2017-11-15T14:51:24-06:00 2016-12-31 630813240 PEARCE BEVILL LEESBURG MOORE PC 110 OFFICE PARK DR BIRMINGHAM AL 35223 990 2016-01-01 630353833 ALABAMA ONE CREDIT UNION ALAB 2057591595 1215 VETERANS MEMORIAL PARKWAY TUSCALOOSA AL 35404 W WHITNEY OSWALT CFO 2057591595 2017-11-14 1 W GLENN BRIDGES P00519867 2053235440 2017-11-14 50.58.253.10 2017-11-14 15:20:48 CS P 54A2C1E2D383A3F96C4900CA3E3AA262B8A899BE 860C448BF1F2152A2E18F6DA12DFDD20A0344C7C 2016 2021-01-29 14:40:06Z SARA H MOORE 1215 VETERANS MEMORIAL PARKWAY TUSCALOOSA AL 35404 24672275 0 1422 X WWW.ALABAMAONE.ORG X STATE CHARTERED COOPERATIVE CREDIT UNION 1951 AL COOPERATIVE CREDIT UNION 0 0 207 11 305568 -106475 0 0 24855855 24672275 0 0 0 0 24855855 24672275 0 0 0 0 7973945 9148217 0 0 0 24911700 15453196 32885645 24601413 -8029790 70862 579717046 582725571 527600388 533115104 52116658 49610467 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. 0 0 24601413 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, WHO PRIMARILY LIVE AND WORK IN TUSCALOOSA, ALABAMA AND TWENTY-ONE VARIOUS COUNTIES THROUGHOUT WEST, CENTRAL AND SOUTH ALABAMA. AS OF DECEMBER 31, 2016, THE CREDIT UNION PROVIDED SERVICES TO APPROXIMATELY 61,000 MEMBERS. 24601413 0 0 0 0 0 0 0 1 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 16831 0 1 207 1 1 1 0 0 0 0 0 X 0 0 0 1 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X W WHITNEY OSWALT 2057591595 1215 VETERANS MEMORIAL PARKWAY TUSCALOOSA AL 35404 WHITNEY OSWALT CFO 40.00 X 132920 0 26459 BILL WELLS CEO 40.00 X 147012 0 22481 JASON HALPERIN CLO 40.00 X 168562 0 27375 JACK HAM CCO 40.00 X 132103 0 27460 580597 0 103775 4 0 1 0 REYNOLDS REYNOLDS & LITTLE LLC PO BOX 2863 TUSCALOOSA AL 35403 LEGAL SERVICES 1141586 BRYAN CAVE LLP 1201 W PEACHTREE ST NW ATLANTA GA 30309 LEGAL SERVICES 673127 SC & B STRATEGIC SOLUTIONS INC PO BOX 380682 BIRMINGHAM AL 35238 CONSULTING 303705 THE NEXT BEST THING 2209 9TH STREET 602 TUSCALOOSA AL 35401 JANITORIAL SERVICES 251565 FENIXX LLC 3308 N WOODRIDGE RD BIRMINGHAM AL 35223 CONSULTING 162098 7 LOAN INTEREST INCOME 522100 13569470 13569470 FINANCIAL SERVICE FEE AND OPERATI 522100 7622075 7316507 305568 INVESTMENT INCOME 522100 3480730 3480730 24672275 24672275 24366707 305568 0 524809 6354680 608303 1153546 506879 1387790 138670 51152 466192 2561762 2174090 859200 74150 1742 1012580 476434 MEMBER DIVIDEND AND INT 3877216 PROFESSIONAL SERVICES 1200163 PROVISION FOR LOAN LOSS 508723 MISCELLANEOUS 333196 330136 24601413 8126679 8747694 79707414 56510734 371185 802274 253076698 256238716 613029 898043 27540423 12761775 13666433 14778648 212903367 235512806 11252241 9236656 579717046 582725571 3700027 4727119 26592 29431 1322541 1444589 522551228 526913965 527600388 533115104 X 0 0 0 0 52116658 49610467 52116658 49610467 579717046 582725571 X 70862 -2379516 -197537 X X 0 0 0 0 1 X 3660739 3660739 15393692 6684724 8708968 19264 19264 0 8186264 5881027 2305237 280464 176760 103704 14778648 FEDERAL AGENCY SECURITIES 207809845 F CERTIFICATES OF DEPOSIT 11493987 F CUSO INVESTMENT 50000 F CORPORATE CREDIT UNION CAPITAL SHARES 12008000 F CORPORATE AMERICA INVESTMENTS 4000000 F OTHER CORPORATE ACCOUNTS 150974 F 235512806 MEMBER SHARES AND CERTIFICATE SHARES 526560476 DIVIDENDS PAYABLE 353489 526913965 X PART IV, LINE 2B: THE CREDIT UNION ACCEPTS AND MAINTAINS ESCROW PAYMENTS TO PAY ANNUAL TAXES AND INSURANCE ON MEMBER BORROWER MORTGAGE LOANS. PART X, LINE 2: THE FIN 48 ASC 748 FOOTNOTE INCLUDED IN THE CREDIT UNION'S SEPTEMBER 30, 2016 AUDITED FINANCIAL STATEMENTS IS AS FOLLOWS: THE CREDIT UNION IS EXEMPT, BY STATUTES, FROM MOST FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION FILES A FEDERAL FORM 990 AND HAS A DECEMBER 31, TAX YEAR END. THE STATE OF ALABAMA IMPOSES A 6.5% EXCISE TAX ON THE TAXABLE INCOME OF STATE CHARTERED CREDIT UNIONS AS OF DECEMBER 31, EACH TAX YEAR. DUE TO NET OPERATING LOSSES, NO EXCISE TAX LIABILITY WAS ACCRUED AS OF SEPTEMBER 30, 2016. THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL INCOME TAX LIABILITY BASED ON THE GUIDANCE FROM THE PROVISIONS OF FASB ASC 740, INCOME TAXES, ASSOCIATED WITH UNCERTAINTY IN INCOME TAX POSITIONS. MANAGEMENT BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR THE INCOME TAX POSITIONS TAKEN AND TO BE TAKEN ON ITS TAX RETURNS BASED ON AN ASSESSMENT OF MANY FACTORS INCLUDING EXPERIENCE AND INTERPRETATIONS OF TAX LAWS APPLIED TO THE FACTS OF EACH MATTER. THE CREDIT UNION HAS CONCLUDED THAT THERE ARE NO SIGNIFICANT UNCERTAIN TAX POSITIONS REQUIRING DISCLOSURE, AND THERE ARE NO MATERIAL AMOUNTS OF UNRECOGNIZED TAX BENEFITS REQUIRING RECOGNITION IN THE FINANCIAL STATEMENTS. 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 ARISING FROM FEDERAL TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSES AND ANY POTENTIAL ADDITIONAL LIABILITY RESULTING FROM THE TAXING AUTHORITIES IMPOSING TAXES, PENALTIES, AND INTEREST ON THE TAXES DUE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. WITH FEW EXCEPTIONS, CURRENTLY THE 2015, 2014, AND 2013 FEDERAL TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. PARTS XII AND XIII: ON AN ANNUAL BASIS, THE ALABAMA CREDIT UNION ADMINISTRATION AND/OR THE NATIONAL CREDIT UNION ADMINISTRATION PERFORM A REGULATORY EXAMINATION OF THE FINANCIAL STATEMENTS AND SAFETY AND SOUNDNESS OF THE CREDIT UNION. ADDITIONALLY, THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AUDITED BY AN INDEPENDENT ACCOUNTANT AS OF SEPTEMBER 30 EACH YEAR IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUTING PRINCIPLES FOR DEPOSITORY AND LENDING FINANCIAL INSTITUTIONS. AS A LENDING AND DEPOSIT-TAKING FINANCIAL INSTITUTION, THE