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Nonprofiteer
← MAX CREDIT UNION

Form 990 for tax year 2024

Filed by MAX CREDIT UNION.

Totals

Total revenue
$123,834,123
Total expenses
$100,536,448
Contributions and grants received
$0
Grants paid
$89,500
Program service revenue
$98,922,948
Investment income
$24,911,175
Other revenue
$0
Total assets, end of year
$2,149,434,453
Total liabilities, end of year
$1,940,079,500
Net assets or fund balances, end of year
$209,354,953
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

    total $70,617,998 · related or exempt $70,617,998

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $16,386,806 · related or exempt $15,869,839 · unrelated business $516,967

  • 2c · Program service revenue: FEE INCOME

    total $11,918,144 · related or exempt $11,697,327 · unrelated business $220,817

  • 3 · Investment income

    total $24,708,171 · excluded $24,708,171

  • 7a · Gross sales of assets other than inventory

    securities $308,098

  • 7b · Less cost or other basis and sales expenses

    securities $105,094

  • 7c · Gain or loss

    securities $203,004

  • 7d · Net gain or loss

    total $203,004 · excluded $203,004

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $89,500

  • 4 · Benefits paid to or for members

    total $27,451,008

  • 5 · Compensation of officers, directors and key employees

    total $3,157,152

  • 7 · Other salaries and wages

    total $20,701,393

  • 8 · Pension plan contributions

    total $1,548,704

  • 9 · Other employee benefits

    total $3,679,669

  • 10 · Payroll taxes

    total $1,763,216

  • 11b · Fees: legal

    total $253,225

  • 11c · Fees: accounting

    total $177,055

  • 11g · Fees: other

    total $2,310,750

  • 12 · Advertising and promotion

    total $1,753,409

  • 13 · Office expenses

    total $19,551,229

  • 16 · Occupancy

    total $1,629,397

  • 17 · Travel

    total $111,424

  • 19 · Conferences, conventions and meetings

    total $69,506

  • 20 · Interest

    total $476,045

  • 22 · Depreciation, depletion and amortization

    total $3,294,680

  • 24a · Other expenses: PROVISION FOR CREDIT LO

    total $6,591,000

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $3,517,187

  • 24c · Other expenses: MISC. OPERATING FEES

    total $2,176,721

  • 24d · Other expenses: OPERATING FEES

    total $234,178

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $53,823,966 · end of year $42,869,911

  • 2 · Savings and temporary cash investments

    beginning of year $101,117,748 · end of year $110,318,395

  • 4 · Accounts receivable

    beginning of year $7,571,799 · end of year $3,537,223

  • 5 · Loans and receivables from officers and key people

    beginning of year $3,327,554 · end of year $3,385,453

  • 7 · Other notes and loans receivable

    beginning of year $1,084,200,752 · end of year $1,174,254,448

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,672,122 · end of year $2,597,540

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

    $83,137,892

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

    $48,506,266

  • 10c · Land, buildings and equipment, net

    beginning of year $36,134,086 · end of year $34,631,626

  • 11 · Investments: publicly traded securities

    beginning of year $722,187,386 · end of year $711,197,102

  • 12 · Investments: other securities

    beginning of year $6,466,571 · end of year $6,785,731

  • 15 · Other assets

    beginning of year $62,750,080 · end of year $59,857,024

  • 17 · Accounts payable and accrued expenses

    beginning of year $29,782,423 · end of year $19,536,532

  • 21 · Escrow or custodial account liability

    beginning of year $951,226 · end of year $1,315,391

  • 23 · Secured mortgages and notes payable

    beginning of year $12,000,000 · end of year $12,000,000

  • 25 · Other liabilities

    beginning of year $1,858,115,355 · end of year $1,907,227,577

  • 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 $179,403,060 · end of year $209,354,953

Mission and programs · 2024

Mission

MAX IS A STATE-CHARTERED COMMUNITY CREDIT UNION SERVING APPROXIMATELY 126,000 MEMBERS IN THE MONTGOMERY, ALABAMA AND SURROUNDING AREAS.

