Monthly Statement
Income
| INCOME | DECEMBER 2023 | PERIOD-TO-DATE | YEAR-TO-DATE |
|---|---|---|---|
| Income From Loans | $141,415.77 | $418,142.47 | $1,617,656.61 |
| Investment Income | $53,143.06 | $135,020.61 | $330,355.31 |
| Fees & Charges | $54,588.36 | $162,041.02 | $654,947.20 |
| Miscellaneous Income | $79.23 | $2,970.10 | $11,679.16 |
| TOTAL INCOME | $249,226.42 | $718,174.20 | $2,614,638.28 |
Cost of Funds
| COST OF FUNDS | DECEMBER 2023 | PERIOD-TO-DATE | YEAR-TO-DATE |
|---|---|---|---|
| Dividends on Accounts | $50,100.42 | $133,940.94 | $283,243.57 |
| Cost of Borrowed Money | $19.72 | $19.72 | $19.72 |
| TOTAL COST OF FUNDS | $50,120.14 | $133,960.66 | $283,263.29 |
Expenses
| EXPENSES | DECEMBER 2023 | PERIOD-TO-DATE | YEAR-TO-DATE |
|---|---|---|---|
| Employee Compensation | $54,478.90 | $172.083.93 | $697,612.98 |
| Employee Benefits | $9,111.24 | $22,271.74 | $84,135.29 |
| Travel and Conferences | $(21,783.09) | $(15,754.39) | $11,406.64 |
| Association Dues | $1,126.68 | $3,318.04 | $13,626.57 |
| Office Occupancy | $7,346.84 | $28,155.75 | $120,941.09 |
| Office Operations | $43,717.55 | $117,462.48 | $469,563.36 |
| Educational & Promotional | $(6,876.69) | $50.53 | $32,444.36 |
| Loan Servicing | $5,917.17 | $14,364.42 | $61,643.98 |
| Professional & Outside Services | $18,189.97 | $66,422.43 | $272,244.89 |
| Provision for Loan Losses | $457.30 | $2,087.25 | $4,787.50 |
| Member Insurances | $.00 | $.00 | $.00 |
| Miscellaneous Expenses | $(20,885.94) | $(13,107.13) | $14,167.63 |
| TOTAL OPERATING EXPENSE | $90,799.93 | $397,355.05 | $1,782,574.29 |
| NET OPERATING INCOME (LOSS) | $108,306.35 | $186,858.49 | $548,800.70 |
Non-Operating Gains/Losses
| NON-OPERATING GAINS/(LOSSES) | DECEMBER 2023 | PERIOD-TO-DATE | YEAR-TO-DATE |
|---|---|---|---|
| Gain/(Loss) on Sale of investments | $.00 | $.00 | $.00 |
| Gain/(Loss) on Sale of Fixed Assets | $.00 | $.00 | $.00 |
| Other Non-Operating Gains or (Losses) | $.00 | $.00 | $7,303.74 |
| Total Non-Operating Expenses | $.00 | $.00 | $7,303.74 |
| NET INCOME | $108,306.35 | $186,858.49 | $556,104.44 |
Assets
| ASSETS | DECEMBER 2023 | DECEMBER 2022 |
|---|---|---|
| Loans To Members | $32,537,520.07 | $33,837,214.50 |
| Allowance for Loan Loss | $(80,000.00) | $(60,000.00) |
| Building Project | $14,522.36 | $.00 |
| Cash | $1,621,079.20 | $1,544,887.37 |
| Investments | $21,816,612.96 | $16,748,849.15 |
| Prepaid Expenses & Deferred Charges | $84,948.51 | $61,091.09 |
| Fixed Assets | $1,462,214.21 | $1,450,485.72 |
| Accrued Income | $93,340.24 | $80,574.53 |
| Deposit in NCUSIF | $485,700.67 | $450,995.42 |
| Other Assets | $19,582.43 | $48,751.24 |
| TOTAL ASSETS | $58,055,520.65 | $54,162,849.02 |
Liabilities & Equity
| LIABILITIES & EQUITY | DECEMBER 2023 | DECEMBER 2022 |
|---|---|---|
| Accounts Payable | $178,941.77 | $212,014.60 |
| Notes Payable | $.00 | $.00 |
| Dividends Payable | $48,368.14 | $12,889.82 |
| Taxes Payable | $.00 | $.00 |
| Accrued Expenses | $89,166.95 | $98,256.59 |
| Other Liabilities | $.00 | $(66.79) |
| TOTAL LIABILITIES | $316,476.86 | $323,094.22 |
Member Equity
| MEMBER EQUITY | DECEMBER 2023 | DECEMBER 2022 |
|---|---|---|
| Regular Shares | $19,633,718.25 | $21,650,313.38 |
| Share Drafts | $16,274,730.76 | $17,631,762.02 |
| I.R.A.'s | $1,567,721.35 | $1,504,067.93 |
| Certificates | $12,494,636.90 | $5,865.843.11 |
| Other Deposits | $1,678,421.52 | $1,634,057.79 |
| TOTAL MEMBER EQUITY | $51,649,228.78 | $48,286,044.23 |
Reserves & Undivided Earnings
| RESERVES & UNDIVIDED EARNINGS | DECEMBER 2023 | DECEMBER 2022 |
|---|---|---|
| Regular & Legal Reserves | $.00 | $496,481.39 |
| Other Reserves | $.00 | $.00 |
| Undivided Earings | $6,089,815.01 | $5,057,229.18 |
| Current Period Net Income | $.00 | $.00 |
| TOTAL CAPITAL | $6,089,815.01 | $5,553,710.57 |
| TOTAL LIABILITIES & EQUITY | $58,055,520.65 | $54,162,849.02 |
MasterCard Contingent Liability: $2,044,000.00 Overdraft Privilege Contingent Liability: $872,604.23