Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS TO MEMBERS

  total $204,525,207 · related or exempt $204,525,207

• 2b · Program service revenue: INTERCHANGE INCOME

  total $27,782,921 · related or exempt $27,782,921

• 2c · Program service revenue: SERVICE CHARGES AND FEES

  total $20,972,645 · related or exempt $20,972,645

• 2d · Program service revenue: OTHER NON-INTEREST INCOME

  total $7,309,663 · related or exempt $7,077,711 · unrelated business $231,952

• 2e · Program service revenue: INSURANCE COMMISSIONS

  total $6,098,734 · related or exempt $6,098,734

• 2f · All other program service revenue

  total $887,259 · related or exempt $887,259

• 3 · Investment income

  total $36,817,336 · unrelated business $30,643 · excluded $36,786,693

• 6a · Gross rents

  real property $74,248

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $74,248

• 6d · Net rental income or loss

  total $74,248 · unrelated business $52,650 · excluded $21,598

• 7a · Gross sales of assets other than inventory

  other assets $143,126

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

  other assets $25,038

• 7c · Gain or loss

  other assets $118,088

• 7d · Net gain or loss

  total $118,088 · excluded $118,088

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $1,000,000

• 4 · Benefits paid to or for members

  total $18,985,108

• 5 · Compensation of officers, directors and key employees

  total $9,708,806

• 7 · Other salaries and wages

  total $58,740,070

• 8 · Pension plan contributions

  total $4,404,050

• 9 · Other employee benefits

  total $5,752,384

• 10 · Payroll taxes

  total $5,161,143

• 11b · Fees: legal

  total $296,842

• 11c · Fees: accounting

  total $185,119

• 11d · Fees: lobbying

  total $35,900

• 11g · Fees: other

  total $14,653,915

• 12 · Advertising and promotion

  total $5,659,011

• 13 · Office expenses

  total $6,907,229

• 16 · Occupancy

  total $6,768,992

• 19 · Conferences, conventions and meetings

  total $1,447,912

• 20 · Interest

  total $3,704,676

• 22 · Depreciation, depletion and amortization

  total $7,568,033

• 23 · Insurance

  total $618,783

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $20,762,170

• 24b · Other expenses: LOAN SERVICING

  total $11,512,731

• 24c · Other expenses: LOSSES AND FRAUD

  total $4,382,789

• 24d · Other expenses: MISCELLANEOUS EXPENSES

  total $3,253,055

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,447,843,202 · end of year $1,020,973,092

• 4 · Accounts receivable

  beginning of year $8,142,534 · end of year $10,939,301

• 5 · Loans and receivables from officers and key people

  beginning of year $19,315,778 · end of year $43,099,048

• 7 · Other notes and loans receivable

  beginning of year $4,696,030,615 · end of year $5,655,032,795

• 9 · Prepaid expenses and deferred charges

  beginning of year $5,243,363 · end of year $6,457,452

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

  $173,186,263

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

  $47,464,684

• 10c · Land, buildings and equipment, net

  beginning of year $97,776,554 · end of year $125,721,579

• 11 · Investments: publicly traded securities

  beginning of year $261,200 · end of year $480,882,987

• 12 · Investments: other securities

  beginning of year $22,259,619 · end of year $23,915,294

• 15 · Other assets

  beginning of year $131,810,497 · end of year $160,485,051

• 17 · Accounts payable and accrued expenses

  beginning of year $43,256,716 · end of year $63,633,418

• 25 · Other liabilities

  beginning of year $6,589,128,666 · end of year $6,572,045,543

• 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 $796,297,980 · end of year $891,827,638

The filer's explanations (Part III)

PART I, LINE 1A

THE CREDIT UNION PROVIDES COMPENSATION FOR TRAVEL COMPANIONS FOR MEMBERS OF MANAGEMENT AND BOARD MEMBERS.

PART I, LINE 4B

457(F) PLAN - THE CREDIT UNION HAS A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR MEMBERS OF SENIOR MANAGEMENT. UNDER THE TERMS OF THE PLAN, THE PARTICIPANTS ARE ENTITLED TO BENEFITS IF THEY REMAIN EMPLOYED BY THE CREDIT UNION UNTIL A PREDETERMINED TIME. THESE BENEFITS ARE BASED ON ELEMENTS OF THE CREDIT UNION'S LONG TERM INCENTIVE PLAN, WHICH CONSIDERS INDIVIDUAL PERFORMANCE, AS WELL AS THE OVERALL PERFORMANCE OF THE CREDIT UNION, IN DETERMINATION OF EMPLOYEE BENEFITS. IF THESE EMPLOYEES BECOME FULLY DISABLED AS DEFINED IN THE AGREEMENT, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE. THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE AS DEFINED IN THE AGREEMENT. THE FOLLOWING WERE CONTRIBUTIONS MADE DURING 2022: BRETT MARTINEZ - $322,862 CYNTHIA NEGRI - $168,326 RONALD FELDER - $147,544 ANTHONY E HELDESHEIM - $124,687 MICHELLE ANDERSON - $59,869 KRISTINA DERKOS - $62,129 DIANNA BERTHINIER - $68,681 THOMAS HUBERT - $49,671 MISHEL KAUFMAN - $78,969 TODD LINDEMANN - $30,233 MATTHEW MARTIN - $29,245 AARON COLLIER - $58,661 KIMBERLY WILLIAMS - $29,247 KRISTEN MAHLMANN - $42,436 BRYAN HAAS - $21,977 DEIDRE THOMPSON - $51,887 THE FOLLOWING EMPLOYEE RECEIVED DISTRIBUTIONS FROM THIS PLAN DURING 2022: TODD LINDEMANN - $211,081 SPLIT DOLLAR PLAN: THE CREDIT UNION HAS GRANTED NOTES RECEIVABLE FOR LIFE INSURANCE PREMIUM PAYMENTS TO SELECT SENIOR MANAGEMENT PERSONNEL. THE NOTES ARE COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH VALUES, OF EACH RESPECTIVE LIFE INSURANCE POLICY. THE POLICIES ARE OWNED BY THE EXECUTIVE(S) WHO HAVE SOLE CONTROL OVER THE LISTED BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS. AT THE TIME OF RETIREMENT, THE NOTE BECOMES DUE AND PAYABLE AND CAN BE PAID WITH THE CASH VALUE OF THE LIFE INSURANCE POLICIES, OR WITH OTHER PERSONAL FUNDS AT THE EXECUTIVE'S DISCRETION. THE LOANS ARE CONSIDERED NONRECOURSE AND AS SUCH, THE CREDIT UNION HAS RECORDED THE BALANCE AS THE LOWER OF THE OUTSTANDING LOAN BALANCE, PLUS ACCRUED INTEREST, OR THE CSV OF THE LIFE INSURANCE POLICIES.

Related corporations and trusts

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

• RCU SERVICES GROUP INC

  C · INSURANCE AND AUTO SERVICES · CA · 100% owned · share of income $3,668,829 · share of assets $7,500,374

  Directly controlled by REDWOOD CREDIT UNION