ESSENTIAL CREDIT UNION: Form 990, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- ESSENTIAL CREDIT UNION (EIN 72-0719172)
- Tax period
- 2023-01-01 to 2023-12-31
- Filed
- 2024-11-15
- IRS object ID
- 202423209349319817
- Schema version
- 2023v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-11-15T15:05:04-06:00 | ReturnTs |
| Tax Period End | 2023-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 410746749 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CLIFTONLARSONALLEN LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 109 N MAIN STREET SUITE 200 | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55912 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 720719172 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | ESSENTIAL CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | ESSE | BusinessNameControlTxt |
| Phone | 2253538238 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2370 TOWNE CENTER BOULEVARD | AddressLine1Txt |
| City | BATON ROUGE | CityNm |
| State Abbreviation | LA | StateAbbreviationCd |
| ZIP | 70806 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | STEVE LATTUCA | PersonNm |
| Person Title | CFO | PersonTitleTxt |
| Phone | 2253538238 | PhoneNum |
| Signature | 2024-11-14 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (1) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | TANYA MEDGAARDEN | PreparerPersonNm |
| PTIN | P01717240 | PTIN |
| Phone | 5074347000 | PhoneNum |
| Preparation | 2024-11-14 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-10-15 13:58:12Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Application Pending | Yes (X) | ApplicationPendingInd |
| Principal Officer | RICHARD WILLIAMS | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2370 TOWNE CENTER BOULEVARD | AddressLine1Txt |
| City | BATON ROUGE | CityNm |
| State Abbreviation | LA | StateAbbreviationCd |
| ZIP | 70806 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $26,012,560 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | HTTPS://ESSENTIALCU.ORG | WebsiteAddressTxt |
| Type Of Organization Other | Yes (X) | TypeOfOrganizationOtherInd |
| Other Organization Dsc | CREDIT UNION | OtherOrganizationDsc |
| Formation | 1972 | FormationYr |
| Legal Domicile State | LA | LegalDomicileStateCd |
| Activity Or Mission | DEDICATED TO BUILDING A CREDIT UNION THAT PROVIDES OUTSTANDING FINANCIAL SERVICES (LOANS AND DEPOSITS) AT THE LOWEST COST POSSIBLE. | ActivityOrMissionDesc |
| Voting Members Governing Body | 9 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 9 | VotingMembersIndependentCnt |
| Total Employee | 135 | TotalEmployeeCnt |
| Total Volunteers | 2 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $1,883,991 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $24,571,772 | CYProgramServiceRevenueAmt |
| PY Investment Income | $22,955 | PYInvestmentIncomeAmt |
| CY Investment Income | $887,494 | CYInvestmentIncomeAmt |
| PY Other Revenue | $44,462 | PYOtherRevenueAmt |
| CY Other Revenue | -$406,387 | CYOtherRevenueAmt |
| PY Total Revenue | $1,951,408 | PYTotalRevenueAmt |
| CY Total Revenue | $25,052,879 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $500,245 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $4,949,789 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $799,206 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $8,011,652 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $620,081 | PYOtherExpensesAmt |
| CY Other Expenses | $11,332,171 | CYOtherExpensesAmt |
| PY Total Expenses | $1,919,532 | PYTotalExpensesAmt |
| CY Total Expenses | $24,293,612 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $31,876 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $759,267 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $378,162,217 | TotalAssetsBOYAmt |
| Total Assets EOY | $386,709,201 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $346,036,124 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $355,095,377 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $32,126,093 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $31,613,824 | NetAssetsOrFundBalancesEOYAmt |
| Mission | TO PROVIDE A COMMUNITY WITH FINANCIAL SOLUTIONS AND OPTIMAL SERVICE THAT SURPASSES EXPECTATIONS WHILE GIVING BACK TO THE COMMUNITIES IN WHICH WE SERVE. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | WE ARE A MEMBER OWNED COOPERATIVE CREDIT UNION. AT DECEMBER 31, 2023, WE HAD 46,913 MEMBERS. WE HAD $317 MILLION IN OUTSTANDING LOANS AND $337 MILLION IN TOTAL DEPOSITS. | Desc |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 8375 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Employee | 135 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 9 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 9 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | Yes (1) | LocalChaptersInd |
