Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INVESTMENT INCOME

  total $69,734,703 · related or exempt $69,734,703

• 2b · Program service revenue: LOAN INTEREST INCOME-MEMBERS

  total $42,459,261 · related or exempt $42,459,261

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

  total $7,099,142 · related or exempt $6,927,334 · unrelated business $171,808

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $2,510

• 5 · Compensation of officers, directors and key employees

  total $2,954,163

• 7 · Other salaries and wages

  total $10,400,451

• 9 · Other employee benefits

  total $4,327,024

• 10 · Payroll taxes

  total $866,976

• 11b · Fees: legal

  total $71,675

• 11c · Fees: accounting

  total $120,681

• 13 · Office expenses

  total $169,258

• 16 · Occupancy

  total $1,009,681

• 19 · Conferences, conventions and meetings

  total $421,581

• 22 · Depreciation, depletion and amortization

  total $1,235,350

• 23 · Insurance

  total $387,793

• 24a · Other expenses: FEDERAL INCOME TAX

  total $20,000

• 24b · Other expenses: MEMBER SHARE DIVIDENDS

  total $79,036,402

• 24c · Other expenses: DATA PROC, FINANCIAL SV

  total $5,336,224

• 24d · Other expenses: OTHER OPERATING EXPENSE

  total $1,144,112

• 24e · All other expenses

  total $3,249,997

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $364,398 · end of year $849,525

• 2 · Savings and temporary cash investments

  beginning of year $29,653,767 · end of year $5,986,583

• 7 · Other notes and loans receivable

  beginning of year $918,256,693 · end of year $899,428,979

• 9 · Prepaid expenses and deferred charges

  beginning of year $480,061 · end of year $503,030

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

  $39,907,622

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

  $12,742,645

• 10c · Land, buildings and equipment, net

  beginning of year $26,328,237 · end of year $27,164,977

• 13 · Investments: program-related

  beginning of year $2,410,514,088 · end of year $2,395,766,330

• 15 · Other assets

  beginning of year $115,874,825 · end of year $120,557,502

• 17 · Accounts payable and accrued expenses

  beginning of year $23,818,558 · end of year $23,111,147

• 21 · Escrow or custodial account liability

  beginning of year $22,653 · end of year $19,064

• 25 · Other liabilities

  beginning of year $3,264,252,011 · end of year $3,181,615,896

• 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 $213,378,847 · end of year $245,510,819

The filer's explanations (Part III)

PART I, LINE 1A

THE BOARD OF DIRECTORS APPROVES TRAVEL EACH YEAR FOR ANY BOARD MEMBER OR OFFICER OF THE CREDIT UNION AND IF A SPOUSE WILL BE PERMITTED TO TRAVEL.

PART I, LINE 1B

THE BOARD OF DIRECTORS APPROVES TRAVEL EACH YEAR FOR ANY BOARD MEMBER OR OFFICER OF THE CREDIT UNION AND IF A SPOUSE WILL BE PERMITTED TO TRAVEL. ALL EXPENSES ARE REVIEWED BY THE TREASURER AND BOARD CHAIR.

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, LINE 4B

APCO EMPLOYEES CREDIT UNION SPONSORS THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN, ORGINALLY EFFECTIVE AS OF MARCH 1, 2016 AND RESTATED EFFECTIVE MAY 1, 2022. THE CREDIT UNION HAS ESTABLISHED THE PLAN TO ENCOURAGE LONG-TERM EMPLOYMENT WITH THE CREDIT UNION BY KEY MEMBERS OF THE CREDIT UNION'S MANAGEMENT TEAM BY PROVIDING DEFERRED COMPENSATION SUBJECT TO SUBSTANTIAL RISK OF FORFEITURE. THE PLAN IS A NONQUALIFIED DEFERRED COMPENSATION PLAN SUBJECT TO CLIFF VESTING, AND AS SUCH IS INTENDED TO QUALIFY FOR INCOME TAX DEFERRAL UNDER 26 U.S.C. SECTION 457(F). EXECUTIVE UNDER THE TERMS OF THE PLAN MEANS A KEY EMPLOYEE OF THE CREDIT UNION WHOM THE CREDIT UNION SPECIFICALLY DESIGNATES AS A PARTICIPANT OF THE PLAN, WHO IS IN A COVERED POSISTION, WHO QUALIFIES AS A MEMBER OF THE SELECT GROUP OF MANAGEMENT OR HIGHLY COMPENSATED INDIVIDUALS UNDER 29 C.F.R. SECTION 2520.104-24, AND WHO ENTERS INTO A PARTICIPATION AGREEMENT. COVERED POSISTIONS ARE: PRESIDENT, VICE PRESIDENT, ACCOUNTING MANAGER, ADMINISTRATIVE MANAGER, COLLECTION MANAGER, CUSO EXECUTIVE MANAGER, DATA PROCESSING & IT MANAGER, HR MANAGER/GENERAL COUNSEL, LOAN MANAGER, MEMBER SERVICE MANAGER, AND ANY ADDITIONAL POSISTIONS DETERMINED BY THE BOARD OF DIRECTORS. THE EXECUTIVE BECOMES ENTITLED TO THE FULL SERP UPON SEPARATION FROM SERVICE (FOR REASONS OTHER THAN DEATH OR CAUSE) ON OR AFTER THE EXECUTIVE'S 65TH BIRTHDAY. NO BENEFITS ARE PAYABLE UNDER THIS PLAN FOLLOWING THE EXECUTIVE'S DEATH. THE SERP BENEFIT IS THE LIFETIME ANNUITY DESCRIBED IN THE PARTICIPATION AGREEMENT. THE CREDIT UNION MAY VEST THE EXECUTIVE IN A PORTION OF THE SERP BENEFIT BEFORE AN ENTITLEMENT ABOVE. IF THE CREDIT UNION DOES SO, IT WILL DISTRIBUTE A PORTION OF THE SERP BENEFIT CALCULATED TO EQUAL THE INCREASED INCOME TAX BURDEN ON THE EXECUTIVE DUE TO THE VESTING EVENT. THE CREDIT UNION WILL PAY THE REMAINDER OF THE NEWLY VESTED SERP BENEFIT AS ORIGINALLY SCHEDULED. PURSUANT TO THE INSTRUCTIONS FOR FORM 990, AMOUNTS DEFERRED BY THE EMPLOYER UNDER A SECTION 457(F) PLAN, BUT NOT SUBSTANTIALLY VESTED, ARE INCLUDED IN FORM 990 PART VII SECTION A COLUMN (F) AND SCHEDULE J (FORM 990) PART II COLUMN C. ONE PARTICIPANT VESTED IN THE PLAN DURING 2023 AT THE DISCRETION OF THE CREDIT UNION.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• COMMON BOND MORTGAGE LLC

  ORIGINATION, PURCHASE, SALE, BROKERING, AND SERVICING OF MORTGAGES · AL · income $7,547 · assets $652,740

  Directly controlled by APCO CUSO INC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• APCO CUSO INC

  C · FINANCIAL SERVICES · AL · 100% owned · share of assets $670,895 · controlled entity

  Directly controlled by APCO EMPLOYEES CREDIT UNION