Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INCOME FROM LOANS

  total $216,442,338 · related or exempt $216,442,338

• 2b · Program service revenue: FEES/CHARGES/OTHER

  total $79,545,152 · related or exempt $79,545,152

• 2c · Program service revenue: NON-MEMBER ATM SURCHARGES

  total $611,865 · unrelated business $611,865

• 3 · Investment income

  total $17,226,864 · excluded $17,226,864

• 7a · Gross sales of assets other than inventory

  securities $267,315,276

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

  securities $270,883,310 · other assets $216,082

• 7c · Gain or loss

  securities -$3,568,034 · other assets -$216,082

• 7d · Net gain or loss

  total -$3,784,116 · excluded -$3,784,116

• 11a · Other revenue: GAIN ON OREO

  total $129,890 · related or exempt $129,890

• 11e · Other revenue, total

  $129,890

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $5,743,893

• 7 · Other salaries and wages

  total $60,546,735

• 8 · Pension plan contributions

  total $1,415,163

• 9 · Other employee benefits

  total $9,853,446

• 10 · Payroll taxes

  total $4,448,761

• 11b · Fees: legal

  total $381,633

• 11c · Fees: accounting

  total $552,340

• 11g · Fees: other

  total $2,065,750

• 13 · Office expenses

  total $10,578,752

• 14 · Information technology

  total $11,212,426

• 16 · Occupancy

  total $13,530,810

• 17 · Travel

  total $773,573

• 19 · Conferences, conventions and meetings

  total $716,519

• 20 · Interest

  total $31,444,814

• 22 · Depreciation, depletion and amortization

  total $10,664,958

• 23 · Insurance

  total $1,100,290

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $29,981,283

• 24b · Other expenses: LOAN SERVICING

  total $8,908,954

• 24c · Other expenses: DEBIT AND CREDIT CARD E

  total $7,262,982

• 24d · Other expenses: MARKETING EXPENSE

  total $5,771,562

• 24e · All other expenses

  total $29,173,789

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $40,452,483 · end of year $43,856,849

• 2 · Savings and temporary cash investments

  beginning of year $382,983,718 · end of year $528,644,908

• 4 · Accounts receivable

  beginning of year $51,311,362 · end of year $10,230,507

• 5 · Loans and receivables from officers and key people

  beginning of year $13,749,004 · end of year $13,627,485

• 7 · Other notes and loans receivable

  beginning of year $4,880,266,323 · end of year $6,954,134,178

• 9 · Prepaid expenses and deferred charges

  beginning of year $6,409,540 · end of year $15,060,786

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

  $166,318,371

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

  $82,844,929

• 10c · Land, buildings and equipment, net

  beginning of year $86,912,584 · end of year $83,473,442

• 11 · Investments: publicly traded securities

  beginning of year $1,129,196,669 · end of year $639,174,676

• 12 · Investments: other securities

  beginning of year $4,852,322 · end of year $46,372,377

• 15 · Other assets

  beginning of year $149,870,498 · end of year $209,408,589

• 17 · Accounts payable and accrued expenses

  beginning of year $58,155,667 · end of year $78,407,670

• 19 · Deferred revenue

  beginning of year $1,880,000 · end of year $2,845,000

• 21 · Escrow or custodial account liability

  beginning of year $15,594,990 · end of year $15,138,088

• 23 · Secured mortgages and notes payable

  beginning of year $0 · end of year $890,000,000

• 25 · Other liabilities

  beginning of year $5,918,353,744 · end of year $6,793,238,196

• 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 $752,020,102 · end of year $764,354,843

The filer's explanations (Part III)

PART I, LINES 4A-B

THE CREDIT UNION HAS ENTERED INTO SECURED SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENTS WITH TIMOTHY M. ANTONITION, CEO/PRESIDENT AND HEATHER E. HICKMAN, EVP/CHIEF OF RETAIL DELIVERY. THE PREMIUMS ON THE POLICIES WERE FUNDED BY THE CREDIT UNION THROUGH LOANS TO THE OFFICERS. INTEREST ACCRUES TO THE LOANS MONTHLY. THE CREDIT UNION PROVIDES A NON-QUALIFIED DEFERRED COMPENSATION PLAN UNDER CODE SECTION 457(F) FOR THE FOLLOWING SENIOR MANAGEMENT EMPLOYEES: JOSEPH LEWIS, EVP/CHIEF OPERATING OFFICER AND HILARY EISBRENNER, EVP/CHIEF FINANCIAL OFFICER. AS PART OF THE PLAN, THE CREDIT UNION PAYS A RETENTION BENEFIT TO EACH EMPLOYEE. BENEFITS ARE ALSO PAID IF EMPLOYMENT TERMINATES BEFORE THE RETENTION PERIOD IS MET UNDER SPECIFIED CIRCUMSTANCES. AS PART OF A SEPARATION AGREEMENT, KIM M. LYNN, FORMER VP OF OPERATIONS, RECEIVED $141,392 IN THE 2022 CALENDAR YEAR.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• 1500 E COMMERICAL BOULEVARD LLC

  REO MANAGEMENT · FL · income $0 · assets $100