| Policies Reference Chapters | Yes (1) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | LA | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RICHARD WILLIAMS | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 2253795171 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2370 TOWNE CENTER BLVD | AddressLine1Txt |
| City | BATON ROUGE | CityNm |
| State Abbreviation | LA | StateAbbreviationCd |
| ZIP | 70806 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (20 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|
| JOEY JUSTICE | |||||||
| BOARD CHAIR | 2.00 | Yes (X) | Yes (X) | $6,009 | $0 | $0 | |
| ROBBIE BAGLEY | |||||||
| BOARD SECRETARY | 2.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| EDMOND JORDAN | |||||||
| BOARD TREASURER | 2.00 | Yes (X) | Yes (X) | $5,823 | $0 | $0 | |
| MARY OVERALL | |||||||
| BOARD OF DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| STEPHAN PIERRE | |||||||
| BOARD OF DIRECTOR | 2.00 | Yes (X) | $8,029 | $0 | $0 | ||
| LISA PERRY | |||||||
| BOARD OF DIRECTOR | 2.00 | Yes (X) | $634 | $0 | $0 | ||
| SUE HUNT | |||||||
| BOARD OF DIRECTOR | 2.00 | Yes (X) | $4,100 | $0 | $0 | ||
| KENITH WOODALL | |||||||
| BOARD OF DIRECTOR | 2.00 | Yes (X) | $5,893 | $0 | $0 | ||
| PERRY ROBEY | |||||||
| BOARD OF DIRECTOR | 2.00 | Yes (X) | $3,888 | $0 | $0 | ||
| LOUISE CROCHET | |||||||
| SUPERVISORY COMMITTEE CHAIR | 2.00 | Yes (X) | Yes (X) | $4,851 | $0 | $0 | |
| BOYD J COURVILLE | |||||||
| SUPERVISORY COMMITTEE | 2.00 | Yes (X) | $3,065 | $0 | $0 | ||
| F SHERMAN DUPRE | |||||||
| SUPERVISORY COMMITTEE | 2.00 | Yes (X) | $6,000 | $0 | $0 | ||
| RICHARD WILLIAMS | |||||||
| CEO | 40.00 | Yes (X) | $389,374 | $0 | $27,097 | ||
| WESTON MOREAU III | |||||||
| COO | 40.00 | Yes (X) | $205,203 | $0 | $23,013 | ||
| STEVE LATTUCA | |||||||
| CFO | 40.00 | Yes (X) | $153,250 | $0 | $6,267 | ||
| ALLISON ROGERS BROWN | |||||||
| CMO | 40.00 | $166,558 | $0 | $28,945 | Yes (X) | ||
| KARESA PIERRE | |||||||
| CAO | 40.00 | $158,833 | $0 | $21,300 | Yes (X) | ||
| KRUGERRAND HOLLINS | |||||||
| CTO | 40.00 | $165,270 | $0 | $8,021 | Yes (X) | ||
| DAVID BEAM | |||||||
| VP OF LENDING | 40.00 | $119,644 | $0 | $26,655 | Yes (X) | ||
| LADONNA EVANS-SUTTON | |||||||
| VP OF COMMERCIAL SERVICES | 40.00 | $116,679 | $0 | $12,580 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,523,103 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $153,878 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 8 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| NCR | |||||
| 864 SPRING ST | ATLANTA | GA | 30308 | CONSULTING AND TECHNOLOGY | $1,016,155 |
| FISERV | |||||
| 255 FISERV DR | BROOKFIELD | WI | 53045 | TECHNOLOGY | $767,801 |
| MIREMONT SCHOONMAKER | |||||
| 5018 MILMOSA ST | BATON ROUGE | LA | 70808 | RENOVATIONS | $381,654 |
| QSI INC | |||||
| 107 SCHULER DR | BARDSTOWN | KY | 40004 | TECHNOLOGY | $297,371 |
| MERIDIANLINK | |||||
| PO BOX 846822 | LOS ANGELES | CA | 90084 | CONSULTING | $276,989 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 11 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| LOAN INTEREST | 522100 | $16,048,192 | $16,048,192 |
| FEE INCOME | 522100 | $4,300,439 | $4,300,439 |
| MISCELLANEOUS | 522100 | $4,223,141 | $4,223,141 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $24,571,772 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $892,449 | TotalRevenueColumnAmt |
| Exclusion | $892,449 | ExclusionAmt |
Gross Rents GrossRentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $713,220 | RealAmt |
Less Rental Expenses LessRentalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $829,793 | RealAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | -$116,573 | RealAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$116,573 | TotalRevenueColumnAmt |
| Exclusion | -$116,573 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $124,933 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $129,888 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | -$4,955 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$4,955 | TotalRevenueColumnAmt |
| Exclusion | -$4,955 | ExclusionAmt |
Other Revenue Misc OtherRevenueMiscGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | OTHER NON-INTEREST INCOME | Desc |
| Business | 522100 | BusinessCd |
