Totals
- Total revenue
- $13,969,345
- Total expenses
- $13,482,157
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $13,969,345
- Investment income
- $0
- Other revenue
- $0
- Total assets, end of year
- $228,049,256
- Total liabilities, end of year
- $219,324,292
- Net assets or fund balances, end of year
- $8,724,964
- 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 $6,884,282 · related or exempt $6,884,282
-
2b · Program service revenue: FINANCIAL SERVICE FEES AND OTHER
total $5,182,191 · related or exempt $5,069,299 · unrelated business $112,892
-
2c · Program service revenue: INVESTMENT INCOME
total $1,902,872 · related or exempt $1,902,872
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $1,155,081
-
7 · Other salaries and wages
total $3,940,932
-
8 · Pension plan contributions
total $99,746
-
9 · Other employee benefits
total $329,813
-
10 · Payroll taxes
total $351,808
-
11b · Fees: legal
total $51,400
-
11c · Fees: accounting
total $64,800
-
12 · Advertising and promotion
total $439,644
-
13 · Office expenses
total $132,539
-
14 · Information technology
total $991,957
-
16 · Occupancy
total $717,290
-
17 · Travel
total $148,748
-
20 · Interest
total $317,395
-
22 · Depreciation, depletion and amortization
total $368,744
-
23 · Insurance
total $90,742
-
24a · Other expenses: MEMBER SHARE DIVIDENDS
total $1,860,057
-
24b · Other expenses: COST OF FINANCIAL SERVI
total $1,572,722
-
24c · Other expenses: PROVISION FOR LOAN LOSS
total $380,000
-
24d · Other expenses: OTHER OPERATING EXPENSE
total $168,086
-
24e · All other expenses
total $300,653
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,574,842 · end of year $2,941,808
-
2 · Savings and temporary cash investments
beginning of year $7,484,429 · end of year $15,278,803
-
5 · Loans and receivables from officers and key people
beginning of year $1,545,115 · end of year $1,507,733
-
6 · Loans and receivables from disqualified persons
beginning of year $91,195 · end of year $87,365
-
7 · Other notes and loans receivable
beginning of year $141,885,687 · end of year $144,603,129
-
9 · Prepaid expenses and deferred charges
beginning of year $717,081 · end of year $836,998
-
10a · Land, buildings and equipment: cost or other basis
$14,017,410
-
10b · Land, buildings and equipment: accumulated depreciation
$9,801,971
-
10c · Land, buildings and equipment, net
beginning of year $4,673,151 · end of year $4,215,439
-
13 · Investments: program-related
beginning of year $55,709,577 · end of year $55,196,351
-
15 · Other assets
beginning of year $3,212,414 · end of year $3,381,630
-
17 · Accounts payable and accrued expenses
beginning of year $1,358,198 · end of year $1,108,261
-
23 · Secured mortgages and notes payable
beginning of year $10,000,000 · end of year $11,500,000
-
25 · Other liabilities
beginning of year $199,439,892 · end of year $206,716,031
-
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 $8,095,401 · end of year $8,724,964
Mission and programs · 2023
Mission
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.
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. MUTUAL SAVINGS CREDIT UNION, AN ALABAMA STATE CHARTERED CREDIT UNION, PROVIDES A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS, WHO PRIMARILY RESIDE, WORK, ATTEND SCHOOL OR WORSHIP IN FOURTEEN ALABAMA COUNTIES, INCLUDING JEFFERSON, SHELBY, DALLAS, CHILTON, AND TALLAPOOSA COUNTIES, OR WHO ARE EMPLOYED BY A MUTUAL SAVINGS SPONSOR GROUP. THE CREDIT UNION'S FIELD OF MEMBERSHIP ALSO INCLUDES SELECTED EMPLOYEE GROUPS AND INDIVIDUALS THAT RESIDE IN THESE COUNTIES. AS OF DECEMBER 31, 2023, THE CREDIT UNION PROVIDED SERVICES TO 20,899 MEMBERS.
As filed on the 2023 return.
Listed in Part VII
-
Douglas Key DeceasedDOUGLAS KEY DECEASED
FORMER BOARD CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Kendall L SpeedKENDALL L SPEED
CEO/DIRECTOR - TREASURER
- Total calculated
- $331,385
- From this org
- $309,303
- From related orgs
- $0
- Other
- $22,082
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $257,387
- Bonus
- $51,916
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $22,082
- Filer's total
- $331,385
-
Allen RitterALLEN RITTER
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Ralph A Ferguson JrRALPH A FERGUSON JR
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Derrell CrimmDERRELL CRIMM
SUPERVISORY COMMITTEE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Karl HendricksonKARL HENDRICKSON
SUPERVISORY COMMITTEE MEMB
- Total calculated
- $0
- Hours/week
- 1
-
Richard McBeeRICHARD MCBEE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Richard BrooksRICHARD BROOKS
BOARD VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Keith NewtonKEITH NEWTON
BOARD SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Linda AllisonLINDA ALLISON
SUPERVISORY COMMITTEE MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Lynne LoftinLYNNE LOFTIN
COO
- Total calculated
- $225,300
- From this org
- $203,218
- From related orgs
- $0
- Other
- $22,082
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $168,610
- Bonus
- $34,608
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $22,082
- Filer's total
- $225,300
-
Mike ShawMIKE SHAW
CHIEF TECHNOLOGY OFFICER
- Total calculated
- $206,249
- From this org
- $184,167
- From related orgs
- $0
- Other
- $22,082
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $152,296
- Bonus
- $31,871
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $22,082
- Filer's total
- $206,249
-
Sonja PurvisSONJA PURVIS
CHIEF MARKETING OFFICER
- Total calculated
- $219,134
- From this org
- $197,052
- From related orgs
- $0
- Other
- $22,082
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $162,993
- Bonus
- $34,059
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $22,082
- Filer's total
- $219,134
-
Susan LandrumSUSAN LANDRUM
CFO
- Total calculated
- $173,013
- From this org
- $165,253
- From related orgs
- $0
- Other
- $7,760
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $138,131
- Bonus
- $27,122
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $7,760
- Filer's total
- $173,013
-
Jimmie Rochester IIJIMMIE ROCHESTER II
VP BUSINESS BANKING
- Total calculated
- $164,429
- From this org
- $164,429
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $137,149
- Bonus
- $27,280
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $164,429
-
Kimberly HuntKIMBERLY HUNT
VP HUMAN RESOURCES
- Total calculated
- $143,443
- From this org
- $121,361
- From related orgs
- $0
- Other
- $22,082
- Hours/week
- 40
-
Michael DyerMICHAEL DYER
VP COLLECTIONS
- Total calculated
- $146,193
- From this org
- $124,111
- From related orgs
- $0
- Other
- $22,082
- Hours/week
- 40
-
Jeffrey GrahamJEFFREY GRAHAM
VP LENDING SERVICES
- Total calculated
- $144,536
- From this org
- $122,454
- From related orgs
- $0
- Other
- $22,082
- Hours/week
- 40
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 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- PART I, LINE 1A
- THE TRAVEL FOR COMPANIONS BENEFIT WAS ALLOWED FOR OFFICERS' SPOUSES, BOARD MEMBERS' SPOUSES, AND COMMITTEE MEMBERS' SPOUSES. THIS BENEFIT WAS IN THE FORM OF COMBINED DINNERS WHILE ATTENDING THE ANNUAL PLANNING MEETING.
- 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'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
- 12 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202423209349309157
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