Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST - LOANS

  total $45,526,364 · related or exempt $45,526,364

• 2b · Program service revenue: INTERCHANGE INCOME

  total $5,238,915 · related or exempt $5,028,530 · unrelated business $210,385

• 2c · Program service revenue: SERVICE & MEMBER FEES

  total $4,294,988 · related or exempt $4,294,988

• 2d · Program service revenue: OTHER OPERATING INCOME

  total $1,943,070 · related or exempt $1,464,552 · unrelated business $478,518

• 2e · Program service revenue: GAP INSURANCE

  total $1,073,389 · related or exempt $1,073,389

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $8,038,905 · related or exempt $8,038,905

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $6,846,457 · other assets $433,051

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

  securities $7,460,623 · other assets $1,820

• 7c · Gain or loss

  securities -$614,166 · other assets $431,231

• 7d · Net gain or loss

  total -$182,935 · related or exempt -$182,935

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $106,983

• 5 · Compensation of officers, directors and key employees

  total $1,947,938

• 7 · Other salaries and wages

  total $12,772,643

• 8 · Pension plan contributions

  total $796,170

• 9 · Other employee benefits

  total $1,625,363

• 10 · Payroll taxes

  total $1,205,903

• 11a · Fees: management

  total $303,274

• 11b · Fees: legal

  total $241,755

• 11c · Fees: accounting

  total $220,338

• 11g · Fees: other

  total $2,929,931

• 12 · Advertising and promotion

  total $1,834,033

• 13 · Office expenses

  total $5,354,671

• 14 · Information technology

  total $448,323

• 16 · Occupancy

  total $1,258,081

• 17 · Travel

  total $86,532

• 20 · Interest

  total $14,388,616

• 22 · Depreciation, depletion and amortization

  total $777,950

• 23 · Insurance

  total $7,681

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $3,072,726

• 24b · Other expenses: VISA FEES/CHARGES

  total $1,644,482

• 24c · Other expenses: BILL PAYER FEES

  total $1,029,144

• 24d · Other expenses: LOAN SERVICING

  total $525,142

• 24e · All other expenses

  total $69,987

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $14,522,596 · end of year $13,034,049

• 2 · Savings and temporary cash investments

  beginning of year $119,937,354 · end of year $84,721,708

• 5 · Loans and receivables from officers and key people

  beginning of year $1,731,393 · end of year $1,728,963

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,730,912 · end of year $2,182,445

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

  $27,752,897

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

  $11,552,245

• 10c · Land, buildings and equipment, net

  beginning of year $14,895,303 · end of year $16,200,652

• 11 · Investments: publicly traded securities

  beginning of year $183,566,435 · end of year $167,906,642

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $784,500,515 · end of year $856,117,443

• 15 · Other assets

  beginning of year $23,748,126 · end of year $30,773,926

• 17 · Accounts payable and accrued expenses

  beginning of year $14,585,334 · end of year $15,748,513

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $1,015,289,476 · end of year $1,023,408,157

• 31 · Retained earnings, endowment or other funds

  beginning of year $114,757,824 · end of year $133,509,158

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Travel for companions

CCCU provides companion travel for its volunteer Board Members and CEO to the Volunteer Leadership Institute (VLI) Conference, as well as to the Annual Strategic Planning Meeting with Executive Management. Some (not all) Board Members/Executive Management Officers may bring their spouses to the Annual Strategic Planning Meeting.

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

During the year ended December 31, 2017, the Credit Union entered into a split-dollar agreement with the Chief Executive Officer (CEO). 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. Any principal or interest not repaid under the arrangements is taxable to the executive. During the year ended December 31, 2017, the Credit Union advanced $1,700,000 to the executive in order to cover the premiums. The total funding includes one year of premium and six additional premium commitments of $254,512 per year, held in a premium deposit account at Minnesota Life Insurance Company, currently rated A+ (Superior) by A.M. Best Company, an insurance industry rating agency. The Credit Union records a loan receivable at the lesser of the cash surrender value of the policy or the loan amount plus accrued interest. As of December 31, 2023 and 2022, the balance of the loan to the CEO under this arrangement, net of applicable allowances, was approximately $1,728,963 and $1,731,393, respectively. During the year ended December 31, 2022, the Credit Union entered into a split-dollar agreement with the Chief Lending Officer (CLO) and Chief Marketing Officer (CMO). Under the arrangements, 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. Any principal or interest not repaid under the arrangements is taxable to the executive. During the year ended December 31, 2022, the Credit Union advanced $1,350,000 and $1,200,000 to the CLO and CMO, respectively, in order to cover the premiums. The total funding includes one year of premium and three additional premium commitments of $343,648 and $305,464 per year for the CLO and CMO, respectively, held in a premium deposit account at Minnesota Life Insurance Company, currently rated A+ (Superior) by A.M. Best Company, an insurance industry rating agency. The Credit Union records a loan receivable at the lesser of the cash surrender value of the policy or the loan amount plus accrued interest. As of December 31, 2023 and 2022, the balance of the loans to the CLO under this arrangement, net of applicable allowances, was approximately $1,309,899 and $1,323,186, respectively. As of December 31, 2023 and 2022, the balance of the loan to the CMO under this arrangement, net of applicable allowances, was approximately $1,166,671 and $1,175,441, respectively. DAVID UPHAM (COO) PARTICIPATES IN A 457(F) PLAN. THERE WERE CONTRIBUTIONS TOTALING $71,853 DURING THE CURRENT YEAR.

Related corporations and trusts

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

• MEMBERS AUTO BROKERAGE INC

  C Corporation · USED CAR SALES · NV · 100% owned · share of income $853,556 · share of assets $957,164 · controlled entity

  Directly controlled by CLARK COUNTY CU