Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $4,811,611 · related or exempt $4,811,611

• 2b · Program service revenue: FEES

  total $760,616 · related or exempt $760,616

• 2c · Program service revenue: OTHER OPERATING INCOME

  total $696,424 · related or exempt $654,672 · unrelated business $32,288 · excluded $9,464

• 3 · Investment income

  total $3,722,007 · excluded $3,722,007

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $953,528

• 7 · Other salaries and wages

  total $1,394,668

• 8 · Pension plan contributions

  total $23,244

• 9 · Other employee benefits

  total $209,119

• 10 · Payroll taxes

  total $192,908

• 11b · Fees: legal

  total $29,799

• 11c · Fees: accounting

  total $83,007

• 11g · Fees: other

  total $975,601

• 12 · Advertising and promotion

  total $237,623

• 13 · Office expenses

  total $256,789

• 14 · Information technology

  total $481,635

• 16 · Occupancy

  total $748,935

• 17 · Travel

  total $3,823

• 19 · Conferences, conventions and meetings

  total $115,031

• 20 · Interest

  total $1,012,399

• 22 · Depreciation, depletion and amortization

  total $42,079

• 23 · Insurance

  total $123,865

• 24a · Other expenses: DIVIDENDS AND INTEREST

  total $1,297,295

• 24b · Other expenses: LOAN SERVICING EXPENSE

  total $479,834

• 24c · Other expenses: PROVISION FOR LOAN LOSS

  total $243,128

• 24d · Other expenses: CLAIMS DEDUCTIBLE EXPEN

  total $89,593

• 24e · All other expenses

  total $124,510

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $945,277 · end of year $1,077,706

• 2 · Savings and temporary cash investments

  beginning of year $41,989,383 · end of year $53,879,373

• 4 · Accounts receivable

  beginning of year $803,202 · end of year $228,588

• 7 · Other notes and loans receivable

  beginning of year $108,028,624 · end of year $93,283,231

• 9 · Prepaid expenses and deferred charges

  beginning of year $242,034 · end of year $704,799

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

  $16,131,677

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

  $7,148,054

• 10c · Land, buildings and equipment, net

  beginning of year $9,091,017 · end of year $8,983,623

• 11 · Investments: publicly traded securities

  beginning of year $80,514,871 · end of year $67,283,513

• 12 · Investments: other securities

  beginning of year $6,533,546 · end of year $4,897,209

• 14 · Intangible assets

  end of year $6,351

• 15 · Other assets

  beginning of year $7,355,609 · end of year $8,338,137

• 17 · Accounts payable and accrued expenses

  beginning of year $3,906,508 · end of year $3,561,689

• 23 · Secured mortgages and notes payable

  beginning of year $25,416,667 · end of year $15,417,667

• 25 · Other liabilities

  beginning of year $215,068,515 · end of year $207,219,563

• 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 $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $11,111,873 · end of year $12,483,611

The filer's explanations (Part III)

PART I, LINE 1A

SPOUSE (OR GUEST) EXPENSE. THE SPOUSE OR GUEST OF EACH DIRECTOR AND OFFICER IS ENCOURAGED TO ATTEND THE UNIVERSITY CREDIT UNION STRATEGIC PLANNING SESSION. THE ORGANIZATION PAYS FOR HOTEL ACCOMODATIONS.

PART I, LINE 4B

THE FOLLOWING EMPLOYEES PARTICIPATE IN A 457(F) PLAN: ALBERT E. ROSE, PRESIDENT/CEO ERIC HOSKINS, EVP/COO RICCARDO FRANCOIS, AVP OF LENDING ALBERT E. ROSE RECEIVED AN ADVANCED BENEFIT PAYOUT IN THE AMOUNT OF $204,461 DURING 2024. RICCARDO FRANCOIS RECEIVED AN ADVANCED BENEFIT PAYOUT IN THE AMOUNT OF $17,038 DURING 2024.

PART I, LINE 7

2024 PERFORMANCE INCENTIVE PLAN BASED ON DEFINED MATRIX WAS PAID OUT IN FEBRUARY OF 2025.