MAX CREDIT UNION: Form 990, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- MAX CREDIT UNION (EIN 36-4618706)
- Tax period
- 2023-01-01 to 2023-12-31
- Filed
- 2024-11-08
- IRS object ID
- 202423139349301692
- Schema version
- 2023v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-11-08T09:15:25-06:00 | ReturnTs |
| Tax Period End | 2023-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 410746749 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CLIFTONLARSONALLEN LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 109 N MAIN STREET SUITE 200 | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55912 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 364618706 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MAX CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | MAXC | BusinessNameControlTxt |
| Phone | 8007766776 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 244040 | AddressLine1Txt |
| City | MONTGOMERY | CityNm |
| State Abbreviation | AL | StateAbbreviationCd |
| ZIP | 361244040 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | TIM MARQUARDT | PersonNm |
| Person Title | SVP/CFO | PersonTitleTxt |
| Phone | 8007766776 | PhoneNum |
| Signature | 2024-11-04 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | TANYA MEDGAARDEN | PreparerPersonNm |
| PTIN | P01717240 | PTIN |
| Phone | 5074347000 | PhoneNum |
| Preparation | 2024-11-04 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-10-15 13:58:12Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | MARTIN HEAD | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 244040 | AddressLine1Txt |
| City | MONTGOMERY | CityNm |
| State Abbreviation | AL | StateAbbreviationCd |
| ZIP | 361244040 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $110,425,213 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.MYMAX.COM | WebsiteAddressTxt |
| Type Of Organization Other | Yes (X) | TypeOfOrganizationOtherInd |
| Other Organization Dsc | CU | OtherOrganizationDsc |
| Formation | 1955 | FormationYr |
| Legal Domicile State | AL | LegalDomicileStateCd |
| Activity Or Mission | THE CREDIT UNION IS A COOPERATIVE COMMUNITY FINANCIAL INSTITUTION WHICH WAS ORGANIZED TO PROMOTE THRIFT AMONG ITS MEMBERS AS WELL AS TO PROVIDE A SOURCE OF CREDIT FOR ITS MEMBERS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 9 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 9 | VotingMembersIndependentCnt |
| Total Employee | 346 | TotalEmployeeCnt |
| Total Volunteers | 13 | TotalVolunteersCnt |
| Total Gross UBI | $789,803 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $12,323 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $68,868,666 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $82,730,990 | CYProgramServiceRevenueAmt |
| PY Investment Income | $12,398,559 | PYInvestmentIncomeAmt |
| CY Investment Income | $27,609,427 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $81,267,225 | PYTotalRevenueAmt |
| CY Total Revenue | $110,340,417 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $25,000 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $109,048 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $6,495,826 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $17,151,853 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $28,254,366 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $29,475,859 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $28,179,585 | PYOtherExpensesAmt |
| CY Other Expenses | $37,564,889 | CYOtherExpensesAmt |
| PY Total Expenses | $62,954,777 | PYTotalExpensesAmt |
| CY Total Expenses | $84,301,649 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $18,312,448 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $26,038,768 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $1,964,438,398 | TotalAssetsBOYAmt |
| Total Assets EOY | $2,080,252,064 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $1,824,298,110 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $1,900,849,004 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $140,140,288 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $179,403,060 | NetAssetsOrFundBalancesEOYAmt |
