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Nonprofiteer
← ALABAMA CREDIT UNION

Form 990 for tax year 2024

Filed by ALABAMA CREDIT UNION.

Totals

Total revenue
$143,233,716
Total expenses
$131,954,975
Contributions and grants received
$0
Grants paid
$98,948
Program service revenue
$85,701,034
Investment income
$9,303,383
Other revenue
$48,229,299
Total assets, end of year
$1,953,300,236
Total liabilities, end of year
$1,831,595,042
Net assets or fund balances, end of year
$121,705,194
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 $85,701,034 · related or exempt $85,701,034

  • 3 · Investment income

    total $9,302,173 · excluded $9,302,173

  • 5 · Royalties

    total $716,559 · excluded $716,559

  • 7a · Gross sales of assets other than inventory

    other assets $63,300

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

    other assets $62,090

  • 7c · Gain or loss

    other assets $1,210

  • 7d · Net gain or loss

    total $1,210 · excluded $1,210

  • 11a · Other revenue: INDIRECT LENDING INCOME

    total $25,101,311 · related or exempt $23,661,875 · unrelated business $1,439,436

  • 11b · Other revenue: INTERCHANGE ACCOUNT CHARGES

    total $8,436,362 · related or exempt $8,436,362

  • 11c · Other revenue: NSF ACCOUNT CHARGES

    total $7,198,654 · related or exempt $7,198,654

  • 11d · All other revenue

    total $6,776,413 · related or exempt $6,278,641 · unrelated business $497,772

  • 11e · Other revenue, total

    $47,512,740

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $98,948

  • 5 · Compensation of officers, directors and key employees

    total $3,809,117

  • 7 · Other salaries and wages

    total $19,648,072

  • 8 · Pension plan contributions

    total $1,964,311

  • 9 · Other employee benefits

    total $2,243,435

  • 10 · Payroll taxes

    total $1,702,192

  • 11b · Fees: legal

    total $281,827

  • 11c · Fees: accounting

    total $180,000

  • 11g · Fees: other

    total $1,578,845

  • 12 · Advertising and promotion

    total $2,343,997

  • 13 · Office expenses

    total $9,219,940

  • 14 · Information technology

    total $2,208,460

  • 16 · Occupancy

    total $2,014,058

  • 17 · Travel

    total $504,248

  • 19 · Conferences, conventions and meetings

    total $324,541

  • 20 · Interest

    total $48,351,044

  • 22 · Depreciation, depletion and amortization

    total $3,172,672

  • 23 · Insurance

    total $88,240

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $15,270,215

  • 24b · Other expenses: CHECK & LOAN SERVICING

    total $15,020,186

  • 24c · Other expenses: OTHER OPERATING EXPENSE

    total $1,156,119

  • 24d · Other expenses: CASH OVER (SHORT)

    total $463,244

  • 24e · All other expenses

    total $311,264

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $28,202,056 · end of year $39,921,064

  • 2 · Savings and temporary cash investments

    beginning of year $98,212,972 · end of year $101,224,607

  • 4 · Accounts receivable

    beginning of year $232,430 · end of year $62,536

  • 5 · Loans and receivables from officers and key people

    beginning of year $20,306,787 · end of year $20,211,787

  • 7 · Other notes and loans receivable

    beginning of year $1,465,593,503 · end of year $1,516,228,156

  • 9 · Prepaid expenses and deferred charges

    beginning of year $12,661,462 · end of year $9,746,965

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

    $86,866,460

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

    $26,127,442

  • 10c · Land, buildings and equipment, net

    beginning of year $55,535,732 · end of year $60,739,018

  • 11 · Investments: publicly traded securities

    beginning of year $8,529,384 · end of year $6,281,786

  • 12 · Investments: other securities

    beginning of year $195,057,280 · end of year $165,072,329

  • 13 · Investments: program-related

    beginning of year $3,047,788 · end of year $446,707

  • 14 · Intangible assets

    beginning of year $2,549,723 · end of year $2,858,480

  • 15 · Other assets

    beginning of year $32,365,170 · end of year $30,506,801

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,417,751 · end of year $11,355,277

