Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $133,009,007 · related or exempt $133,009,007

• 2b · Program service revenue: OTHER INCOME

  total $42,306,202 · related or exempt $42,306,202

• 2c · Program service revenue: FEE INCOME

  total $21,064,988 · related or exempt $21,064,988

• 2d · Program service revenue: FINANCE & INSURANCE

  total $652,850 · unrelated business $652,850

• 2e · Program service revenue: PROFESSIONAL SCIENTIFIC AND TECHN

  total $60,000 · unrelated business $60,000

• 3 · Investment income

  total $12,050,481 · excluded $12,050,481

• 7a · Gross sales of assets other than inventory

  other assets $204,238,898

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

  other assets $203,569,285

• 7c · Gain or loss

  other assets $669,613

• 7d · Net gain or loss

  total $669,613 · related or exempt $669,613

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $285,670

• 5 · Compensation of officers, directors and key employees

  total $7,307,229

• 7 · Other salaries and wages

  total $45,514,551

• 8 · Pension plan contributions

  total $21,465,705

• 9 · Other employee benefits

  total $8,104,933

• 10 · Payroll taxes

  total $3,936,334

• 11b · Fees: legal

  total $298,409

• 11c · Fees: accounting

  total $189,843

• 12 · Advertising and promotion

  total $3,883,765

• 13 · Office expenses

  total $19,393,456

• 16 · Occupancy

  total $6,669,063

• 19 · Conferences, conventions and meetings

  total $821,154

• 20 · Interest

  total $20,776,771

• 22 · Depreciation, depletion and amortization

  total $4,913,194

• 24a · Other expenses: LOAN SERVICING EXPENSE

  total $13,703,620

• 24b · Other expenses: MISCELLANEOUS OPERATING

  total $7,278,247

• 24c · Other expenses: PROFESSIONAL AND OUTSID

  total $5,261,241

• 24d · Other expenses: DEPT OF BANKING & FINAN

  total $266,674

• 24e · All other expenses

  total -$250,000

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $33,936,141 · end of year $37,622,730

• 2 · Savings and temporary cash investments

  beginning of year $702,997,150 · end of year $282,026,602

• 4 · Accounts receivable

  beginning of year $37,868,584 · end of year $40,807,013

• 5 · Loans and receivables from officers and key people

  beginning of year $24,750,710 · end of year $32,627,310

• 7 · Other notes and loans receivable

  beginning of year $2,042,388,451 · end of year $3,527,098,021

• 9 · Prepaid expenses and deferred charges

  beginning of year $5,296,252 · end of year $9,543,619

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

  $105,823,396

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

  $37,541,801

• 10c · Land, buildings and equipment, net

  beginning of year $45,767,319 · end of year $68,281,595

• 11 · Investments: publicly traded securities

  beginning of year $398,010,765 · end of year $462,797,243

• 13 · Investments: program-related

  beginning of year $28,398,916 · end of year $47,998,862

• 14 · Intangible assets

  beginning of year $6,173,366 · end of year $84,048,135

• 15 · Other assets

  beginning of year $93,815,211 · end of year $147,018,090

• 17 · Accounts payable and accrued expenses

  beginning of year $40,461,853 · end of year $82,518,972

• 23 · Secured mortgages and notes payable

  beginning of year $1,289,000 · end of year $650,829,000

• 24 · Unsecured notes and loans payable

  beginning of year $50,000,000 · end of year $50,000,000

• 25 · Other liabilities

  beginning of year $3,018,247,082 · end of year $3,624,985,542

• 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 $309,404,930 · end of year $331,535,706

The filer's explanations (Part III)

PART I, LINE 1B

THERE IS NO WRITTEN, BOARD APPROVED, POLICY COVERING FIRST-CLASS TRAVEL. THERE IS NO WRITTEN, BOARD APPROVED, POLICY COVERING HEALTH/SOCIAL CLUB DUES PAID. HOWEVER, SUCH DUES ARE ADDRESSED IN EACH EXECUTIVE'S EMPLOYMENT CONTRACT WHICH WAS SIGNED BY THE BOARD (OR PREDECESSOR BOARD IN THE CASE OF MERGERS). TAX INDEMNIFICATION AND GROSS-UP PAYMENTS ARE MADE IN CONJUNCTION WITH 457F AND SPLIT DOLLAR PLANS AS CONTRACTUALLY REQUIRED BY THOSE PLANS.

PART I, LINE 4B

THE FOLLOWING INDIVIDUALS PARTICIPATED IN 457F PLAN IN 2022: CINDY BOYLES: $54,934 (2022 ACCRUAL) ERIC BROOME: $45,010 (2022 ACCRUAL) KELLY GARMON: $72,792 (2022 ACCRUAL) DREW PUTT: $291,798 (2022 ACCRUAL) JOHN CAREW: $302,382 (2022 PAYOUT) BARRY HEAPE: $829,640 (2022 PAYOUT) DAVID PRETER: $1,000,000 (2022 PAYOUT) ROBERT YOUNGBLOOD: $402,815 (2022 PAYOUT) THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO DAVID PRETER, KELLY GARMON, GREG GIBSON, TERESA MARTIN, MATT HAVICE, CHRISTIN HEWITT, KEVAN WILLIAMSON, CINDY BOYLES, JOHN CAREW, ERIC BROOME, BARRY HEAPE, ROBERT YOUNGBLOOD, RODNEY COWAN, AND MICHAEL STONE THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS AND ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• CUSO HOLDING COMPANY LLC

  HOLDING COMPANY · GA · income $6,904,963 · assets $21,968,460

  Directly controlled by GEORGIA'S OWN CREDIT UNION