Totals
- Total revenue
- $20,131,767
- Total expenses
- $16,720,847
- Contributions and grants received
- $0
- Grants paid
- $10,000
- Program service revenue
- $9,510,001
- Investment income
- $2,366,524
- Other revenue
- $8,255,242
- Total assets, end of year
- $385,560,521
- Total liabilities, end of year
- $367,945,769
- Net assets or fund balances, end of year
- $17,614,752
- Program services expenses (Part IX)
- not reported
- Management and general expenses
- not reported
- Fundraising expenses
- not reported
- Program service expenses (Part III)
- not reported
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
2a · Program service revenue: INTEREST ON LOANS
total $9,510,001 · related or exempt $9,510,001
-
3 · Investment income
total $2,352,111 · excluded $2,352,111
-
7a · Gross sales of assets other than inventory
other assets $73,833
-
7b · Less cost or other basis and sales expenses
other assets $59,420
-
7c · Gain or loss
other assets $14,413
-
7d · Net gain or loss
total $14,413 · excluded $14,413
-
11a · Other revenue: SERVICE FEES & MISC INCOME
total $4,173,798 · related or exempt $4,173,798
-
11b · Other revenue: INTERCHANGE INCOME
total $2,906,047 · related or exempt $2,906,047
-
11c · Other revenue: OTHER NON OPERATING INCOME
total $819,036 · related or exempt $819,036
-
11d · All other revenue
total $356,361 · related or exempt $356,361
-
11e · Other revenue, total
$8,255,242
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $10,000
-
5 · Compensation of officers, directors and key employees
total $1,464,239
-
7 · Other salaries and wages
total $3,525,617
-
8 · Pension plan contributions
total $279,122
-
9 · Other employee benefits
total $1,258,031
-
10 · Payroll taxes
total $345,831
-
11b · Fees: legal
total $62,500
-
11c · Fees: accounting
total $109,500
-
11g · Fees: other
total $151,980
-
12 · Advertising and promotion
total $462,003
-
13 · Office expenses
total $628,509
-
14 · Information technology
total $1,298,046
-
16 · Occupancy
total $660,900
-
17 · Travel
total $151,393
-
19 · Conferences, conventions and meetings
total $20,100
-
20 · Interest
total $1,129,645
-
22 · Depreciation, depletion and amortization
total $339,845
-
23 · Insurance
total $122,522
-
24a · Other expenses: DEBIT AND CREDIT CARD E
total $2,289,583
-
24b · Other expenses: LOAN SERVICING EXPENSE
total $889,994
-
24c · Other expenses: PROVISION FOR LOAN LOSS
total $850,000
-
24d · Other expenses: OTHER PROCESSING EXPENS
total $351,184
-
24e · All other expenses
total $320,303
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $7,373,738 · end of year $6,392,302
-
2 · Savings and temporary cash investments
beginning of year $45,670,116 · end of year $167,261
-
4 · Accounts receivable
beginning of year $9,971 · end of year $70,211
-
7 · Other notes and loans receivable
beginning of year $187,744,221 · end of year $248,863,809
-
9 · Prepaid expenses and deferred charges
beginning of year $660,022 · end of year $942,441
-
10a · Land, buildings and equipment: cost or other basis
$13,673,936
-
10b · Land, buildings and equipment: accumulated depreciation
$7,474,564
-
10c · Land, buildings and equipment, net
beginning of year $6,439,106 · end of year $6,199,372
-
11 · Investments: publicly traded securities
beginning of year $120,330,498 · end of year $106,658,921
-
12 · Investments: other securities
beginning of year $4,047,368 · end of year $1,912,564
-
15 · Other assets
beginning of year $11,897,638 · end of year $14,353,640
-
17 · Accounts payable and accrued expenses
beginning of year $1,736,863 · end of year $9,389,655
-
25 · Other liabilities
beginning of year $350,435,327 · end of year $358,556,114
-
29 · Capital stock, trust principal or current funds
beginning of year $0 · end of year $0
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $0 · end of year $0
-
31 · Retained earnings, endowment or other funds
beginning of year $32,000,488 · end of year $17,614,752
Mission and programs · 2022
Mission
TO ENCOURAGE THRIFT, CREATE A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDE OPPORTUNITIES FOR ITS MEMBERS TO CONTROL THEIR OWN MONEY IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION.
