Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $28,075,488 · related or exempt $28,075,488

• 2b · Program service revenue: OTHER OPERATING INCOME

  total $5,696,584 · related or exempt $5,696,584

• 2c · Program service revenue: FEE INCOME

  total $3,032,540 · related or exempt $2,652,815 · unrelated business $379,725

• 3 · Investment income

  total $1,525,891 · related or exempt $1,525,891

• 11a · Other revenue: GAIN ON EQUITY AND TRA

  total $816,943 · related or exempt $816,943

• 11e · Other revenue, total

  $816,943

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $8,500

• 5 · Compensation of officers, directors and key employees

  total $3,332,814

• 7 · Other salaries and wages

  total $6,437,457

• 8 · Pension plan contributions

  total $224,093

• 9 · Other employee benefits

  total $917,300

• 10 · Payroll taxes

  total $760,692

• 11b · Fees: legal

  total $165,159

• 11g · Fees: other

  total $1,390,575

• 12 · Advertising and promotion

  total $740,561

• 13 · Office expenses

  total $2,766,995

• 14 · Information technology

  total $2,882,769

• 16 · Occupancy

  total $990,826

• 17 · Travel

  total $338,955

• 20 · Interest

  total $7,536,098

• 22 · Depreciation, depletion and amortization

  total $523,918

• 23 · Insurance

  total $46,267

• 24a · Other expenses: CREDIT LOSS EXPENSE

  total $5,730,756

• 24b · Other expenses: LOAN SERVICING FEES

  total $1,971,454

• 24c · Other expenses: MISCELLANEOUS EXPENSES

  total $430,307

• 24d · Other expenses: OPERATING FEES

  total $87,507

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,119,980 · end of year $7,187,929

• 2 · Savings and temporary cash investments

  beginning of year $28,632,337 · end of year $29,455,940

• 5 · Loans and receivables from officers and key people

  beginning of year $2,768,243 · end of year $2,728,544

• 9 · Prepaid expenses and deferred charges

  beginning of year $6,215,533 · end of year $6,025,892

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

  $11,773,350

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

  $8,057,161

• 10c · Land, buildings and equipment, net

  beginning of year $3,956,015 · end of year $3,716,189

• 11 · Investments: publicly traded securities

  beginning of year $55,505,875 · end of year $56,139,782

• 12 · Investments: other securities

  beginning of year $12,386,418 · end of year $8,667,910

• 13 · Investments: program-related

  beginning of year $612,564,687 · end of year $598,783,934

• 15 · Other assets

  beginning of year $7,720,304 · end of year $13,296,724

• 17 · Accounts payable and accrued expenses

  beginning of year $7,272,569 · end of year $7,835,063

• 25 · Other liabilities

  beginning of year $680,631,681 · end of year $671,212,962

• 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 $46,965,142 · end of year $46,954,819

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR MEMBERS OF TOP MANAGEMENT. UNDER THE TERMS OF THE PLAN, PARTICIPANTS ARE ENTITLED TO A SPECIFIED AMOUNT IF THEY REMAIN EMPLOYED BY THE CREDIT UNION UNTIL A PREDETERMINED TIME. IF THESE EMPLOYEES BECOME FULLY DISABLED AS DEFINED IN THE AGREEMENT, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE. THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE AS DEFINED IN THE AGREEMENTS. TO SUPPORT THE DEFERRED COMPENSATION PLAN, THE CREDIT UNION HAS ELECTED TO PURCHASE CREDIT UNION-OWNED VARIABLE LIFE INSURANCE AND VARIABLE ANNUITIES AND MUTUAL FUNDS. THE DEFERRED COMPENSATION ACCOUNTS ARE SHOWN AS BOTH ASSETS AND LIABILITIES AND ARE AVAILABLE TO CREDITORS IN THE EVENT OF LIQUIDATION.