2023-02-09T11:56:42-07:00 2021-12-31 990 2021-01-01 580664019 Coosa Valley Credit Union COOS 7062358551 2010 Redmond Circle Rome GA 30165 Guy Chambless CFO 7062358551 2021-11-14 0 11 0 AAL2 2021 2023-03-07 01:45:13Z Andy F Harris - President and CEO 2010 Redmond Circle Rome GA 30165 27380590 0 X www.mycvcu.org X 2017 GA Provide savings and lending activities to member owners of the cooperative. 13 13 120 13 0 0 0 24168711 27010541 488745 334049 36000 36000 24693456 27380590 0 3372956 9775088 7104706 0 0 11308842 11559595 21083930 22037257 3609526 5343333 430036558 521231072 392679491 479129378 37357067 42101694 Provide savings and lending activities to member owners of the cooperative. 0 0 Income from the credit union membership and from investment of members' funds provide the foundation from which the organization can function and provide services to its restricted membership. 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 7234 0 1 120 1 0 0 0 0 0 0 0 0 X 13 13 1 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X Guy Chambless 7062358551 2010 Redmond Circle Rome GA 30165 Andy F Harris President/CEO 40 X 500999 0 37481 Guy Chambless CFO 40 X 272994 0 31801 Saunders Jones III CLO 40 X 263439 0 31491 A Dawn Harris COO 40 X 262882 0 24622 Sean G Gauldin VP - Information Technology 40 X 208950 0 20259 Serena L Stevenson VP - HR/Staff Development 40 X 188995 0 19749 Sharon R Presley VP - Operations 40 X 181449 0 23965 Jessica L Newberry VP - Audi 40 X 177289 0 25967 Rhonda K Wilson VP - Indirect Services 40 X 170479 0 18314 Stephanie Graves VP - Marketing & Social Media 40 X 163803 0 21087 Sharon L McAlister VP - Branch Operations 40 X 171489 0 3052 Sherry D Dunn Branch Manager 40 X 120984 0 12209 Tammy B Henson Branch Manager 40 X 115206 0 11260 Brett M Hunter Branch Manager 40 X 113803 0 10770 Robert E Smyth Internal Communications 40 X 109687 0 11252 Jerri Knowles Financial Services Officer 40 X 104524 0 14213 Dennis G Johnson Director Of Facilities & Maintenance 40 X 104587 0 10046 Mitchell L Sims Director Of Information Systems 40 X 108897 0 5513 G Cleveland Hartley Board Chairman 2 X 2500 0 0 Kenneth C Duskey Board Treasurer 2 X 2500 0 0 C Robert Blalock Jr Board Vice Chairman 2 X 2500 0 0 Richard DiPrima Board Secretary 1 X 2500 0 0 Kelly Barnes Board Memeber 1 X 2500 0 0 Chris Brock Board Member 1 X 2500 0 0 Matthew Crane Board Member 1 X 2500 0 0 Pam Givens Board Member 1 X 2500 0 0 Lucian Harris Board Member 1 X 2500 0 0 Randy Quick Board Member 1 X 2500 0 0 Jenny Shealy Board Member 1 X 2500 0 0 Brad Wilson Board Member 1 X 2500 0 0 Chad Woods Board Member 1 X 2500 0 0 3372956 0 333051 18 0 1 0 Route 66 P O Box 1075 Mountain Home AR 72654 Member Insurance 2306311 FIS P O Box 4535 Carol Stream IL 60197 Card Processing 1304111 Jack Henry & Associates Inc P O Box 609 Monett MO 65708 Core Processor 1132339 Graham Construction 218 E Main Cartersville GA 30120 Construction/Builder 568010 CMG Atlanta Radio P O Box 83191 Chicago IL 60691 Advertising 464200 22 0 Loan Interest 522100 16896538 16896538 0 0 Fee/Other Income 522100 10114003 10114003 0 0 0 0 0 0 27010541 334049 334049 0 0 0 0 0 0 0 0 0 0 36000 0 0 0 36000 0 36000 36000 0 0 0 0 0 27380590 27380590 0 0 X 3372956 5024148 380148 1208755 491655 16849 30000 4061941 1039009 1619858 1199075 156561 636185 1258185 Provision For Losses 316186 Loan Servicing 911484 State Operating Fee 47574 Miscellaneous 266688 22037257 0 0 0 16355015 17939437 38006214 57161172 182946 8975 300288144 347043563 1101702 930173 30692556 9476777 19119975 21215779 41051159 59884242 13931403 17047731 430036558 521231072 6104908 8554231 386574583 470575147 392679491 479129378 X 0 0 0 0 37357067 42101694 37357067 42101694 430036558 521231072 5343333 -598706 0 0 0 0 X X 0 1 1 0 0 5300364 5300364 0 15577041 3324070 12252971 0 1873789 702206 1171583 0 7941362 5450501 2490861 0 0 0 0 21215779 Regular Shares 231176636 Share Drafts 130027004 Money Market & Other Shares 56523993 IRA Shares 7591038 Share & IRA Certificates 45256476 470575147 X Schedule D, Part X, Line 2 The Credit Union is exempt from most federal, state, and local taxes under the provisions of the Internal Revenue Code and state tax laws. However, the Credit Union is subject to unrelated business income tax. The Income Taxes Topic of the FASB ASC clarifies accounting for uncertainty in income taxes reported in the financial statements. The interpretation provides criteria for assessment of individual tax positions and a process for recognition and measurement of uncertain tax positions. Tax positions are evaluated on whether they meet the "more likely than not" standard for sustainability