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 |