Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST INCOME

  total $71,752,923 · related or exempt $71,752,923

• 2b · Program service revenue: MORTGAGE SERVICE AND INTERCHANGE

  total $10,724,539 · related or exempt $10,724,539

• 2c · Program service revenue: FEES & CHARGES

  total $996,177 · related or exempt $996,177

• 3 · Investment income

  total $37,843,425 · excluded $37,843,425

• 6a · Gross rents

  real property $460,212

• 6b · Less rental expenses

  real property $856,422

• 6c · Rental income or loss

  real property -$396,210

• 6d · Net rental income or loss

  total -$396,210 · excluded -$396,210

• 7a · Gross sales of assets other than inventory

  other assets $26,883,853

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

  other assets $26,554,668

• 7c · Gain or loss

  other assets $329,185

• 7d · Net gain or loss

  total $329,185 · excluded $329,185

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $3,350,158

• 7 · Other salaries and wages

  total $18,068,250

• 8 · Pension plan contributions

  total $751,737

• 9 · Other employee benefits

  total $3,934,023

• 10 · Payroll taxes

  total $1,996,318

• 11b · Fees: legal

  total $482,895

• 11c · Fees: accounting

  total $297,983

• 11g · Fees: other

  total $7,255,303

• 12 · Advertising and promotion

  total $2,504,601

• 13 · Office expenses

  total $7,684,782

• 16 · Occupancy

  total $3,509,142

• 17 · Travel

  total $440,202

• 22 · Depreciation, depletion and amortization

  total $2,471,773

• 23 · Insurance

  total $433,182

• 24a · Other expenses: ACCOUNT & LOAN SERVICES

  total $47,098,327

• 24b · Other expenses: LOAN SERVICING EXPENSE

  total $6,530,637

• 24c · Other expenses: PROVISION FOR CREDIT LO

  total $4,843,273

• 24d · Other expenses: ALL OTHER EXPENSES

  total $61,413

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $231,653,663 · end of year $169,647,554

• 4 · Accounts receivable

  beginning of year $6,466,850 · end of year $7,670,818

• 5 · Loans and receivables from officers and key people

  beginning of year $1,761,930 · end of year $825,303

• 7 · Other notes and loans receivable

  beginning of year $1,274,102,904 · end of year $1,361,475,587

• 9 · Prepaid expenses and deferred charges

  beginning of year $37,735,247 · end of year $39,817,277

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

  $58,463,289

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

  $36,217,303

• 10c · Land, buildings and equipment, net

  beginning of year $22,911,950 · end of year $22,245,986

• 12 · Investments: other securities

  beginning of year $600,187,143 · end of year $537,693,059

• 14 · Intangible assets

  beginning of year $4,099,555 · end of year $4,099,555

• 15 · Other assets

  beginning of year $25,976,441 · end of year $30,371,669

• 17 · Accounts payable and accrued expenses

  beginning of year $21,307,353 · end of year $36,333,162

• 25 · Other liabilities

  beginning of year $2,034,469,769 · end of year $1,974,399,647

• 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 $16,338,071 · end of year $16,338,071

• 31 · Retained earnings, endowment or other funds

  beginning of year $132,780,490 · end of year $146,775,928

The filer's explanations (Part III)

PART I, LINE 1A

THE CREDIT UNION WILL COVER SPOUSAL EXPENSES RELATED TO BOARD OR SUPERVISORY/AUDIT COMMITTEE MEMBER TRAVEL FOR AIRFARE, MEALS, REGISTRATION, OR ANY ADDITIONAL ROOM CHARGE. ANY SPOUSAL EXPENSES REIMBURSED WILL BE REPORTEDON IRS FORM 1099 AS ADDITIONAL INCOME.

PART I, LINES 4A-B

PER CONFIDENTIALITY AGREEMENTS SIGNED BY THE ORGANIZATION, SEVERANCE PACKAGES PAID TO EMPLOYEES ARE NOT OPEN FOR PUBLIC INSPECTION. THE ORGANIZATION WILL PROVIDE SUCH INFORMATION REQUESTED BY A GOVERNMENT AGENCY UPON REQUEST. THE CREDIT UNION HAS ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR SELECT MEMBERS OF MANAGEMENT UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. AMOUNTS ACCRUED UNDER THE PLAN FOR 2023 ARE AS FOLLOWS: JAMES CHAMPION $63,936 BROOKE FLEMING $67,600 STEVE SCHMIDLE $121,827 LEE PASCHALL $16,328 ELINOR FORDYCE $21,893 MILTON STEVENS $50,000 MICHELLE BURKE $31,868

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• WESTERRA SERVICES INC

  C · PROVIDING BUSINESS MGMT. SERVICES TO OTHER CREDIT UNIONS · CO · 100% owned · share of assets $3,684 · controlled entity

  Directly controlled by WESTERRA CREDIT UNION