Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $41,428,954 · related or exempt $41,428,954

• 2b · Program service revenue: OTHER OPERATING INCOME

  total $6,137,887 · related or exempt $6,012,434 · unrelated business $125,453

• 2c · Program service revenue: FEE INCOME

  total $4,481,686 · related or exempt $4,390,035 · unrelated business $91,651

• 3 · Investment income

  total $14,613,533 · related or exempt $14,613,533

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $295,653

• 2 · Grants to domestic individuals

  total $6,000

• 5 · Compensation of officers, directors and key employees

  total $4,662,868

• 7 · Other salaries and wages

  total $10,544,546

• 8 · Pension plan contributions

  total $1,259,301

• 9 · Other employee benefits

  total $1,759,938

• 10 · Payroll taxes

  total $1,043,322

• 11b · Fees: legal

  total $106,536

• 11c · Fees: accounting

  total $259,164

• 11g · Fees: other

  total $960,245

• 12 · Advertising and promotion

  total $1,302,755

• 13 · Office expenses

  total $4,755,434

• 14 · Information technology

  total $2,844,252

• 16 · Occupancy

  total $2,120,951

• 17 · Travel

  total $261,318

• 20 · Interest

  total $11,509,356

• 22 · Depreciation, depletion and amortization

  total $2,114,534

• 23 · Insurance

  total $170,578

• 24a · Other expenses: CREDIT LOSS EXPENSE

  total $3,060,841

• 24b · Other expenses: LOAN SERVICING EXPENSE

  total $2,909,134

• 24c · Other expenses: MISC OPERATING EXPENSE

  total $1,159,626

• 24d · Other expenses: OPERATING FEES

  total $158,812

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $8,386,724 · end of year $7,561,304

• 2 · Savings and temporary cash investments

  beginning of year $37,602,116 · end of year $48,901,513

• 5 · Loans and receivables from officers and key people

  beginning of year $8,454,768 · end of year $8,618,791

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,631,215 · end of year $1,802,040

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

  $56,206,173

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

  $29,660,389

• 10c · Land, buildings and equipment, net

  beginning of year $26,709,256 · end of year $26,545,784

• 11 · Investments: publicly traded securities

  beginning of year $288,794,884 · end of year $253,450,869

• 13 · Investments: program-related

  beginning of year $884,439,339 · end of year $978,613,091

• 15 · Other assets

  beginning of year $29,644,539 · end of year $29,342,446

• 17 · Accounts payable and accrued expenses

  beginning of year $22,353,008 · end of year $22,662,001

• 25 · Other liabilities

  beginning of year $1,169,654,448 · end of year $1,228,033,351

• 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 $93,655,385 · end of year $104,140,486

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION HAS ENTERED INTO A SPLIT-DOLLAR AGREEMENT WITH A MEMBER OF THE EXECUTIVE MANAGEMENT TEAM. UNDER THE ARRANGEMENT, THE CREDIT UNION MAKES A LOAN TO THE EXECUTIVE EQUAL TO THE LIFE INSURANCE POLICY PREMIUMS. THE EXECUTIVE ASSIGNS THE INSURANCE POLICY TO THE CREDIT UNION AS COLLATERAL FOR REPAYING THE PREMIUMS AND BORROWS FROM THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE CREDIT UNION IS REPAID FROM THE POLICY'S DEATH PROCEEDS. INTEREST ACCRUES ON THE LOANS AT THE APPLICABLE FEDERAL RATE AT THE TIME OF THE ADVANCE. THE INTEREST IS REPORTED AS TAXABLE INCOME TO THE EXECUTIVE IN THE YEAR EARNED. ANY PRINCIPAL OR INTEREST NOT REPAID UNDER THE ARRANGEMENTS IS TAXABLE TO THE EXECUTIVE. THE CREDIT UNION CONTRIBUTES TO A 457(F) PLAN AS ADDITIONAL RETIREMENT BENEFITS FOR THE CEO. THE 457(F) PLAN IS FULLY FUNDED AND NO FURTHER ACCRUALS WILL BE RECORDED. THE CREDIT UNION OFFERS A SERP AS PART OF THE CEO'S 10-YEAR EMPLOYMENT CONTRACT. THE PURPOSE OF THE PLAN IS TO PROVIDE ADDITIONAL INCENTIVE FOR THE CEO TO REMAIN WITH THE CREDIT UNION. THE CREDIT UNION CONTRIBUTES 2% OF COMPENSATION TO A 457(B) PLAN ON TOP OF ALL OTHER RETIREMENT PLANS FOR SENIOR MANAGEMENT. THE FOLLOWING IS A LIST OF CURRENT PARTICIPANTS AND THE CONTRIBUTIONS MADE IN 2023: LINDA ROSSI - $10,706 GAVIN BRADLEY - $6,979 LINDA SIM - $6,979 CHAD RITCHIE - $5,359 EDMOND SAHAKIAN - $4,492 BEVERLY ARMENDARIZ - $4,480 APRIL REMNANT - $4,212 CHRISTINA ESTES - $4,065 JOHN COOKE -$2,939 DIANNE CLAPP - $2,443 DIANNE CLAPP, REPORTED ON PART VII AS AN KEY EMPLOYEE, RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $50,000 IN 2023.