Skip to content
Nonprofiteer
← CORPORATE AMERICA CREDIT UNION

Form 990 for tax year 2023

Filed by CORPORATE AMERICA CREDIT UNION.

Totals

Total revenue
$143,115,069
Total expenses
$124,634,941
Contributions and grants received
$1,052,695
Grants paid
$0
Program service revenue
$144,916,595
Investment income
-$2,854,221
Other revenue
$0
Total assets, end of year
$3,465,594,952
Total liabilities, end of year
$3,260,587,693
Net assets or fund balances, end of year
$205,007,259
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.

  • 1e · Government grants (contributions)

    $1,052,695

  • 2a · Program service revenue: LOAN INTEREST INCOME ON INVESTMEN

    total $126,904,924 · related or exempt $126,904,924

  • 2b · Program service revenue: INTEREST INCOME AND FEES

    total $7,837,854 · related or exempt $7,837,854

  • 2c · Program service revenue: FINANCIAL SERVICE FEES

    total $5,262,974 · related or exempt $5,262,974

  • 2d · Program service revenue: U.S. CENTRAL DISTRIBUTIONS

    total $3,627,109 · related or exempt $3,627,109

  • 2e · Program service revenue: ITEM PROCESSING FEES

    total $1,283,734 · related or exempt $1,283,734

  • 3 · Investment income

    total $367,917 · related or exempt $367,917

  • 7a · Gross sales of assets other than inventory

    securities $69,399,024 · other assets $30,000

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

    securities $72,576,530 · other assets $74,632

  • 7c · Gain or loss

    securities -$3,177,506 · other assets -$44,632

  • 7d · Net gain or loss

    total -$3,222,138 · related or exempt -$3,222,138

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $2,732,352

  • 7 · Other salaries and wages

    total $8,633,761

  • 8 · Pension plan contributions

    total $2,042,441

  • 9 · Other employee benefits

    total $1,453,054

  • 10 · Payroll taxes

    total $833,058

  • 11a · Fees: management

    total $306

  • 11b · Fees: legal

    total $58,112

  • 11c · Fees: accounting

    total $128,609

  • 11g · Fees: other

    total $1,547,084

  • 12 · Advertising and promotion

    total $1,231,585

  • 13 · Office expenses

    total $16,706

  • 16 · Occupancy

    total $1,258,192

  • 17 · Travel

    total $535,559

  • 20 · Interest

    total $100,297,590

  • 22 · Depreciation, depletion and amortization

    total $527,044

  • 23 · Insurance

    total $288,238

  • 24a · Other expenses: COST OF FINANCIAL SERVI

    total $2,538,978

  • 24b · Other expenses: EXAMINATION FEES

    total $266,631

  • 24c · Other expenses: SECURITY

    total $153,728

  • 24d · Other expenses: STAFF EDUCATION

    total $73,142

  • 24e · All other expenses

    total $18,771

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $670,969,224 · end of year $917,885,052

  • 4 · Accounts receivable

    beginning of year $20,860,144 · end of year $13,782,472

  • 7 · Other notes and loans receivable

    beginning of year $152,051,461 · end of year $103,406,424

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

    $8,760,320

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

    $3,005,509

  • 10c · Land, buildings and equipment, net

    beginning of year $5,047,926 · end of year $5,754,811

  • 13 · Investments: program-related

    beginning of year $2,202,210,256 · end of year $2,407,368,752

  • 15 · Other assets

    beginning of year $15,330,550 · end of year $17,397,441

  • 17 · Accounts payable and accrued expenses

    beginning of year $107,018,666 · end of year $9,046,611

  • 25 · Other liabilities

    beginning of year $2,801,764,595 · end of year $3,251,541,082

  • 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 $157,686,300 · end of year $205,007,259

Mission and programs · 2023

Mission

COOPERATIVE SOCIETY INCORPORATED TO OPERATE AS A CORPORATE CREDIT UNION FOR THE MUTUAL BENEFIT OF THE CREDIT UNION MEMBERSHIP BY PROVIDING A SOUND FINANCIAL INSTITUTION THAT WILL MEET THE FINANCIAL NEEDS OF CREDIT UNIONS IN A MANNER CONSISTENT WITH THE CREDIT UNION PHILOSOPHY. THIS INCLUDES A SOURCE OF LIQUIDITY, CORRESPONDENT, INVESTMENT, AND RELATED EDUCATIONAL SERVICES.

Activities or mission (Part I)

COOPERATIVE CORPORATE 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. CORPORATE AMERICA CREDIT UNION IS AN ALABAMA STATE CHARTERED CORPORATE CREDIT UNION AND WAS ESTABLISHED TO OPERATE AS A CORPORATE CREDIT UNION FOR THE PURPOSE OF MEETING MEMBER CREDIT UNIONS' LIQUIDITY AND INVESTMENT NEEDS AS WELL AS PROVIDING SETTLEMENT AND OTHER FINANCIAL SERVICES. CORPORATE AMERICA'S MEMBERS CONSIST OF CREDIT UNIONS PRIMARILY LOCATED WITHIN ALABAMA AND THE SURROUNDING STATES. AS OF DECEMBER 31, 2023, CORPORATE AMERICA HAD 533 MEMBER CREDIT UNIONS.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Joey Hand

    1ST VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Heath Harrell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Brad Long

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Steve Nix

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Blane Mink

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Mark Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • George Glasser

