2021-11-08T14:41:35-06:00 2020-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2020-01-01 364618706 MAX CREDIT UNION MAXC 8007766776 PO BOX 244040 MONTGOMERY AL 361244040 TIM MARQUARDT SVP/CFO 8007766776 2021-11-08 1 TIM MARQUARDT 999009999 TANYA MEDGAARDEN P01717240 5074347000 2021-11-03 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z MARTIN HEAD 400 EASTDALE CIRCLE MONTGOMERY AL 36117 78212801 0 X WWW.MYMAX.COM X CU 1955 AL 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. 9 9 357 15 1351054 56843 0 0 65330563 68808960 9414762 9373983 0 0 74745325 78182943 108716 95225 9592430 9999452 25857828 26625630 0 0 0 27762518 30526188 63321492 67246495 11423833 10936448 1460586194 1769448467 1255813087 1547841679 204773107 221606788 MAX IS A STATE-CHARTERED COMMUNITY CREDIT UNION SERVING APPROXIMATELY 117,000 MEMBERS IN THE MONTGOMERY, ALABAMA AND SURROUNDING AREAS. 0 0 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. 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. 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. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 39765 0 1 357 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 0 1 1 1 0 X TIM MARQUARDT SVPCFO 8007766776 400 EASTDALE CIRCLE MONTGOMERY AL 36117 BARBARA T STARR CHAIRMAN 1.00 X X 0 0 0 JOHN AVERRETT VICE-CHAIR 1.00 X X 0 0 0 K SUE JACKSON SECRETARY 1.00 X X 0 0 0 JAMES W SOLZE JR TREASURER 1.00 X X 0 0 0 A KELLI WISE DIRECTOR 1.00 X 0 0 0 LLOYD WOODMAN JR DIRECTOR 1.00 X 0 0 0 GARY TOMLIN DIRECTOR 1.00 X 0 0 0 CARL L WHATLEY JR DIRECTOR 1.00 X 0 0 0 MARTIN EDWARD HEAD PRESIDENT/CEO 40.00 X 504366 0 58002 TIM MARQUARDT SVP/CFO 40.00 X 246310 0 41736 WAYNE BLACKWELL SVP/CHIEF RETAIL OFFICER 40.00 X 250058 0 39591 SCOTT LINDLEY SVP/CIO 40.00 X 223223 0 40394 CHERYL PAYSON SVP/CHIEF SUPPORT OFFICER 40.00 X 223060 0 30283 SANDRA STENGER SVC CTR CONSULTANT III 40.00 X 197001 0 35051 WENDY ANDERSON AVP CONSUMER UNDERWRITING 40.00 X 156669 0 28584 KENNETH HILL VP MORTGAGE SERVICES 40.00 X 270482 0 28832 KEN PEAVY FINANCIAL ADVISOR 40.00 X 183880 0 36041 RON CREEL SVP BUSINESS SERVICES 40.00 X 178791 0 31956 BRUCE CHAFIN SVP MAX CAPITAL 40.00 X 168849 0 31218 DG MARKWELL CHIEF MARKETING OFFICER 40.00 X 161882 0 30026 2764571 0 431714 12 0 1 0 HIGH COTTON PO BOX 101568 BIRMINGHAM AL 352106568 STATEMENT SERVICES 1051591 Q2 SOFTWARE PO BOX 205970 DALLAS TX 753205970 HOMEBANKING SOFTWARE 874007 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE IT PROCESSING 815138 WINDSTREAM PO BOX 3177 CEDAR RAPIDS IA 524063177 COMMUNICATIONS 734648 SALESFORCECOM INC PO BOX 203141 DALLAS TX 753203141 SOFTWARE 722424 35 LOAN INTEREST 900099 42876659 42074861 801798 OTHER OPERATING INCOME 900099 13201280 13018647 182633 FEE INCOME 522100 12731021 12364398 366623 68808960 7880988 7880988 1522853 0 29858 1522853 -29858 1492995 1492995 78182943 67457906 1351054 9373983 95225 9999452 2074328 18803811 1355173 2985371 1406947 109274 125739 1275590 13928182 1572868 16191 18506 2337823 PROVISION FOR LOAN LOSS 7028000 LOAN SERVICING EXPENSE 2767595 MISC. OPERATING FEES 1082625 OPERATING FEES 166014 97781 67246495 22724497 30226335 79440015 144002487 4175099 6426270 914777387 926496100 2925867 3721622 74992413 37891580 36929468 37100833 352417276 545596473 1271100 1357100 45925485 74521247 1460586194 1769448467 11757911 13314238 820062 1074559 1243235114 1533452882 1255813087 1547841679 X 0 0 0 0 204773107 221606788 204773107 221606788 1460586194 1769448467 10936448 5897233 0 X X 0 1 X 1 0 0 1 X 9811230 9811230 41626571 19579048 22047523 793952 793952 0 22535433 17518580 5016853 225227 225227 37100833 MEMBER SHARES AND CERTIFICATES 1531625153 INTEREST PAYABLE ON DEPOSITS 1827729 1533452882 X 78501289 0 78501289 -318346 -318346 78182943 67564659 0 67564659 -318164 -318164 67246495 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. 