Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST INCOME

  total $80,889,831 · related or exempt $80,889,831

• 2b · Program service revenue: MORTGAGE SERVICE AND INTERCHANGE

  total $11,290,463 · related or exempt $11,290,463

• 2c · Program service revenue: FEES & CHARGES

  total $2,168,164 · related or exempt $2,168,164

• 3 · Investment income

  total $41,281,380 · excluded $41,281,380

• 6a · Gross rents

  real property $536,537

• 6b · Less rental expenses

  real property $1,031,601

• 6c · Rental income or loss

  real property -$495,064

• 6d · Net rental income or loss

  total -$495,064 · excluded -$495,064

• 7a · Gross sales of assets other than inventory

  other assets $104,690,000

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

  other assets $104,031,995

• 7c · Gain or loss

  other assets $658,005

• 7d · Net gain or loss

  total $658,005 · excluded $658,005

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $2,654,473

• 7 · Other salaries and wages

  total $22,038,537

• 8 · Pension plan contributions

  total $572,396

• 9 · Other employee benefits

  total $4,512,042

• 10 · Payroll taxes

  total $1,964,627

• 11b · Fees: legal

  total $471,361

• 11c · Fees: accounting

  total $415,470

• 11g · Fees: other

  total $4,963,797

• 12 · Advertising and promotion

  total $2,766,806

• 13 · Office expenses

  total $1,894,522

• 14 · Information technology

  total $4,615,576

• 16 · Occupancy

  total $1,420,493

• 17 · Travel

  total $492,368

• 22 · Depreciation, depletion and amortization

  total $3,511,250

• 23 · Insurance

  total $476,174

• 24a · Other expenses: ACCOUNT & LOAN SERVICES

  total $59,702,867

• 24b · Other expenses: LOAN SERVICING EXPENSES

  total $10,008,610

• 24c · Other expenses: PROVISION FOR CREDIT LO

  total $6,900,623

• 24d · Other expenses: DUES & SUBSCRIPTIONS

  total $486,607

• 24e · All other expenses

  total $393,895

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $169,647,554 · end of year $72,751,759

• 4 · Accounts receivable

  beginning of year $7,670,818 · end of year $8,214,748

• 5 · Loans and receivables from officers and key people

  beginning of year $825,303 · end of year $429,155

• 7 · Other notes and loans receivable

  beginning of year $1,361,475,587 · end of year $1,464,610,780

• 9 · Prepaid expenses and deferred charges

  beginning of year $39,817,277 · end of year $40,844,400

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

  $60,837,973

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

  $39,673,496

• 10c · Land, buildings and equipment, net

  beginning of year $22,245,986 · end of year $21,164,477

• 12 · Investments: other securities

  beginning of year $537,693,059 · end of year $496,152,447

• 14 · Intangible assets

  beginning of year $4,099,555 · end of year $4,099,555

• 15 · Other assets

  beginning of year $30,371,669 · end of year $21,621,665

• 17 · Accounts payable and accrued expenses

  beginning of year $36,333,162 · end of year $25,592,341

• 25 · Other liabilities

  beginning of year $1,974,399,647 · end of year $1,929,058,563

• 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 $16,338,071 · end of year $16,338,071

• 31 · Retained earnings, endowment or other funds

  beginning of year $146,775,928 · end of year $158,900,011

The filer's explanations (Part III)

PART I, LINE 1A

THE CREDIT UNION WILL COVER SPOUSAL EXPENSES RELATED TO BOARD OR SUPERVISORY/AUDIT COMMITTEE MEMBER TRAVEL FOR AIRFARE, MEALS, REGISTRATION, OR ANY ADDITIONAL ROOM CHARGE. ANY SPOUSAL EXPENSES REIMBURSED WILL BE REPORTED ON IRS FORM 1099 AS ADDITIONAL INCOME.

PART I, LINES 4A-B

PER CONFIDENTIALITY AGREEMENTS SIGNED BY THE ORGANIZATION, SEVERANCE PACKAGES PAID TO EMPLOYEES ARE NOT OPEN FOR PUBLIC INSPECTION. THE ORGANIZATION WILL PROVIDE SUCH INFORMATION REQUESTED BY A GOVERNMENT AGENCY UPON REQUEST. THE CREDIT UNION HAS ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR SELECT MEMBERS OF MANAGEMENT UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. AMOUNTS ACCRUED UNDER THE PLAN FOR 2024 ARE AS FOLLOWS: BROOKE FLEMING $75,332 STEVEN SCHMIDLE $168,350 ELINOR FORDYCE $22,987 MICHELLE BURKE $33,715

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• WESTERRA SERVICES INC

  C · PROVIDING BUSINESS MGMT. SERVICES TO OTHER CREDIT UNIONS · CO · 100% owned · share of assets $3,684 · controlled entity

  Directly controlled by WESTERRA CREDIT UNION