Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INCOME ON LOANS

  total $26,263,788 · related or exempt $26,263,788

• 2b · Program service revenue: FEES, CHARGES, & OTHER

  total $8,733,105 · related or exempt $8,733,105

• 2c · Program service revenue: FINANCE & INSURANCE

  total $230,663 · unrelated business $230,663

• 3 · Investment income

  total $2,846,502 · excluded $2,846,502

• 7a · Gross sales of assets other than inventory

  other assets $22,771

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

  other assets $30,044

• 7c · Gain or loss

  other assets -$7,273

• 7d · Net gain or loss

  total -$7,273 · related or exempt -$7,273

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $674,341

• 7 · Other salaries and wages

  total $9,455,065

• 8 · Pension plan contributions

  total $360,654

• 9 · Other employee benefits

  total $992,043

• 10 · Payroll taxes

  total $683,996

• 11b · Fees: legal

  total -$33,573

• 11c · Fees: accounting

  total $212,600

• 12 · Advertising and promotion

  total $1,465,945

• 13 · Office expenses

  total $3,784,504

• 14 · Information technology

  total $1,263,862

• 16 · Occupancy

  total $901,150

• 17 · Travel

  total $13,418

• 19 · Conferences, conventions and meetings

  total $184,751

• 20 · Interest

  total $7,622,779

• 21 · Payments to affiliates

  total $259,773

• 22 · Depreciation, depletion and amortization

  total $1,159,607

• 23 · Insurance

  total $70,929

• 24a · Other expenses: PLL

  total $2,660,733

• 24b · Other expenses: DECONVERSION COSTS

  total $2,060,742

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

  total $1,834,951

• 24d · Other expenses: COLLECTIONS

  total $651,383

• 24e · All other expenses

  total $952,734

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,001,561 · end of year $2,146,065

• 2 · Savings and temporary cash investments

  beginning of year $8,213,476 · end of year $32,973,204

• 4 · Accounts receivable

  beginning of year $1,676,147 · end of year $788,675

• 5 · Loans and receivables from officers and key people

  beginning of year $7,603,657 · end of year $7,699,578

• 7 · Other notes and loans receivable

  beginning of year $447,994,895 · end of year $427,182,536

• 9 · Prepaid expenses and deferred charges

  beginning of year $581,260 · end of year $845,439

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

  $27,440,747

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

  $5,521,781

• 10c · Land, buildings and equipment, net

  beginning of year $20,552,938 · end of year $21,918,966

• 11 · Investments: publicly traded securities

  beginning of year $90,152,134 · end of year $79,688,334

• 12 · Investments: other securities

  beginning of year $3,278,993 · end of year $2,909,490

• 15 · Other assets

  beginning of year $14,435,442 · end of year $15,926,599

• 17 · Accounts payable and accrued expenses

  beginning of year $11,962,485 · end of year $13,211,201

• 23 · Secured mortgages and notes payable

  beginning of year $33,000,000 · end of year $18,000,000

• 25 · Other liabilities

  beginning of year $517,933,504 · end of year $524,782,241

• 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 $34,594,514 · end of year $36,085,444

The filer's explanations (Part III)

PART I, LINE 4B

THE CEO, ROBERT SCOTT, PARTICIPATES IN A SPLIT DOLLAR COLLATERAL INSURANCE SUPPLEMENTAL RETIREMENT PLAN. THE CREDIT UNION ISSUED A LOAN TO ROBERT SCOTT FOR THE PURPOSE OF PURCHASING AN INSURANCE POLICY THAT WILL BE USED TO FUND HIS DEFERRED COMPENSATION PLAN. THE LOANS RELATED TO THIS ARRANGEMENT ARE REPORTED ON SCHEDULE L. GREGORY ALBANO PARTICIPATES IN A NON-QUALIFIED 457(F) DEFERRED COMPENSATION PLAN. DURING 2024, THE CREDIT UNION ACCRUED $211,256 TOWARD THE FUTURE BENEFIT OBLIGATION.