| Total Revenue Column | -$289,814 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | -$289,814 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | -$289,814 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $25,052,879 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $24,281,958 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $770,921 | ExclusionAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,949,789 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $852,496 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,868,269 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $159,881 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $656,423 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $474,583 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $152,712 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $146,140 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $348,390 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $605,811 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,773,302 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,185,891 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $78,164 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $209,589 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $492,757 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| MISCELLANEOUS | $1,777,254 |
| PROVISION FOR CREDIT LO | $1,663,990 |
| LOAN SERVICING | $692,921 |
| ASSOCIATION DUES | $106,084 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $99,166 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $24,293,612 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,271,318 | BOYAmt |
| EOY | $7,590,889 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $14,780,095 | BOYAmt |
| EOY | $12,486,568 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $205,563 | BOYAmt |
| EOY | $244,935 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,008,775 | BOYAmt |
| EOY | $4,113,003 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $308,822,087 | BOYAmt |
| EOY | $315,668,607 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,845,166 | BOYAmt |
| EOY | $1,689,747 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $35,446,066 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $11,519,455 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $23,422,150 | BOYAmt |
| EOY | $23,926,611 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,471,254 | BOYAmt |
| EOY | $10,632,095 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $9,376,925 | BOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $9,958,884 | BOYAmt |
| EOY | $10,356,746 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $378,162,217 | BOYAmt |
| EOY | $386,709,201 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,675,835 | BOYAmt |
| EOY | $4,809,840 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $207,338 | BOYAmt |
| EOY | $177,621 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,500,000 | BOYAmt |
| EOY | $11,500,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $339,652,951 | BOYAmt |
| EOY | $338,607,916 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $346,036,124 | BOYAmt |
| EOY | $355,095,377 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $32,126,093 | BOYAmt |
| EOY | $31,613,824 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $32,126,093 | BOYAmt |
| EOY | $31,613,824 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $378,162,217 | BOYAmt |
| EOY | $386,709,201 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $759,267 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $192,929 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$1,464,465 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Agent Trustee Etc | 0 | AgentTrusteeEtcInd |
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $4,799,232 | OtherCostOrOtherBasisAmt |
| Book Value | $4,799,232 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $21,819,734 | OtherCostOrOtherBasisAmt |
| Depreciation | $5,101,634 | DepreciationAmt |
| Book Value | $16,718,100 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $913,436 | OtherCostOrOtherBasisAmt |
| Depreciation | $899,251 | DepreciationAmt |
| Book Value | $14,185 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $6,151,428 | OtherCostOrOtherBasisAmt |
| Depreciation | $5,270,411 | DepreciationAmt |
| Book Value | $881,017 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,762,236 | OtherCostOrOtherBasisAmt |
| Depreciation | $248,159 | DepreciationAmt |
| Book Value | $1,514,077 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $23,926,611 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| MEMBER DEPOSITS | $279,950,119 |
| NONMEMBER DEPOSITS | $58,657,797 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $338,607,916 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $25,350,607 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Not Reported | $0 | RevenueNotReportedAmt |
