Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST INCOME

  total $81,959,092 · related or exempt $81,959,092

• 2b · Program service revenue: FEES AND CHARGES

  total $5,359,342 · related or exempt $5,227,520 · unrelated business $131,822

• 2c · Program service revenue: INTERCHANGE INCOME

  total $5,182,155 · related or exempt $5,182,155

• 2d · Program service revenue: WEALTH MANAGEMENT COMMISSIONS

  total $4,000,314 · related or exempt $3,003,779 · unrelated business $996,535

• 2e · Program service revenue: GAIN ON SALE OF LOANS HELD FOR SA

  total $703,789 · related or exempt $703,789

• 2f · All other program service revenue

  total $179,669 · related or exempt $179,669

• 3 · Investment income

  total $12,951,985 · excluded $12,951,985

• 5 · Royalties

  total $78,222 · excluded $78,222

• 7a · Gross sales of assets other than inventory

  securities $61,887 · other assets $139,942

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

  securities $40,455 · other assets $114,400

• 7c · Gain or loss

  securities $21,432 · other assets $25,542

• 7d · Net gain or loss

  total $46,974 · excluded $46,974

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $178,259

• 2 · Grants to domestic individuals

  total $20,000

• 4 · Benefits paid to or for members

  total $26,611,156

• 5 · Compensation of officers, directors and key employees

  total $5,169,922

• 7 · Other salaries and wages

  total $22,209,723

• 8 · Pension plan contributions

  total $1,401,740

• 9 · Other employee benefits

  total $3,975,775

• 10 · Payroll taxes

  total $1,773,829

• 11b · Fees: legal

  total $793,980

• 11c · Fees: accounting

  total $227,186

• 11g · Fees: other

  total $5,982,650

• 12 · Advertising and promotion

  total $1,955,068

• 13 · Office expenses

  total $595,675

• 14 · Information technology

  total $4,871,844

• 16 · Occupancy

  total $2,794,118

• 17 · Travel

  total $115,761

• 19 · Conferences, conventions and meetings

  total $362,444

• 20 · Interest

  total $8,603,367

• 22 · Depreciation, depletion and amortization

  total $1,321,420

• 23 · Insurance

  total $47,792

• 24a · Other expenses: PROVISION FOR CREDIT LO

  total $7,304,736

• 24b · Other expenses: ACCOUNT PROCESSING

  total $1,342,843

• 24c · Other expenses: OTHER STAFF EXPENSES

  total $1,142,602

• 24d · Other expenses: ATM SERVICE COSTS

  total $1,024,470

• 24e · All other expenses

  total $996,495

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $19,868,407 · end of year $27,407,936

• 2 · Savings and temporary cash investments

  beginning of year $86,754,494 · end of year $64,646,117

• 4 · Accounts receivable

  beginning of year $391,939 · end of year $2,311,880

• 7 · Other notes and loans receivable

  beginning of year $1,303,004,760 · end of year $1,263,272,986

• 9 · Prepaid expenses and deferred charges

  beginning of year $6,132,601 · end of year $7,719,944

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

  $30,486,333

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

  $17,112,108

• 10c · Land, buildings and equipment, net

  beginning of year $13,414,866 · end of year $13,374,225

• 11 · Investments: publicly traded securities

  beginning of year $323,135,744 · end of year $170,568,326

• 12 · Investments: other securities

  beginning of year $13,390,572 · end of year $14,388,681

• 15 · Other assets

  beginning of year $44,141,606 · end of year $43,311,513

• 17 · Accounts payable and accrued expenses

  beginning of year $14,416,372 · end of year $10,130,204

• 23 · Secured mortgages and notes payable

  beginning of year $199,647,285 · end of year $30,000,000

• 25 · Other liabilities

  beginning of year $1,471,964,470 · end of year $1,434,928,397

• 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 $124,206,862 · end of year $131,943,007

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS IS APPROVED FOR BOARD AND SENIOR LEADERSHIP OFFICIALS AND IS INCLUDED AS A TAXABLE BENEFIT.

PART I, LINE 4B

DEFERRED COMPENSATION PLAN [SECTION 457(F)] - THE CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR MEMBERS OF EXECUTIVE MANAGEMENT. THE FOLLOWING EMPLOYEES RECEIVED CONTRIBUTIONS TO THE PLAN DURING CALENDAR 2024. ALAN ALTHOUSE, PRESIDENT & CEO - $125,270 GARY BERNARD, EVP CHIEF OPERATIONS OFFICER - $111,000 FRED FARBOD, SVP & CHIEF LENDING OFFICER - $109,943 MICHAEL WARD, SVP & CHIEF FINANCIAL OFFICER - $88,881 CHRIS KEARNEY, SVP & CHIEF INFORMATION OFFICER - $86,499 JENNIFER KIMMELL, SVP & CHIEF EXPERIENCE OFFICER - $85,388 ALYSSE MEDINA, SVP & CHIEF LEGAL OFFICER - $81,929 NIKKI BADJE, SVP & CHIEF PEOPLE OFFICER - $48,214 THE FOLLOWING EMPLOYEES HAD A DISTRIBUTION FROM THE 457(F) PLAN DURING 2024: FRED FARBOD - $388,636 ALAN ALTHOUSE - $292,297