Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INCOME

  total $15,600,739 · related or exempt $15,600,739

• 2b · Program service revenue: FEE INCOME

  total $5,372,609 · related or exempt $5,372,609

• 3 · Investment income

  total $617,399 · excluded $617,399

• 11a · Other revenue: FINANCE AND INSURANCE

  total $13,252 · unrelated business $13,252

• 11e · Other revenue, total

  $13,252

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $752,519

• 7 · Other salaries and wages

  total $5,413,193

• 8 · Pension plan contributions

  total $495,760

• 9 · Other employee benefits

  total $566,707

• 10 · Payroll taxes

  total $467,784

• 11b · Fees: legal

  total $24,483

• 11c · Fees: accounting

  total $84,000

• 11g · Fees: other

  total $38,183

• 12 · Advertising and promotion

  total $990,535

• 13 · Office expenses

  total $482,593

• 14 · Information technology

  total $1,009,053

• 16 · Occupancy

  total $657,092

• 17 · Travel

  total $65,067

• 19 · Conferences, conventions and meetings

  total $14,287

• 20 · Interest

  total $1,772,235

• 21 · Payments to affiliates

  total $48,070

• 22 · Depreciation, depletion and amortization

  total $742,114

• 23 · Insurance

  total $166,898

• 24a · Other expenses: LOAN SERVICING EXPENSE

  total $889,195

• 24b · Other expenses: DEBIT/CREDIT CARD EXPEN

  total $866,432

• 24c · Other expenses: PROVISION FOR LOAN LOSS

  total $694,000

• 24d · Other expenses: MAINTENANCE

  total $258,491

• 24e · All other expenses

  total $382,151

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,832,669 · end of year $2,093,713

• 2 · Savings and temporary cash investments

  beginning of year $41,839,747 · end of year $27,872,120

• 4 · Accounts receivable

  beginning of year $3,229,580 · end of year $1,602,492

• 5 · Loans and receivables from officers and key people

  beginning of year $5,269,782 · end of year $5,367,457

• 7 · Other notes and loans receivable

  beginning of year $292,459,578 · end of year $343,552,025

• 9 · Prepaid expenses and deferred charges

  beginning of year $729,475 · end of year $1,050,455

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

  $21,013,019

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

  $10,367,446

• 10c · Land, buildings and equipment, net

  beginning of year $10,791,820 · end of year $10,645,573

• 11 · Investments: publicly traded securities

  beginning of year $207,886 · end of year $145,574

• 12 · Investments: other securities

  beginning of year $10,877,173 · end of year $9,418,121

• 15 · Other assets

  beginning of year $3,932,459 · end of year $7,502,835

• 17 · Accounts payable and accrued expenses

  beginning of year $2,087,948 · end of year $3,000,871

• 23 · Secured mortgages and notes payable

  beginning of year $16,000,000 · end of year $30,000,000

• 25 · Other liabilities

  beginning of year $308,822,957 · end of year $328,317,411

• 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 $44,259,264 · end of year $47,932,083

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, HEIDI KASSAB THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANT 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 PARTICIPANT. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS.