Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2f · All other program service revenue

  total $87,100,993 · related or exempt $87,100,993 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $30,448,916 · related or exempt $30,448,916 · unrelated business $0 · excluded $0

• 4 · Income from investment of tax-exempt bond proceeds

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

• 5 · Royalties

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

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7c · Gain or loss

  securities $0 · other assets $0

• 11d · All other revenue

  total $31,181,283 · related or exempt $30,104,410 · unrelated business $1,076,873 · excluded $0

• 11e · Other revenue, total

  $31,181,283

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $6,939,106

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $22,221,175

• 8 · Pension plan contributions

  total $2,976,000

• 9 · Other employee benefits

  total $8,147,636

• 10 · Payroll taxes

  total $2,093,510

• 11a · Fees: management

  total $466,587

• 11b · Fees: legal

  total $67,876

• 11c · Fees: accounting

  total $208,000

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $351,884

• 12 · Advertising and promotion

  total $3,118,153

• 13 · Office expenses

  total $3,764,943

• 14 · Information technology

  total $3,683,933

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $7,539,031

• 17 · Travel

  total $538,251

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $7,746

• 20 · Interest

  total $1,885,664

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $4,016,620

• 23 · Insurance

  total $347,452

• 24a · Other expenses: Dividends to Members

  total $38,312,860

• 24b · Other expenses: ATM/Debit/Credit Card Programs

  total $9,181,534

• 24c · Other expenses: Credit Loss Expense

  total $5,879,827

• 24e · All other expenses

  total $2,715,604

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $29,320,484 · end of year $27,775,332

• 2 · Savings and temporary cash investments

  beginning of year $113,631,549 · end of year $48,319,746

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $0

• 4 · Accounts receivable

  beginning of year $14,590,274 · end of year $16,523,052

• 5 · Loans and receivables from officers and key people

  beginning of year $3,117,642 · end of year $3,179,952

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $1,624,368,915 · end of year $1,788,260,875

• 8 · Inventories for sale or use

  beginning of year $0 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,694,211 · end of year $2,775,729

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

  $100,691,323

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

  $40,549,085

• 10c · Land, buildings and equipment, net

  beginning of year $57,800,271 · end of year $60,142,238

• 11 · Investments: publicly traded securities

  beginning of year $0 · end of year $0

• 12 · Investments: other securities

  beginning of year $0 · end of year $0

• 13 · Investments: program-related

  beginning of year $1,027,492,668 · end of year $922,420,539

• 14 · Intangible assets

  beginning of year $23,099,725 · end of year $22,967,901

• 15 · Other assets

  beginning of year $21,889,641 · end of year $23,648,280

• 17 · Accounts payable and accrued expenses

  beginning of year $36,159,282 · end of year $33,879,209

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $0 · end of year $0

• 20 · Tax-exempt bond liabilities

  beginning of year $0 · end of year $0

• 21 · Escrow or custodial account liability

  beginning of year $0 · end of year $0

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $95,000,000 · end of year $50,000,000

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $17,037,963 · end of year $18,421,310

• 29 · Capital stock, trust principal or current funds

  beginning of year $2,602,954,507 · end of year $2,632,958,856

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $173,391,120 · end of year $188,264,239

• 31 · Retained earnings, endowment or other funds

  beginning of year -$6,537,492 · end of year -$7,509,970

The filer's explanations (Part III)

Schedule J, Part I, Line 1a

When a board member or credit union officer attends a credit union conference, they may take their companion to the conference. Additionally, seven credit union officers are provided country club memberships in order to entertain clients.

Schedule J, Part I, Line 3

The Board of Directors reviews and approves the CEO's annual salary, after the board's Compensation Committee presents their research and salary recommendations. The board uses comparable data from the Credit Union Executive Society's annual compensation survey. Minutes are taken regarding the related board discussions. This process was last conducted in September of 2023.

Schedule J, Part I, Line 4

Ronny Collier, Todd Habig, Scott Mann, Jeffrey Hawkins, Amanda Emery, Daralyn Schneider, Connie Tyler, Justin Sinders, Tom Wellman, Thorpe Miller, John Newett & Gregg Perrey each participated in the nonqualified deferred compensation plan, with a deferral of $14,976 and company matching of $7,488. Luke Yaeger, John Schenk & Brian Woods participated in this plan, with a deferral of $14,976 and company matching of $4,493. Daniel Collier participated in this plan, with a deferral of $7,800 and company matching of $3,900. Chantelle Sparks & Kathleen Mitchell participated in this plan, with a deferral of $13,988 and company matching of $6,994. Patrick Murphy participated in this plan, with a deferral of $11,050 and company matching of $5,525. Daren Johnson participated in this plan, with a deferral of $3,900 and company matching of $1,950. Steve Witting participated in this plan, with a deferral of $14,950 and company matching of $4,485. Additionally, John Newett & Justin Sinders agreed to participate in a "collateral assignment split dollar" plan. See Schedule L, Part V, for a broader description.

Related corporations and trusts

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

• Indiana Members Financial Services Inc

  C · inactive · IN · 100% owned