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Form 990 for tax year 2023

Filed by WCU.

Totals

Total revenue
$1,811,705
Total expenses
$1,558,795
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,811,705
Investment income
$0
Other revenue
$0
Total assets, end of year
$33,828,715
Total liabilities, end of year
$30,998,220
Net assets or fund balances, end of year
$2,830,495
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: LOAN INTEREST INCOME

    total $904,989 · related or exempt $904,989

  • 2b · Program service revenue: FINANCIAL SERVICES FEE

    total $513,236 · related or exempt $492,941 · unrelated business $20,295

  • 2c · Program service revenue: INVESTMENT INCOME

    total $393,480 · related or exempt $393,480

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $89,719

  • 7 · Other salaries and wages

    total $365,391

  • 8 · Pension plan contributions

    total $8,809

  • 9 · Other employee benefits

    total $114,696

  • 10 · Payroll taxes

    total $34,773

  • 11b · Fees: legal

    total $6,435

  • 11c · Fees: accounting

    total $20,860

  • 11g · Fees: other

    total $473,380

  • 13 · Office expenses

    total $60,570

  • 16 · Occupancy

    total $64,645

  • 17 · Travel

    total $797

  • 19 · Conferences, conventions and meetings

    total $4,816

  • 22 · Depreciation, depletion and amortization

    total $94,059

  • 23 · Insurance

    total $37,855

  • 24a · Other expenses: MEMBER SHARE DIVIDENDS

    total $36,880

  • 24b · Other expenses: CHECK AND LOAN SERVICIN

    total $51,185

  • 24c · Other expenses: EDUCATION AND PROMOTION

    total $31,148

  • 24d · Other expenses: PROVISION FOR LOAN LOSS

    total $22,646

  • 24e · All other expenses

    total $40,131

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $929,689 · end of year $952,582

  • 2 · Savings and temporary cash investments

    beginning of year $3,173,283 · end of year $1,565,615

  • 7 · Other notes and loans receivable

    beginning of year $17,527,126 · end of year $17,398,118

  • 9 · Prepaid expenses and deferred charges

    beginning of year $255,884 · end of year $193,771

  • 10a · Land, buildings and equipment: cost or other basis

    $2,913,913

  • 10b · Land, buildings and equipment: accumulated depreciation

    $714,039

  • 10c · Land, buildings and equipment, net

    beginning of year $2,279,262 · end of year $2,199,874

  • 13 · Investments: program-related

    beginning of year $11,418,010 · end of year $11,134,192

  • 15 · Other assets

    beginning of year $370,428 · end of year $384,563

  • 17 · Accounts payable and accrued expenses

    beginning of year $223,893 · end of year $255,417

  • 25 · Other liabilities

    beginning of year $33,152,204 · end of year $30,742,803

  • 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 $2,577,585 · end of year $2,830,495

Mission and programs · 2023

Mission

THIS CREDIT UNION IS A VOLUNTARY, COOPERATIVE, NON-PROFIT FINANCIAL INSTITUTION, CHARTERED UNDER THE ALABAMA CREDIT UNION ACT (CODE OF ALABAMA, 1975, TITLE 5 CHAPTER 17). ITS PRIMARY PURPOSE IS THE ENCOURAGEMENT OF THRIFT, THE CREATION OF A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, AND THE PROVISION OF OPPORTUNITIES FOR ITS MEMBERS TO CONTROL THEIR OWN MONEY IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION.

Activities or mission (Part I)

COOPERATIVE CREDIT UNION

  • CODE OF ALABAMA, SEC 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. WCU CREDIT UNION, AN ALABAMA STATE CHARTERED CREDIT UNION, WAS ESTABLISHED TO PROVIDE THESE SERVICES TO ITS MEMBERS WHO LIVE, WORK, OR WORSHIP IN MORGAN AND LAWRENCE COUNTIES, ALABAMA, THE IMMEDIATE FAMILIES OF CURRENT MEMBERS, AND OTHER SUCH GROUPS AS ARE APPROVED BY THE BOARD OF DIRECTORS AND THE ADMINISTRATOR OF THE ALABAMA CREDIT UNION ADMINISTRATION. AS OF DECEMBER 31, 2023, THE CREDIT UNION HAD MEMBERSHIP AND PROVIDED SERVICES TO APPROXIMATELY 3,357 MEMBERS.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Tim Ledlow

    CHAIRMAN OF BOARD (THRU Q1 2023)

    Total calculated
    $0
    Hours/week
    1

  • Gina Briscoe

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Jim Burleson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mark Moody

    CHAIRMAN OF BOARD

    Total calculated
    $0
    Hours/week
    1

  • Bobby Speegle

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Luke Etheredge

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Steve Burden

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Crystal Spigle

    SUPERVISORY COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Mike Briscoe

    SUPERVISORY COMMITTEE MBR

    Total calculated
    $0
    Hours/week
    1

  • Bruce Young

    SUPERVISORY COMMITTEE MBR

    Total calculated
    $0
    Hours/week
    1

  • April Cagle

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Steven Determan

    CEO

    Total calculated
    $89,719
    From this org
    $88,833
    From related orgs
    $0
    Other
    $886
    Hours/week
    45

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
17 June 2024
IRS schema version
2023v5.1
Source object
202443209349309024

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