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Nonprofiteer
← ALATRUST CREDIT UNION

Form 990 for tax year 2024

Filed by ALATRUST CREDIT UNION.

Totals

Total revenue
$11,426,984
Total expenses
$9,641,597
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$11,426,984
Investment income
$0
Other revenue
$0
Total assets, end of year
$202,055,003
Total liabilities, end of year
$182,764,887
Net assets or fund balances, end of year
$19,290,116
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$9,641,597

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: INTEREST INCOME FROM LOANS TO MEM

    total $6,715,074 · related or exempt $6,715,074

  • 2b · Program service revenue: INVESTMENT INCOME

    total $2,696,359 · related or exempt $2,696,359

  • 2c · Program service revenue: FINANCIAL SERVICE FEES AND OTHER

    total $2,015,551 · related or exempt $1,963,962 · unrelated business $51,589

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $567,326

  • 7 · Other salaries and wages

    total $1,922,379

  • 8 · Pension plan contributions

    total -$77,066

  • 9 · Other employee benefits

    total $243,266

  • 10 · Payroll taxes

    total $158,770

  • 11b · Fees: legal

    total $16,147

  • 11c · Fees: accounting

    total $60,000

  • 12 · Advertising and promotion

    total $373,298

  • 13 · Office expenses

    total $150,029

  • 16 · Occupancy

    total $413,537

  • 17 · Travel

    total $41,992

  • 20 · Interest

    total $403,606

  • 22 · Depreciation, depletion and amortization

    total $225,891

  • 23 · Insurance

    total $48,903

  • 24a · Other expenses: MEMBER SHARE DIVIDENDS

    total $2,815,575

  • 24b · Other expenses: COST OF FINANCIAL SERVI

    total $1,703,617

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $420,000

  • 24d · Other expenses: OTHER OPERATING EXPENSE

    total $147,970

  • 24e · All other expenses

    total $6,357

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,929,907 · end of year $2,111,242

  • 2 · Savings and temporary cash investments

    beginning of year $16,409,968 · end of year $16,037,814

  • 7 · Other notes and loans receivable

    beginning of year $110,274,107 · end of year $110,364,562

  • 9 · Prepaid expenses and deferred charges

    beginning of year $674,850 · end of year $771,271

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

    $7,728,501

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

    $3,340,530

  • 10c · Land, buildings and equipment, net

    beginning of year $4,586,399 · end of year $4,387,971

  • 13 · Investments: program-related

    beginning of year $59,147,289 · end of year $61,275,784

  • 15 · Other assets

    beginning of year $6,312,598 · end of year $7,106,359

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,410,119 · end of year $894,695

  • 21 · Escrow or custodial account liability

    beginning of year $163,188 · end of year $2,810,429

  • 25 · Other liabilities

    beginning of year $181,535,487 · end of year $179,059,763

  • 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 $16,226,324 · end of year $19,290,116

Mission and programs · 2024

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. ALATRUST CREDIT UNION, AN ALABAMA STATE CHARTERED CREDIT UNION, WAS ESTABLISHED TO PROVIDE A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS, WHO ARE EMPLOYEES OF THE PUBLIC SCHOOLS LOCATED IN JEFFERSON, CALHOUN, WALKER, AND TALLADEGA COUNTIES AND THEIR RELATIVES. THE CREDIT UNION'S FIELD OF MEMBERSHIP ALSO INCLUDES SELECTED EMPLOYEE GROUPS AND INDIVIDUALS THAT RESIDE IN THESE COUNTIES. AS OF DECEMBER 31, 2024, THE CREDIT UNION HAD MEMBERSHIP AND PROVIDED SERVICES TO APPROXIMATELY 13,039 MEMBERS.

    Expenses $9,641,597

As filed on the 2024 return.

Listed in Part VII

  • George S Steve Nix

    CEO & BOARD TREASURER

    Total calculated
    $450,257
    From this org
    $367,874
    From related orgs
    $0
    Other
    $82,383
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $324,407
    Bonus
    $43,467
    Other
    $0
    Deferred
    $65,960
    Nontaxable benefits
    $16,423
    Filer's total
    $450,257

  • Dr Bascom Henry Woodward Retired

    FORMER CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Donald Duck

    BOARD CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Phillip Woods Retired

    FORMER VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Martha Wise

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Alvin Washington

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dr Simpson Berry Jr

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Ken Wasmund

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Roberts

    SUPERVISORY COMMITTEE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dr Perry Ward

    SUPERVISORY COMMITTEE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Michelle Crumbley

    ACCOUNTING MANAGER

    Total calculated
    $117,069
    From this org
    $99,667
    From related orgs
    $0
    Other
    $17,402
    Hours/week
    40

  • Shelley McLaughlin

    VP OF ADMINISTRATION

    Total calculated
    $201,556
    From this org
    $164,157
    From related orgs
    $0
    Other
    $37,399
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,466
    Bonus
    $18,074
    Other
    $617
    Deferred
    $15,236
    Nontaxable benefits
    $22,163
    Filer's total
    $201,556

  • Kevin Lott

    LOAN MANAGER

    Total calculated
    $152,053
    From this org
    $118,917
    From related orgs
    $0
    Other
    $33,136
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $107,963
    Bonus
    $10,511
    Other
    $443
    Deferred
    $11,466
    Nontaxable benefits
    $21,670
    Filer's total
    $152,053

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 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

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • THE ALATRUST4U FOUNDATION

    501(C)(3) · TO HELP THOSE IN OUR COMMUNITIES BE FINANCIALLY SMART AND HEALTHY · AL · controlled entity

    Directly controlled by ALATRUST CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
29 May 2025
IRS schema version
2024v5.1
Source object
202521679349300732

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