Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INVESTMENT INCOME

  total $51,425,568 · related or exempt $51,425,568

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

  total $29,947,518 · related or exempt $29,947,518

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

  total $7,242,291 · related or exempt $6,980,951 · unrelated business $261,340

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $21,286

• 5 · Compensation of officers, directors and key employees

  total $1,713,089

• 7 · Other salaries and wages

  total $8,033,821

• 9 · Other employee benefits

  total $3,932,311

• 10 · Payroll taxes

  total $652,174

• 11b · Fees: legal

  total $5,102

• 11c · Fees: accounting

  total $104,961

• 13 · Office expenses

  total $158,692

• 16 · Occupancy

  total $677,719

• 19 · Conferences, conventions and meetings

  total $253,673

• 22 · Depreciation, depletion and amortization

  total $1,110,105

• 23 · Insurance

  total $280,125

• 24a · Other expenses: FEDERAL INCOME TAX

  total $6,384

• 24b · Other expenses: MEMBER SHARE DIVIDENDS

  total $38,900,953

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

  total $3,973,861

• 24d · Other expenses: LOAN SERVICING EXPENSE

  total $673,796

• 24e · All other expenses

  total $1,912,940

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $80,350 · end of year $13,701

• 2 · Savings and temporary cash investments

  beginning of year $356,002,161 · end of year $76,825,822

• 7 · Other notes and loans receivable

  beginning of year $747,818,706 · end of year $811,116,465

• 9 · Prepaid expenses and deferred charges

  beginning of year $354,603 · end of year $534,574

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

  $36,661,356

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

  $10,454,403

• 10c · Land, buildings and equipment, net

  beginning of year $25,330,851 · end of year $26,206,953

• 13 · Investments: program-related

  beginning of year $2,458,181,265 · end of year $2,394,994,997

• 15 · Other assets

  beginning of year $93,775,116 · end of year $110,697,026

• 17 · Accounts payable and accrued expenses

  beginning of year $17,975,323 · end of year $18,686,210

• 21 · Escrow or custodial account liability

  beginning of year $17,499 · end of year $21,981

• 25 · Other liabilities

  beginning of year $3,286,264,718 · end of year $3,270,176,544

• 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 $377,285,512 · end of year $131,504,803

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

THE CREDIT UNION SPONSORS THE APCO EMPLOYEES CREDIT UNION EXECUTIVE PLAN. THE PLAN IS AN AGREEMENT BETWEEN THE CREDIT UNION AND SELECTED MEMBERS OF MANAGEMENT AND IS CONSIDERED A NON-QUALIFIED AND UN-FUNDED ARRANGEMENT MAINTAINED PRIMARILY TO PROVIDE SUPPLEMENTAL RETIREMENT BENEFITS FOR THE MEMBERS OF MANAGEMENT. THE KEY POSITIONS ELIGIBLE FOR THE SERP PLAN ARE THE PRESIDENT, VICE PRESIDENT(S), ADMINISTRATIVE MANAGER, COLLECTION MANAGER, COMPTROLLER, CUSO EXECUTIVE MANAGER, DATA PROCESSING & IT MANAGER, HR MANAGER, LOAN MANAGER AND MEMBER SERVICE MANAGER. THE PLAN EMPLOYS 100% CLIFF VESTING, WITH PARTICIPANTS REMAINING UNVESTED UNTIL ATTAINMENT OF AGE 65, WITH CERTAIN EXCEPTIONS FOR DISABILITY, ETC. PARTICIPANTS MUST RETIRE OR RESIGN BY THE FIRST DAY OF THE FOLLOWING MONTH AFTER ATTAINMENT OF AGE 65 TO QUALIFY FOR BENEFITS. HOWEVER, THE CREDIT UNION DOES NOT REQUIRE MANDATORY RETIREMENT OR RESIGNATION FROM EMPLOYMENT OF PARTICIPANTS WHO ARE NOT BONA FIDE EXECUTIVES OR HIGH POLICYMAKING EMPLOYEES FOR WHOM MANDATORY RETIREMENT CANNOT LEGALLY BE REQUIRED UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT AND SPECIFICALLY 29 C.F.R. SECTION 1625.12. SUCH INDIVIDUALS DO NOT HAVE TO RETIRE OR RESIGN AT SUCH AGE BUT THEY WILL NOT BE ENTITLED TO PARTICIPATE IN THE SERP BENEFIT UNTIL THE EMPLOYEE RETIRES. THE FULL VALUE OF A PARTICIPANT'S RETIREMENT BENEFIT IS INCLUDED IN THEIR REPORTABLE COMPENSATION ON FORM W-2 FOR THE YEAR IN WHICH THEY VEST, WHETHER OR NOT THE DISTRIBUTION IS PAID OUT DURING THAT YEAR. 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. NO PARTICIPANTS IN THIS PLAN VESTED DURING 2022.

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 $20,439 · assets $1,653,429

  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 $818,681 · controlled entity

  Directly controlled by APCO EMPLOYEES CREDIT UNION