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Nonprofiteer
← WINSOUTH CREDIT UNION

Form 990 for tax year 2024

Filed by WINSOUTH CREDIT UNION.

Totals

Total revenue
$26,739,338
Total expenses
$24,150,505
Contributions and grants received
$0
Grants paid
$11,000
Program service revenue
$15,698,354
Investment income
$3,327,838
Other revenue
$7,713,146
Total assets, end of year
$440,950,957
Total liabilities, end of year
$415,184,560
Net assets or fund balances, end of year
$25,766,397
Program services expenses (Part IX)
$24,150,505
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 100.0% 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: INTEREST ON LOANS

    total $15,698,354 · related or exempt $15,698,354

  • 4 · Income from investment of tax-exempt bond proceeds

    total $3,381,973 · related or exempt $3,381,973

  • 7a · Gross sales of assets other than inventory

    securities $1,953,500 · other assets $40,500

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

    securities $2,000,000 · other assets $48,135

  • 7c · Gain or loss

    securities -$46,500 · other assets -$7,635

  • 7d · Net gain or loss

    total -$54,135 · related or exempt -$54,135

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

    total $3,940,318 · related or exempt $3,869,093 · unrelated business $71,225

  • 11b · Other revenue: INTERCHANGE INCOME

    total $3,413,452 · related or exempt $3,413,452

  • 11c · Other revenue: OTHER INCOME

    total $359,376 · related or exempt $359,376

  • 11e · Other revenue, total

    $7,713,146

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $11,000 · program services $11,000

  • 5 · Compensation of officers, directors and key employees

    total $1,163,816 · program services $1,163,816

  • 7 · Other salaries and wages

    total $4,054,337 · program services $4,054,337

  • 9 · Other employee benefits

    total $1,714,116 · program services $1,714,116

  • 10 · Payroll taxes

    total $392,899 · program services $392,899

  • 11b · Fees: legal

    total $234,829 · program services $234,829

  • 11c · Fees: accounting

    total $99,665 · program services $99,665

  • 11g · Fees: other

    total $661,317 · program services $661,317

  • 12 · Advertising and promotion

    total $744,659 · program services $744,659

  • 13 · Office expenses

    total $629,692 · program services $629,692

  • 16 · Occupancy

    total $362,211 · program services $362,211

  • 17 · Travel

    total $233,351 · program services $233,351

  • 19 · Conferences, conventions and meetings

    total $15,000 · program services $15,000

  • 20 · Interest

    total $6,619,282 · program services $6,619,282

  • 22 · Depreciation, depletion and amortization

    total $339,794 · program services $339,794

  • 23 · Insurance

    total $119,458 · program services $119,458

  • 24a · Other expenses: DEBIT AND CREDIT CARD E

    total $2,570,108 · program services $2,570,108

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $1,494,770 · program services $1,494,770

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $1,363,300 · program services $1,363,300

  • 24d · Other expenses: OTHER PROCESSING EXPENS

    total $484,369 · program services $484,369

  • 24e · All other expenses

    total $842,532 · program services $842,532

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,259,173 · end of year $5,266,500

  • 2 · Savings and temporary cash investments

    beginning of year $4,388,175 · end of year $51,435,331

  • 4 · Accounts receivable

    beginning of year $10,986 · end of year $20,724

  • 7 · Other notes and loans receivable

    beginning of year $270,026,050 · end of year $275,404,382

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,096,309 · end of year $942,702

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

    $13,879,980

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

    $7,976,143

  • 10c · Land, buildings and equipment, net

    beginning of year $5,964,366 · end of year $5,903,837

  • 11 · Investments: publicly traded securities

    beginning of year $93,378,252 · end of year $86,820,194

  • 12 · Investments: other securities

    beginning of year $1,438,000 · end of year $1,188,300

  • 15 · Other assets

    beginning of year $12,070,850 · end of year $13,968,987

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,407,388 · end of year $1,473,446

  • 25 · Other liabilities

    beginning of year $361,128,144 · end of year $413,711,114

  • 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 $20,096,629 · end of year $25,766,397

Mission and programs · 2024

Mission

TO ENCOURAGE THRIFT, CREATE A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDE OPPORTUNITIES FOR ITS MEMBERS TO CONTROL THEIR OWN MONEY IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION.

Activities or mission (Part I)

TO PROVIDE THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS.

  • ALABAMA BANKING CODE, SECTION 5-17-1, STATES THAT A CREDIT UNION IS A COOPERATIVE SOCIETY INCORPORATED FOR THE TWOFOLD PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS AND CREATING A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. WINSOUTH CREDIT UNION IS A VOLUNTARY, COOPERATIVE, NONPROFIT FINANCIAL INSTITUION. ITS PRIMARY PURPOSE IS TO ENCOURAGE THRIFT, CREATE A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDE OPPORTUNITIES FOR ITS MEMBERS TO CONTROL THEIR OWN MONEY IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. THE CREDIT UNION STRIVES TO ACHIEVE ITS PURPOSE BY CONDUCTING ANY BUSINESS, ENGAGING IN ANY ACTIVITY, AND PROVIDING ANY SERVICE THAT MAY BENEFIT ITS MEMBERS, SUBJECT TO THE ALABAMA CREDIT UNION ACT AND THE RULES AND REGULATIONS ADOPTED THEREUNDER BY THE ALABAMA CREDIT UNION ADMINISTRATION. AS OF DECEMBER 31, 2024 THE CREDIT UNION PROVIDED SERVICES TO 39,534 MEMBERS.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Gary Kennedy

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Don Smith

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Ronald Patrick

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Charles Atchley

    SECRETARY (DECEASED 12/20/24)

    Total calculated
    $0
    Hours/week
    2

  • Cory Skelton

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • David Eubanks

    CEO/PRESIDENT

    Total calculated
    $290,637
    From this org
    $271,394
    From related orgs
    $0
    Other
    $19,243
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $271,394
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $19,243
    Filer's total
    $290,637

  • Nathan Clough

    COO

    Total calculated
    $172,017
    From this org
    $150,190
    From related orgs
    $0
    Other
    $21,827
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,190
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $21,827
    Filer's total
    $172,017

  • Kelly Whisenant

    COMPTROLLER

    Total calculated
    $147,225
    From this org
    $132,913
    From related orgs
    $0
    Other
    $14,312
    Hours/week
    40

  • Traci Higgins

    CFO

    Total calculated
    $155,114
    From this org
    $133,737
    From related orgs
    $0
    Other
    $21,377
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,737
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $21,377
    Filer's total
    $155,114

  • Mark Shaddix

    DIRECTOR OF LENDING

    Total calculated
    $150,035
    From this org
    $128,423
    From related orgs
    $0
    Other
    $21,612
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,423
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $21,612
    Filer's total
    $150,035

  • Rachael Lee

    DIRECTOR OF HR

    Total calculated
    $134,860
    From this org
    $116,567
    From related orgs
    $0
    Other
    $18,293
    Hours/week
    40

  • Giorgio Torregrosa

    CTO

    Total calculated
    $113,928
    From this org
    $95,881
    From related orgs
    $0
    Other
    $18,047
    Hours/week
    40

  • Keith Sills

    CONSUMER LENDING

    Total calculated
    $113,922
    From this org
    $104,547
    From related orgs
    $0
    Other
    $9,375
    Hours/week
    40

  • Scotty Wilson

    COMM/MORTGAGE MANAGER

    Total calculated
    $117,575
    From this org
    $108,131
    From related orgs
    $0
    Other
    $9,444
    Hours/week
    40

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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Approval by the board or compensation committee

Answered no

  • 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
2024
Filed
8 May 2025
IRS schema version
2024v5.1
Source object
202521339349309112

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