    2ND VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Kendall Speed

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Eric Renaud

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Michael L Miller

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • David Filby

    CHIEF INVESTMENT OFFICER

    Total calculated
    $414,940
    From this org
    $378,499
    From related orgs
    $0
    Other
    $36,441
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $378,499
    Bonus
    $0
    Other
    $0
    Deferred
    $16,500
    Nontaxable benefits
    $19,941
    Filer's total
    $414,940

  • Paul Pritts

    PRESIDENT/CEO

    Total calculated
    $817,748
    From this org
    $782,162
    From related orgs
    $0
    Other
    $35,586
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $782,162
    Bonus
    $0
    Other
    $0
    Deferred
    $14,876
    Nontaxable benefits
    $20,710
    Filer's total
    $817,748

  • Lisa Coffey

    CHIEF INNOVATION OFFICER

    Total calculated
    $337,050
    From this org
    $301,396
    From related orgs
    $0
    Other
    $35,654
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $301,396
    Bonus
    $0
    Other
    $0
    Deferred
    $15,172
    Nontaxable benefits
    $20,482
    Filer's total
    $337,050

  • Lauren Howle

    CHIEF STRATEGY OFFICER

    Total calculated
    $331,535
    From this org
    $296,445
    From related orgs
    $0
    Other
    $35,090
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $296,445
    Bonus
    $0
    Other
    $0
    Deferred
    $14,820
    Nontaxable benefits
    $20,270
    Filer's total
    $331,535

  • Rachel M Dodson

    CHIEF FINANCIAL OFFICER

    Total calculated
    $329,416
    From this org
    $294,505
    From related orgs
    $0
    Other
    $34,911
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $294,505
    Bonus
    $0
    Other
    $0
    Deferred
    $14,641
    Nontaxable benefits
    $20,270
    Filer's total
    $329,416

  • Penny Swindle

    RISK OFFICER

    Total calculated
    $154,246
    From this org
    $137,798
    From related orgs
    $0
    Other
    $16,448
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,798
    Bonus
    $0
    Other
    $0
    Deferred
    $6,871
    Nontaxable benefits
    $9,577
    Filer's total
    $154,246

  • Donald Eagen

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $347,418
    From this org
    $312,182
    From related orgs
    $0
    Other
    $35,236
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $312,182
    Bonus
    $0
    Other
    $0
    Deferred
    $15,158
    Nontaxable benefits
    $20,078
    Filer's total
    $347,418

  • Robert Rudder

    VP STRATEGIC BALANCE SHEET

    Total calculated
    $226,971
    From this org
    $197,369
    From related orgs
    $0
    Other
    $29,602
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $197,369
    Bonus
    $0
    Other
    $0
    Deferred
    $9,554
    Nontaxable benefits
    $20,048
    Filer's total
    $226,971

  • Michael Kennedy

    VP ELECTRONIC PAYMENTS

    Total calculated
    $226,539
    From this org
    $196,616
    From related orgs
    $0
    Other
    $29,923
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $196,616
    Bonus
    $0
    Other
    $0
    Deferred
    $9,876
    Nontaxable benefits
    $20,047
    Filer's total
    $226,539

  • Alison Dagnan

    VP OPERATIONS

    Total calculated
    $219,670
    From this org
    $191,658
    From related orgs
    $0
    Other
    $28,012
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,658
    Bonus
    $0
    Other
    $0
    Deferred
    $7,742
    Nontaxable benefits
    $20,270
    Filer's total
    $219,670

  • Kayla Barnett

    VP HUMAN RESOURCES AND CUL

    Total calculated
    $218,659
    From this org
    $189,702
    From related orgs
    $0
    Other
    $28,957
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $189,702
    Bonus
    $0
    Other
    $0
    Deferred
    $7,647
    Nontaxable benefits
    $21,310
    Filer's total
    $218,659

  • Shane St John

    VP OF INFORMATION TECHNOLOGY

    Total calculated
    $208,646
    From this org
    $179,158
    From related orgs
    $0
    Other
    $29,488
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,158
    Bonus
    $0
    Other
    $0
    Deferred
    $9,218
    Nontaxable benefits
    $20,270
    Filer's total
    $208,646

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 · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 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

The filer's explanations (Part III)

SCHEDULE J, PART I
CORPORATE AMERICA CREDIT UNION'S PERSONNEL POLICY GOVERNS THE AUTHORIZATION FOR ALL TRAVEL AND DISCRETIONARY SPENDING AND REIMBURSEMENTS. THIS POLICY REQUIRES THE ELECTED TREASURER "A MEMBER OF THE BOARD OF DIRECTORS" TO REVIEW ALL TRAVEL AND DISCRETIONARY EXPENDITURES AND REIMBURSEMENTS MADE BY/TO THE CEO AND BOARD OF DIRECTORS. THE CEO, EVP, COO, AND/OR THE CFO APPROVE THE TRAVEL AND DISCRETIONARY EXPENDITURES AND REIMBURSEMENTS OF ALL EMPLOYEES WHICH REPORT DIRECTLY TO THEM. A YMCA MEMBERSHIP IS OFFERED TO ALL EMPLOYEES.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • SMARTSOURCE SOLUTIONS LLC

    FINANCIAL SERVICES · AL · income -$258,807 · assets $321,346

Provenance

Return type
form_990
Tax year
2023
Filed
5 November 2024
IRS schema version
2023v5.1
Source object
202443189349307644

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.