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Nonprofiteer
← ALABAMA ONE CREDIT UNION

Form 990 for tax year 2023

Filed by ALABAMA ONE CREDIT UNION.

Totals

Total revenue
$62,571,573
Total expenses
$57,009,626
Contributions and grants received
$0
Grants paid
$64,510
Program service revenue
$62,571,573
Investment income
$0
Other revenue
$0
Total assets, end of year
$1,221,344,942
Total liabilities, end of year
$1,135,785,434
Net assets or fund balances, end of year
$85,559,508
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$57,009,626

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 $37,704,605 · related or exempt $37,704,605

  • 2b · Program service revenue: FINANCIAL SERVICE FEE AND OPERATI

    total $20,745,252 · related or exempt $19,411,225 · unrelated business $1,334,027

  • 2c · Program service revenue: INVESTMENT INCOME

    total $4,121,716 · related or exempt $4,121,716

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $64,510

  • 5 · Compensation of officers, directors and key employees

    total $2,497,401

  • 7 · Other salaries and wages

    total $14,819,505

  • 8 · Pension plan contributions

    total $1,048,999

  • 9 · Other employee benefits

    total $1,816,625

  • 10 · Payroll taxes

    total $1,219,895

  • 11b · Fees: legal

    total $138,138

  • 11c · Fees: accounting

    total $91,760

  • 11g · Fees: other

    total $639,669

  • 12 · Advertising and promotion

    total $1,101,614

  • 13 · Office expenses

    total $5,779,928

  • 16 · Occupancy

    total $1,352,269

  • 19 · Conferences, conventions and meetings

    total $312,276

  • 22 · Depreciation, depletion and amortization

    total $3,562,789

  • 23 · Insurance

    total $443,739

  • 24a · Other expenses: MEMBER DIVIDEND AND INT

    total $13,951,545

  • 24b · Other expenses: COST OF FINANCIAL SERVI

    total $5,553,104

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $1,252,099

  • 24d · Other expenses: OTHER OPERATING EXPENSE

    total $578,256

  • 24e · All other expenses

    total $785,505

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $20,039,983 · end of year $27,341,322

  • 2 · Savings and temporary cash investments

    beginning of year $235,926 · end of year $17,359,798

  • 7 · Other notes and loans receivable

    beginning of year $758,413,352 · end of year $883,141,067

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,573,476 · end of year $3,250,340

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

    $49,152,644

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

    $18,432,999

  • 10c · Land, buildings and equipment, net

    beginning of year $21,460,407 · end of year $30,719,645

  • 13 · Investments: program-related

    beginning of year $131,709,416 · end of year $206,283,966

  • 14 · Intangible assets

    beginning of year $4,108,321 · end of year $14,669,220

  • 15 · Other assets

    beginning of year $30,806,042 · end of year $38,579,584

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,154,274 · end of year $10,387,562

  • 19 · Deferred revenue

    beginning of year $28,327 · end of year $27,538

  • 21 · Escrow or custodial account liability

    beginning of year $2,113,656 · end of year $1,433,917

  • 23 · Secured mortgages and notes payable

    beginning of year $28,921,840 · end of year $50,980,810

  • 24 · Unsecured notes and loans payable

    beginning of year $5,000,000 · end of year $9,721,548

  • 25 · Other liabilities

    beginning of year $839,531,465 · end of year $1,063,234,059

  • 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 $77,597,361 · end of year $85,559,508

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

  • 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. ALABAMA ONE CREDIT UNION, AN ALABAMA STATE CHARTERED CREDIT UNION, PROVIDES A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS. THE CREDIT UNION'S MEMBERSHIP IS PRIMARILY COMPRISED OF PERSONS WHO LIVE AND WORK IN TUSCALOOSA COUNTY, ALABAMA AND TWENTY-ONE OTHER COUNTIES THROUGHOUT WEST, CENTRAL, AND SOUTH ALABAMA; EMPLOYEES, RESIDENTS, AND/OR PATIENTS OF VARIOUS MEDICAL PROVIDERS WITHIN THE STATE OF ALABAMA; EMPLOYEES OF THE CREDIT UNION AND OTHER SPECIFIED EMPLOYERS; RETIREES OF ALL AFOREMENTIONED GROUPS; AND SPOUSES, WIDOWS, AND IMMEDIATE FAMILY MEMBERS OF ALL AFOREMENTIONED GROUPS. AS OF DECEMBER 31, 2023, THE CREDIT UNION PROVIDED SERVICES TO APPROXIMATELY 83,100 MEMBERS.

    Expenses $57,009,626

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

Listed in Part VII

  • Ron Abernathy

    BOARD TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Tamika Alexander

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Franklin Bohannon

    SUPERVISORY COMMITTEE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Marion Dodson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Tom Fanning

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Barry Mixon

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Lucy Sellers

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Julie Smith

    SUPERVISORY COMMITTEE MEMB

    Total calculated
    $0
    Hours/week
    1

  • Jonathan Walker

    SUPERVISORY COMMITTEE MEMB

    Total calculated
    $0
    Hours/week
    1

  • Loo Whitfield

    BOARD CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Fred Braswell

    BOARD VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • David Loe

    SUPERVISORY COMMITTEE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Shelia Penn

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • William C Wells

    CEO

    Total calculated
    $771,207
    From this org
    $593,911
    From related orgs
    $0
    Other
    $177,296
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $452,102
    Bonus
    $137,700
    Other
    $4,109
    Deferred
    $156,135
    Nontaxable benefits
    $21,161
    Filer's total
    $771,207

  • Whitney Oswalt

    CFO

    Total calculated
    $394,098
    From this org
    $292,763
    From related orgs
    $0
    Other
    $101,335
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $231,469
    Bonus
    $60,695
    Other
    $599
    Deferred
    $74,883
    Nontaxable benefits
    $26,452
    Filer's total
    $394,098

  • Jason Halperin

    CHIEF RETAIL LENDING OFFIC

    Total calculated
    $324,154
    From this org
    $266,804
    From related orgs
    $0
    Other
    $57,350
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $215,821
    Bonus
    $50,520
    Other
    $463
    Deferred
    $32,908
    Nontaxable benefits
    $24,442
    Filer's total
    $324,154

  • Shelby Grantham

    SENIOR DIRECTOR OF OPERATI

    Total calculated
    $221,202
    From this org
    $165,416
    From related orgs
    $0
    Other
    $55,786
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,145
    Bonus
    $21,571
    Other
    $700 + $500 related
    Deferred
    $40,446
    Nontaxable benefits
    $15,340
    Filer's total
    $221,202 + $500 related

  • William R Stallings

    CHIEF COMMERCIAL LENDING O

    Total calculated
    $260,672
    From this org
    $220,659
    From related orgs
    $0
    Other
    $40,013
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,616
    Bonus
    $82,880
    Other
    $163
    Deferred
    $29,852
    Nontaxable benefits
    $10,161
    Filer's total
    $260,672

  • Robert Long

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $317,185
    From this org
    $227,889
    From related orgs
    $0
    Other
    $89,296
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $198,000
    Bonus
    $29,025
    Other
    $864 + $76,250 related
    Deferred
    $71,368
    Nontaxable benefits
    $17,928
    Filer's total
    $317,185 + $76,250 related

  • William Turner

    SENIOR DIRECTOR OF TREASURY

    Total calculated
    $210,010
    From this org
    $166,042
    From related orgs
    $1,125
    Other
    $42,843
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,406
    Bonus
    $22,340
    Other
    $296 + $1,125 related
    Deferred
    $40,446
    Nontaxable benefits
    $2,397
    Filer's total
    $208,885 + $1,125 related

  • Michael Brown

    SENIOR DIRECTOR OF RETAIL OPERATI

    Total calculated
    $223,260
    From this org
    $159,668
    From related orgs
    $0
    Other
    $63,592
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,726
    Bonus
    $20,616
    Other
    $326
    Deferred
    $39,913
    Nontaxable benefits
    $23,679
    Filer's total
    $223,260

  • Tyler Foster

    DIRECTOR OF WEALTH ADVISOR

    Total calculated
    $172,736
    From this org
    $137,980
    From related orgs
    $0
    Other
    $34,756
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,000
    Bonus
    $1,980
    Other
    $0
    Deferred
    $14,620
    Nontaxable benefits
    $20,136
    Filer's total
    $172,736

  • Brittany Floyd

    SENIOR DIRECTOR OF MARKETING & BUSINESS DEVELOPMEN

    Total calculated
    $200,043
    From this org
    $139,894
    From related orgs
    $0
    Other
    $60,149
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $116,655
    Bonus
    $22,848
    Other
    $391
    Deferred
    $28,217
    Nontaxable benefits
    $31,932
    Filer's total
    $200,043

  • Martin Houstin

    CHIEF GROWTH OFFICER

    Total calculated
    $198,917
    From this org
    $143,832
    From related orgs
    $0
    Other
    $55,085
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,423
    Bonus
    $14,733
    Other
    $676
    Deferred
    $33,805
    Nontaxable benefits
    $21,280
    Filer's total
    $198,917

