Totals
- Total revenue
- $12,701,326
- Total expenses
- $11,292,377
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $11,015,190
- Investment income
- $1,686,136
- Other revenue
- $0
- Total assets, end of year
- $276,297,322
- Total liabilities, end of year
- $255,381,590
- Net assets or fund balances, end of year
- $20,915,732
- 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 $6,927,290 · related or exempt $6,927,290
-
2b · Program service revenue: FEES AND OTHER OPERATING INCOME
total $4,087,900 · related or exempt $4,087,900
-
3 · Investment income
total $1,676,073 · excluded $1,676,073
-
7a · Gross sales of assets other than inventory
other assets $10,063
-
7b · Less cost or other basis and sales expenses
other assets $0
-
7c · Gain or loss
other assets $10,063
-
7d · Net gain or loss
total $10,063 · excluded $10,063
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $287,594
-
7 · Other salaries and wages
total $3,373,393
-
8 · Pension plan contributions
total $188,942
-
9 · Other employee benefits
total $741,795
-
10 · Payroll taxes
total $256,923
-
11b · Fees: legal
total $21,829
-
11c · Fees: accounting
total $73,500
-
12 · Advertising and promotion
total $355,025
-
13 · Office expenses
total $637,270
-
14 · Information technology
total $679,353
-
16 · Occupancy
total $393,957
-
17 · Travel
total $72,957
-
19 · Conferences, conventions and meetings
total $39,416
-
20 · Interest
total $1,561,180
-
22 · Depreciation, depletion and amortization
total $290,147
-
23 · Insurance
total $82,100
-
24a · Other expenses: DEBIT AND CREDIT CARD E
total $1,336,777
-
24b · Other expenses: MEMBER ACCOUNT EXPENSE
total $171,782
-
24c · Other expenses: PROVISION FOR LOAN LOSS
total $153,695
-
24d · Other expenses: COLLECTIONS
total $122,753
-
24e · All other expenses
total $451,989
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $2,170,605 · end of year $3,008,449
-
2 · Savings and temporary cash investments
beginning of year $1,593,753 · end of year $3,912,979
-
4 · Accounts receivable
beginning of year $358,481 · end of year $304,621
-
7 · Other notes and loans receivable
beginning of year $137,138,120 · end of year $161,185,283
-
9 · Prepaid expenses and deferred charges
beginning of year $312,755 · end of year $275,437
-
10a · Land, buildings and equipment: cost or other basis
$17,264,870
-
10b · Land, buildings and equipment: accumulated depreciation
$5,843,521
-
10c · Land, buildings and equipment, net
beginning of year $7,722,192 · end of year $11,421,349
-
11 · Investments: publicly traded securities
beginning of year $76,496,077 · end of year $69,975,402
-
12 · Investments: other securities
beginning of year $21,357,286 · end of year $18,786,817
-
15 · Other assets
beginning of year $7,147,074 · end of year $7,426,985
-
17 · Accounts payable and accrued expenses
beginning of year $3,050,109 · end of year $30,109,763
-
25 · Other liabilities
beginning of year $233,420,664 · end of year $225,271,827
-
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 $17,825,570 · end of year $20,915,732
Mission and programs · 2023
Mission
THE CREDIT UNION'S MISSION IS TO PROMOTE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. THE CREDIT UNION SERVES MEMBERS IN MOBILE, BALDWIN, AND CLARK COUNTIES IN ALABAMA. THE TOTAL NUMBER OF MEMBERS IS IN EXCESS OF 22,000.
Activities or mission (Part I)
THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS MEMBERS IN THE FORM OF SAVINGS AND CHECKING ACCOUNTS AND ALL TYPES OF CONSUMER LOANS.
-
IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, MONEY MARKET, CERTIFICATE OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS AND CERTIFICATE OF DEPOSIT ACCOUNTS.
-
TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, THE CREDIT UNION PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER AND MORTGAGE LENDING PRODUCTS AT REASONABLE RATES OF INTEREST.
As filed on the 2023 return.
Listed in Part VII
-
Linda BrownLINDA BROWN
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Deanna FergusonDEANNA FERGUSON
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Scott HuvalSCOTT HUVAL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Deloris BagsbyDELORIS BAGSBY
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Joe MillsJOE MILLS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Ralph AlticeRALPH ALTICE
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Larry LandrumLARRY LANDRUM
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Edith FranklinEDITH FRANKLIN
PRESIDENT/ CEO
- Total calculated
- $287,594
- From this org
- $195,011
- From related orgs
- $0
- Other
- $92,583
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $195,011
- Bonus
- $0
- Other
- $0
- Deferred
- $83,036
- Nontaxable benefits
- $9,547
- Filer's total
- $287,594
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 · Written employment contract
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
- 2023
- Filed
- 13 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202413209349304221
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