Activities or mission (Part I)
TO PROVIDE THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS.
-
ALABAMA BANKING CODE, SECTION 5-17-1, STATES THAT A CREDIT UNION IS A COOPERATIVE SOCIETY INCORPORATED FOR THE TWOFOLD PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS AND CREATING A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. WINSOUTH CREDIT UNION IS A VOLUNTARY, COOPERATIVE, NONPROFIT FINANCIAL INSTITUTION. ITS PRIMARY PURPOSE IS TO ENCOURAGE THRIFT, CREATE A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDE OPPORTUNITIES FOR ITS MEMBERS TO CONTROL THEIR OWN MONEY IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. THE CREDIT UNION STRIVES TO ACHIEVE ITS PURPOSE BY CONDUCTING ANY BUSINESS, ENGAGING IN ANY ACTIVITY, AND PROVIDING ANY SERVICE THAT MAY BENEFIT ITS MEMBERS, SUBJECT TO THE ALABAMA CREDIT UNION ACT AND THE RULES AND REGULATIONS ADOPTED THEREUNDER BY THE ALABAMA CREDIT UNION ADMINISTRATION. AS OF DECEMBER 31, 2022 THE CREDIT UNION PROVIDED SERVICES TO OVER 35,000 MEMBERS.
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Ronald PatrickRONALD PATRICK
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 2
-
Gary KennedyGARY KENNEDY
TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
Greg GregersonGREG GREGERSON
SECRETARY
- Total calculated
- $0
- Hours/week
- 2
-
Don SmithDON SMITH
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Charles AtchleyCHARLES ATCHLEY
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 2
-
David EubanksDAVID EUBANKS
CEO/PRESIDENT
- Total calculated
- $379,270
- From this org
- $232,387
- From related orgs
- $0
- Other
- $146,883
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $232,387
- Bonus
- $0
- Other
- $0
- Deferred
- $122,847
- Nontaxable benefits
- $24,036
- Filer's total
- $379,270
-
Joan SmithJOAN SMITH
COO/VICE PRESIDENT
- Total calculated
- $178,922
- From this org
- $169,705
- From related orgs
- $0
- Other
- $9,217
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $169,705
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $9,217
- Filer's total
- $178,922
-
Kelly WhisenantKELLY WHISENANT
COMPTROLLER
- Total calculated
- $178,394
- From this org
- $110,321
- From related orgs
- $0
- Other
- $68,073
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $110,321
- Bonus
- $0
- Other
- $0
- Deferred
- $53,066
- Nontaxable benefits
- $15,007
- Filer's total
- $178,394
-
Rachael LeeRACHAEL LEE
DIRECTOR OF HUMAN RESOURCE
- Total calculated
- $141,216
- From this org
- $89,572
- From related orgs
- $0
- Other
- $51,644
- Hours/week
- 40
-
Giorgio TorregrosaGIORGIO TORREGROSA
CHIEF TECHNOLOGY OFFICER
- Total calculated
- $115,989
- From this org
- $90,594
- From related orgs
- $0
- Other
- $25,395
- Hours/week
- 40
-
Dow HillDOW HILL
CEO LANDMARK
- Total calculated
- $202,223
- From this org
- $182,026
- From related orgs
- $0
- Other
- $20,197
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $182,026
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $20,197
- Filer's total
- $202,223
-
Nathan CloughNATHAN CLOUGH
DIRECTOR OF COMPLIANCE/TRAINING
- Total calculated
- $133,070
- From this org
- $98,858
- From related orgs
- $0
- Other
- $34,212
- Hours/week
- 40
-
Mark ShaddixMARK SHADDIX
DIRECTOR OF LENDING
- Total calculated
- $135,155
- From this org
- $104,735
- From related orgs
- $0
- Other
- $30,420
- Hours/week
- 40
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 1a · Travel for companions
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 1 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202323069349301617
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