Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST

  total $44,005,731 · related or exempt $44,005,731

• 2b · Program service revenue: FEES & OTHER INCOME

  total $19,201,962 · related or exempt $19,151,219 · unrelated business $50,743

• 3 · Investment income

  total $6,756,201 · related or exempt $6,756,201

• 7a · Gross sales of assets other than inventory

  securities $53,472,348 · other assets $3,884,705

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

  securities $56,950,719 · other assets $0

• 7c · Gain or loss

  securities -$3,478,371 · other assets $3,884,705

• 7d · Net gain or loss

  total $406,334 · related or exempt $406,334

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $154,065

• 5 · Compensation of officers, directors and key employees

  total $2,542,428

• 7 · Other salaries and wages

  total $14,113,938

• 8 · Pension plan contributions

  total $1,472,972

• 9 · Other employee benefits

  total $3,798,987

• 10 · Payroll taxes

  total $1,288,160

• 11b · Fees: legal

  total -$1,663

• 11c · Fees: accounting

  total $149,487

• 12 · Advertising and promotion

  total $1,590,556

• 13 · Office expenses

  total $2,311,984

• 14 · Information technology

  total $3,381,144

• 16 · Occupancy

  total $2,193,821

• 17 · Travel

  total $277,386

• 19 · Conferences, conventions and meetings

  total $515,145

• 20 · Interest

  total $14,309,172

• 22 · Depreciation, depletion and amortization

  total $2,588,532

• 23 · Insurance

  total $401,293

• 24a · Other expenses: COLLECTION/LOAN SERVICE

  total $4,116,802

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $2,743,463

• 24c · Other expenses: FRAUD EXPENSES

  total $444,527

• 24d · Other expenses: EXAMINATION FEES

  total $145,600

• 24e · All other expenses

  total $4,172,957

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $6,655,034 · end of year $6,195,280

• 2 · Savings and temporary cash investments

  beginning of year $62,473,097 · end of year $96,078,647

• 4 · Accounts receivable

  beginning of year $13,216,993 · end of year $13,839,682

• 7 · Other notes and loans receivable

  beginning of year $792,703,435 · end of year $861,690,089

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,007,695 · end of year $2,076,930

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

  $47,869,070

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

  $16,193,887

• 10c · Land, buildings and equipment, net

  beginning of year $31,889,239 · end of year $31,675,183

• 12 · Investments: other securities

  beginning of year $257,426,382 · end of year $194,099,760

• 14 · Intangible assets

  beginning of year $2,061,400 · end of year $1,435,450

• 15 · Other assets

  beginning of year $50,393,555 · end of year $27,570,502

• 17 · Accounts payable and accrued expenses

  beginning of year $4,475,730 · end of year $4,503,160

• 21 · Escrow or custodial account liability

  beginning of year $1,785,068 · end of year $1,546,123

• 25 · Other liabilities

  beginning of year $1,105,852,812 · end of year $1,106,113,558

• 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 $106,713,220 · end of year $122,498,682

The filer's explanations (Part III)

PART I, LINE 1A

THE BOARD OF DIRECTORS CAN RECEIVE REIMBURSEMENT OF FLIGHT, MEALS, AND REGISTRATION FEES FOR TRAVELING COMPANIONS. THIS IS TREATED AS A TAXABLE BENEFIT AND 1099'S ARE ISSUED FOR REIMBURSEMENTS FOR THE YEAR TOTALING OVER $600. PAID BOARD MEMBERS GROSS-UP PAYMENTS OF 30% FOR THE COMPANION TO OFFSET THE NONEMPLOYEE COMPENSATION INCURRED TAX LIABILITY.

PART I, LINE 3

THE CREDIT UNION HIRES A THIRD-PARTY (HUMANIDEI) AS AN INDEPENDENT COMPENSATION CONSULTANT TO LOOK AT MARKET VALUES. THE CEO IS UNDER A WRITTEN EMPLOYMENT CONTRACT. HUMANIDEI UTILIZED A COMPENSATION SURVEY AND IT WAS APPROVED BY THE BOARD OF DIRECTORS.

PART I, LINES 4A-B

LINE 4A: KELLY HESS RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $81,000. KOREY JENKINS RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $75,000. LINE 4B: THE FOLLOWING INDIVIDUALS PARTICIPATED IN A 457(F) SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AND RECEIVED A DISTRIBUTION FROM OR HAD AMOUNTS VEST IN THE PLAN: THOMAS REAGAN - $122,000 ALLAN MCMORRIS - $537,640 THE FOLLOWING INDIVIDUALS PARTICATED IN A 457(F) SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN BUT DID NOT RECEIVE A DISTRIBUTION OR HAVE AN AMOUNT VEST IN THE PLAN. INDIVIDUALS BECOME VESTED IN THE PLAN IF THE PARTICIPANT REMAINS CONTINUOUSLY EMPLOYED WITH THE CREDIT UNION DURING THE SERVICE PERIOD: TERESA DIGAETANO JEFFREY PASCOE CAITRINA SLAVEY STEVEN SMITH JENNIFER WOESSNER KELLY HESS CHAZ RZEWNICKI ROBIN THOMPSON KOREY JENKINS

Disregarded entities

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

• TELECOM CUSO NO 1 LLC-DBA AUTO PRIVILEGES

  AUTO SALES · MI · income $0 · assets $0

  Directly controlled by VIBE CREDIT UNION