| Mission | MAX IS A STATE-CHARTERED COMMUNITY CREDIT UNION SERVING APPROXIMATELY 119,000 MEMBERS IN THE MONTGOMERY, ALABAMA AND SURROUNDING AREAS. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, MAX PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, ANDCERTIFICATE OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS ACCOUNTS. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, MAX PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER, REAL ESTATE, AND BUSINESS LENDING PRODUCTS AT REASONABLE RATES OF INTEREST. | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | IN ADDITION TO THE SAVINGS AND LENDING PRODUCTS WE OFFER, MAX PROVIDES A VARIETY OF OTHER FINANCIAL SERVICES TO MEET THE NEEDS OF OUR MEMBERS. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | Yes (1) | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | Yes (1) | DisregardedEntityInd |
| Related Entity | Yes (1) | RelatedEntityInd |
| Related Organization Ctrl Ent | Yes (1) | RelatedOrganizationCtrlEntInd |
| Transaction With Control Ent | 0 | TransactionWithControlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 34126 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 346 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 9 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 9 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | Yes (1) | LocalChaptersInd |
| Policies Reference Chapters | Yes (1) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | 0 | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | TIMOTHY MARQUARDT | PersonNm |
| Phone | 3342602600 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 400 EASTDALE CIRCLE | AddressLine1Txt |
| City | MONTGOMERY | CityNm |
| State Abbreviation | AL | StateAbbreviationCd |
| ZIP | 36124 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (22 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| A KELLI WISE | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| K SUE JACKSON | ||||||||
| SECRETARY | 1.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | ||
| BARBARA T STARR | ||||||||
| CHAIRMAN | 1.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | ||
| JAMES W SOLZE JR | ||||||||
| TREASURER | 1.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | ||
| JOHN AVERRETT | ||||||||
| VICE-CHAIR | 1.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | ||
| LLOYD WOODMAN JR | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| CARL WHATLEY | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| GARY TOMLIN | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| JAMES LITTLEJOHN | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| MARTIN E HEAD | ||||||||
| PRESIDENT/CEO | 40.00 | $559,994 | $0 | $61,893 | Yes (X) | |||
| TIMOTHY MARQUARDT | ||||||||
| CHIEF FINANCIAL OFFICER | 40.00 | $296,664 | $0 | $48,715 | Yes (X) | |||
| MIKE HART | ||||||||
| EVP CHIEF OPERATIONS OFFICER | 40.00 | $260,204 | $0 | $34,991 | Yes (X) | |||
| LYNETTE CUPPS | ||||||||
| CHIEF GROWTH OFFICER | 40.00 | $185,818 | $0 | $41,702 | Yes (X) | |||
| CLINTON DALE WATKINS | ||||||||
| CHIEF INFORMATION OFFICER | 40.00 | $286,218 | $0 | $48,433 | Yes (X) | |||
| CHERYL PAYSON | ||||||||
| CHIEF OPTNS EXCEL OFFICER | 40.00 | $264,614 | $0 | $45,139 | Yes (X) | |||
| SANDRA BRANCH | ||||||||
| CHIEF TALENT OFFICER | 40.00 | $233,128 | $0 | $48,580 | Yes (X) | |||
| WENDY ANDERSON | ||||||||
| CHIEF LENDING OFFICER | 40.00 | $220,088 | $0 | $43,288 | Yes (X) | |||
| RON CREEL | ||||||||
| SVP BUSINESS SERVICES | 40.00 | $241,957 | $0 | $45,102 | Yes (X) | |||
| KEN PEAVY | ||||||||
| VP WEALTH MANAGEMENT | 40.00 | $224,594 | $0 | $50,481 | Yes (X) | |||
| ELIZABETH MOSELEY | ||||||||
| VP BUSINESS SERVICES | 40.00 | $217,548 | $0 | $43,175 | Yes (X) | |||
| WILLIAM EPPERSON | ||||||||
| CHIEF RETAIL OFFICER | 40.00 | $209,643 | $0 | $46,859 | Yes (X) | |||
| SANDRA DOWNING | ||||||||
| WEALTH ADVISOR | 40.00 | $223,732 | $0 | $30,346 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $3,424,202 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $588,704 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 38 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| CENNOX REACTIVE FIELD SERVICES | |||||
