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Nonprofiteer
← ALABAMA STATE EMPLOYEES CREDIT UNION

Form 990 for tax year 2022

Filed by ALABAMA STATE EMPLOYEES CREDIT UNION.

Totals

Total revenue
$23,220,315
Total expenses
$19,643,903
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$13,110,730
Investment income
$2,554,138
Other revenue
$7,555,447
Total assets, end of year
$417,583,945
Total liabilities, end of year
$384,560,907
Net assets or fund balances, end of year
$33,023,038
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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 $13,110,730 · related or exempt $13,110,730

  • 3 · Investment income

    total $2,509,123 · excluded $2,509,123

  • 7a · Gross sales of assets other than inventory

    securities $1,176,568

  • 7b · Less cost or other basis and sales expenses

    securities $1,131,553

  • 7c · Gain or loss

    securities $45,015

  • 7d · Net gain or loss

    total $45,015 · excluded $45,015

  • 11a · Other revenue: SERVICE FEES & OTHER INCOME

    total $7,555,447 · related or exempt $7,555,447

  • 11e · Other revenue, total

    $7,555,447

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $489,074

  • 7 · Other salaries and wages

    total $6,632,447

  • 8 · Pension plan contributions

    total $90,323

  • 9 · Other employee benefits

    total $922,757

  • 10 · Payroll taxes

    total $525,991

  • 11b · Fees: legal

    total $24,878

  • 11c · Fees: accounting

    total $53,900

  • 11g · Fees: other

    total $372,625

  • 12 · Advertising and promotion

    total $770,029

  • 13 · Office expenses

    total $404,245

  • 14 · Information technology

    total $1,410,469

  • 16 · Occupancy

    total $597,474

  • 17 · Travel

    total $134,122

  • 19 · Conferences, conventions and meetings

    total $23,995

  • 20 · Interest

    total $1,571,662

  • 22 · Depreciation, depletion and amortization

    total $799,784

  • 23 · Insurance

    total $104,302

  • 24a · Other expenses: LOAN SERVICING

    total $1,320,291

  • 24b · Other expenses: DEBIT CARD EXPENSES

    total $1,155,983

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $1,134,549

  • 24d · Other expenses: CREDIT CARD EXPENSES

    total $223,167

  • 24e · All other expenses

    total $881,836

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,454,260 · end of year $5,068,453

  • 2 · Savings and temporary cash investments

    beginning of year $105,972,852 · end of year $47,105,807

  • 4 · Accounts receivable

    beginning of year $347,499 · end of year $1,228,615

  • 5 · Loans and receivables from officers and key people

    beginning of year $1,100,000 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $223,322,044 · end of year $258,704,052

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,912,535 · end of year $5,706,030

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

    $19,420,672

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

    $9,584,324

  • 10c · Land, buildings and equipment, net

    beginning of year $10,068,455 · end of year $9,836,348

  • 11 · Investments: publicly traded securities

    beginning of year $66,919,415 · end of year $77,452,024

  • 12 · Investments: other securities

    beginning of year $1,685,700 · end of year $1,457,200

  • 15 · Other assets

    beginning of year $10,254,882 · end of year $11,025,416

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,788,989 · end of year $2,379,382

  • 25 · Other liabilities

    beginning of year $394,981,869 · end of year $382,181,525

  • 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 $37,266,784 · end of year $33,023,038

Mission and programs · 2022

Mission

THE CREDIT UNION'S MISSION IS TO PROMOTE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. THE CREDIT UNION SERVES MEMBERS IN THE MONTGOMERY, ALABAMA AREA AND SURROUNDING COUNTIES. THE TOTAL NUMBER OF MEMBERS IS IN EXCESS OF 44,000.

Activities or mission (Part I)

PROVIDING FINANCIAL SERVICES TO OUR MEMBERSHIP.

  • IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, AND SHARE CERTIFICATES ACCOUNTS AS WELL AS IRA SAVINGS.

  • TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, THE CREDIT UNION PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER AND MORTGAGE LENDING PRODUCTS AT COMPETITIVE RATES OF INTEREST.

  • THE CREDIT UNION OFFERS FINANCIAL SERVICES TO THE BENEFIT OF OUR MEMBERS WHICH INCLUDE: INTERNET BANKING, ONLINE BILLPAY AND SERVICE CENTER LOCATIONS.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Alesia Dooley

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Kenneth Blankenship

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Perry Taylor

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Carol J Preston

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • John P Gray

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • John T Gray

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bobby Bryan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tim Hatch

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sharon Mills

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Mike Hart

    CEO

    Total calculated
    $245,589
    From this org
    $224,730
    From related orgs
    $0
    Other
    $20,859
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,841
    Bonus
    $10,000
    Other
    $48,889
    Deferred
    $8,771
    Nontaxable benefits
    $12,088
    Filer's total
    $245,589

  • Jason Dean

    CEO

    Total calculated
    $243,484
    From this org
    $212,933
    From related orgs
    $0
    Other
    $30,551
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,823
    Bonus
    $34,000
    Other
    $2,110
    Deferred
    $14,389
    Nontaxable benefits
    $16,162
    Filer's total
    $243,484

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

  • 1a · Travel for companions
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

Answered no

  • 1b · Written policy on the line-1a expenses
  • 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.

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202313199349312661

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