Form 990 for tax year 2023

Filed by ALABAMA STATE EMPLOYEES CREDIT UNION.

Totals

Total revenue: $27,023,139
Total expenses: $23,079,652
Contributions and grants received: $0
Grants paid: $0
Program service revenue: $15,996,986
Investment income: $3,609,719
Other revenue: $7,416,434
Total assets, end of year: $398,307,514
Total liabilities, end of year: $359,408,853
Net assets or fund balances, end of year: $38,898,661
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 $15,996,986 · related or exempt $15,996,986
3 · Investment income

total $3,609,719 · excluded $3,609,719
11a · Other revenue: SERVICE FEES & OTHER INCOME

total $7,416,434 · related or exempt $7,416,434
11e · Other revenue, total

$7,416,434

Functional expenses

Part IX, the statement of functional expenses.

5 · Compensation of officers, directors and key employees

total $407,776
7 · Other salaries and wages

total $6,749,767
8 · Pension plan contributions

total $193,510
9 · Other employee benefits

total $946,580
10 · Payroll taxes

total $516,800
11b · Fees: legal

total $26,134
11c · Fees: accounting

total $62,000
11g · Fees: other

total $429,527
12 · Advertising and promotion

total $1,032,220
13 · Office expenses

total $482,202
14 · Information technology

total $1,458,230
16 · Occupancy

total $639,195
17 · Travel

total $216,398
19 · Conferences, conventions and meetings

total $23,329
20 · Interest

total $3,963,289
22 · Depreciation, depletion and amortization

total $779,406
23 · Insurance

total $113,534
24a · Other expenses: PROVISION FOR LOAN LOSS

total $1,405,399
24b · Other expenses: LOAN SERVICING

total $1,220,193
24c · Other expenses: DEBIT CARD EXPENSES

total $1,214,440
24d · Other expenses: STATEMENT EXPENSE

total $278,935
24e · All other expenses

total $920,788

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $5,068,453 · end of year $1,837,772
2 · Savings and temporary cash investments

beginning of year $47,105,807 · end of year $23,624,276
4 · Accounts receivable

beginning of year $1,228,615 · end of year $1,187,202
7 · Other notes and loans receivable

beginning of year $258,704,052 · end of year $264,896,007
9 · Prepaid expenses and deferred charges

beginning of year $5,706,030 · end of year $6,023,541
10a · Land, buildings and equipment: cost or other basis

$20,303,655
10b · Land, buildings and equipment: accumulated depreciation

$10,273,348
10c · Land, buildings and equipment, net

beginning of year $9,836,348 · end of year $10,030,307
11 · Investments: publicly traded securities

beginning of year $77,452,024 · end of year $78,097,613
12 · Investments: other securities

beginning of year $1,457,200 · end of year $1,532,500
15 · Other assets

beginning of year $11,025,416 · end of year $11,078,296
17 · Accounts payable and accrued expenses

beginning of year $2,379,382 · end of year $3,092,997
25 · Other liabilities

beginning of year $382,181,525 · end of year $356,315,856
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 $33,023,038 · end of year $38,898,661

Mission and programs · 2023

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 43,000.

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

Listed in Part VII

Alesia DooleyALESIA DOOLEY

SECRETARY

Total calculated

$0

Hours/week

1
Kenneth BlankenshipKENNETH BLANKENSHIP

DIRECTOR

Total calculated

$0

Hours/week

1
Perry TaylorPERRY TAYLOR

DIRECTOR

Total calculated

$0

Hours/week

1
Carol J PrestonCAROL J PRESTON

PRESIDENT

Total calculated

$0

Hours/week

1
John P GrayJOHN P GRAY

VICE PRESIDENT

Total calculated

$0

Hours/week

1
John T GrayJOHN T GRAY

DIRECTOR

Total calculated

$0

Hours/week

1
Bobby BryanBOBBY BRYAN

DIRECTOR

Total calculated

$0

Hours/week

1
Tim HatchTIM HATCH

DIRECTOR

Total calculated

$0

Hours/week

1
Sharon MillsSHARON MILLS

TREASURER

Total calculated

$0

Hours/week

1
Melinda ClackMELINDA CLACK

DIRECTOR

Total calculated

$0

Hours/week

1
Charlie LassiterCHARLIE LASSITER

DIRECTOR

Total calculated

$0

Hours/week

1
Jason DeanJASON DEAN

CEO/CFO

Total calculated

$288,657

From this org

$246,105

From related orgs

$0

Other

$42,552

Hours/week

40

Schedule J breakdown matched by us

Base

$217,638

Bonus

$19,900

Other

$8,567

Deferred

$25,357

Nontaxable benefits

$17,195

Filer's total

$288,657
Alesia DooleyALESIA DOOLEY

CFO

Total calculated

$119,119

From this org

$103,362

From related orgs

$0

Other

$15,757

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
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

The filer's explanations (Part III)

PART I, LINE 1A: PROVIDED COMPANION TRAVEL FOR CEO AS APPROVED BY THE BOARD OF DIRECTORS FOR ONE CONFERENCE. AMOUNT IS INCLUDED IN GROSS WAGES. THE AMOUNT = $1,984.46.

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: 2023
Filed: 12 November 2024
IRS schema version: 2023v5.1
Source object: 202403199349309250

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