Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST INCOME

  total $48,972,948 · related or exempt $48,972,948

• 2b · Program service revenue: FINANCIAL SERVICE FEE AND OPERATI

  total $22,023,508 · related or exempt $20,190,012 · unrelated business $1,833,496

• 2c · Program service revenue: INVESTMENT INCOME

  total $8,243,923 · related or exempt $8,243,923

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $38,765

• 5 · Compensation of officers, directors and key employees

  total $3,090,237

• 7 · Other salaries and wages

  total $16,410,643

• 8 · Pension plan contributions

  total $1,785,328

• 9 · Other employee benefits

  total $2,015,578

• 10 · Payroll taxes

  total $1,434,636

• 11b · Fees: legal

  total $251,874

• 11c · Fees: accounting

  total $141,000

• 11g · Fees: other

  total $744,452

• 12 · Advertising and promotion

  total $1,136,720

• 13 · Office expenses

  total $6,946,335

• 16 · Occupancy

  total $1,582,975

• 19 · Conferences, conventions and meetings

  total $355,947

• 22 · Depreciation, depletion and amortization

  total $3,614,174

• 23 · Insurance

  total $492,102

• 24a · Other expenses: MEMBER DIVIDEND AND INT

  total $26,038,635

• 24b · Other expenses: COST OF FINANCIAL SERVI

  total $6,059,429

• 24c · Other expenses: PROVISION FOR LOAN LOSS

  total $1,900,000

• 24d · Other expenses: LOAN SERVICING EXPENSE

  total $633,902

• 24e · All other expenses

  total $667,429

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $27,341,322 · end of year $23,630,998

• 2 · Savings and temporary cash investments

  beginning of year $17,359,798 · end of year $134,433,171

• 7 · Other notes and loans receivable

  beginning of year $883,141,067 · end of year $936,138,417

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,250,340 · end of year $4,049,054

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

  $51,682,537

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

  $20,195,391

• 10c · Land, buildings and equipment, net

  beginning of year $30,719,645 · end of year $31,487,146

• 13 · Investments: program-related

  beginning of year $206,283,966 · end of year $142,888,517

• 14 · Intangible assets

  beginning of year $14,669,220 · end of year $10,004,032

• 15 · Other assets

  beginning of year $38,579,584 · end of year $43,600,915

• 17 · Accounts payable and accrued expenses

  beginning of year $10,387,562 · end of year $10,785,263

• 19 · Deferred revenue

  beginning of year $27,538 · end of year $26,230

• 21 · Escrow or custodial account liability

  beginning of year $1,433,917 · end of year $1,802,483

• 23 · Secured mortgages and notes payable

  beginning of year $50,980,810 · end of year $10,000,000

• 24 · Unsecured notes and loans payable

  beginning of year $9,721,548 · end of year $30,000,000

• 25 · Other liabilities

  beginning of year $1,063,234,059 · end of year $1,187,680,601

• 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 $85,559,508 · end of year $85,937,673

The filer's explanations (Part III)

PART I, LINE 1A

THE CREDIT UNION'S TRAVEL POLICY ALLOWS DIRECTORS, SVC MEMBERS, AND EMPLOYEES TO BRING SPOUSES (AND IN SOME CASES, CHILDREN) WHEN TRAVELING ON CREDIT UNION BUSINESS AND BE REIMBURSED FOR THEIR REASONABLE TRAVEL COSTS.

PART I, LINE 1B

THE BOARD OF DIRECTORS APPROVES TRAVEL EACH YEAR FOR ANY BOARD MEMBER OR OFFICER OF THE CREDIT UNION AND IF A SPOUSE WILL BE PERMITTED TO TRAVEL. ALL EXPENSES ARE REVIEWED BY THE BOARD.

PART I, LINE 3

MANAGEMENT'S COMPENSATION IS DETERMINED ANNUALLY BY THE CREDIT UNION'S BOARD OF DIRECTORS AND IS BASED ON PERFORMANCE AND INDEPENDENT COMPARABLE INDUSTRY COMPENSATION DATA.

PART I, LINE 4B

AS OF APRIL 1, 2018, THE CREDIT UNION ADOPTED THE ALABAMA ONE CREDIT UNION 457(F) DISCRETIONARY CONTRIBUTION PLAN. THE PLAN IS INTENDED TO BE A NON-QUALIFIED INELIGIBLE DEFERRED COMPENSATION PLAN WITHIN THE MEANING OF SECTION 457(F) OF THE INTERNAL REVENUE CODE. THE PURPOSE OF THE PLAN IS TO 1) ALLOW PARTICIPANTS AN OPPORTUNITY TO ELECT TO DEFER THE RECEIPT OF COMPENSATION (PARTICIPANT COMPENSATION DEFERRAL), AND 2) PROVIDE A VEHICLE FOR THE CREDIT UNION TO CREDIT AMOUNTS ON A TAX DEFERRED BASIS FOR EMPLOYEE PARTICIPANTS (EMPLOYER CONTRIBUTION CREDIT). THE AMOUNT OF ANNUAL CONTRIBUTIONS TO A PARTICIPANT'S ACCOUNT IS SUBJECT TO IRS LIMITATIONS AS DEFINED IN THE PLAN. PARTICIPANT ACCOUNTS ARE 100% VESTED AFTER A PERIOD OF 5 YEARS IN ANY AMOUNTS CREDITED TO THEIR ACCOUNT. EACH PARTICIPANTS ACCOUNT WILL BE ADJUSTED FOR CREDITED INTEREST OR INCREASES OR DECREASES IN THE REALIZABLE NET ASSET VALUE, AS APPLICABLE, OF THE DESIGNATED DEEMED PLAN INVESTMENTS. THE DEFERRED COMPENSATION ACCOUNTS ARE SHOWN AS BOTH ASSETS AND LIABILITIES ON THE CREDIT UNION'S FINANCIAL STATEMENTS AND ARE AVAILABLE TO CREDITORS IN THE EVENT OF THE CREDIT UNION'S LIQUIDATION. THE BALANCE OF THE 457(F) DEFERRED COMPENSATION ARRANGEMENT WAS $2,540,580 AND $1,922,835 AS OF DECEMBER 31, 2024 AND 2023, RESPECTIVELY.

Disregarded entities

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

• AOCU HOLDINGS LLC

  TO HOLD CERTAIN OPERATING OREO PROPERTIES · AL · income $0 · assets $108,518

  Directly controlled by ALABAMA ONE CREDIT UNION

• ALABAMA ONE AGENCY LLC

  TO PROVIDE INSURANCE SERVICES · AL · income $363,077 · assets $95,337

  Directly controlled by ALABAMA ONE CREDIT UNION

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• TELLERIX LLC

  UNRELATED · ATM/ITM SERVICING & IT CONSULTING · AL · 45% owned · share of income $247,477 · share of assets $271,777 · general or managing partner

  Directly controlled by ALABAMA ONE CREDIT UNION

• VULCAN DATACORP LLC

  UNRELATED · IT CONSULTING · AL · 64.7% owned · share of income $1,313 · general or managing partner

  Directly controlled by ALABAMA ONE CREDIT UNION