Form 990 for tax year 2024
Filed by AAC CREDIT UNION.
This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.
What the amendment changed
Compared with the latest return for 2024 , filed 15 May 2025. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.
Both are the same on the two returns, so the amendment changed something else.
Totals
- Total revenue
- $11,850,103
- Total expenses
- $9,587,223
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $9,957,373
- Investment income
- $1,892,730
- Other revenue
- $0
- Total assets, end of year
- $194,938,427
- Total liabilities, end of year
- $149,567,838
- Net assets or fund balances, end of year
- $45,370,589
- Program services expenses (Part IX)
- $0
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- not reported
Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
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: FEES AND CHARGES
total $1,771,698 · related or exempt $1,771,698
-
2b · Program service revenue: INSURANCE REVENUE
total $29,120 · unrelated business $29,120
-
2c · Program service revenue: INTERCHANGE INCOME
total $828,820 · related or exempt $828,820
-
2d · Program service revenue: LOAN INTEREST
total $7,315,861 · related or exempt $7,315,861
-
2e · Program service revenue: NON-MEMBER ATM FEES
total $9,874 · unrelated business $9,874
-
2f · All other program service revenue
total $2,000 · unrelated business $2,000
-
3 · Investment income
total $1,892,730 · related or exempt $1,892,730
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6d · Net rental income or loss
total $0
-
7d · Net gain or loss
total $0
-
8c · Net income from fundraising events
total $0
-
9c · Net income from gaming
total $0
-
10c · Net income from sales of inventory
total $0
-
11e · Other revenue, total
$0
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $541,621
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $2,032,615
-
8 · Pension plan contributions
total $88,629
-
9 · Other employee benefits
total $416,174
-
10 · Payroll taxes
total $187,650
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $0
-
11c · Fees: accounting
total $41,454
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $0
-
12 · Advertising and promotion
total $223,693
-
13 · Office expenses
total $1,232,577
-
14 · Information technology
total $418,322
-
15 · Royalties
total $0
-
16 · Occupancy
total $166,895
-
17 · Travel
total $70,450
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $3,204,566
-
21 · Payments to affiliates
total $15,330
-
22 · Depreciation, depletion and amortization
total $263,313
-
23 · Insurance
total $34,120
-
24a · Other expenses: PRO SERVICE
total $255,003
-
24b · Other expenses: LOAN SERVICING
total $230,988
-
24c · Other expenses: OTHER OPERATING
total $118,031
-
24d · Other expenses: PROV CREDIT LOSSES
total $45,792
-
24e · All other expenses
total $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $779,969 · end of year $821,267
-
2 · Savings and temporary cash investments
beginning of year $27,278,064 · end of year $34,659,597
-
3 · Pledges and grants receivable
end of year $0
-
4 · Accounts receivable
end of year $0
-
5 · Loans and receivables from officers and key people
end of year $0
-
6 · Loans and receivables from disqualified persons
end of year $0
-
7 · Other notes and loans receivable
beginning of year $125,292,990 · end of year $122,035,153
-
8 · Inventories for sale or use
end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $113,400 · end of year $77,706
-
10a · Land, buildings and equipment: cost or other basis
$6,917,570
-
10b · Land, buildings and equipment: accumulated depreciation
$2,509,340
-
10c · Land, buildings and equipment, net
beginning of year $4,630,503 · end of year $4,408,230
-
11 · Investments: publicly traded securities
beginning of year $21,271,665 · end of year $28,079,345
-
12 · Investments: other securities
beginning of year $2,361,765 · end of year $2,470,357
-
13 · Investments: program-related
end of year $0
-
14 · Intangible assets
end of year $0
-
15 · Other assets
beginning of year $2,443,881 · end of year $2,386,772
-
17 · Accounts payable and accrued expenses
beginning of year $1,670,503 · end of year $1,554,088
-
25 · Other liabilities
beginning of year $139,394,025 · end of year $148,013,750
-
31 · Retained earnings, endowment or other funds
beginning of year $43,107,709 · end of year $45,370,589
Mission and programs · 2024
Mission
PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS
-
THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES AND OTHER. THE TOTAL NUMBER OF MEMBERS AT 12/31/24 WAS 14,721.
-
THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREDIT CARD, VEHICLE AND OTHER. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/24 WAS 8,205.
As filed on the 2024 return.
Listed in Part VII
-
Brian TurmellBRIAN TURMELL
CEO
- Total calculated
- $248,632
- From this org
- $213,792
- From related orgs
- $0
- Other
- $34,840
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $202,641
- Bonus
- $11,151
- Other
- not reported
- Deferred
- $17,538
- Nontaxable benefits
- $17,302
- Filer's total
- $248,632
-
Tim KamphuisTIM KAMPHUIS
CFO
- Total calculated
- $152,190
- From this org
- $120,797
- From related orgs
- $0
- Other
- $31,393
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $113,956
- Bonus
- $6,841
- Other
- not reported
- Deferred
- $10,066
- Nontaxable benefits
- $21,327
- Filer's total
- $152,190
-
Velver FullerVELVER FULLER
Vice President
- Total calculated
- $140,799
- From this org
- $114,412
- From related orgs
- $0
- Other
- $26,387
- Hours/week
- 40
-
Thane BardenTHANE BARDEN
Chairman
- Total calculated
- $0
- Hours/week
- 1
-
Kenneth HoweKENNETH HOWE
Director
- Total calculated
- $0
- Hours/week
- 1
-
Dave KremmDAVE KREMM
Treasurer
- Total calculated
- $0
- Hours/week
- 1
-
Dennis ZiomkowskyDENNIS ZIOMKOWSKY
Secretary
- Total calculated
- $0
- Hours/week
- 1
-
Gordon JeltemaGORDON JELTEMA
Director
- Total calculated
- $0
- Hours/week
- 1
-
Jim OndersmaJIM ONDERSMA
Director
- Total calculated
- $0
- Hours/week
- 1
-
Russ HowerRUSS HOWER
Director
- Total calculated
- $0
- Hours/week
- 1
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 · Form 990 of other organizations
- 3 · Written employment contract
- 3 · Approval by the board or compensation committee
- 4b · Supplemental nonqualified retirement plan
Answered no
- 4a · Severance or change-of-control payment
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- Part II, Compensation from Unrelated Organizations
- THE CREDIT UNION HAS PURCHASED A LIFE INSURANCE POLICY CUNA WHERE THE CU IS THE SOLE AND ABSOLUTE OWNER. THE POLICY IS IN EXISTANCE AS A VEHICLE TO PAY FOR CEO 457F BENEFITS AND FOR THE CEO'S FAMILY UPON HIS DEATH. PER CONTRACT, THE CREDIT UNION HAS THE RIGHT TO RECIEVE THE SUM OF ALL PREMIUM PAYMENTS MADE. TOTAL PREMIUMS EQUAL $300,000 AS OF DECEMBER 31, 2022. THE CREDIT UNION INTENDS TO HOLD UNTIL THE DEATH OF THE CEO IN WHICH CU IS ENTITLED TO THE $300,000 PREMIUMS PAID. APPRECIATION OF INCOME OF THE POLICY IS TO BE PAID TO THE CEO IN THE FORM OF A 457F. THE RIGHT OF FORFEITURE PASSES ONCE THE CEO REACHES 62 YEARS OLD.
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
- 2024
- Filed
- 28 March 2025
- IRS schema version
- 2024v5.1
- Source object
- 202540879349300424
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