Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $1,500,000

• 2a · Program service revenue: LOAN INTEREST

  total $34,353,597 · related or exempt $34,353,597

• 2b · Program service revenue: FEES AND OTHER

  total $14,484,799 · related or exempt $14,484,799

• 2c · Program service revenue: FINANCE & INSURANCE

  total $49,410 · unrelated business $49,410

• 3 · Investment income

  total $3,922,094 · related or exempt $3,922,094

• 7a · Gross sales of assets other than inventory

  other assets $12,600

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

  other assets $0

• 7c · Gain or loss

  other assets $12,600

• 7d · Net gain or loss

  total $12,600 · related or exempt $12,600

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $357,612

• 2 · Grants to domestic individuals

  total $2,500

• 5 · Compensation of officers, directors and key employees

  total $1,812,583

• 7 · Other salaries and wages

  total $14,390,319

• 8 · Pension plan contributions

  total $1,000,763

• 9 · Other employee benefits

  total $1,746,859

• 10 · Payroll taxes

  total $1,289,799

• 11b · Fees: legal

  total $50,975

• 11c · Fees: accounting

  total $248,118

• 11g · Fees: other

  total $512,311

• 12 · Advertising and promotion

  total $900,913

• 13 · Office expenses

  total $9,648,485

• 16 · Occupancy

  total $913,595

• 17 · Travel

  total $194,405

• 19 · Conferences, conventions and meetings

  total $573,128

• 20 · Interest

  total $10,905,988

• 22 · Depreciation, depletion and amortization

  total $1,440,706

• 23 · Insurance

  total $229,674

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $3,972,218

• 24b · Other expenses: LOAN SERVICING FEES

  total $1,541,274

• 24c · Other expenses: LOSSES ON DEPOSIT ACCOU

  total $95,848

• 24d · Other expenses: 990T EXPENSE

  total $11,400

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $9,163,174 · end of year $8,429,123

• 2 · Savings and temporary cash investments

  beginning of year $49,648,450 · end of year $24,096,348

• 4 · Accounts receivable

  beginning of year $389,076 · end of year $899,616

• 5 · Loans and receivables from officers and key people

  beginning of year $2,750,000 · end of year $2,750,000

• 7 · Other notes and loans receivable

  beginning of year $550,076,496 · end of year $601,896,240

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,827,521 · end of year $4,935,583

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

  $28,283,975

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

  $13,753,350

• 10c · Land, buildings and equipment, net

  beginning of year $13,023,226 · end of year $14,530,625

• 11 · Investments: publicly traded securities

  beginning of year $168,704,207 · end of year $151,222,069

• 12 · Investments: other securities

  beginning of year $4,515,607 · end of year $6,027,972

• 14 · Intangible assets

  beginning of year $209,839 · end of year $128,611

• 15 · Other assets

  beginning of year $12,064,078 · end of year $12,781,676

• 17 · Accounts payable and accrued expenses

  beginning of year $79,826,289 · end of year $10,994,709

• 23 · Secured mortgages and notes payable

  end of year $68,000,000

• 25 · Other liabilities

  beginning of year $678,078,043 · end of year $687,002,946

• 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 $56,467,342 · end of year $61,700,208

The filer's explanations (Part III)

PART I, LINE 4B

ERIC BRUBAKER, FORMER PRESIDENT/CEO, PARTICIPATES IN A COLLATERAL ASSIGNED SPLIT DOLLAR ARRANGEMENT FOR WHICH NO ACTUAL FUNDS WERE DISTRIBUTED.

Related corporations and trusts

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

• MICHIGAN TRUSTED TITLE AGENCY

  TITLE COMPANY · MI · 5.52% owned · share of income $15,700 · share of assets $34,227