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, 2020 AND 2019. THE CREDIT UNION'S 2017 THROUGH 2019 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: REV RECORDED AS EXP -318,164. ROUNDING -182. PART XII, LINE 4B - OTHER ADJUSTMENTS: REV RECORDED AS EXP -318,164. 1 STORYBOOK FARMS 300 CUSSETA ROAD OPELIKA AL 36801 631288683 501(C)3 10000 COMMUNITY GIVING EAT SOUTH 425 MOLTEN STREET MONTGOMERY AL 36104 812357394 501(C)3 7000 COMMUNITY GIVING MONTGOMERY MUSEUM OF FINE ARTS 1 MUSEUM DRIVE MONTGOMERY AL 36117 636049847 501(C)3 8000 COMMUNITY GIVING RIVER REGION UNITED WAY 3121 ZELDA COURT MONTGOMERY AL 36106 630330778 501(C)3 12000 COMMUNITY GIVING PART I, LINE 2: IF DONE, THESE ARE MONITORED BY THE MARKETING DEPARTMENT. X 1 1 X X X 0 0 0 MARTIN EDWARD HEAD PRESIDENT/CEO 410969 0 75375 0 18022 0 37500 0 20502 0 562368 0 0 0 KENNETH HILL VP MORTGAGE SERVICES 120051 0 145334 0 5097 0 14074 0 14758 0 299314 0 0 0 WAYNE BLACKWELL SVP/CHIEF RETAIL OFFICER 215756 0 34302 0 0 0 21753 0 17838 0 289649 0 0 0 TIM MARQUARDT SVP/CFO 209560 0 36750 0 0 0 22373 0 19363 0 288046 0 0 0 SCOTT LINDLEY SVP/CIO 190723 0 32500 0 0 0 20736 0 19658 0 263617 0 0 0 CHERYL PAYSON SVP/CHIEF SUPPORT OFFICER 182586 0 32990 0 7484 0 12496 0 17787 0 253343 0 0 0 SANDRA STENGER SVC CTR CONSULTANT III 169001 0 28000 0 0 0 15938 0 19113 0 232052 0 0 0 KEN PEAVY FINANCIAL ADVISOR 31921 0 149851 0 2108 0 20749 0 15292 0 219921 0 0 0 RON CREEL SVP BUSINESS SERVICES 141767 0 30804 0 6220 0 17133 0 14823 0 210747 0 0 0 BRUCE CHAFIN SVP MAX CAPITAL 141713 0 27136 0 0 0 16393 0 14825 0 200067 0 0 0 DG MARKWELL CHIEF MARKETING OFFICER 137037 0 21791 0 3054 0 16077 0 13949 0 191908 0 0 0 WENDY ANDERSON AVP CONSUMER UNDERWRITING 133069 0 23600 0 0 0 13217 0 15367 0 185253 0 0 0 PART I, LINE 1A TIM MARQUARDT - KIWANIS MEMBERSHIP - $595 NOT INCLUDED IN TAXABLE COMPENSATION. 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 REVIEWED BY THE SVP/CFO AND CEO 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/COMPARABILITY DATA AND MARKET DATA TO ESTABLISH RANGES. MAX ALSO USES THE ULTIPRO 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 RANGE. THE CEO SIGNS OFF ON ALL INCREASES. THE BOARD OF DIRECTORS APPROVES THE ANNUAL SALARY FOR THE CEO BASED ON RECOMMENDATIONS OF THE HR COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN ALL BRANCHES ON A MONTHLY BASIS. FINANCIAL STATEMENTS ARE ALSO INCLUDED IN THE ANNUAL REPORT EACH YEAR AND DISTRIBUTED TO EVERYONE WHO COMES TO THE ANNUAL MEETING. IN ADDITION, OUR CALL REPORT IS AVAILABLE ON THE NCUA'S WEBSITE ON A QUARTERLY BASIS. 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. MAX SERVICES LLC PO BOX 242076 MONTGOMERY AL 36124 631260914 INSURANCE SALES AL 453158 774243 MAX CREDIT UNION MAX CAPITAL LLC PO BOX 244040 MONTGOMERY AL 36124 262019921 EQUIPMENT LEASING AL 835574 13005443 MAX CREDIT UNION MAX4KIDS FOUNDATION INC 400 EASTDALE CIRCLE MONTGOMERY AL 36117 200447519 CHARITABLE ACTIVITIES TO SUPPORT KIDS AL 501(C)(3) LINE 9 MAX CREDIT UNION 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 NO TRANSACTIONS OVER 50000