Activities or mission (Part I)

THE CREDIT UNION IS A COOPERATIVE COMMUNITY FINANCIAL INSTITUTION WHICH WAS ORGANIZED TO PROMOTE THRIFT AMONG ITS MEMBERS AS WELL AS TO PROVIDE A SOURCE OF CREDIT FOR ITS MEMBERS.

  • IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, MAX PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, ANDCERTIFICATE OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS ACCOUNTS.

  • TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, MAX PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER, REAL ESTATE, AND BUSINESS LENDING PRODUCTS AT REASONABLE RATES OF INTEREST.

  • IN ADDITION TO THE SAVINGS AND LENDING PRODUCTS WE OFFER, MAX PROVIDES A VARIETY OF OTHER FINANCIAL SERVICES TO MEET THE NEEDS OF OUR MEMBERS.

As filed on the 2024 return.

Listed in Part VII

  • A KELLI WISE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • K SUE JACKSON

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • BARBARA T STARR

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • JAMES W SOLZE JR

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • JOHN AVERRETT

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    1

  • LLOYD WOODMAN JR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CARL WHATLEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • GARY TOMLIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JAMES LITTLEJOHN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • BEA FORNISS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • EDWARD CROWELL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARTIN E HEAD

    PRESIDENT/CEO

    Total calculated
    $727,659
    From this org
    $662,803
    From related orgs
    $0
    Other
    $64,856
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $520,298
    Bonus
    $129,735
    Other
    $12,770
    Deferred
    $34,500
    Nontaxable benefits
    $30,356
    Filer's total
    $727,659

  • TIMOTHY MARQUARDT

    CHIEF FINANCIAL OFFICER

    Total calculated
    $358,953
    From this org
    $308,014
    From related orgs
    $0
    Other
    $50,939
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $265,514
    Bonus
    $42,500
    Other
    $0
    Deferred
    $25,687
    Nontaxable benefits
    $25,252
    Filer's total
    $358,953

  • MIKE HART

    EVP CHIEF OPERATIONS OFFICER

    Total calculated
    $353,508
    From this org
    $300,185
    From related orgs
    $0
    Other
    $53,323
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $260,185
    Bonus
    $40,000
    Other
    $0
    Deferred
    $24,358
    Nontaxable benefits
    $28,965
    Filer's total
    $353,508

  • LYNETTE CUPPS

    CHIEF GROWTH OFFICER

    Total calculated
    $237,589
    From this org
    $193,901
    From related orgs
    $0
    Other
    $43,688
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,151
    Bonus
    $27,750
    Other
    $0
    Deferred
    $16,146
    Nontaxable benefits
    $27,542
    Filer's total
    $237,589

  • CLINTON DALE WATKINS

    CHIEF INFORMATION OFFICER

    Total calculated
    $311,717
    From this org
    $260,944
    From related orgs
    $0
    Other
    $50,773
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,896
    Bonus
    $39,510
    Other
    $37,538
    Deferred
    $21,587
    Nontaxable benefits
    $29,186
    Filer's total
    $311,717

  • CHERYL PAYSON

    CHIEF OPTNS EXCEL OFFICER

    Total calculated
    $321,376
    From this org
    $274,621
    From related orgs
    $0
    Other
    $46,755
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $233,263
    Bonus
    $37,000
    Other
    $4,358
    Deferred
    $22,591
    Nontaxable benefits
    $24,164
    Filer's total
    $321,376

  • SANDRA BRANCH

    CHIEF TALENT OFFICER

    Total calculated
    $293,157
    From this org
    $244,207
    From related orgs
    $0
    Other
    $48,950
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $209,207
    Bonus
    $35,000
    Other
    $0
    Deferred
    $20,437
    Nontaxable benefits
    $28,513
    Filer's total
    $293,157

