2025 Annual Meeting
64TH Annual Statement
Greater Community Credit Union
Dawson - Boyd - Renville - Fergus Falls
COMPARATIVE FINANCIAL STATEMENT
ASSETS
INCOME
| INCOME | 2024 | 2023 |
|---|---|---|
| Interest on Loans | $9,682,584 | $7,796,951 |
| Fee Income | $234,751 | $231,229 |
| Investment Income | $4,354,990 | $3,974,454 |
| Misc. Income | $531,567 | $615,922 |
| Total Income | $14,803,892 | $12,618,556 |
| ASSETS | 2024 | INCREASE/DECREASE | 2023 |
|---|---|---|---|
| Cash In Bank | $1,416,468 | $1,205,973 | |
| Loans | $169,099,399 | $165,215,628 | |
| Loans Sold | $-431,872 | $-504,547 | |
| Less Loan Allowance | $-3,171,161 | $-3,119,327 | |
| Investments | $108,736,782 | $92,564,540 | |
| Accrued Income | $2,973,879 | $2,260,010 | |
| Furniture & Equipment | $210,449 | $275,193 | |
| Building | $663,893 | $476,403 | |
| NCUSIF | $1,987,828 | $1,905,016 | |
| Other Assets | $1,494,902 | $1,447,130 | |
| Total Assets | $282,980,567 | +$21,254,548 | $261,726,019 |
LIABILITIES
| LIABILITIES | 2024 | INCREASE/DECREASE | 2023 |
|---|---|---|---|
| Shares | $92,261,070 | $95,120,006 | |
| Certificates | $88,945,609 | $67,580,867 | |
| Share Draft Account | $47,175,820 | $49,284,080 | |
| Accounts Payable | $210,931 | $170,646 | |
| Total Liabilities | $228,593,430 | + $16,437,831 | $212,155,599 |
CAPITAL
| CAPITAL | 2024 | INCREASE/DECREASE | 2023 |
|---|---|---|---|
| Undivided Earnings | $53,304,051 | $48,487,334 | |
| Acquired Equity - Fergus | $1,083,086 | $1,083,086 | |
| Total Capital | $54,387,137 | + $4,816,717 | $49,570,420 |
| Total Capital and Liabilities | $282,980,567 | + $21,254,548 | $261,726,019 |
EXPENSES
| EXPENSES | 2024 | 2023 |
|---|---|---|
| Salaries | $1,560,613 | $1,530,226 |
| Employee Benefits | $514,797 | $456,464 |
| Travel & Conference | $35,949 | $41,916 |
| Bond & Other Insurance | $89,404 | $45,954 |
| Investment Fees/Losses | $2,915 | $2,925 |
| Association Dues | $32,612 | $33,446 |
| Office Occupancy | $53,951 | $69,160 |
| Office Operations | $263,826 | $257,666 |
| Provision Loan Loss | $175,000 | $225,000 |
| Loan Servicing | $52,853 | $36,988 |
| Advertising & Promotion | $93,834 | $127,704 |
| Professional Services | $928,171 | $819,757 |
| Examination Fee | $12,000 | $18,420 |
| Real Estate Tax | $16,162 | $26,246 |
| Annual Meeting | $3,683 | $3,706 |
| Depreciation | $114,627 | $107,086 |
| Misc Expense | $1,710 | $4,914 |
| Total Expenses | $3,952,107 | $3,808,578 |
| Income From Operations | $10,851,785 | $8,809,978 |
DISTRIBUTION OF INCOME FROM OPERATIONS
| DISTRIBUTION OF INCOME FROM OPERATIONS | 2024 | 2023 |
|---|---|---|
| Interest on Borrowed Money | $0 | $15 |
| Dividends | $2,366,339 | $2,101,350 |
| Interest | $3,668,729 | $1,662,677 |
| Undivided Earnings | $4,816,717 | $5,045,936 |
| $10,851,785 | $8,809,978 |