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← MUTUAL SAVINGS

Form 990 for tax year 2022

Filed by MUTUAL SAVINGS.

Totals

Total revenue
$12,277,489
Total expenses
$10,984,804
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$12,277,489
Investment income
$0
Other revenue
$0
Total assets, end of year
$218,893,491
Total liabilities, end of year
$210,798,090
Net assets or fund balances, end of year
$8,095,401
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: FINANCIAL SERVICE FEES AND OTHER

    total $5,584,351 · related or exempt $5,487,672 · unrelated business $96,679

  • 2b · Program service revenue: LOAN INTEREST INCOME

    total $5,426,715 · related or exempt $5,426,715

  • 2c · Program service revenue: INVESTMENT INCOME

    total $1,266,423 · related or exempt $1,266,423

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,052,154

  • 7 · Other salaries and wages

    total $3,657,322

  • 8 · Pension plan contributions

    total $95,523

  • 9 · Other employee benefits

    total $347,384

  • 10 · Payroll taxes

    total $326,652

  • 11b · Fees: legal

    total $55,931

  • 11c · Fees: accounting

    total $64,800

  • 12 · Advertising and promotion

    total $436,403

  • 13 · Office expenses

    total $144,071

  • 14 · Information technology

    total $725,845

  • 16 · Occupancy

    total $718,040

  • 17 · Travel

    total $145,690

  • 20 · Interest

    total $125,116

  • 22 · Depreciation, depletion and amortization

    total $377,304

  • 23 · Insurance

    total $88,600

  • 24a · Other expenses: COST OF FINANCIAL SERVI

    total $1,394,239

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $420,000

  • 24c · Other expenses: MEMBER SHARE DIVIDENDS

    total $379,335

  • 24d · Other expenses: SECURITY EXPENSE

    total $131,975

  • 24e · All other expenses

    total $298,420

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,690,297 · end of year $3,574,842

  • 2 · Savings and temporary cash investments

    beginning of year $19,266,625 · end of year $7,484,429

  • 5 · Loans and receivables from officers and key people

    beginning of year $1,540,097 · end of year $1,545,115

  • 6 · Loans and receivables from disqualified persons

    beginning of year $93,611 · end of year $91,195

  • 7 · Other notes and loans receivable

    beginning of year $124,101,083 · end of year $141,885,687

  • 9 · Prepaid expenses and deferred charges

    beginning of year $458,344 · end of year $717,081

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

    $14,141,191

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

    $9,468,040

  • 10c · Land, buildings and equipment, net

    beginning of year $4,897,317 · end of year $4,673,151

  • 13 · Investments: program-related

    beginning of year $53,382,253 · end of year $55,709,577

  • 15 · Other assets

    beginning of year $3,049,085 · end of year $3,212,414

  • 17 · Accounts payable and accrued expenses

    beginning of year $929,593 · end of year $1,358,198

  • 23 · Secured mortgages and notes payable

    beginning of year $5,000,000 · end of year $10,000,000

  • 25 · Other liabilities

    beginning of year $195,922,648 · end of year $199,439,892

  • 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 $15,626,471 · end of year $8,095,401

Mission and programs · 2022

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, 2022, THE CREDIT UNION PROVIDED SERVICES TO 23,016 MEMBERS.

As filed on the 2022 return.

Listed in Part VII

  • Douglas Key

    BOARD VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Kendall L Speed

    CEO/DIRECTOR - TREASURER

    Total calculated
    $301,946
    From this org
    $285,016
    From related orgs
    $0
    Other
    $16,930
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $285,016
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $16,930
    Filer's total
    $301,946

  • Allen Ritter

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ralph A Ferguson Jr

    DIRECTOR - BOARD CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Derrell Crimm

    SUPERVISORY COMMITTEE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Karl Hendrickson

    SUPERVISORY COMMITTEE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Richard McBee

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Richard Brooks

    DIRECTOR - BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Keith Newton

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Linda Allison

    SUPERVISORY COMMITTEE - ME

    Total calculated
    $0
    Hours/week
    1

  • Lynne Loftin

    COO

    Total calculated
    $210,851
    From this org
    $193,931
    From related orgs
    $0
    Other
    $16,920
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $193,931
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $16,920
    Filer's total
    $210,851

  • Mike Shaw

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $192,227
    From this org
    $175,307
    From related orgs
    $0
    Other
    $16,920
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,307
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $16,920
    Filer's total
    $192,227

  • Sonja Purvis

    CHIEF MARKETING OFFICER

    Total calculated
    $182,529
    From this org
    $165,609
    From related orgs
    $0
    Other
    $16,920
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,609
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $16,920
    Filer's total
    $182,529

  • Susan Landrum

    CFO

    Total calculated
    $164,601
    From this org
    $157,759
    From related orgs
    $0
    Other
    $6,842
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $157,759
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $6,842
    Filer's total
    $164,601

  • Jimmie Rochester II

    VICE-PRESIDENT BUSINESS BA

    Total calculated
    $156,261
    From this org
    $156,261
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,261
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $156,261

  • Kimberly Hunt

    VICE-PRESIDENT OF HUMAN RE

    Total calculated
    $132,093
    From this org
    $115,173
    From related orgs
    $0
    Other
    $16,920
    Hours/week
    40

  • Mike Dyer

    VP COLLECTIONS

    Total calculated
    $135,377
    From this org
    $118,457
    From related orgs
    $0
    Other
    $16,920
    Hours/week
    40

  • Jeffrey Graham

    VP OF LENDING

    Total calculated
    $133,527
    From this org
    $116,607
    From related orgs
    $0
    Other
    $16,920
    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
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202313199349311461

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