Totals
- Total revenue
- $10,136,034
- Total expenses
- $8,917,432
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $6,685,712
- Investment income
- $351,163
- Other revenue
- $3,099,159
- Total assets, end of year
- $204,184,392
- Total liabilities, end of year
- $192,086,391
- Net assets or fund balances, end of year
- $12,098,001
- 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 $6,685,712 · related or exempt $6,685,712
-
3 · Investment income
total $351,165 · excluded $351,165
-
6a · Gross rents
real property $25,000
-
6b · Less rental expenses
real property $0
-
6c · Rental income or loss
real property $25,000
-
6d · Net rental income or loss
total $25,000 · excluded $25,000
-
7b · Less cost or other basis and sales expenses
other assets $2
-
7c · Gain or loss
other assets -$2
-
7d · Net gain or loss
total -$2 · excluded -$2
-
11a · Other revenue: SERVICE FEES AND OTHER INC
total $2,345,988 · related or exempt $2,345,988
-
11b · Other revenue: NSF AND LATE CHARGES
total $497,712 · related or exempt $497,712
-
11c · Other revenue: GAIN ON SALE OF OREO
total $204,504 · related or exempt $204,504
-
11d · All other revenue
total $25,955 · unrelated business $25,955
-
11e · Other revenue, total
$3,074,159
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $479,309
-
7 · Other salaries and wages
total $2,760,408
-
8 · Pension plan contributions
total $184,591
-
9 · Other employee benefits
total $382,815
-
10 · Payroll taxes
total $235,769
-
11b · Fees: legal
total $17,014
-
11c · Fees: accounting
total $55,975
-
11g · Fees: other
total $371,725
-
12 · Advertising and promotion
total $165,815
-
13 · Office expenses
total $139,079
-
16 · Occupancy
total $492,079
-
17 · Travel
total $94,063
-
19 · Conferences, conventions and meetings
total $60,156
-
20 · Interest
total $479,886
-
22 · Depreciation, depletion and amortization
total $364,202
-
23 · Insurance
total $99,571
-
24a · Other expenses: UBIT EXPENSE
total $241
-
24b · Other expenses: DATA PROCESSING EXPENSE
total $1,534,384
-
24c · Other expenses: DEBIT CARD EXPENSES
total $340,314
-
24d · Other expenses: LOAN SERVICING
total $212,698
-
24e · All other expenses
total $447,338
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $6,887,948 · end of year $3,742,811
-
2 · Savings and temporary cash investments
beginning of year $16,000,000 · end of year $749,000
-
7 · Other notes and loans receivable
beginning of year $139,393,150 · end of year $166,615,728
-
9 · Prepaid expenses and deferred charges
beginning of year $514,886 · end of year $692,273
-
10a · Land, buildings and equipment: cost or other basis
$14,870,551
-
10b · Land, buildings and equipment: accumulated depreciation
$7,232,622
-
10c · Land, buildings and equipment, net
beginning of year $6,916,557 · end of year $7,637,929
-
11 · Investments: publicly traded securities
beginning of year $19,249,176 · end of year $15,662,057
-
12 · Investments: other securities
beginning of year $1,115,003 · end of year $1,375,517
-
15 · Other assets
beginning of year $8,044,023 · end of year $7,709,077
-
17 · Accounts payable and accrued expenses
beginning of year $2,328,652 · end of year $2,115,670
-
23 · Secured mortgages and notes payable
end of year $6,500,000
-
25 · Other liabilities
beginning of year $182,949,194 · end of year $183,470,721
-
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 $12,842,897 · end of year $12,098,001
Mission and programs · 2022
Mission
THE CREDIT UNION'S MISSION IS TO PROMOTE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. THE CREDIT UNION SERVES MEMBERS IN SEVERAL COUNTIES THROUGHOUT ALABAMA. THE TOTAL NUMBER OF MEMBERS IS IN EXCESS OF 16,000.
Activities or mission (Part I)
TO PROVIDE THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS.
-
IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, MONEY MARKET, CERTIFICATE OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS AND CERTIFICATE OF DEPOSIT ACCOUNTS.
-
TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, THE CREDIT UNION PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER AND MORTGAGE LENDING PRODUCTS AT REASONABLE RATES OF INTEREST.
As filed on the 2022 return.
Listed in Part VII
-
Jerry FreemanJERRY FREEMAN
SECRETARY
- Total calculated
- $0
- Hours/week
- 2
-
Jeff BowlingJEFF BOWLING
TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
Kaitlyn BrownKAITLYN BROWN
CHAIRWOMAN
- Total calculated
- $0
- Hours/week
- 2
-
Robert CampbellROBERT CAMPBELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Stan WhitehurstSTAN WHITEHURST
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Rick HardyRICK HARDY
VICE-CHAIRMAN
- Total calculated
- $0
- Hours/week
- 2
-
Mike NormanMIKE NORMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Brad HaddockBRAD HADDOCK
PRESIDENT/CEO
- Total calculated
- $213,808
- From this org
- $188,613
- From related orgs
- $0
- Other
- $25,195
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $173,417
- Bonus
- $13,750
- Other
- $1,446
- Deferred
- $9,664
- Nontaxable benefits
- $15,531
- Filer's total
- $213,808
-
Jessica BakerJESSICA BAKER
CFO
- Total calculated
- $130,491
- From this org
- $113,829
- From related orgs
- $0
- Other
- $16,662
- Hours/week
- 40
-
William ParkerWILLIAM PARKER
DIRECTOR OF LENDING
- Total calculated
- $135,010
- From this org
- $118,771
- From related orgs
- $0
- Other
- $16,239
- 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
- 1a · Tax indemnification and gross-up payments
- 1a · Health or social club dues or initiation fees
- 2 · Substantiation required before reimbursing expenses
- 3 · Approval by the board or compensation committee
Answered no
- 1b · Written policy on the line-1a expenses
- 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 CREDIT UNION ALLOWS THE SPOUSES OF ALL BOARD MEMBERS AND SENIOR MANAGEMENT TO ATTEND THE PLANNING SESSION TRIP. THE ONLY TRAVEL EXPENSES PAID ON BEHALF OF THE SPOUSES ARE MEALS. CHRISTMAS BONUSES ARE PROVIDED TO ALL EMPLOYEES AND ARE GROSSED UP TO COVER PAYROLL TAXES.
- PART I, LINE 1B
- THE CREDIT UNION DOES NOT HAVE A WRITTEN REIMBURSEMENT POLICY; HOWEVER, IT DOES REQUIRE AN EXPENSE REPORT WITH SUPPORTING RECEIPTS BEFORE REIMBURSEMENT FOR EXPENSES WILL BE MADE. THE CHRISTMAS BONUSES WERE APPROVED BY THE BOARD PRIOR TO PAYMENT.
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
- 30 October 2023
- IRS schema version
- 2022v5.0
- Source object
- 202303049349300520
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
The source document this was parsed from is served over the API, which is where bulk and document access live.