on examination by tax authorities. Management has determined there are no material uncertain tax positions. However, the Credit Union is subject to unrelated business income tax. X X 1 1 X X X 0 1 0 Andy F Harris President/CEO 359611 0 141388 0 0 0 37481 0 9514 0 547994 0 0 Guy Chambless CFO 205194 0 67800 0 0 0 31801 0 3064 0 307859 0 0 0 A Dawn Harris COO 205082 0 57800 0 0 0 24622 0 16961 0 304465 0 0 0 Sharon R Presley VP - Operations 163206 0 18243 0 0 0 23965 0 9793 0 215207 0 0 0 Sean G Gauldin VP - Information Technology 180058 0 28892 0 0 0 20259 0 17695 0 246904 0 0 0 Saunders Jones III CLO 200539 0 62900 0 0 0 31491 0 24563 0 319493 0 0 0 Jessica L Newberry VP - Audi 159045 0 18244 0 0 0 25967 0 22212 0 225468 0 0 0 Serena L Stevenson VP - HR/Staff Development 160218 0 28777 0 0 0 19749 0 15332 0 224076 0 0 0 Stephanie Graves VP - Marketing & Social Media 145268 0 18535 0 0 0 21087 0 22705 0 207595 0 0 0 Sharon L McAlister VP - Branch Operations 153954 0 17535 0 0 0 3052 0 1758 0 176299 0 0 0 Rhonda K Wilson VP - Indirect Services 152144 0 18335 0 0 0 18314 0 13030 0 201823 0 0 0 Sherry D Dunn Branch Manager 110258 0 10726 0 0 0 12209 0 9999 0 143192 0 0 0 Robert E Smyth Internal Communications 98010 0 11677 0 0 0 11252 0 949 0 121888 0 0 0 Brett M Hunter Branch Manager 103207 0 10596 0 0 0 10770 0 9396 0 133969 0 0 0 Tammy B Henson Branch Manager 105155 0 10051 0 0 0 11260 0 9928 0 136394 0 0 0 Dennis G Johnson Director Of Facilities & Maintenance 93213 0 11374 0 0 0 10046 0 8396 0 123029 0 0 0 Mitchell L Sims Director Of Information Systems 97701 0 11196 0 0 0 5513 0 10039 0 124449 0 0 0 Jerri Knowles Financial Services Officer 94011 0 10513 0 0 0 14213 0 1277 0 120014 0 0 0 Schedule J, Part I, Line 1a When overnight travel is required for conferences, meetings, etc. the credit union pays for a companion to accompany the employee/director on the trip. Country club dues are paid on behalf of the CEO & CLO due to business benefits of having those membeships. Schedule J, Part I, Line 4 CEO, CFO, CLO, & COO are all part of a deferred compensation arrangement - credit union only life insurance plan. Form 990, Part VI, Section A, Line 2 G. Cleveland Hartley and Chad Woods - family relationship. Form 990, Part VI, Section A, Line 6 The organization has members. Form 990, Part VI, Section A, Line 7a The credit union membership may participate in the election of officials. Form 990, Part VI, Section A, Line 7b Members of the credit union have the right to approve the governing body's election and removal of members of the governing body, as well as other matters that are subject to the approval of members of the credit union as they occur. Form 990, Part VI, Section B, Line 11b All financial numbers are reviewed for accuracy with final YTD financial statements. The completed return is then reviewed with prior return for accuracy. Form 990, Part VI, Section B, Line 12c The organization maintains a conflict of interest policy within its code of ethics. This policy is enforced at all times and reviewed periodically by our board of directors, supervisory committee and/or internal audit department. Form 990, Part VI, Section B, Line 15 The organization uses survey data during an annual review process to determine the reasonableness of all compensation and benefits. The review of the CEO's compensation is a function of the board of directors annually. The board uses an executive compensation survey from an independent third party to determine the CEO's compensation. For all other officer/key employee positions in the organization, pay ranges are reviewed and approved on an annual basis by the CEO utilizing data from an independent compensation study. Form 990, Part VI, Section C, Line 19 The organizations governing documents and conflict of interest policy are not made available to the public. The financial statements are available upon request and/or via the quarterly 5300 filing. Form 990, Part IX, Line 11g Card & Processing Expenses: $3,456,466; Other Professional Fees: $605,155 Form 990, Part XII, Line 2c No changes to oversight process or selection process. Filing was mailed timely (Mailed on 11/14/2022 - extension approved) and received by IRS, per the stamp, on 11/21/2022. Return received back from IRS on 02/08/23 stating that entity was required to file electronically. We respectfully request that any penalties and late charges be waived as this was an oversite of the entity, the original return was filed complete (although by paper) in a timely fashion, and the required electronically filed return was submitted with haste upon receipt of IRS notice (Filed on 02/09/2023)