  • 23 · Secured mortgages and notes payable

    beginning of year $245,000,000 · end of year $75,000,000

  • 24 · Unsecured notes and loans payable

    beginning of year $48,500,000 · end of year $48,544,651

  • 25 · Other liabilities

    beginning of year $1,502,657,660 · end of year $1,696,695,114

  • 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 $110,718,876 · end of year $121,705,194

Mission and programs · 2024

Mission

TO PROVIDE THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS

  • 146,856 MEMBERS SERVED TO PROMOTE THRIFT OPPORTUNITIES AND LOW COST LOANS

As filed on the 2024 return.

Listed in Part VII

  • REBA ESSARY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CASEY TAYLOR

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • CHARLOTTE HARRIS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • LYNNE APRIL

    BOARD VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • MARK NELSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARCUS JONES

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • THOMAS WEST

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ROBERT RILEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • RON DULEK

    BOARD CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • LISA EVANS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • TONY JOHNSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL GOODMAN

    CIO

    Total calculated
    $409,063
    From this org
    $353,808
    From related orgs
    $0
    Other
    $55,255
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $259,516
    Bonus
    $32,244
    Other
    $62,048
    Deferred
    $47,095
    Nontaxable benefits
    $8,160
    Filer's total
    $409,063

  • JUNE LANDRUM

    PRESIDENT

    Total calculated
    $390,038
    From this org
    $356,144
    From related orgs
    $0
    Other
    $33,894
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $249,476
    Bonus
    $37,847
    Other
    $68,821
    Deferred
    $26,655
    Nontaxable benefits
    $7,239
    Filer's total
    $390,038

  • JIM PENNINGTON

    VP, COLLECTIONS

    Total calculated
    $361,638
    From this org
    $286,987
    From related orgs
    $0
    Other
    $74,651
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $173,326
    Bonus
    $25,446
    Other
    $88,215
    Deferred
    $67,519
    Nontaxable benefits
    $7,132
    Filer's total
    $361,638

  • STEPHEN K SWOFFORD

    CEO

    Total calculated
    $620,371
    From this org
    $566,046
    From related orgs
    $0
    Other
    $54,325
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $508,462
    Bonus
    $27,700
    Other
    $29,884
    Deferred
    $45,279
    Nontaxable benefits
    $9,046
    Filer's total
    $620,371

  • ELEANOR BROWN

    CFO

    Total calculated
    $341,729
    From this org
    $314,064
    From related orgs
    $0
    Other
    $27,665
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $203,506
    Bonus
    $37,135
    Other
    $73,423
    Deferred
    $19,392
    Nontaxable benefits
    $8,273
    Filer's total
    $341,729

  • MICHAEL R SHULTS

    VP OF INFORMATION SYSTEMS

    Total calculated
    $326,805
    From this org
    $298,340
    From related orgs
    $0
    Other
    $28,465
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $181,192
    Bonus
    $38,033
    Other
    $79,115
    Deferred
    $20,866
    Nontaxable benefits
    $7,599
    Filer's total
    $326,805

  • BENSON P BOLLING

    CHIEF LENDING OFFICER

    Total calculated
    $359,142
    From this org
    $329,082
    From related orgs
    $0
    Other
    $30,060
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $214,287
    Bonus
    $39,845
    Other
    $74,950
    Deferred
    $22,840
    Nontaxable benefits
    $7,220
    Filer's total
    $359,142

  • BRANDI MCKINNEY

    CHIEF RISK OFFICER

    Total calculated
    $245,198
    From this org
    $220,330
    From related orgs
    $0
    Other
    $24,868
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $161,817
    Bonus
    $23,988
    Other
    $34,525
    Deferred
    $17,069
    Nontaxable benefits
    $7,799
    Filer's total
    $245,198

