Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST

  total $23,748,320 · related or exempt $23,748,320

• 2b · Program service revenue: FEES AND CHARGES

  total $4,872,583 · related or exempt $4,786,461 · unrelated business $86,122

• 3 · Investment income

  total $12,591,132 · excluded $12,591,132

• 7a · Gross sales of assets other than inventory

  other assets $94,827

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

  other assets $0

• 7c · Gain or loss

  other assets $94,827

• 7d · Net gain or loss

  total $94,827 · excluded $94,827

• 11a · Other revenue: OTHER INCOME

  total $631,374 · excluded $631,374

• 11e · Other revenue, total

  $631,374

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $7,556

• 4 · Benefits paid to or for members

  total $11,714,683

• 5 · Compensation of officers, directors and key employees

  total $2,048,836

• 7 · Other salaries and wages

  total $6,200,312

• 8 · Pension plan contributions

  total $157,556

• 9 · Other employee benefits

  total $1,350,346

• 10 · Payroll taxes

  total $557,745

• 11b · Fees: legal

  total $44,287

• 11c · Fees: accounting

  total $122,789

• 11d · Fees: lobbying

  total $5,700

• 11g · Fees: other

  total $642,114

• 12 · Advertising and promotion

  total $468,251

• 13 · Office expenses

  total $966,763

• 14 · Information technology

  total $924,166

• 16 · Occupancy

  total $420,908

• 17 · Travel

  total $46,032

• 20 · Interest

  total $653,981

• 22 · Depreciation, depletion and amortization

  total $824,475

• 23 · Insurance

  total $133,151

• 24a · Other expenses: UBI TAXES

  total $10,030

• 24b · Other expenses: BANKING FEES

  total $2,358,270

• 24c · Other expenses: LOAN SERVICING

  total $1,195,953

• 24d · Other expenses: PROVISION FOR LOAN LOSS

  total $565,135

• 24e · All other expenses

  total $241,289

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,121,273 · end of year $3,183,476

• 2 · Savings and temporary cash investments

  beginning of year $53,322,232 · end of year $68,049,992

• 4 · Accounts receivable

  beginning of year $6,067,481 · end of year $11,849,647

• 5 · Loans and receivables from officers and key people

  beginning of year $1,938,777 · end of year $1,935,506

• 7 · Other notes and loans receivable

  beginning of year $535,290,880 · end of year $560,934,370

• 9 · Prepaid expenses and deferred charges

  beginning of year $700,582 · end of year $839,269

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

  $16,415,633

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

  $4,297,522

• 10c · Land, buildings and equipment, net

  beginning of year $12,711,802 · end of year $12,118,111

• 11 · Investments: publicly traded securities

  beginning of year $371,948,364 · end of year $314,842,625

• 12 · Investments: other securities

  beginning of year $3,551,900 · end of year $2,604,000

• 15 · Other assets

  beginning of year $23,759,463 · end of year $24,480,845

• 17 · Accounts payable and accrued expenses

  beginning of year $7,447,609 · end of year $6,644,019

• 23 · Secured mortgages and notes payable

  beginning of year $20,000,000 · end of year $20,000,000

• 25 · Other liabilities

  beginning of year $889,281,020 · end of year $862,450,114

• 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 $96,684,125 · end of year $111,743,708

The filer's explanations (Part III)

PART I, LINE 4B

SPLIT DOLLAR LIFE INSURANCE: THE CREDIT UNION HAS GRANTED NONRECOURSE LOANS FOR LIFE INSURANCE PREMIUM PAYMENTS TO SELECT MEMBERS OF SENIOR MANAGEMENT. THESE LOANS ARE COLLATERALIZED BY THE ASSIGNMENT OF THE CASH SURRENDER VALUE OF EACH RESPECTIVE LIFE INSURANCE POLICY. THE POLICIES ARE OWNED BY THE EXECUTIVES AND THE OWNERS HAVE SOLE CONTROL OVER THE LISTED BENEFICIARIES. AT THE TIME OF RETIREMENT, THE LOAN BECOMES DUE AND PAYABLE AND CAN BE PAID WITH THE CASH VALUE OF THE LIFE INSURANCE POLICY, OR WITH OTHER PERSONAL FUNDS AT THE OWNER'S DISCRETION. THE LOANS ARE CONSIDERED NONRECOURSE AND AS SUCH, THE CREDIT UNION HAS RECORDED THE BALANCE AS THE LOWER OF THE OUTSTANDING LOAN BALANCE PLUS ACCRUED INTEREST, OR THE CASH SURRENDER VALUE OF THE LIFE INSURANCE POLICIES.