Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INCOME

  total $13,123,358 · related or exempt $13,123,358

• 2b · Program service revenue: FEES, CHARGES, AND OTHER INCOME

  total $4,167,981 · related or exempt $4,167,981

• 2c · Program service revenue: FINANCE AND INSURANCE

  total $77,280 · unrelated business $77,280

• 3 · Investment income

  total $2,388,031 · excluded $2,388,031

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $38,173

• 5 · Compensation of officers, directors and key employees

  total $889,403

• 7 · Other salaries and wages

  total $4,282,797

• 8 · Pension plan contributions

  total $259,918

• 9 · Other employee benefits

  total $566,613

• 10 · Payroll taxes

  total $385,662

• 11b · Fees: legal

  total $12,036

• 11c · Fees: accounting

  total $99,600

• 11g · Fees: other

  total $1,535,648

• 12 · Advertising and promotion

  total $8,403

• 13 · Office expenses

  total $463,371

• 14 · Information technology

  total $138,237

• 16 · Occupancy

  total $519,950

• 19 · Conferences, conventions and meetings

  total $137,815

• 20 · Interest

  total $4,700,165

• 21 · Payments to affiliates

  total $48,896

• 22 · Depreciation, depletion and amortization

  total $667,577

• 23 · Insurance

  total $92,897

• 24a · Other expenses: ATM/VISA/SHARE DRAFT PR

  total $1,050,364

• 24b · Other expenses: LOAN SERVICING

  total $428,895

• 24c · Other expenses: PROVISION FOR LOAN LOSS

  total $375,939

• 24d · Other expenses: MAINTENANCE & REPAIRS

  total $205,264

• 24e · All other expenses

  total $129,675

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,339,972 · end of year $4,140,865

• 2 · Savings and temporary cash investments

  beginning of year $15,867,384 · end of year $9,098,743

• 4 · Accounts receivable

  beginning of year $26,903 · end of year $80,386

• 5 · Loans and receivables from officers and key people

  beginning of year $5,279,633 · end of year $5,360,533

• 7 · Other notes and loans receivable

  beginning of year $250,422,313 · end of year $279,725,598

• 9 · Prepaid expenses and deferred charges

  beginning of year $634,700 · end of year $713,395

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

  $15,032,513

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

  $5,981,834

• 10c · Land, buildings and equipment, net

  beginning of year $8,561,741 · end of year $9,050,679

• 11 · Investments: publicly traded securities

  beginning of year $49,990,241 · end of year $59,376,993

• 12 · Investments: other securities

  beginning of year $1,345,007 · end of year $1,984,832

• 14 · Intangible assets

  beginning of year $27,221 · end of year $15,281

• 15 · Other assets

  beginning of year $5,975,702 · end of year $5,206,121

• 17 · Accounts payable and accrued expenses

  beginning of year $4,017,857 · end of year $3,410,755

• 21 · Escrow or custodial account liability

  beginning of year $247,521 · end of year $365,924

• 23 · Secured mortgages and notes payable

  end of year $10,000,000

• 25 · Other liabilities

  beginning of year $304,772,567 · end of year $326,550,901

• 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 $32,432,872 · end of year $34,425,846

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE PRESIDENT/CEO THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE EXECUTIVE'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE EXECUTIVE MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME UP TO THE PREMIUMS PAID INTO THE POLICIES. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOANS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT.