TY 2023 Form 990

(A)
Name and title

(B)
Average hours per week (list any hours for related organizations below dotted line)

(D)
Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)

(E)
Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)

(F)
Estimated amount of other compensation from the organization and related organizations

(1) RON MILLER......................................................................
DIRECTOR

0.00
.................

(2) SUZETTE R BOESING......................................................................
CHAIRMAN

0.00
.................

(3) KENNY KIEFER......................................................................
VICE CHAIRMAN

0.00
.................

(4) JAMES S WICK......................................................................
SEC/TREASURER

2.00
.................

3,750

(5) TRACYE THOMPSON......................................................................
MANAGER

40.00
.................

67,829

(6) JOHN M CLARY......................................................................
DIRECTOR

0.00
.................

(7) WILLIAM B BARTLEY......................................................................
DIRECTOR

0.00
.................

(8) STEVE MUELLER......................................................................
DIRECTOR

0.00
.................

(9) MICHAEL HOVEKAMP......................................................................
CEO

40.00
.................

114,200

(A)
Name and title

(B)
Average hours per week (list any hours for related organizations below dotted line)

(D)
Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)

(E)
Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)

(F)
Estimated amount of other compensation from the organization and related organizations

(A)
Name and business address

(B)
Description of services

Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 0

	(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .........
2	Aggregate value of contributions to (during year)
3	Aggregate value of grants from (during year)
4	Aggregate value at end of year ........


a	Total number of conservation easements ......................	2a
b	Total acreage restricted by conservation easements ....................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after July 25, 2006, and not on a historic structure listed in the National Register ...	2d


b	If "Yes," explain the arrangement in Part XIII and complete the following table:		Amount
c	Beginning balance .............................	1c
d	Additions during the year ............................	1d
e	Distributions during the year ..........................	1e
f	Ending balance ................................	1f

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total revenue, gains, and other support per audited financial statements .......	1
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ...........	2d
e	Add lines 2a through 2d .....................	2e
3	Subtract line 2e from line 1..................	3
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b....................	4c
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......	5

Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total expenses and losses per audited financial statements ...........	1
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities .........	2a
b	Prior year adjustments ............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ...........	2d
e	Add lines 2a through 2d....................	2e
3	Subtract line 2e from line 1...................	3
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b.....................	4c
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......	5

- TIN:

SCHEDULE O
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization

LOUISVILLE FEDERAL CREDIT UNION

Employer identification number

61-0264070

Return Reference	Explanation
FORM 990, PART VI, SECTION A, LINE 6	LINE 6 EXPLANATION - MEMBERSHIP IN THE LOUISVILLE FEDERAL CREDIT UNION IS LIMITED TO FEDERAL EMPLOYEES, FEDERAL RETIREES AND THEIR FAMILY MEMBERS (EX. SPOUSE, PARENTS, SIBLINGS, CHILDREN, GRANDCHILDREN, ETC).
FORM 990, PART VI, SECTION A, LINE 7A	LINE 7A EXPLANATION - AN ANNUAL MEETING IS HELD EVERY YEAR ON THE THIRD MONDAY IN APRIL. VOTES ARE PER THE MAJORITY RECEIVED BY ANY MEMBERS IN ATTENDANCE.
FORM 990, PART VI, SECTION B, LINE 11B	LINE 11 EXPLANATION - A COPY OF THE 990 RETURN IS PROVIDED TO MANAGEMENT AND BOARD FOR REVIEW BEFORE FILING.
FORM 990, PART VI, SECTION B, LINE 12C	EACH DIRECTOR AND EMPLOYEE MUST SIGN A CONFLICT OF INTEREST POLICY ANNUALLY OUTLINING THE STANDARDS BY WHICH THE CREDIT UNION OPERATES.
FORM 990, PART VI, SECTION B, LINE 15	BOARD HAS COMMITTEE THAT MEETS ANNUALLY TO REVIEW PAY AND BONUS PACKAGES WHICH ARE THEN REVIEWED/MODIFIED/APPROVED BY THE OVERALL INDEPENDENT GOVERNING BODY.
FORM 990, PART VI, SECTION C, LINE 19	UPON REQUEST THE CREDIT UNION WILL DISCLOSE ANY DOCUMENTS, POLICIES OR FINANCIAL STATEMENTS AS REQUIRED TO THE PUBLIC.
FORM 990, PART IX, LINE 24E	PROV FOR LN LOSS: PROGRAM SERVICE EXPENSES 19,541. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 19,541. BANK ACCOUNT CHARGES/ATM: PROGRAM SERVICE EXPENSES 19,234. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 19,234. LOAN SERVICING & FORMS EXP: PROGRAM SERVICE EXPENSES 13,248. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 13,248. DUES AND SUBSCRIPTIONS: PROGRAM SERVICE EXPENSES 11,740. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 11,740. STATEMENT & 1099 PROCESSING: PROGRAM SERVICE EXPENSES 11,595. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 11,595. TELEPHONE: PROGRAM SERVICE EXPENSES 8,551. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 8,551. SECURITY/FIREWALL: PROGRAM SERVICE EXPENSES 2,880. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,880. POSTAGE: PROGRAM SERVICE EXPENSES 2,629. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,629. WEBSITE/VAULT SOLUTIONS/DOMAIN: PROGRAM SERVICE EXPENSES 2,440. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,440. ACH CHARGES: PROGRAM SERVICE EXPENSES 1,698. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,698. EOP PROCESSING: PROGRAM SERVICE EXPENSES 1,620. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,620. ALARM: PROGRAM SERVICE EXPENSES 540. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 540. STORAGE: PROGRAM SERVICE EXPENSES 454. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 454. P O BOX RENTAL: PROGRAM SERVICE EXPENSES 226. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 226. SERVICE AND REPAIRS: PROGRAM SERVICE EXPENSES 150. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 150. CASH OVER/SHORT: PROGRAM SERVICE EXPENSES -36. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES -36.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990) 2023

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: CREDIT UNION PROVIDES & PROMOTES THE USE OF A VARIETY OF FINANCIAL SRVCS WHICH FEATURE PARTICULAR BENEFITS & ADVANTAGES OVER THOSE GENERALLY AVAILABLE FROM OTHER SOURCES, WITH THE SPECIFIC INTENT OF HELPING MEMBERS GAIN SOME PARTICULAR MEASURE OF PERSONAL FINANCIAL SUCCESS.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	7
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	7
5	Total number of individuals employed in calendar year 2023 (Part V, line 2a) ......	5	0
6	Total number of volunteers (estimate if necessary) .............	6	0
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	10,462
b	Net unrelated business taxable income from Form 990-T, Part I, line 11 .........	7b	0

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	0	0
9	Program service revenue (Part VIII, line 2g) .........	583,307	479,445
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	274,090	434,295
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	76,498	70,391
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	933,895	984,131
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	0	0
14	Benefits paid to or for members (Part IX, column (A), line 4).....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	372,785	435,008
16a	Professional fundraising fees (Part IX, column (A), line 11e) .....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	333,523	454,592
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	706,308	889,600
19	Revenue less expenses. Subtract line 18 from line 12.......	227,587	94,531
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	34,231,477	31,962,911
21	Total liabilities (Part X, line 26).............	27,302,512	24,962,674
22	Net assets or fund balances. Subtract line 21 from line 20.....	6,928,965	7,000,237

Sign Here

	Signature of officer	Date

	Type or print name and title


4a	(Code: ) (Expenses $ 846,099 including grants of $ ) (Revenue $ 973,669 )
	CREDIT UNION PROVIDES FINANCIAL SERVICES (LOAN AND SHARE DEPOSIT SERVICES) TO ITS MEMBERS. LOANS PROVIDE INTEREST INCOME AND DIVIDENDS ARE PAID OUT TO SHARE DEPOSITORS.

4b	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4c	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4d	Other program services (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses846,099

1b	Sub-Total..............
c	Total from continuation sheets to Part VII, Section A..
d	Total (add lines 1b and 1c).........	185,779	0	0

(A) Name and business address	(B) Description of services	(C) Compensation





2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 0

1a	Federated campaigns..	1a
b	Membership dues..	1b
c	Fundraising events..	1c
d	Related organizations	1d
e	Government grants (contributions)	1e

f	All other contributions, gifts, grants, and similar amounts not included above	1f

g	Noncash contributions included in lines 1a - 1f:$	1g

h Total. Add lines 1a-1f.......

		Business Code
2a	INTEREST ON LOANS	522100	462,723	462,723
b
c
d
e
f	All other program service revenue.		16,722	16,722
g	Total. Add lines 2a–2f .....		479,445

3 Investment income (including dividends, interest, and othersimilar amounts) ......			434,295	434,295
4 Income from investment of tax-exempt bond proceeds
5 Royalties...........
			(i) Real	(ii) Personal
6a	Gross rents	6a
b	Less: rental expenses	6b
c	Rental income or (loss)	6c
d	Net rental income or (loss).......
			(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory	7a
b	Less: cost or other basis and sales expenses	7b
c	Gain or (loss)	7c
d	Net gain or (loss).........
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ....
			8a
b	Less: direct expenses ...		8b
c	Net income or (loss) from fundraising events..
9a	Gross income from gaming activities. See Part IV, line 19 ...
			9a
b	Less: direct expenses ...		9b
c	Net income or (loss) from gaming activities..
10a	Gross sales of inventory, less returns and allowances ..
			10a
b	Less: cost of goods sold ..		10b
c	Net income or (loss) from sales of inventory..

Business Code
11a	DEBIT CARD INTERCHANGE		522100	35,802	35,802
b	DRAFT FEES		522100	20,252	20,252
c	INSURANCE/WARRANTY PRO		524298	10,462		10,462
d	All other revenue ....			3,875	3,875
e	Total. Add lines 11a–11d ......			70,391
12	Total revenue. See instructions.....			984,131	973,669	10,462	0

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....
2	Grants and other assistance to domestic individuals. See Part IV, line 22 ...........
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. .............
4	Benefits paid to or for members .......
5	Compensation of current officers, directors, trustees, and key employees ...........	185,779	167,201	18,578
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .........
7	Other salaries and wages........	153,627	138,264	15,363
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	19,260	17,334	1,926
9	Other employee benefits .......	48,112	43,301	4,811
10	Payroll taxes ...........	28,230	25,407	2,823
11	Fees for services (non-employees):
a	Management ......
b	Legal .........
c	Accounting ...........
d	Lobbying ...........
e	Professional fundraising services. See Part IV, line 17
f	Investment management fees ......
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)
12	Advertising and promotion ....
13	Office expenses .......	8,981	8,981
14	Information technology ......
15	Royalties ..
16	Occupancy ...........	1	1
17	Travel ............
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .
19	Conferences, conventions, and meetings ....	12,925	12,925
20	Interest ...........
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization ..	7,974	7,974
23	Insurance ...	14,581	14,581
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a	SHARE DIVIDEND EXPENSE	162,202	162,202
b	PROFESSIONAL AND OUTSID	99,822	99,822
c	DR/CR CARD CHK LOSSES/M	27,464	27,464
d	DR CARD INTERCHANGE FEE	24,132	24,132
e	All other expenses	96,510	96,510
25	Total functional expenses. Add lines 1 through 24e	889,600	846,099	43,501	0
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

1	Cash–non-interest-bearing ........			1,271,065	1	1,395,992
2	Savings and temporary cash investments .........			21,754,078	2	19,789,348
3	Pledges and grants receivable, net ......				3
4	Accounts receivable, net .............			11,096,931	4	10,638,774
5	Loans and other receivables from any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .......
					5
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), and persons described in section 4958(c)(3)(B) ...
					6
7	Notes and loans receivable, net ...........				7
8	Inventories for sale or use ............				8
9	Prepaid expenses and deferred charges ......			37,702	9	38,624
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	301,600
b	Less: accumulated depreciation	10b	279,644	16,835	10c	21,956
11	Investments—publicly traded securities .				11
12	Investments—other securities. See Part IV, line 11 .....				12
13	Investments—program-related. See Part IV, line 11 ..				13
14	Intangible assets ...............				14
15	Other assets. See Part IV, line 11 ...........			54,866	15	78,217
16	Total assets. Add lines 1 through 15 (must equal line 33)...			34,231,477	16	31,962,911

17	Accounts payable and accrued expenses .....	8,413	17	70,194
18	Grants payable ...		18
19	Deferred revenue .........		19
20	Tax-exempt bond liabilities .........		20
21	Escrow or custodial account liability. Complete Part IV of Schedule D		21
22	Loans and other payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .........
			22
23	Secured mortgages and notes payable to unrelated third parties ..		23
24	Unsecured notes and loans payable to unrelated third parties ..		24
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17 - 24). Complete Part X of Schedule D	27,294,099	25	24,892,480
26	Total liabilities. Add lines 17 through 25..	27,302,512	26	24,962,674

	Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27	Net assets without donor restrictions ..........		27
28	Net assets with donor restrictions ...........		28
	Organizations that do not follow FASB ASC 958, check here and complete lines 29 through 33.
29	Capital stock or trust principal, or current funds .....	1,020,000	29	1,020,000
30	Paid-in or capital surplus, or land, building or equipment fund ...	0	30	0
31	Retained earnings, endowment, accumulated income, or other funds	5,908,965	31	5,980,237
32	Total net assets or fund balances ...........	6,928,965	32	7,000,237
33	Total liabilities and net assets/fund balances ........	34,231,477	33	31,962,911

1a	Beginning of year balance ....
b	Contributions ...
c	Net investment earnings, gains, and losses
d	Grants or scholarships ...
e	Other expenditures for facilities and programs ...
f	Administrative expenses ....
g	End of year balance ......

1a	Land .....
b	Buildings ....
c	Leasehold improvements	17,080	16,192	888
d	Equipment ....	166,332	151,260	15,072
e	Other .....	118,188	112,192	5,996
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..				21,956

(a) Description of investment	(b) Book value	(c) Method of valuation: Cost or end-of-year market value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

(a) Description of security or category (including name of security)	(b) Book value	(c) Method of valuation: Cost or end-of-year market value
(1) Financial derivatives.........
(2) Closely-held equity interests........
(3)Other
(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)

1.(a) Description of liability	(b) Book value
(1) Federal income taxes
SHARES AND DEPOSITS	24,667,915
ACCRUED EXPENSES	224,565







Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)	24,892,480
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII