Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $2,238,673

• 2a · Program service revenue: INTEREST ON LOANS

  total $21,994,755 · related or exempt $21,994,755

• 2b · Program service revenue: FEES & OTHER INCOME

  total $6,350,403 · related or exempt $6,270,606 · unrelated business $79,797

• 2c · Program service revenue: WARRANTY SALES

  total $23,619 · unrelated business $23,619

• 3 · Investment income

  total $1,225,623 · related or exempt $1,225,623

• 5 · Royalties

  total $34,704 · related or exempt $34,704

• 7a · Gross sales of assets other than inventory

  other assets $155,940

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

  other assets $128,189

• 7c · Gain or loss

  other assets $27,751

• 7d · Net gain or loss

  total $27,751 · related or exempt $27,751

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $35,184

• 2 · Grants to domestic individuals

  total $9,000

• 4 · Benefits paid to or for members

  total $13,694

• 5 · Compensation of officers, directors and key employees

  total $1,653,561

• 7 · Other salaries and wages

  total $7,003,570

• 8 · Pension plan contributions

  total $519,641

• 9 · Other employee benefits

  total $766,512

• 10 · Payroll taxes

  total $615,328

• 11b · Fees: legal

  total $66,386

• 11c · Fees: accounting

  total $82,603

• 11g · Fees: other

  total $3,139,779

• 12 · Advertising and promotion

  total $643,247

• 13 · Office expenses

  total $1,022,923

• 14 · Information technology

  total $858,961

• 16 · Occupancy

  total $1,365,829

• 19 · Conferences, conventions and meetings

  total $144,498

• 20 · Interest

  total $2,293,571

• 22 · Depreciation, depletion and amortization

  total $1,039,725

• 23 · Insurance

  total $168,434

• 24a · Other expenses: DIVIDENDS ON SHARES

  total $4,147,900

• 24b · Other expenses: LOAN SERVICING

  total $1,518,100

• 24c · Other expenses: PROVISION FOR LOAN LOSS

  total $1,371,150

• 24d · Other expenses: DUES & SUBSCRIPTIONS

  total $110,140

• 24e · All other expenses

  total $160,533

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $6,318,666 · end of year $4,578,106

• 2 · Savings and temporary cash investments

  beginning of year $63,423 · end of year $6,216,222

• 5 · Loans and receivables from officers and key people

  beginning of year $335,241 · end of year $1,755,415

• 7 · Other notes and loans receivable

  beginning of year $374,366,852 · end of year $401,251,917

• 9 · Prepaid expenses and deferred charges

  beginning of year $7,879,152 · end of year $6,471,843

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

  $28,162,725

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

  $7,638,664

• 10c · Land, buildings and equipment, net

  beginning of year $17,504,059 · end of year $20,524,061

• 12 · Investments: other securities

  end of year $14,281,094

• 13 · Investments: program-related

  beginning of year $10,834,042

• 15 · Other assets

  beginning of year $15,819,701 · end of year $14,281,238

• 17 · Accounts payable and accrued expenses

  beginning of year $9,561,789 · end of year $8,938,092

• 21 · Escrow or custodial account liability

  end of year $100,261

• 23 · Secured mortgages and notes payable

  beginning of year $75,330,000 · end of year $42,500,000

• 25 · Other liabilities

  beginning of year $319,090,294 · end of year $382,105,307

• 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 $29,139,053 · end of year $35,716,236

The filer's explanations (Part III)

PART I, LINE 3

THE BOARD OF DIRECTORS REVIEWS THE CEO'S PERFORMANCE AND DETERMINES COMPENSATION WITH THE ASSISTANCE OF AN INDEPENDENT SALARY CONSULTANT. THE BOARD'S DELIBERATIONS AND DECISIONS ARE DOCUMENTED IN THE MINUTES.

PART I, LINE 4B

THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS FOR THE FOLLOWING EXECUTIVES THROUGH COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENTS: - JASON PEACH, PRESIDENT/CEO - LORENE MEYER, VICE PRESIDENT - ORGANIZATIONAL STRATEGY & PERFORMANCE - KOREN GREUBEL, VICE PRESIDENT - MARKETING & DIGITAL ENGAGEMENT SEE SCHEDULE L FOR THE RELATED LOANS OUTSTANDING.