| Revenue Subtotal | $25,350,607 | RevenueSubtotalAmt |
| Other Revenues Not Included | -$297,728 | OtherRevenuesNotIncludedAmt |
| Revenue Not Reported Fincl Stmt | -$297,728 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $25,052,879 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $24,591,340 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $24,591,340 | ExpensesSubtotalAmt |
| Other Expenses Not Included | -$297,728 | OtherExpensesNotIncludedAmt |
| Expenses Not Rpt Fincl Stmt | -$297,728 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $24,293,612 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (3 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART X, LINE 2: | THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNIONS CONVERSION TO A STATE-CHARTERED CREDIT UNION ON DECEMBER 1, 2022, RESULTED IN IT BEING SUBJECT TO UNRELATED BUSINESS INCOME TAX. ALSO, AS A RESULT OF BECOMING A STATE-CHARTERED CREDIT UNION, THE CREDIT UNION BEGAN PAYING STATE SALES AND USE TAXES. THE CREDIT UNION HAS FILED TAX RETURNS FOR ACTIVITIES THEY HAVE DEEMED TAXABLE. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNIONS EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNIONS FINANCIAL POSITION OR RESULTS OF OPERATIONS. |
| PART XI, LINE 4B - OTHER ADJUSTMENTS: | RECORDED AS EXP ON 990 -297,728. |
| PART XII, LINE 4B - OTHER ADJUSTMENTS: | RECORDED AS EXP ON 990 -297,728. |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (6 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RICHARD WILLIAMS | ||||||||||||||
| CEO | $328,148 | $0 | $61,226 | $0 | $0 | $0 | $10,564 | $0 | $16,533 | $0 | $416,471 | $0 | $0 | $0 |
| WESTON MOREAU III | ||||||||||||||
| COO | $187,620 | $0 | $17,583 | $0 | $0 | $0 | $8,218 | $0 | $14,795 | $0 | $228,216 | $0 | $0 | $0 |
| ALLISON ROGERS BROWN | ||||||||||||||
| CMO | $152,457 | $0 | $14,101 | $0 | $0 | $0 | $6,662 | $0 | $22,283 | $0 | $195,503 | $0 | $0 | $0 |
| KARESA PIERRE | ||||||||||||||
| CAO | $145,332 | $0 | $13,501 | $0 | $0 | $0 | $6,353 | $0 | $14,947 | $0 | $180,133 | $0 | $0 | $0 |
| KRUGERRAND HOLLINS | ||||||||||||||
| CTO | $151,175 | $0 | $14,095 | $0 | $0 | $0 | $6,561 | $0 | $1,460 | $0 | $173,291 | $0 | $0 | $0 |
| STEVE LATTUCA | ||||||||||||||
| CFO | $152,000 | $0 | $1,250 | $0 | $0 | $0 | $6,080 | $0 | $187 | $0 | $159,517 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 3 | FormAndLineReferenceDesc |
| Explanation | THE CAO OBTAINS AN EXECUTIVE COMPENSATION SURVEY AND THE BOARD REVIEWS ON THE CEO'S PERFORMANCE AND DETERMINES THE APPROPRIATENESS OF THE COMPENSATION LEVEL. | ExplanationTxt |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | RICHARD WILLIAMS | PersonNm |
| Relationship With Org | CEO | RelationshipWithOrgTxt |
| Loan Purpose | SPLIT DOLLAR LOAN | LoanPurposeTxt |
| Loan From Organization | Yes (X) | LoanFromOrganizationInd |
| Original Principal | $3,500,000 | OriginalPrincipalAmt |
| Balance Due | $4,113,003 | BalanceDueAmt |
| Default | 0 | DefaultInd |
| Board Or Committee Approval | Yes (1) | BoardOrCommitteeApprovalInd |
| Written Agreement | Yes (1) | WrittenAgreementInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $4,113,003 | TotalBalanceDueAmt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (9 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | ALL MEMBERS OF THE CREDIT UNION HAVE AN EQUAL SHARE OF OWNERSHIP RIGHTS. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE MEMBERSHIP VOTES ON BOARD MEMBERS ANNUALLY. |
| FORM 990, PART VI, SECTION A, LINE 7B | MEMBERS VOTE ON LARGER DECISIONS AFFECTING THE CREDIT UNIONS SUCH AS MERGERS AND CHANGE IN CHARTER. |
| FORM 990, PART VI, SECTION B, LINE 11B | CEO AND CFO REVIEW THE 990 AND INFORM BOARD OF DIRECTORS THAT IT HAS BEEN COMPLETED AND MAKE IT AVAILABLE FOR THEIR REVIEW. |
| FORM 990, PART VI, SECTION B, LINE 12C | BOARD OF DIRECTORS AND OFFICERS ARE REQUIRED TO REPORT ANNUALLY ALL RELATIONSHIPS WITH THE CREDIT UNION. IF THERE IS A CONFLICT OF INTEREST, THE FULL BOARD OF DIRECTORS WILL ADDRESS THE SITUATION |
| FORM 990, PART VI, SECTION B, LINE 15 | THE BOARD OF DIRECTORS PREPARES AN ANNUAL REVIEW OF THE PRESIDENT'S PERFORMANCE. THE PRESIDENT REVIEWS THE PERFORMANCE OF OTHER KEY EMPLOYEES. VP OF HR OBTAINS A SALARY SURVEY FROM GALLAGHER ANNUALLY TO ENSURE THAT KEY EMPLOYEE SALARIES ARE REASONABLE. PERFORMANCE REVIEWS ARE WITTEN AND KEPT IN PERSONNEL FILES. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. |
| FORM 990, PART VI, SECTION C, LINE 19 | UPON REQUEST, THE EXECUTIVE ASSISTANT WILL MAKE THE DOCUMENTS AVAILABLE VIA E-MAIL. |
| FORM 990, PART XI, LINE 9: | CHANGE IN EQUITY ACQUIRED IN MERGER 60,535. CECL ADJUSTMENT -1,525,000. |
| PART XII, LINE 2C | THE PROCESS HAS NOT CHANGED SINCE PRIOR YEAR. |