  • TOMMY COBB

    PRESIDENT OF ACUS HOLDINGS

    Total calculated
    $524,841
    From this org
    $498,990
    From related orgs
    $0
    Other
    $25,851
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $194,262
    Bonus
    $88,130
    Other
    $216,598
    Deferred
    $19,476
    Nontaxable benefits
    $6,375
    Filer's total
    $524,841

  • KELLEY PORTER

    CHIEF MEMBER EXPERIENCE OFFICER

    Total calculated
    $230,292
    From this org
    $211,681
    From related orgs
    $0
    Other
    $18,611
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $149,788
    Bonus
    $23,368
    Other
    $38,525
    Deferred
    $15,802
    Nontaxable benefits
    $2,809
    Filer's total
    $230,292

  • JOSEPH HARDY

    PRESIDENT OF ACUSI

    Total calculated
    $586,267
    From this org
    $535,797
    From related orgs
    $0
    Other
    $50,470
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $135,583
    Bonus
    $394,458
    Other
    $5,756
    Deferred
    $44,313
    Nontaxable benefits
    $6,157
    Filer's total
    $586,267

  • ELIZABETH COLE

    VP OF BRANCH OPERATIONS

    Total calculated
    $282,971
    From this org
    $258,579
    From related orgs
    $0
    Other
    $24,392
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $160,775
    Bonus
    $31,436
    Other
    $66,368
    Deferred
    $17,569
    Nontaxable benefits
    $6,823
    Filer's total
    $282,971

  • JENNIFER BROWNING

    ACUIS PROGRAM MANAGER

    Total calculated
    $234,174
    From this org
    $209,330
    From related orgs
    $0
    Other
    $24,844
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $63,443
    Bonus
    $136,608
    Other
    $9,279
    Deferred
    $19,101
    Nontaxable benefits
    $5,743
    Filer's total
    $234,174

  • JOHN EDINGTON

    COMMERCIAL LENDING DIRECTOR

    Total calculated
    $174,544
    From this org
    $152,465
    From related orgs
    $0
    Other
    $22,079
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $145,730
    Bonus
    $3,042
    Other
    $3,693
    Deferred
    $15,814
    Nontaxable benefits
    $6,265
    Filer's total
    $174,544

  • AJAYKUMAR GUPTA

    AVP OF NETWORK ADMINISTRATION

    Total calculated
    $194,540
    From this org
    $170,113
    From related orgs
    $0
    Other
    $24,427
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $150,752
    Bonus
    $8,324
    Other
    $11,037
    Deferred
    $18,143
    Nontaxable benefits
    $6,284
    Filer's total
    $194,540

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

  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 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 4B
THE FOLLOWING OFFICERS PARTICIPATED IN THE NONQUALIFIED RETIREMENT PLAN: STEPHEN SWOFFORD BENSON BOLLING ELEANOR BROWN ELIZABETH COLE MICHAEL GOODMAN JUNE LANDRUM JAMES PENNINGTON MICHAEL SHULTS TOM COBB BRANDI MCKINNEY KELLEY PORTER

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

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.

  • ACUS HOLDINGS LLC

    CUSO HOLDING COMPANY · AL · income -$341,522 · assets $1,255,384

    Directly controlled by ALABAMA CREDIT UNION

  • ACUSI LLC

    CUSO · AL · income $15,239,364 · assets $16,133,227

    Directly controlled by ACUS HOLDINGS LLC

  • ACU GROUP LLC

    CUSO · AL · income $278,096 · assets $382,577

    Directly controlled by ACUS HOLDINGS LLC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • ALABAMA CU SERVICES INC

    C · FINANCIAL SERVICES · AL · 100% owned · share of income -$709 · share of assets $2,081,866 · controlled entity

    Directly controlled by ALABAMA CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
6 November 2025
IRS schema version
2024v5.2
Source object
202533149349305128

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