Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS TO MEMBERS

  total $18,789,568 · related or exempt $18,789,568

• 2b · Program service revenue: FINANCIAL SERVICE FEE AND OTHER I

  total $6,682,123 · related or exempt $6,631,844 · unrelated business $50,279

• 2c · Program service revenue: INVESTMENT INCOME

  total $2,836,433 · related or exempt $2,836,433

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $110,865

• 2 · Grants to domestic individuals

  total $24,000

• 5 · Compensation of officers, directors and key employees

  total $1,681,953

• 7 · Other salaries and wages

  total $4,689,979

• 8 · Pension plan contributions

  total $512,857

• 9 · Other employee benefits

  total $1,350,995

• 10 · Payroll taxes

  total $439,960

• 11b · Fees: legal

  total $135,793

• 11c · Fees: accounting

  total $226,758

• 12 · Advertising and promotion

  total $512,366

• 13 · Office expenses

  total $41,687

• 16 · Occupancy

  total $705,612

• 19 · Conferences, conventions and meetings

  total $180,549

• 22 · Depreciation, depletion and amortization

  total $539,433

• 24a · Other expenses: DIVIDENDS AND INTEREST

  total $6,071,671

• 24b · Other expenses: FINANCIAL SERVICE FEES

  total $4,503,524

• 24c · Other expenses: OPERATION EXPENSES

  total $983,385

• 24d · Other expenses: PROVISION FOR LOAN LOSS

  total $701,500

• 24e · All other expenses

  total $674,830

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,286,237 · end of year $2,603,939

• 2 · Savings and temporary cash investments

  beginning of year $8,880,413 · end of year $30,188,108

• 7 · Other notes and loans receivable

  beginning of year $371,312,947 · end of year $401,322,143

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

  $16,289,631

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

  $6,533,556

• 10c · Land, buildings and equipment, net

  beginning of year $8,822,800 · end of year $9,756,075

• 13 · Investments: program-related

  beginning of year $80,984,549 · end of year $79,763,469

• 15 · Other assets

  beginning of year $6,913,493 · end of year $7,736,140

• 17 · Accounts payable and accrued expenses

  beginning of year $3,507,094 · end of year $4,674,998

• 21 · Escrow or custodial account liability

  beginning of year $188,256 · end of year $171,578

• 25 · Other liabilities

  beginning of year $433,155,689 · end of year $477,515,018

• 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 $42,349,400 · end of year $49,008,280

The filer's explanations (Part III)

PART I, LINE 1A

SPOUSES ARE ALLOWED TO ACCOMPANY ALL OF THE CREDIT UNION'S EMPLOYEES AND DIRECTORS WHEN SUCH PERSONS TRAVEL TO CONFERENCES OR TRAINING. THE SPOUSES' ATTENDANCE WAS NOT FOR A BONA FIDE BUSINESS PURPOSE. THIS BENEFIT IS TREATED AS TAXABLE COMPENSATION TO THE SPOUSE, AND THE CREDIT UNION ISSUES A 1099-MISC TO THE SPOUSE IF THE BENEFIT EXCEEDS APPLICABLE IRS REPORTING THRESHOLDS.

PART I, LINE 3

COMPENSATION FOR THE CREDIT UNION'S CEO IS REVIEWED BY THE BOARD OF DIRECTORS. TO DETERMINE THE CEO'S SALARY, THE BOARD CONSIDERS, AMONG OTHER THINGS, PUBLISHED PEER SALARY GUIDE/DATA AND THE CREDIT UNION'S FINANCIAL CONDITION AND RESULTS OF OPERATIONS. THE CEO SETS ALL OTHER MANAGEMENT AND EMPLOYEE SALARIES BASED ON SIMILAR GUIDELINES.

PART I, LINE 4B

THE CREDIT UNION ESTABLISHED ALABAMA TEACHERS CREDIT UNION 457(B) AND (F) PLANS. THE 457(B) PLAN WAS INTENTED TO BE AN ELIGIBLE DEFERRED COMPENSATION PLAN UNDER SECTION 457(B) OF THE INTERNAL REVENUE CODE. THE 457(F) PLAN WAS INTENDED TO BE INELIGIBLE DEFERRED COMPENSATION PLANS UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. THESE PLANS WERE AGREEMENTS BETWEEN THE CREDIT UNION AND THE CREDIT UNION'S PRESIDENT/CEO ("PLAN PARTICIPANT"). SUBJECT TO THE PROVISIONS OF THE PLANS, THE CREDIT UNION SET ASIDE FUNDS ("EMPLOYER FUND") TO BE INVESTED AT THE DIRECTION OF THE PLAN PARTICIPANT. ON SPECIFIED MEASUREMENT DATES OF THE EMPLOYER FUND, TO THE EXTENT THE EMPLOYER FUND HAD EARNINGS, AN AMOUNT EQUAL TO THE MAXIMUM PERMISSIBLE CONTRIBUTION FOR THE PLAN PARTICIPANT WAS TRANSFERRED TO THE ALABAMA TEACHERS CREDIT UNION 457(F)/(B) PLANS. BOTH PLANS WERE TERMINATED EFFECTIVE MAY 29, 2023, AND THE AMOUNTS DUE TO THE CREDIT UNION'S PRESIDENT/CEO WILL BE AVAILABLE FOR DISTRIBUTION UPON THE PLAN PARTICIPANT'S SEVERANCE OF EMPLOYMENT.