  • William Rickman

    AREA EXECUTIVE

    Total calculated
    $191,821
    From this org
    $163,744
    From related orgs
    $0
    Other
    $28,077
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,269
    Bonus
    $25,293
    Other
    $182
    Deferred
    $24,918
    Nontaxable benefits
    $3,159
    Filer's total
    $191,821

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 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
THE CREDIT UNION'S TRAVEL POLICY ALLOWS DIRECTORS, SVC MEMBERS, AND EMPLOYEES TO BRING SPOUSES (AND IN SOME CASES, CHILDREN) WHEN TRAVELING ON CREDIT UNION BUSINESS AND BE REIMBURSED FOR THEIR REASONABLE TRAVEL COSTS.
PART I, LINE 1B
THE BOARD OF DIRECTORS APPROVES TRAVEL EACH YEAR FOR ANY BOARD MEMBER OR OFFICER OF THE CREDIT UNION AND IF A SPOUSE WILL BE PERMITTED TO TRAVEL. ALL EXPENSES ARE REVIEWED BY THE BOARD.
PART I, LINE 3
MANAGEMENT'S COMPENSATION IS DETERMINED ANNUALLY BY THE CREDIT UNION'S BOARD OF DIRECTORS AND IS BASED ON PERFORMANCE AND INDEPENDENT COMPARABLE INDUSTRY COMPENSATION DATA.
PART I, LINE 4B
AS OF APRIL 1, 2018, THE CREDIT UNION ADOPTED THE ALABAMA ONE CREDIT UNION 457(F) DISCRETIONARY CONTRIBUTION PLAN. THE PLAN IS INTENDED TO BE A NON-QUALIFIED INELIGIBLE DEFERRED COMPENSATION PLAN WITHIN THE MEANING OF SECTION 457(F) OF THE INTERNAL REVENUE CODE. THE PURPOSE OF THE PLAN IS TO 1) ALLOW PARTICIPANTS AN OPPORTUNITY TO ELECT TO DEFER THE RECEIPT OF COMPENSATION (PARTICIPANT COMPENSATION DEFERRAL), AND 2) PROVIDE A VEHICLE FOR THE CREDIT UNION TO CREDIT AMOUNTS ON A TAX DEFERRED BASIS FOR EMPLOYEE PARTICIPANTS (EMPLOYER CONTRIBUTION CREDIT). THE AMOUNT OF ANNUAL CONTRIBUTIONS TO A PARTICIPANT'S ACCOUNT IS SUBJECT TO IRS LIMITATIONS AS DEFINED IN THE PLAN. PARTICIPANT ACCOUNTS ARE 100% VESTED AFTER A PERIOD OF 5 YEARS IN ANY AMOUNTS CREDITED TO THEIR ACCOUNT. EACH PARTICIPANTS ACCOUNT WILL BE ADJUSTED FOR CREDITED INTEREST OR INCREASES OR DECREASES IN THE REALIZABLE NET ASSET VALUE, AS APPLICABLE, OF THE DESIGNATED DEEMED PLAN INVESTMENTS. THE DEFERRED COMPENSATION ACCOUNTS ARE SHOWN AS BOTH ASSETS AND LIABILITIES ON THE CREDIT UNION'S FINANCIAL STATEMENTS AND ARE AVAILABLE TO CREDITORS IN THE EVENT OF THE CREDIT UNION'S LIQUIDATION. THE BALANCE OF THE 457(F) DEFERRED COMPENSATION ARRANGEMENT WAS $1,922,835 AND $1,416,176 AS OF DECEMBER 31, 2023 AND 2022, RESPECTIVELY.

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

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.

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.

  • AOCU HOLDINGS LLC

    TO HOLD CERTAIN OPERATING OREO PROPERTIES · AL · income $0 · assets $108,518

    Directly controlled by ALABAMA ONE CREDIT UNION

  • ALABAMA ONE AGENCY LLC

    TO PROVIDE INSURANCE SERVICES · AL · income $335,174 · assets $324,268

    Directly controlled by ALABAMA ONE CREDIT UNION

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • TELLERIX LLC

    UNRELATED · ATM/ITM SERVICING & IT CONSULTING · AL · 45% owned · share of income $164,616 · share of assets $430,914 · general or managing partner

    Directly controlled by ALABAMA ONE CREDIT UNION

  • VULCAN DATACORP LLC

    UNRELATED · IT CONSULTING · AL · 64.7% owned · share of income -$5,852 · share of assets $70,230 · general or managing partner

    Directly controlled by ALABAMA ONE CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202433209349308903

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