELLANEOUS EXPENSE

  total $252,817

• 24e · All other expenses

  total $99,888

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $8,786,566 · end of year $5,600,518

• 2 · Savings and temporary cash investments

  beginning of year $942,993 · end of year $2,739,561

• 4 · Accounts receivable

  beginning of year $967,874 · end of year $200,702

• 7 · Other notes and loans receivable

  beginning of year $342,127,128 · end of year $353,592,651

• 9 · Prepaid expenses and deferred charges

  beginning of year $361,296 · end of year $421,678

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

  $16,617,454

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

  $8,001,595

• 10c · Land, buildings and equipment, net

  beginning of year $9,110,365 · end of year $8,615,859

• 12 · Investments: other securities

  beginning of year $294,253,997 · end of year $284,448,187

• 13 · Investments: program-related

  beginning of year $3,502,117 · end of year $31,420,422

• 15 · Other assets

  beginning of year $26,868,901 · end of year $28,723,840

• 17 · Accounts payable and accrued expenses

  beginning of year $3,048,898 · end of year $5,325,926

• 25 · Other liabilities

  beginning of year $621,763,355 · end of year $635,824,430

• 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 $62,108,984 · end of year $74,613,062

The filer's explanations (Part III)

PART I, LINE 4B

RANDALL SMITH'S W-2 COMPENSATION REPORTED IN COLUMN B(III) OF SCH J INCLUDES A 457(B) BENEFIT DISTRIBUTION. THE EXECUTIVE'S ANNUAL 457(B) DEFERRALS WERE REPORTED AS A COMPONENT OF BOX 5 COMPENSATION WITHIN PRIOR YEARS' FORMS W-2. SINCE BOX 5 HAS HISTORICALLY EXCEEDED THE DOLLAR AMOUNT REPORTED IN BOX 1, THE COMPENSATION RELATIVE TO THE 457(B) DISTRIBUTION $85,343 INCLUDED IN 2023 COMPENSATION, HAS ALREADY BEEN REPORTED AS W-2 COMPENSATION IN PRIOR YEARS' FORMS 990. IN 2023, THE COMPENSATION AMOUNT REPORTED IN FORM 990 REPRESENTS THE AMOUNT REPORTED IN BOX 1 OF FORM W-2. THAT IS, BOX 1 COMPENSATION EXCEEDED THE AMOUNT REPORTED IN BOX 5 FOR THE FIRST TIME, AS A RESULT OF THE DISTRIBUTION OF RANDALL SMITH'S 457(B) BENEFIT. THE CREDIT UNION MAINTAINS A CREDIT UNION OWNED LIFE INSURANCE PLAN FOR THE BELOW-LISTED EMPLOYEES. AS THE OWNER OF THE POLICIES, THE CREDIT UNION IS THE BENEFICIARY OF THE CORRESPONDING DEATH BENEFITS. THE CASH SURRENDER VALUE OF EACH POLICY IS ALSO PROVIDED. RANDALL SMITH - $1,416,459 JEFF BREHMER - $4,188,576 ALYCIA NICHOLS - $4,183,812 PAUL CORAZZOL - $4,188,200 MICHAEL ZARNECKI - $4,184,189 THE CREDIT UNION ALSO CONTRIBUTES TO A POST RETIREMENT BENEFIT PLAN FOR RANDALL SMITH AND JEFF BREHMER. THE BENEFIT LIABILITY AS OF DECEMBER 31, 2023, WAS $229,761 AND $42,160, RESPECTIVELY.