Form 990 for tax year 2025

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: Int - loans to members

  total $1,966,120 · related or exempt $1,966,120

• 2b · Program service revenue: Fees and service charge

  total $1,200,646 · related or exempt $1,200,646

• 3 · Investment income

  total $2,314,320 · excluded $2,314,320

• 11a · Other revenue: Non-member income

  total $12,600 · unrelated business $12,600

• 11e · Other revenue, total

  $12,600

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,397,428

• 7 · Other salaries and wages

  total $529,824

• 8 · Pension plan contributions

  total $2,730

• 9 · Other employee benefits

  total $245,376

• 10 · Payroll taxes

  total $114,995

• 11c · Fees: accounting

  total $65,779

• 11f · Fees: investment management

  total $3,081

• 11g · Fees: other

  total $1,938

• 12 · Advertising and promotion

  total $18,337

• 13 · Office expenses

  total $199,527

• 14 · Information technology

  total $315,424

• 19 · Conferences, conventions and meetings

  total $80,484

• 22 · Depreciation, depletion and amortization

  total $49,805

• 23 · Insurance

  total $30,080

• 24a · Other expenses: Processing charges

  total $519,267

• 24b · Other expenses: Loan servicing

  total $271,152

• 24c · Other expenses: Member dividends

  total $264,686

• 24d · Other expenses: Provision for loan loss

  total $116,130

• 24e · All other expenses

  total $87,718

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,101,421 · end of year $1,067,389

• 2 · Savings and temporary cash investments

  beginning of year $1,459,149 · end of year $957,515

• 4 · Accounts receivable

  beginning of year $389,055 · end of year $571,181

• 7 · Other notes and loans receivable

  beginning of year $27,284,284 · end of year $27,013,602

• 9 · Prepaid expenses and deferred charges

  beginning of year $445,817 · end of year $363,870

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

  $3,748,379

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

  $3,621,583

• 10c · Land, buildings and equipment, net

  beginning of year $145,164 · end of year $126,796

• 11 · Investments: publicly traded securities

  beginning of year $63,811,728 · end of year $66,653,852

• 12 · Investments: other securities

  beginning of year $140,601 · end of year $140,601

• 15 · Other assets

  beginning of year $4,296,989 · end of year $4,627,683

• 17 · Accounts payable and accrued expenses

  beginning of year $373,103 · end of year $393,120

• 25 · Other liabilities

  beginning of year $87,042,634 · end of year $88,232,750

• 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 $11,658,471 · end of year $12,896,619

The filer's explanations (Part III)

Part I, Line 4b

Deferred Compensation and Incentive Plan During 2017, the Credit Union initiated a Supplemental Executive Retirement Plan (SERP) with the CEO. The SERP is being funded via life insurance policies issued by Minnesota Life and a split-dollar agreement has been entered into with the executive covered under the SERP. Total split-dollar loans outstanding at December 31, 2023 totaled $2,711,557 and is included in the accompanying statement of financial condition. The loan has an interest rate equal to the applicable federal rate (1.92% at December 31, 2023) with interest accrued monthly. The Employer has paid one or more premiums into a life insurance policy owned by Employee. The premiums are treated for tax purposes as nonrecourse split dollar loans under 29 C.F.R. 1.7872-15. The Employer and Employee represent that a reasonable person would expect that the Employer will be paid all of its premium payments. Signed Representation available upon request.