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← ALATRUST CREDIT UNION

Form 990 for tax year 2023

Filed by ALATRUST CREDIT UNION.

Totals

Total revenue
$9,937,960
Total expenses
$8,033,194
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$9,937,960
Investment income
$0
Other revenue
$0
Total assets, end of year
$199,335,118
Total liabilities, end of year
$183,108,794
Net assets or fund balances, end of year
$16,226,324
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$8,033,194

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 INCOME FROM L

    total $6,262,631 · related or exempt $6,262,631

  • 2b · Program service revenue: FINANCIAL SERVICE FEES

    total $1,961,302 · related or exempt $1,901,076 · unrelated business $60,226

  • 2c · Program service revenue: INVESTMENT INCOME

    total $1,714,027 · related or exempt $1,714,027

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $475,891

  • 7 · Other salaries and wages

    total $1,842,586

  • 8 · Pension plan contributions

    total -$79,654

  • 9 · Other employee benefits

    total $261,999

  • 10 · Payroll taxes

    total $149,732

  • 11b · Fees: legal

    total $13,500

  • 11c · Fees: accounting

    total $60,000

  • 12 · Advertising and promotion

    total $306,091

  • 13 · Office expenses

    total $160,863

  • 16 · Occupancy

    total $371,141

  • 17 · Travel

    total $45,609

  • 20 · Interest

    total $150,476

  • 22 · Depreciation, depletion and amortization

    total $261,751

  • 23 · Insurance

    total $109,114

  • 24a · Other expenses: COST OF FINANCIAL SERVI

    total $1,704,031

  • 24b · Other expenses: MEMBER SHARE DIVIDENDS

    total $1,650,202

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $405,000

  • 24d · Other expenses: OTHER OPERATING EXPENSE

    total $139,814

  • 24e · All other expenses

    total $5,048

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,261,025 · end of year $1,929,907

  • 2 · Savings and temporary cash investments

    beginning of year $2,772,026 · end of year $16,409,968

  • 7 · Other notes and loans receivable

    beginning of year $108,704,112 · end of year $110,274,107

  • 9 · Prepaid expenses and deferred charges

    beginning of year $364,915 · end of year $674,850

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

    $7,701,038

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

    $3,114,639

  • 10c · Land, buildings and equipment, net

    beginning of year $4,417,595 · end of year $4,586,399

  • 13 · Investments: program-related

    beginning of year $62,500,805 · end of year $59,147,289

  • 15 · Other assets

    beginning of year $6,298,665 · end of year $6,312,598

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,222,704 · end of year $1,410,119

  • 21 · Escrow or custodial account liability

    beginning of year $132,337 · end of year $163,188

  • 25 · Other liabilities

    beginning of year $171,529,113 · end of year $181,535,487

  • 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 $14,434,989 · end of year $16,226,324

Mission and programs · 2023

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. ALATRUST CREDIT UNION, AN ALABAMA STATE CHARTERED CREDIT UNION, WAS ESTABLISHED TO PROVIDE A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS, WHO ARE EMPLOYEES OF THE PUBLIC SCHOOLS LOCATED IN JEFFERSON, CALHOUN, WALKER, AND TALLADEGA COUNTIES AND THEIR RELATIVES. THE CREDIT UNION'S FIELD OF MEMBERSHIP ALSO INCLUDES SELECTED EMPLOYEE GROUPS AND INDIVIDUALS THAT RESIDE IN THESE COUNTIES. AS OF DECEMBER 31, 2023, THE CREDIT UNION HAD MEMBERSHIP AND PROVIDED SERVICES TO APPROXIMATELY 12,964 MEMBERS.

    Expenses $8,033,194

As filed on the 2023 return.

Listed in Part VII

  • George S Steve Nix

    CEO & BOARD TREASURER

    Total calculated
    $381,212
    From this org
    $333,966
    From related orgs
    $0
    Other
    $47,246
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $296,732
    Bonus
    $26,923
    Other
    $10,311
    Deferred
    $34,747
    Nontaxable benefits
    $12,499
    Filer's total
    $381,212

  • Dr Bascom Henry Woodward

    CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    1

  • Donald Duck

    DIRECTOR - SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Phillip Woods

    DIRECTOR - VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Martha Wise

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Alvin Washington

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dr Simpson Berry Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ken Wasmund

    SUPERVISORY COMMITTEE

    Total calculated
    $0
    Hours/week
    1

  • John Roberts

    SUPERVISORY COMMITTEE

    Total calculated
    $0
    Hours/week
    1

  • Dr Perry Ward

    SUPERVISORY COMMITTEE

    Total calculated
    $0
    Hours/week
    1

  • Michelle Crumbley

    ACCOUNTING MANAGER

    Total calculated
    $94,679
    From this org
    $84,981
    From related orgs
    $0
    Other
    $9,698
    Hours/week
    40

  • Shelley McLaughlin

    VP OF ADMINISTRATION

    Total calculated
    $155,801
    From this org
    $133,746
    From related orgs
    $0
    Other
    $22,055
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $117,580
    Bonus
    $15,639
    Other
    $527
    Deferred
    $6,223
    Nontaxable benefits
    $15,832
    Filer's total
    $155,801

  • Kevin Lott

    LOAN MANAGER

    Total calculated
    $128,729
    From this org
    $108,191
    From related orgs
    $0
    Other
    $20,538
    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

  • 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

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • THE ALATRUST4U FOUNDATION

    501(C)(3) · TO HELP THOSE IN OUR COMMUNITIES BE FINANCIALLY SMART AND HEALTHY · AL · controlled entity

    Directly controlled by ALATRUST CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
31 October 2024
IRS schema version
2023v5.1
Source object
202433209349308923

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