Form 990 for tax year 2024
Filed by LAUDERDALE COUNTY TEACHERS CREDIT UNION.
Totals
- Total revenue
- $1,484,832
- Total expenses
- $1,199,726
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $1,484,832
- Investment income
- $0
- Other revenue
- $0
- Total assets, end of year
- $35,739,390
- Total liabilities, end of year
- $31,593,472
- Net assets or fund balances, end of year
- $4,145,918
- 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: INVESTMENT INCOME
total $731,161 · related or exempt $731,161
-
2b · Program service revenue: INTEREST ON MEMBER LOA
total $648,832 · related or exempt $648,832
-
2c · Program service revenue: FINANCIAL SERVICE FEES
total $104,839 · related or exempt $100,251 · unrelated business $4,588
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $101,649
-
7 · Other salaries and wages
total $181,488
-
8 · Pension plan contributions
total $29,259
-
9 · Other employee benefits
total $78,291
-
10 · Payroll taxes
total $22,243
-
11b · Fees: legal
total $50
-
11c · Fees: accounting
total $28,667
-
12 · Advertising and promotion
total $26,597
-
13 · Office expenses
total $115,450
-
16 · Occupancy
total $40,097
-
17 · Travel
total $2,423
-
19 · Conferences, conventions and meetings
total $1,766
-
20 · Interest
total $16
-
22 · Depreciation, depletion and amortization
total $29,120
-
23 · Insurance
total $23,953
-
24a · Other expenses: MEMBER DIVIDEND EXPENSE
total $420,085
-
24b · Other expenses: PROFESSIONAL & OUTSIDE
total $69,949
-
24c · Other expenses: ANNUAL FEES
total $19,528
-
24d · Other expenses: LOAN SERVICING
total $9,095
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $226,204 · end of year $277,979
-
2 · Savings and temporary cash investments
beginning of year $4,105,027 · end of year $3,949,674
-
7 · Other notes and loans receivable
beginning of year $13,410,519 · end of year $12,706,918
-
9 · Prepaid expenses and deferred charges
beginning of year $45,229 · end of year $54,313
-
10a · Land, buildings and equipment: cost or other basis
$980,389
-
10b · Land, buildings and equipment: accumulated depreciation
$805,253
-
10c · Land, buildings and equipment, net
beginning of year $178,156 · end of year $175,136
-
13 · Investments: program-related
beginning of year $18,056,513 · end of year $18,156,513
-
15 · Other assets
beginning of year $406,938 · end of year $418,857
-
17 · Accounts payable and accrued expenses
beginning of year $379,686 · end of year $282,287
-
25 · Other liabilities
beginning of year $32,188,088 · end of year $31,311,185
-
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 $3,860,812 · end of year $4,145,918
Mission and programs · 2024
Mission
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.
Activities or mission (Part I)
COOPERATIVE CREDIT UNION
-
CODE OF ALABAMA, SEC 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. LAUDERDALE COUNTY TEACHERS CREDIT UNION, AN ALABAMA STATE CHARTERED CREDIT UNION, WAS ESTABLISHED TO PROVIDE THESE SERVICES PRIMARILY TO EMPLOYEES AND FAMILY MEMBERS OF THE LAUDERDALE COUNTY SCHOOL SYSTEM. AS OF DECEMBER 31, 2024, THE CREDIT UNION HAD MEMBERSHIP AND PROVIDED SERVICES TO APPROXIMATELY 2,077 MEMBERS.
As filed on the 2024 return.
Listed in Part VII
-
Robert Alan TrimmROBERT ALAN TRIMM
BOARD CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Betty FanninBETTY FANNIN
BOARD TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Freda Coleman-ReedFREDA COLEMAN-REED
BOARD VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Libby JohnsonLIBBY JOHNSON
SUPERVISORY COMMITTEE SECR
- Total calculated
- $0
- Hours/week
- 1
-
Arthur ReedARTHUR REED
SUPERVISORY COMMITTEE MEMB
- Total calculated
- $0
- Hours/week
- 1
-
Linda QuigleyLINDA QUIGLEY
BOARD SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
William Randy FanninWILLIAM RANDY FANNIN
SUPERVISORY COMMITTEE CHAI
- Total calculated
- $0
- Hours/week
- 1
-
Patricia NealPATRICIA NEAL
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Sherry FulksSHERRY FULKS
MANAGER
- Total calculated
- $101,649
- From this org
- $100,311
- From related orgs
- $0
- Other
- $1,338
- Hours/week
- 46
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.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 7 May 2025
- IRS schema version
- 2024v5.1
- Source object
- 202511359349308996
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