Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST INCOME

  total $74,325,249 · related or exempt $74,325,249

• 3 · Investment income

  total $7,430,830 · excluded $7,430,830

• 5 · Royalties

  total $687,446 · excluded $687,446

• 7a · Gross sales of assets other than inventory

  other assets $7,500

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

  other assets $3,975

• 7c · Gain or loss

  other assets $3,525

• 7d · Net gain or loss

  total $3,525 · excluded $3,525

• 11a · Other revenue: INTERCHANGE ACCOUNT CHARGES

  total $8,460,055 · related or exempt $8,460,055

• 11b · Other revenue: NSF ACCOUNT CHARGES

  total $7,514,053 · related or exempt $7,514,053

• 11c · Other revenue: OTHER ACCOUNT AND LOAN FEES

  total $5,063,129 · related or exempt $5,063,129

• 11d · All other revenue

  total $2,779,290 · related or exempt $2,358,619 · unrelated business $420,671

• 11e · Other revenue, total

  $23,816,527

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $21,000

• 5 · Compensation of officers, directors and key employees

  total $3,537,471

• 7 · Other salaries and wages

  total $15,481,077

• 8 · Pension plan contributions

  total $1,784,622

• 9 · Other employee benefits

  total $3,711,559

• 10 · Payroll taxes

  total $1,558,785

• 11b · Fees: legal

  total $339,737

• 11c · Fees: accounting

  total $160,800

• 11g · Fees: other

  total $1,103,609

• 12 · Advertising and promotion

  total $2,001,558

• 13 · Office expenses

  total $9,434,105

• 14 · Information technology

  total $1,849,770

• 16 · Occupancy

  total $1,604,633

• 17 · Travel

  total $378,186

• 19 · Conferences, conventions and meetings

  total $333,634

• 20 · Interest

  total $35,594,249

• 22 · Depreciation, depletion and amortization

  total $2,494,118

• 23 · Insurance

  total $89,658

• 24a · Other expenses: CHECK & LOAN SERVICING

  total $11,965,218

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $5,971,110

• 24c · Other expenses: OTHER OPERATING EXPENSE

  total $1,005,438

• 24d · Other expenses: CASH OVER (SHORT)

  total $400,704

• 24e · All other expenses

  total $560,316

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $26,335,695 · end of year $28,202,056

• 2 · Savings and temporary cash investments

  beginning of year $39,870,132 · end of year $98,212,972

• 4 · Accounts receivable

  end of year $232,430

• 5 · Loans and receivables from officers and key people

  beginning of year $18,171,902 · end of year $20,306,787

• 7 · Other notes and loans receivable

  beginning of year $1,244,649,317 · end of year $1,465,593,503

• 9 · Prepaid expenses and deferred charges

  beginning of year $10,570,385 · end of year $12,661,462

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

  $81,464,359

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

  $25,928,627

• 10c · Land, buildings and equipment, net

  beginning of year $47,008,044 · end of year $55,535,732

• 11 · Investments: publicly traded securities

  beginning of year $10,010,705 · end of year $8,529,384

• 12 · Investments: other securities

  beginning of year $212,038,462 · end of year $195,057,280

• 13 · Investments: program-related

  beginning of year $602,435 · end of year $3,047,788

• 14 · Intangible assets

  beginning of year $2,549,723 · end of year $2,549,723

• 15 · Other assets

  beginning of year $28,882,287 · end of year $32,365,170

• 17 · Accounts payable and accrued expenses

  beginning of year $11,649,654 · end of year $15,417,751

• 23 · Secured mortgages and notes payable

  beginning of year $133,900,000 · end of year $245,000,000

• 24 · Unsecured notes and loans payable

  beginning of year $48,500,000 · end of year $48,500,000

• 25 · Other liabilities

  beginning of year $1,346,655,574 · end of year $1,502,657,660

• 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 $99,983,859 · end of year $110,718,876

The filer's explanations (Part III)

PART I, LINE 4B

THE FOLLOWING OFFICERS PARTICIPATED IN THE NONQUALIFIED RETIREMENT PLAN: STEPHEN SWOFFORD ELEANOR BROWN BENSON BOLLING THOMAS COBB MICHAEL GOODMAN MICHAEL SHULTS JIM PENNINGTON JUNE LANDRUM ELIZABETH COLE BRANDI MCKINNEY KELLEY PORTER

Disregarded entities

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

• ACUS HOLDINGS LLC

  CUSO HOLDING COMPANY · AL · income -$208,580 · assets $979,754

  Directly controlled by ALABAMA CREDIT UNION

• ACUSI LLC

  CUSO · AL · income $539,874 · assets $609,214

  Directly controlled by ACUS HOLDINGS LLC

• ACU GROUP LLC

  CUSO · AL · income $56,039 · assets $98,116

  Directly controlled by ACUS HOLDINGS LLC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• ALABAMA CU SERVICES INC

  C · FINANCIAL SERVICES · AL · 100% owned · share of income $3,733 · share of assets $2,261,625 · controlled entity

  Directly controlled by ALABAMA CREDIT UNION