2025 Annual Meeting

64TH Annual Statement

Greater Community Credit Union

Dawson - Boyd - Renville - Fergus Falls

COMPARATIVE FINANCIAL STATEMENT


ASSETS

INCOME

Income Table
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 Table
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 Table
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 Table
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 Table
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 Table
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

2025 ANNUAL MEETING - TUESDAY, APRIL 22, 2025 @ 6:30 PM

THE DAWSON-BOYD SCHOOL COMMONS

OMNICOMMANDER