| PO BOX 7048 | INDIANAPOLIS | IN | 46207 | ITM SERVICES | $1,434,375 |
| JACK HENRY & ASSOCIATES INC | |||||
| PO BOX 609 | MONETT | MO | 65708 | CORE IT PROCESSING | $1,351,104 |
| HIGH COTTON | |||||
| PO BOX 101568 | BIRMINGHAM | AL | 352106568 | STATEMENT SERVICES | $1,295,383 |
| PROSYS | |||||
| 28545 NETWORK PLACE | CHICAGO | IL | 60673 | IT SERVICES | $1,172,073 |
| Q2 SOFTWARE | |||||
| PO BOX 205970 | DALLAS | TX | 753205970 | HOMEBANKING SOFTWARE | $1,072,928 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 58 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| LOAN INTEREST | 522100 | $55,487,398 | $55,487,398 | |
| OTHER OPERATING INCOME | 522100 | $15,757,579 | $15,230,014 | $527,565 |
| FEE INCOME | 522100 | $11,486,013 | $11,223,775 | $262,238 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $82,730,990 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $22,905,387 | TotalRevenueColumnAmt |
| Exclusion | $22,905,387 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $4,788,836 | SecuritiesAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $84,796 | SecuritiesAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $4,704,040 | SecuritiesAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $4,704,040 | TotalRevenueColumnAmt |
| Exclusion | $4,704,040 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $110,340,417 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $81,941,187 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $789,803 | UnrelatedBusinessRevenueAmt |
| Exclusion | $27,609,427 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $109,048 | TotalAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $17,151,853 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,679,469 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $20,317,277 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,515,239 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,359,360 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,604,514 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $209,209 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $186,443 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,503,424 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,467,373 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $17,078,665 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,646,686 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $101,144 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $58,065 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $461,737 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,085,455 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| PROVISION FOR CREDIT LO | $4,249,854 |
| LOAN SERVICING EXPENSE | $3,331,486 |
| MISC. OPERATING FEES | $2,964,519 |
| OPERATING FEES | $220,829 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $84,301,649 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $48,316,180 | BOYAmt |
| EOY | $53,823,966 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $64,874,866 | BOYAmt |
| EOY | $101,117,748 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,609,009 | BOYAmt |
| EOY | $7,571,799 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $3,327,554 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,007,003,443 | BOYAmt |
| EOY | $1,084,200,752 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,495,628 | BOYAmt |
| EOY | $2,672,122 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $81,477,974 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $45,343,888 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $34,799,073 | BOYAmt |
| EOY | $36,134,086 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $741,749,921 | BOYAmt |
| EOY | $722,187,386 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,053,400 | BOYAmt |
| EOY | $6,466,571 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $55,536,878 | BOYAmt |
| EOY | $62,750,080 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,964,438,398 | BOYAmt |
| EOY | $2,080,252,064 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $26,189,032 | BOYAmt |
| EOY | $29,782,423 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,127,516 | BOYAmt |
| EOY | $951,226 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $12,000,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,796,981,562 | BOYAmt |
| EOY | $1,858,115,355 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,824,298,110 | BOYAmt |
| EOY | $1,900,849,004 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $140,140,288 | BOYAmt |
| EOY | $179,403,060 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $140,140,288 | BOYAmt |
| EOY | $179,403,060 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,964,438,398 | BOYAmt |
| EOY | $2,080,252,064 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $26,038,768 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $16,724,004 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$3,500,000 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Agent Trustee Etc | 0 | AgentTrusteeEtcInd |
| Incl Escrow Custodial Acct Liab | Yes (1) | InclEscrowCustodialAcctLiabInd |
| Explanation Provided | Yes (X) | ExplanationProvidedInd |
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $9,811,231 | OtherCostOrOtherBasisAmt |
| Book Value | $9,811,231 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $42,977,010 | OtherCostOrOtherBasisAmt |
| Depreciation | $22,968,324 | DepreciationAmt |
| Book Value | $20,008,686 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $471,096 | OtherCostOrOtherBasisAmt |
| Depreciation | $471,096 | DepreciationAmt |
| Book Value | $0 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $28,218,637 | OtherCostOrOtherBasisAmt |
| Depreciation | $21,904,468 | DepreciationAmt |
| Book Value | $6,314,169 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $36,134,086 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| MEMBER SHARES AND CERTIFICATES | $1,854,688,072 |
| INTEREST PAYABLE ON DEPOSITS | $3,427,283 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $1,858,115,355 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $113,175,631 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Not Reported | $0 | RevenueNotReportedAmt |
| Revenue Subtotal | $113,175,631 | RevenueSubtotalAmt |
| Other Revenues Not Included | -$2,835,214 | OtherRevenuesNotIncludedAmt |
| Revenue Not Reported Fincl Stmt | -$2,835,214 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $110,340,417 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $87,136,864 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $87,136,864 | ExpensesSubtotalAmt |
| Other Expenses Not Included | -$2,835,215 | OtherExpensesNotIncludedAmt |
| Expenses Not Rpt Fincl Stmt | -$2,835,215 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $84,301,649 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (4 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART IV, LINE 2B: | THE CREDIT UNION HOLDS ESCROWED FUNDS FOR PAYMENT OF PROPERTY TAXES AND HOMEOWNER'S INSURANCE AS A SERVICE TO OUR MEMBERS WHO HAVE MORTGAGES WITH US. |
| PART X, LINE 2: | THE CREDIT UNION IS EXEMPT, UNDER IRC 501 (C) (14), FROM FEDERAL AND STATE INCOME TAXES, BUT IS SUBJECT TO STATE EXCISE TAX. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2022. THE CREDIT UNION'S 2020 THROUGH 2022 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. |
| PART XI, LINE 4B - OTHER ADJUSTMENTS: | REV RECORDED AS EXP -2,835,214. |
| PART XII, LINE 4B - OTHER ADJUSTMENTS: | REV RECORDED AS EXP -2,835,214. ROUNDING -1. |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (4 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceAmt | Purpose Of GrantPurposeOfGrantTxt |
|---|---|---|---|---|---|---|---|---|
| STORYBOOK FARMS | ||||||||
| 300 CUSSETA ROAD | OPELIKA | AL | 36801 | 631288683 | 501(C)3 | $6,000 | $0 | COMMUNITY GIVING |
| BOYS AND GIRLS CLUB OF EAST ALABAMA | ||||||||
| PO BOX 3433 | AUBURN | AL | 36831 | 581875904 | 501(C)3 | $7,500 | $0 | COMMUNITY GIVING |
| BOYS AND GIRLS CLUB OF RIVER REGION | ||||||||
| 631 SOUTH PERRY STREET | MONTGOMERY | AL | 36101 | 630302108 | 501(C)3 | $7,500 | $0 | COMMUNITY GIVING |
| RIVER REGION UNITED WAY | ||||||||
| 3121 ZELDA COURT | MONTGOMERY | AL | 36106 | 630330778 | 501(C)3 | $15,000 | $0 | COMMUNITY GIVING |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | IF DONE, THESE ARE MONITORED BY THE MARKETING DEPARTMENT. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (13 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MARTIN E HEAD | ||||||||||||||
| PRESIDENT/CEO | $471,286 | $0 | $79,759 | $0 | $8,949 | $0 | $33,000 | $0 | $28,893 | $0 | $621,887 | $0 | $0 | $0 |
| TIMOTHY MARQUARDT | ||||||||||||||
| CHIEF FINANCIAL OFFICER | $254,664 | $0 | $42,000 | $0 | $0 | $0 | $24,620 | $0 | $24,095 | $0 | $345,379 | $0 | $0 | $0 |
| CLINTON DALE WATKINS | ||||||||||||||
| CHIEF INFORMATION OFFICER | $247,718 | $0 | $38,500 | $0 | $0 | $0 | $20,683 | $0 | $27,750 | $0 | $334,651 | $0 | $0 | $0 |
| CHERYL PAYSON | ||||||||||||||
| CHIEF OPTNS EXCEL OFFICER | $224,436 | $0 | $36,000 | $0 | $4,178 | $0 | $22,133 | $0 | $23,006 | $0 | $309,753 | $0 | $0 | $0 |
| MIKE HART | ||||||||||||||
| EVP CHIEF OPERATIONS OFFICER | $240,204 | $0 | $20,000 | $0 | $0 | $0 | $8,499 | $0 | $26,492 | $0 | $295,195 | $0 | $0 | $0 |
| RON CREEL | ||||||||||||||
| SVP BUSINESS SERVICES | $211,559 | $0 | $27,000 | $0 | $3,398 | $0 | $17,949 | $0 | $27,153 | $0 | $287,059 | $0 | $0 | $0 |
| SANDRA BRANCH | ||||||||||||||
| CHIEF TALENT OFFICER | $199,128 | $0 | $34,000 | $0 | $0 | $0 | $19,588 | $0 | $28,992 | $0 | $281,708 | $0 | $0 | $0 |
| KEN PEAVY | ||||||||||||||
| VP WEALTH MANAGEMENT | $223,540 | $0 | $0 | $0 | $1,054 | $0 | $22,590 | $0 | $27,891 | $0 | $275,075 | $0 | $0 | $0 |
| WENDY ANDERSON | ||||||||||||||
| CHIEF LENDING OFFICER | $186,049 | $0 | $30,500 | $0 | $3,539 | $0 | $18,693 | $0 | $24,595 | $0 | $263,376 | $0 | $0 | $0 |
| ELIZABETH MOSELEY | ||||||||||||||
| VP BUSINESS SERVICES | $189,548 | $0 | $28,000 | $0 | $0 | $0 | $14,666 | $0 | $28,509 | $0 | $260,723 | $0 | $0 | $0 |
| WILLIAM EPPERSON | ||||||||||||||
| CHIEF RETAIL OFFICER | $180,157 | $0 | $26,000 | $0 | $3,486 | $0 | $18,161 | $0 | $28,698 | $0 | $256,502 | $0 | $0 | $0 |
| SANDRA DOWNING | ||||||||||||||
| WEALTH ADVISOR | $223,270 | $0 | $0 | $0 | $462 | $0 | $20,997 | $0 | $9,349 | $0 | $254,078 | $0 | $0 | $0 |
| LYNETTE CUPPS | ||||||||||||||
| CHIEF GROWTH OFFICER | $159,318 | $0 | $26,500 | $0 | $0 | $0 | $15,481 | $0 | $26,221 | $0 | $227,520 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 1A | THE CREDIT UNION MAY REIMBURSE AN OFFICIAL OR EXECUTIVE FOR THE REASONABLE AND PROPER EXPENSES OF ONE GUEST DURING AUTHORIZED BUSINESS TRAVEL. THE TRAVELOR MUST INCLUDE THE GUEST TRAVEL AND THE ESTIMATED GUEST EXPENSES IN EACH REQUEST FOR TRAVEL APPROVAL. FOR 2023, ONLY EXPENSES FOR THE GUEST OF ONE EXECUTIVE (TOTALING $867) WERE REPORTABLE, AND THREE DIRECTORS HAD EXPENSES FOR GUESTS (TOTALING $5,070). |
| PART I, LINE 4B | DALE WATKINS - PARTICIPATED IN NON-QUALIFIED RETIREMENT PLAN - NO DISTRIBUTIONS IN 2023 |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | MARTIN HEAD | PersonNm |
| Relationship With Org | CEO | RelationshipWithOrgTxt |
| Loan Purpose | SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 | LoanPurposeTxt |
| Loan From Organization | Yes (X) | LoanFromOrganizationInd |
| Original Principal | $3,205,000 | OriginalPrincipalAmt |
| Balance Due | $3,327,554 | BalanceDueAmt |
| Default | 0 | DefaultInd |
| Board Or Committee Approval | Yes (1) | BoardOrCommitteeApprovalInd |
| Written Agreement | Yes (1) | WrittenAgreementInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $3,327,554 | TotalBalanceDueAmt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (9 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | THE CREDIT UNION IS OWNED BY ITS MEMBERS. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE CREDIT UNION BOARD OF DIRECTORS CONSISTS OF NINE MEMBERS NOMINATED FROM THE GENERAL MEMBERSHIP. EACH BOARD MEMBER SERVES A TERM OF THREE YEARS. A NOMINATING COMMITTEE IS APPOINTED BY THE BOARD EACH YEAR TO NOMINATE AT LEAST ONE MEMBER TO FILL EACH VACANCY. NOMINATIONS FOR VACANCIES MAY ALSO BE MADE BY PETITION FROM THE MEMBERSHIP. THE MEMBERSHIP VOTES ON THE NOMINEES. |
| FORM 990, PART VI, SECTION A, LINE 7B | MEMBERS MUST VOTE ON THE REMOVAL OF MEMBERS OF THE BOARD OF DIRECTORS, APPROVAL TO DISSOLVE THE CREDIT UNION, AND MERGER INTO ANOTHER CREDIT UNION. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE 990 IS PREPARED BY THE EXTERNAL CPA FIRM AND REVIEWED BY THE CFO PRIOR TO FILING. |
| FORM 990, PART VI, SECTION B, LINE 12C | IF A CONFLICT OF INTEREST IS REPORTED, HUMAN RESOURCES WILL INVESTIGATE THE SITUATION AND CONSULT WITH THE CEO TO DETERMINE APPROPRIATE ACTION. |
| FORM 990, PART VI, SECTION B, LINE 15 | MAX USES A CREDIT UNION COMPENSATION SYSTEM CALLED "COMPEASE" THROUGH HR PERFORMANCE SOLUTIONS, TO ESTABLISH SALARY RANGES. THE COMPEASE SYSTEM LOOKS AT SURVEYS AND COMPARABLE MARKET DATA TO ESTABLISH RANGES. MAX ALSO USES THE UKG TALENT MANAGEMENT SYSTEM TO FORMALLY DOCUMENT RATINGS OF INDIVIDUAL PERFORMANCE. THE PERFORMANCE SCORE IS PART OF A SYSTEM TO CALCULATE THE PERCENTAGE USED FOR THE ANNUAL MERIT INCREASE, BASED ALSO ON THE CURRENT SALARY AND POSITION IN THE RANGE. THE CEO REVIEW AND APPROVES ALL INCREASES. THE BOARD OF DIRECTORS APPROVES THE ANNUAL SALARY FOR THE CEO BASED ON RECOMMENDATIONS OF ITS HR COMMITTEE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2022 |
| FORM 990, PART VI, SECTION C, LINE 19 | A FINANCIAL STATEMENT SUMMARY IS POSTED IN ALL BRANCH OFFICES AND UPDATED MONTHLY. FINANCIAL HIGHLIGHTS ARE ALSO INCLUDED IN THE YEAR-END ANNUAL REPORT, WHICH IS DISTRIBUTED TO ALL MEMBERS ATTENDING THE ANNUAL MEETING. IN ADDTION, OUR QUARTERLY CALL REPORT IS AVAILABLE ON THE NCUA'S WEBSITE. |
| FORM 990, PART XI, LINE 9: | ROUNDING CECL ADJUSTMENT -3,500,000. |
| FORM 990, PART XII, LINE 2C | THE CREDIT UNION HAS A SUPERVISORY COMMITTEE CONSISTING OF THREE VOLUNTEERS FROM ITS MEMBERSHIP WHO ASSUME THE RESPONSIBILITY FOR THE OVERSIGHT OF THE FINANCIAL STATEMENT AUDIT AND SELECTION OF THE INDEPENDENT ACCOUNTANT. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp (2 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Total IncomeTotalIncomeAmt | End Of Year AssetsEndOfYearAssetsAmt | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt |
|---|---|---|---|---|---|---|---|---|---|
| MAX SERVICES LLC | |||||||||
| PO BOX 242076 | MONTGOMERY | AL | 36124 | 631260914 | INSURANCE SALES | AL | $5,067,247 | $994,705 | MAX CREDIT UNION |
| MAX CAPITAL LLC | |||||||||
| PO BOX 244040 | MONTGOMERY | AL | 36124 | 262019921 | EQUIPMENT LEASING | AL | $154,994 | $1,966,455 | MAX CREDIT UNION |
Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MAX4KIDS FOUNDATION INC | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 400 EASTDALE CIRCLE | AddressLine1Txt |
| City | MONTGOMERY | CityNm |
| State Abbreviation | AL | StateAbbreviationCd |
| ZIP | 36117 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 200447519 | EIN |
| Primary Activities | CHARITABLE ACTIVITIES TO SUPPORT KIDS | PrimaryActivitiesTxt |
| Legal Domicile State | AL | LegalDomicileStateCd |
| Exempt Code Section | 501(C)(3) | ExemptCodeSectionTxt |
| Public Charity Status | LINE 9 | PublicCharityStatusTxt |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MAX CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Controlled Organization | Yes (1) | ControlledOrganizationInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | 0 | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | 0 | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | 0 | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | 0 | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | 0 | DivRelatedOrganizationInd |
| Asset Sale To Other Org | 0 | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | 0 | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | 0 | AssetExchangeInd |
| Rental Of Facilities To Oth Org | 0 | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | 0 | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | Yes (1) | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | Yes (1) | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | Yes (1) | SharingOfFacilitiesInd |
| Paid Employees Sharing | Yes (1) | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | 0 | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | 0 | TransferToOtherOrgInd |
| Transfer From Other Org | 0 | TransferFromOtherOrgInd |
Transactions Related Org TransactionsRelatedOrgGrp
Other Organization Name OtherOrganizationName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | NO TRANSACTIONS OVER 50000 | BusinessNameLine1Txt |
Comments