Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $24,874,451 · related or exempt $24,874,451

• 2b · Program service revenue: FEE INCOME

  total $4,131,786 · related or exempt $3,660,881 · unrelated business $470,905

• 2c · Program service revenue: INTERCHANGE INCOME

  total $2,734,589 · related or exempt $2,734,589

• 3 · Investment income

  total $11,773,194 · excluded $11,773,194

• 6a · Gross rents

  real property $106,102

• 6b · Less rental expenses

  real property $94,658

• 6c · Rental income or loss

  real property $11,444

• 6d · Net rental income or loss

  total $11,444 · excluded $11,444

• 7a · Gross sales of assets other than inventory

  securities $6,269,772 · other assets $1,060,000

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

  securities $0 · other assets $450,737

• 7c · Gain or loss

  securities $6,269,772 · other assets $609,263

• 7d · Net gain or loss

  total $6,879,035 · excluded $6,879,035

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $67,906

• 4 · Benefits paid to or for members

  total $7,156,697

• 5 · Compensation of officers, directors and key employees

  total $2,814,401

• 7 · Other salaries and wages

  total $7,976,882

• 8 · Pension plan contributions

  total $434,846

• 9 · Other employee benefits

  total $1,451,935

• 10 · Payroll taxes

  total $754,522

• 11b · Fees: legal

  total $43,114

• 11c · Fees: accounting

  total $71,228

• 11g · Fees: other

  total $850,157

• 12 · Advertising and promotion

  total $984,634

• 13 · Office expenses

  total $1,221,482

• 14 · Information technology

  total $1,910,937

• 16 · Occupancy

  total $1,737,366

• 17 · Travel

  total $209,672

• 19 · Conferences, conventions and meetings

  total $162,442

• 20 · Interest

  total $1,913,311

• 22 · Depreciation, depletion and amortization

  total $1,094,580

• 23 · Insurance

  total $160,200

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $6,400,000

• 24b · Other expenses: OTHER OPERATING EXPENSE

  total $2,080,422

• 24c · Other expenses: LOAN SERVICING

  total $1,852,016

• 24d · Other expenses: VISA DEBIT CARD EXPENSE

  total $978,503

• 24e · All other expenses

  total $418,619

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $24,640,776 · end of year $20,355,386

• 2 · Savings and temporary cash investments

  beginning of year $64,113,404 · end of year $87,449,283

• 4 · Accounts receivable

  beginning of year $288,291 · end of year $327,510

• 5 · Loans and receivables from officers and key people

  beginning of year $8,934,812 · end of year $9,024,159

• 7 · Other notes and loans receivable

  beginning of year $396,246,320 · end of year $404,159,632

• 9 · Prepaid expenses and deferred charges

  beginning of year $8,527,938 · end of year $9,854,983

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

  $30,952,473

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

  $18,121,873

• 10c · Land, buildings and equipment, net

  beginning of year $11,581,782 · end of year $12,830,600

• 11 · Investments: publicly traded securities

  beginning of year $156,741,919 · end of year $167,704,555

• 12 · Investments: other securities

  beginning of year $17,070,761 · end of year $9,096,077

• 15 · Other assets

  beginning of year $15,692,967 · end of year $14,309,397

• 17 · Accounts payable and accrued expenses

  beginning of year $7,747,055 · end of year $9,376,723

• 23 · Secured mortgages and notes payable

  beginning of year $45,000,000 · end of year $10,000,000

• 25 · Other liabilities

  beginning of year $605,364,266 · end of year $659,915,459

• 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 $45,727,649 · end of year $55,819,400

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS IS PAID FOR OFFICERS AND KEY EMPLOYEES, WHICH IS INCLUDED IN REPORTABLE COMPENSATION.

PART I, LINES 4A-B

SPLIT DOLLAR LIFE INSURANCE: THE CREDIT UNION HAS MADE LOANS FOR LIFE INSURANCE PREMIUM PAYMENTS TO CURRENT MEMBERS OF TOP MANAGEMENT. THE LOANS 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 CURRENT EXECUTIVES AND THEY HAVE THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS. THE CREDIT UNION MAINTAINS A 457(F) NON-QUALIFIED DEFERRRED COMPENSATION PLAN FOR A SELECT GROUP OF MANAGEMENT. PARTICIPANTS ARE ELIGIBLE BASED ON APPROVAL BY THE CREDIT UNION'S BOARD OF DIRECTORS. THE CREDIT UNION DID NOT MAKE ANY CONTRIBUTIONS TO THE 457(F) PLAN FOR THE PERIOD ENDED DECEMBER 31, 2024. THERE WAS THREE DISTRIBUTION MADE FROM THE 457(F) PLAN FOR THE PERIOD ENDED DECEMBER 31, 2024: NAME: JAY CURTIS, DESCRIPTION: DISTRIBUTION, CURRENT YEAR AMOUNT: $125,000. PLAN DESCRIPTION: 457(F) PLAN NAME: HEIDI KIM, DESCRIPTION: DISTRIBUTION, CURRENT YEAR AMOUNT: $100,000. PLAN DESCRIPTION: 457(F) PLAN NAME: DOUGLAS ALLREDGE, DESCRIPTION: DISTRIBUTION, CURRENT YEAR AMOUNT: $125,000. PLAN DESCRIPTION: 457(F) PLAN THERE WAS ONE SEVERANCE PAYMENT MADE DURING 2024: LORI GALLEGOS: SEVERANCE PAYMENT: $244,846