Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST INCOME

  total $54,420,975 · related or exempt $54,420,975

• 2b · Program service revenue: FEES AND CHARGES

  total $29,276,395 · related or exempt $29,142,848 · unrelated business $133,547

• 2c · Program service revenue: MORTGAGE PRODUCTION FEES

  total $1,433,092 · related or exempt $1,433,092

• 2d · Program service revenue: SALES OF MORTGAGES

  total $1,228,928 · related or exempt $1,228,928

• 3 · Investment income

  total $5,228,329 · excluded $5,228,329

• 6a · Gross rents

  real property $134,372

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $134,372

• 6d · Net rental income or loss

  total $134,372 · excluded $134,372

• 7a · Gross sales of assets other than inventory

  other assets $32,731,728

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

  other assets $34,195,409

• 7c · Gain or loss

  other assets -$1,463,681

• 7d · Net gain or loss

  total -$1,463,681 · excluded -$1,463,681

• 11a · Other revenue: COMMISSIONS

  total $275,160 · unrelated business $275,160

• 11e · Other revenue, total

  $275,160

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $909,504

• 7 · Other salaries and wages

  total $21,358,627

• 8 · Pension plan contributions

  total $271,727

• 9 · Other employee benefits

  total $7,906,654

• 10 · Payroll taxes

  total $1,874,915

• 11b · Fees: legal

  total $351,564

• 11c · Fees: accounting

  total $237,107

• 11f · Fees: investment management

  total $169,401

• 11g · Fees: other

  total $346,865

• 12 · Advertising and promotion

  total $3,152,617

• 13 · Office expenses

  total $1,510,594

• 14 · Information technology

  total $2,204,141

• 16 · Occupancy

  total $2,228,287

• 17 · Travel

  total $298,906

• 19 · Conferences, conventions and meetings

  total $469,783

• 20 · Interest

  total $887,534

• 22 · Depreciation, depletion and amortization

  total $2,939,121

• 23 · Insurance

  total $448,804

• 24a · Other expenses: CREDIT AND DEBIT CARD F

  total $6,423,507

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $4,844,528

• 24c · Other expenses: INTEREST PAID ON MEMBER

  total $4,060,278

• 24d · Other expenses: LOAN SERVICING

  total $2,360,994

• 24e · All other expenses

  total $5,900,071

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $19,554,348 · end of year $17,890,281

• 2 · Savings and temporary cash investments

  beginning of year $130,879,907 · end of year $22,553,193

• 4 · Accounts receivable

  beginning of year $71,456 · end of year $46,792

• 7 · Other notes and loans receivable

  beginning of year $903,467,832 · end of year $1,213,033,033

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,120,983 · end of year $1,630,950

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

  $68,582,786

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

  $19,974,082

• 10c · Land, buildings and equipment, net

  beginning of year $42,509,063 · end of year $48,608,704

• 11 · Investments: publicly traded securities

  beginning of year $2,057,212 · end of year $1,965,679

• 12 · Investments: other securities

  beginning of year $303,149,698 · end of year $241,640,362

• 14 · Intangible assets

  end of year $346,075

• 15 · Other assets

  beginning of year $34,641,067 · end of year $37,844,858

• 17 · Accounts payable and accrued expenses

  beginning of year $12,434,827 · end of year $13,085,755

• 21 · Escrow or custodial account liability

  beginning of year $1,745,642 · end of year $2,520,986

• 23 · Secured mortgages and notes payable

  beginning of year $8,000,000 · end of year $85,000,000

• 25 · Other liabilities

  beginning of year $1,263,408,676 · end of year $1,342,356,079

• 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 $151,862,421 · end of year $142,597,107

The filer's explanations (Part III)

PART I, LINE 3

COMPENSATION FOR THE CEO, OTHER OFFICERS, AND KEY EMPLOYEES IS APPROVED BY BOTH HUMAN RESOURCES AND THE BOARD OF DIRECTORS.

PART I, LINES 4A-B

THE CREDIT UNION EXECUTIVIES PARTICIPATE IN A 457F PLAN. THE FOLLOWING INDIVIDUALS LISTED ON FORM 990, PART VII, SECTION A PARTICIPATED IN THE PLAN DURING THE YEAR. SCOTT MCFARLAND AMANDA CRAIG KENT FIGY KATHERINE BERRY MEGAN HENDRIX RONALD LAUREN

Disregarded entities

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

• HONOR HOLDINGS LLC

  HOLDING COMPANY · MI · income -$71,356 · assets $1,120,534

  Directly controlled by HONOR CREDIT UNION

• HONOR INSURANCE AGENCY LLC

  INSURANCE BROKERAGE SERVICES · MI · income $22,566 · assets $104,454

  Directly controlled by HONOR HOLDINGS LLC

• REDBUD INSURANCE SERVICES LLC

  INSURANCE BROKERAGE SERVICES · MI · income $252,594 · assets $358,166

  Directly controlled by HONOR HOLDINGS LLC

• REDBUD PROPERTIES LLC

  HOLDING COMPANY · MI · income $0 · assets $189,246

  Directly controlled by HONOR HOLDINGS LLC