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Nonprofiteer
← Assemblies of God Credit Union

Form 990 for tax year 2023

Filed by Assemblies of God Credit Union.

Totals

Total revenue
$22,685,471
Total expenses
$19,440,373
Contributions and grants received
$0
Grants paid
$370,000
Program service revenue
$21,504,655
Investment income
$1,180,816
Other revenue
$0
Total assets, end of year
$430,094,580
Total liabilities, end of year
$399,781,139
Net assets or fund balances, end of year
$30,313,441
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

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 $17,291,741 · related or exempt $17,291,741

  • 2b · Program service revenue: Mortgage Banking Revenues

    total $1,391,610 · related or exempt $1,391,610

  • 2c · Program service revenue: Card Interchange Fees

    total $1,196,447 · related or exempt $1,196,447

  • 2d · Program service revenue: Services Charges on Member Account

    total $1,162,274 · related or exempt $1,162,274

  • 2e · Program service revenue: Insurance Income & Commissions

    total $356,865 · related or exempt $356,865

  • 2f · All other program service revenue

    total $105,718 · related or exempt $105,718 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $1,178,721 · excluded $1,178,721

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    other assets $2,095

  • 7c · Gain or loss

    securities $0 · other assets $2,095

  • 7d · Net gain or loss

    total $2,095 · excluded $2,095

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $370,000

  • 5 · Compensation of officers, directors and key employees

    total $1,162,900

  • 7 · Other salaries and wages

    total $3,129,517

  • 9 · Other employee benefits

    total $1,028,945

  • 10 · Payroll taxes

    total $316,922

  • 11b · Fees: legal

    total $29,562

  • 11c · Fees: accounting

    total $40,530

  • 11g · Fees: other

    total $157,472

  • 12 · Advertising and promotion

    total $438,240

  • 13 · Office expenses

    total $435,724

  • 14 · Information technology

    total $471,717

  • 16 · Occupancy

    total $508,806

  • 17 · Travel

    total $10,480

  • 19 · Conferences, conventions and meetings

    total $97,283

  • 20 · Interest

    total $4,563,382

  • 22 · Depreciation, depletion and amortization

    total $300,027

  • 24a · Other expenses: Member Dividend

    total $3,770,098

  • 24b · Other expenses: Loan Fees & Collection

    total $897,249

  • 24c · Other expenses: Debit Card Expenses

    total $871,595

  • 24d · Other expenses: Other Expenses

    total $231,578

  • 24e · All other expenses

    total $608,346

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,083,196 · end of year $23,205,283

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $319,614,823 · end of year $360,873,072

  • 9 · Prepaid expenses and deferred charges

    beginning of year $982,509 · end of year $1,059,548

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

    $14,008,631

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

    $7,845,332

  • 10c · Land, buildings and equipment, net

    beginning of year $5,702,888 · end of year $6,163,299

  • 11 · Investments: publicly traded securities

    beginning of year $29,174,222 · end of year $26,517,839

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $3,582,233 · end of year $8,694,250

  • 15 · Other assets

    beginning of year $5,914,569 · end of year $3,581,289

  • 17 · Accounts payable and accrued expenses

    beginning of year $68,531,884 · end of year $81,502,607

  • 19 · Deferred revenue

    beginning of year $1,762 · end of year $350,000

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $273,495,630 · end of year $317,928,532

  • 31 · Retained earnings, endowment or other funds

    beginning of year $27,025,164 · end of year $30,313,441

Mission and programs · 2023

Mission

TO PROVIDE QUALITY, EFFICIENT AND PROFESSIONAL SERVICES TO MEET OUR MEMBERS' FINANCIAL NEEDS.

  • VOLUNTARY, COOPERATIVE, NONPROFIT SAVINGS INSTITUTION WHICH ENCOURAGES THRIFT AMONG APPROXIMATELY 20,000 MEMBERS BY PROVIDING CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST AND PROVIDING AN OPPORTUNITY TO IMPROVE THEIR ECONOMIC CONDITION.

As filed on the 2023 return.

Listed in Part VII

  • Angela Myers

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Bill Perkin

    BOARD TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Jacob McLauchin

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Rick Waggoner

    BOARD CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Lance Clouse

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Michael Cooper

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Robert Miller

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Bruce Webb

    PRESIDENT

    Total calculated
    $379,164
    From this org
    $344,124
    From related orgs
    $0
    Other
    $35,040
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $200,476
    Bonus
    $117,942
    Other
    $25,706
    Deferred
    $19,800
    Nontaxable benefits
    $15,240
    Filer's total
    $379,164

  • Jacquelyn Lawhon

    DIRECTOR OF FINANCE & OPERATIONS

    Total calculated
    $177,701
    From this org
    $158,439
    From related orgs
    $0
    Other
    $19,262
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $113,722
    Bonus
    $35,955
    Other
    $8,762
    Deferred
    $6,764
    Nontaxable benefits
    $12,498
    Filer's total
    $177,701

  • Jason Lister

    DIRECTOR OF MORTGAGE LENDING

    Total calculated
    $398,931
    From this org
    $360,416
    From related orgs
    $0
    Other
    $38,515
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $335,293
    Bonus
    $21,623
    Other
    $3,500
    Deferred
    $17,042
    Nontaxable benefits
    $21,473
    Filer's total
    $398,931

  • Jeff Birdsell

    VP SENIOR COMMERCIAL LENDER

    Total calculated
    $207,104
    From this org
    $174,609
    From related orgs
    $0
    Other
    $32,495
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,270
    Bonus
    $28,227
    Other
    $10,112
    Deferred
    $10,191
    Nontaxable benefits
    $22,304
    Filer's total
    $207,104

  • Brenton Illum

    MORTGAGE LOAN OFFICER

    Total calculated
    $200,167
    From this org
    $178,096
    From related orgs
    $0
    Other
    $22,071
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,677
    Bonus
    $2,275
    Other
    $144
    Deferred
    $9,312
    Nontaxable benefits
    $12,759
    Filer's total
    $200,167

  • Farrah Hill

    MORTGAGE LOAN ASSOCIATE

    Total calculated
    $161,252
    From this org
    $146,845
    From related orgs
    $0
    Other
    $14,407
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,030
    Bonus
    $5,575
    Other
    $3,240
    Deferred
    $7,328
    Nontaxable benefits
    $7,079
    Filer's total
    $161,252

  • Mitchell Swanson

    DIRECTOR OF UNDERWRITING AND QUALITY CONTROL

    Total calculated
    $403,342
    From this org
    $379,071
    From related orgs
    $0
    Other
    $24,271
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $350,268
    Bonus
    $23,092
    Other
    $5,711
    Deferred
    $2,600
    Nontaxable benefits
    $21,671
    Filer's total
    $403,342

  • Randall Bettis

    DIRECTOR OF MEMBER EXPERIENCE & COMPLIANCE

    Total calculated
    $164,928
    From this org
    $151,309
    From related orgs
    $0
    Other
    $13,619
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $117,950
    Bonus
    $25,780
    Other
    $7,579
    Deferred
    $5,802
    Nontaxable benefits
    $7,817
    Filer's total
    $164,928

  • Terry Barksdale

    VP COMMERCIAL LENDER

    Total calculated
    $130,212
    From this org
    $115,477
    From related orgs
    $0
    Other
    $14,735
    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

  • 3 · Compensation committee
  • 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

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

  • INTRUSTUS

    INSURANCE · MO · income $320,820 · assets $66,875

    Directly controlled by ASSEMBLIES OF GOD CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202423209349308142

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