  • WENDY ANDERSON

    CHIEF LENDING OFFICER

    Total calculated
    $275,608
    From this org
    $230,704
    From related orgs
    $0
    Other
    $44,904
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $193,637
    Bonus
    $33,378
    Other
    $3,689
    Deferred
    $19,134
    Nontaxable benefits
    $25,770
    Filer's total
    $275,608

  • WILLIAM EPPERSON

    CHIEF RETAIL OFFICER

    Total calculated
    $277,585
    From this org
    $228,900
    From related orgs
    $0
    Other
    $48,685
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,308
    Bonus
    $32,956
    Other
    $3,636
    Deferred
    $19,212
    Nontaxable benefits
    $29,473
    Filer's total
    $277,585

  • RON CREEL

    SVP BUSINESS SERVICES

    Total calculated
    $265,602
    From this org
    $218,435
    From related orgs
    $0
    Other
    $47,167
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,347
    Bonus
    $36,560
    Other
    $3,528
    Deferred
    $18,648
    Nontaxable benefits
    $28,519
    Filer's total
    $265,602

  • KEN PEAVY

    VP WEALTH MANAGEMENT

    Total calculated
    $292,778
    From this org
    $239,896
    From related orgs
    $0
    Other
    $52,882
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $46,440
    Bonus
    $192,402
    Other
    $1,054
    Deferred
    $23,655
    Nontaxable benefits
    $29,227
    Filer's total
    $292,778

  • MARTEE MOSELEY

    MARKET PRESIDENT

    Total calculated
    $318,057
    From this org
    $272,813
    From related orgs
    $0
    Other
    $45,244
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,579
    Bonus
    $116,234
    Other
    $0
    Deferred
    $15,678
    Nontaxable benefits
    $29,566
    Filer's total
    $318,057

  • KENNETH HILL

    VP MORTGAGE SERVICES

    Total calculated
    $246,649
    From this org
    $203,053
    From related orgs
    $0
    Other
    $43,596
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,077
    Bonus
    $54,976
    Other
    $0
    Deferred
    $15,248
    Nontaxable benefits
    $28,348
    Filer's total
    $246,649

  • TARA MCDOWELL

    VP HUMAN RESOURCES

    Total calculated
    $235,855
    From this org
    $189,570
    From related orgs
    $0
    Other
    $46,285
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $159,378
    Bonus
    $27,000
    Other
    $3,192
    Deferred
    $16,875
    Nontaxable benefits
    $29,410
    Filer's total
    $235,855

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
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
THE CREDIT UNION MAY REIMBURSE AN OFFICIAL OR EXECUTIVE FOR THE REASONABLE AND PROPER EXPENSES OF ONE GUEST DURING AUTHORIZED BUSINESS TRAVEL. THE TRAVELOR MUST INCLUDE THE GUEST TRAVEL AND THE ESTIMATED GUEST EXPENSES IN EACH REQUEST FOR TRAVEL APPROVAL. FOR 2024, ONLY EXPENSES FOR THE GUEST OF ONE EXECUTIVE (TOTALING $768) WERE REPORTABLE, AND ONE DIRECTOR HAD EXPENSES FOR GUESTS (TOTALING $6,691).
PART I, LINE 4B
NAME: DALE WATKINS, DESCRIPTION: SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN, CURRENT YEAR AMOUNT: $37,538. PLAN DESCRIPTION: REPORTABLE COMPENSATION INCLUDED IN HIS W-2 AMOUNT

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • MAX4KIDS FOUNDATION INC

    501(C)(3) · CHARITABLE ACTIVITIES TO SUPPORT KIDS · AL · controlled entity

    Directly controlled by MAX CREDIT UNION

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • MAX SERVICES LLC

    INSURANCE SALES · AL · income $498,242 · assets $1,054,290

    Directly controlled by MAX CREDIT UNION

  • MAX CAPITAL LLC

    EQUIPMENT LEASING · AL · income $98,785 · assets $1,456,312

    Directly controlled by MAX CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
13 October 2025
IRS schema version
2024v5.2
Source object
202512869349301896

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