2024-05-08T13:41:31-07:00 2023-12-31 990 2023-01-01 450240799 RAILWAY CREDIT UNION RAIL 7016679500 1006 East Main Street Mandan ND 585543762 Derrick Hertz Chief Financial Officer 7013547990 2024-05-08 Derrick Hertz 999009999 1 1 11 0 AAL2 2023 2023-04-26 12:10:37Z Paul J Brucker 1602 Santa Gertrudis Loop Bismarck ND 58503 8449194 0 X www.railwaycu.com X Credit Union 1954 ND Provide financial services to credit union members 5 5 31 12 0 0 0 0 0 0 646216 995638 5981176 7453556 6627392 8449194 0 0 0 0 2543676 2700630 0 0 0 2428532 4695466 4972208 7396096 1655184 1053098 162148039 174508590 142662802 153699103 19485237 20809487 Provide financial services to credit union members 0 0 Provide financials services to credit union members 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 3256 0 1 31 1 0 0 0 0 0 0 0 0 X 5 5 0 0 0 0 1 1 0 1 1 0 0 0 1 1 1 1 1 0 0 0 X Paul J Brucker 7016679500 1006 East Main Street Mandan ND 585543762 Paul J Brucker President/CEO 45 0 X 248594 0 72708 Chad Bartosh Chief Lending Officer 45 0 X 168799 0 50705 Derrick Hertz Chief Financial Officer 45 0 X 142348 0 51983 Heather Fleck VP of Operations 45 0 X 108957 0 45857 Douglas M Erhart Chairman 5 0 X 0 0 0 Jerry Suko Vice Chairman 1 0 X 0 0 0 A E Fry Secretary 1 0 X 0 0 0 James L Jensen Board Member 1 0 X 0 0 0 Bruce Brucker Board Member 1 0 X 0 0 0 668698 0 221253 4 0 1 0 HTG Architects 1010 Mainstreet Suite100 Hopkins MN 55343 Architecture Services 220456 CMC Flex 8520 South Sandy Parkway Sandy UT 84070 Financial Technology Processor 199591 Worldpay - FIS 8500 Governors Hill Dr Symmes Township OH 45249 Debit Card Processor 187105 3 0 0 995638 995638 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest on Member Loans 522130 6490698 6490698 0 0 Fees & Charges 522130 808429 808429 0 0 Insurance Income 522130 152604 152604 0 0 1825 1825 0 0 7453556 8449194 8449194 0 0 0 0 0 0 679304 0 1277895 252468 343527 147436 0 17859 34614 0 0 0 300285 135189 231593 45539 0 154321 11802 0 78345 4 38562 135115 41739 Member Dividends 2675563 Card Services 290161 Provision for Credit Loss 270722 Loan Servicing 174292 59761 7396096 0 0 0 498000 512241 11665942 15424475 0 0 7245 7660 0 0 0 0 121271802 129162427 0 0 61806 38870 5168935 1520910 2800914 3648025 23217833 22914788 185000 97300 0 0 2439497 2702804 162148039 174508590 1842913 1657362 0 0 0 0 0 0 0 140819889 152041741 142662802 153699103 X 8500000 0 0 0 10985237 20809487 19485237 20809487 162148039 174508590 X 1053098 571152 0 0 0 -300000 X 0 1 X 1 0 0 1117990 1117990 0 3229969 838021 2391948 0 8900 8900 0 0 361698 320853 40845 0 450378 353136 97242 3648025 0 Shares, Share Drafts, CDs, IRAs 152041741 152041741 X Schedule D, Part X, Line 2 THE CREDIT UNION IS EXEMPT, BY STATUE, FROM FEDERAL AND STATE INCOME TAXES. ACCORDINGLY, NO INCOME TAX PROVISION HAS BEEN RECORDED ON THE ACCOMPANYING FINANCIAL STATEMENTS. THE INTERNAL REVENUE SERVICE (IRS) AND CERTAIN STATE TAXING AUTHORITIES ARE CURRENTLY REVISITING WHAT, IF ANY, PRODUCTS AND SERVICES PROVIDED BY STATE-CHARTERED CREDIT UNIONS ARE SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). THERE IS CURRENTLY VERY LITTLE GUIDANCE IN THE IRS CODE ON WHAT ACTIVITES SHOULD BE SUBJECT TO UBIT. THE IRS HAS INDICATED THAT THEY ARE STUDYING THE ISSUE AND MAY ISSUE ADDITIONAL GUIDANCE. AS A RESULT, AT THIS TIME THERE IS UNCERTAINTY REGARDING WHETHER STATE-CHARTERED CREDIT UNIONS SHOULD PAY INCOME TAX ON CERTAIN TYPES OF NET TAXABLE INCOME FROM ACTIVITIES THAT MAY BE CONSIDERED BY TAXING AUTHORITIES AS UNRELATED TO THE PURPOSE FOR WHICH THE CREDIT UNION WAS GRANTED NON-TAXABLE STATUS. 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 THE TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES DEEMED TO BE UNRELATED TO THE CREDIT UNION'S NON-TAXABLE STATUS IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION HAD NO UNRECOGNIZED TAX BENEFITS AS OF DECEMBER 31, 2023 AND 2022. THE CREDIT UNION RECOGNIZED NO INTEREST AND PENALTIES ON THE UNDERPAYMENT OF INCOME TAXES DURING THE YEARS ENDED DECEMBER 31, 2022 AND 2023, AND HAD NO ACCRUED INTEREST AND PENALTIES ON THE BALANCE SHEETS AS OF DECEMBER 31, 2022 AND 2023. THE CREDIT UNION HAS NO TAX POSITIONS FOR WHICH IT IS REASONABLY POSSIBLE THAT THE TOTAL AMOUNTS OF ANY UNRECOGNIZED TAX BENEFITS WILL SIGNIFICANTLY INCREASE WITHIN THE NEXT TWELVE MONTHS. THE CREDIT UNION WILL RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF INCURRED. X X X X X 0 0 0 Paul J Brucker President/CEO 190724 0 35370 0 22500 0 0 0 72708 0 321302 0 0 0 Chad Bartosh Chief Lending Officer 117220 0 51579 0 0 0 0 0 50705 0 219504 0 0 0 Derrick Hertz Chief Financial Officer 106695 0 35653 0 0 0 0 0 51983 0 194331 0 0 0 Heather Fleck VP of Operations 100770 0 8187 0 0 0 0 0 45857 0 154814 0 0 0 Form 990, Part VI, Section A, Line 6 Railway Credit Union is owned by its members. Form 990, Part VI, Section A, Line 7a Railway Credit Union has members that elect the officials of the governing body. Form 990, Part VI, Section B, Line 11b Railway Credit Union has the Form 990 reviewed by the CEO and Board Chairman. Form 990, Part VI, Section B, Line 12c Railway Credit Union has the Supervisory Committee review any possible conflicts of interest. Form 990, Part VI, Section C, Line 19 Railway Credit Union has the governing policies and financial statements available upon request for review. Form 990, Part XI, Line 9 Railway Credit Union implemented the new accounting standard, ASU 2016-13, during the 2023 calendar year. With this implementation, the credit union made a one-time adjustment to undivided earnings.