CREDIT UNION IS NOT REQUIRED TO PREPARE ITS FINANCIAL STATEMENTS IN ACCORDANCE WITH SFAS 117. X 1 1 X X X X X 0 1 0 WHITNEY OSWALT CFO 132920 0 0 0 0 0 15401 0 11058 0 159379 0 0 0 BILL WELLS CEO 147012 0 0 0 0 0 15083 0 7398 0 169493 0 0 0 JASON HALPERIN CLO 168562 0 0 0 0 0 18873 0 8502 0 195937 0 0 0 JACK HAM CCO 132103 0 0 0 0 0 15342 0 12118 0 159563 0 0 0 PART I, LINE 1B THE BOARD OF DIRECTORS (OR CONSERVATOR) 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 (OR CONSERVATOR). PART I, LINE 3 MANAGEMENT'S COMPENSATION IS DETERMINED ANNUALLY BY THE CREDIT UNION'S BOARD OF DIRECTORS (OR CONSERVATOR) AND IS BASED ON PERFORMANCE AND INDEPENDENT COMPARABLE INDUSTRY COMPENSATION DATA. PART I, LINE 4B THE CREDIT UNION SPONSORS A NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR MANAGEMENT AND OTHER HIGHLY COMPENSATED KEY EMPLOYEES. THE PLAN IS INTENDED TO BE A NONQUALIFIED ELIGIBLE DEFERRED COMPENSATION PLAN WITHIN THE MEANING OF SECTION 457(B) OF THE INTERNAL REVENUE CODE. FURTHER,THE PLAN IS INTENDED TO BE A "TOP HAT PLAN AND IS EXEMPT FROM THE PARTICIPATION, VESTING, FUNDING AND FIDUCIARY REQUIREMENTS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (ERISA). 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). FORM 990, PART VI, SECTION A, LINE 3 CONSERVATORSHIP: EFFECTIVE AUGUST 27, 2015, PURSUANT TO AUTHORITY GRANTED UNDER SECTION 5-17-8 (E), OF THE CODE OF ALABAMA (1975), THE BOARD OF THE ALABAMA CREDIT UNION ADMINISTRATION (ACUA) PLACED ALABAMA ONE CREDIT UNION INTO CONSERVATORSHIP AND APPOINTED ITSELF AS CONSERVATOR. UPON ITS APPOINTMENT,THE CONSERVATOR OBTAINED ALL POWERS OF THE MEMBERS, THE DIRECTORS, THE OFFICERS AND THE COMMITTEES OF ALABAMA ONE AND TOOK POSSESSION AND CONTROL OF THE BUSINESS AND ASSETS OF THE CREDIT UNION. AS CONSERVATOR,THE ACUA DISMISSED THE CREDIT UNION'S CEO, DIRECTORS AND SUPERVISORY COMMITTEE. THE ACUA APPOINTED CONSERVATORSHIP AGENTS TO MANAGE THE DAILY OPERATIONS OF THE CREDIT UNION. AS OF DECEMBER 31,2016, THE CREDIT UNION WAS OPERATING UNDER NUMEROUS REGULATORY RESTRICTIONS MANDATED BY THE ACUA AND NATIONAL CREDIT UNION ADMINISTRATION ("NCUA"). THE CREDIT UNION'S BOARD OF DIRECTORS AND SUPERVISORY COMMITTEE WERE IN TRAINING AND ACTING IN ONLY AN ADVISORY CAPACITY AS OF DECEMBER 31, 2016. FORM 990, PART VI, SECTION A, LINE 6 ALABAMA BANKING CODE, SECTION 5-17-5 STATES THAT, "CREDIT UNION MEMBERSHIP SHALL CONSIST OF THE INCORPORATORS AND SUCH OTHER PERSONS AS MAY BE ELECTED TO MEMBERSHIP AND WHO SUBSCRIBE TO AT LEAST ONE SHARE AND PAY THE INITIAL INSTALLMENT THEREON AND THE ENTRANCE FEE. ORGANIZATIONS, INCORPORATED OR OTHERWISE, COMPOSED FOR THE MOST PART OF THE SAME GENERAL GROUP AS THE CREDIT UNION MEMBERSHIP MAY BE MEMBERS. CREDIT UNION ORGANIZATION SHALL BE LIMITED TO GROUPS, OF BOTH LARGE AND SMALL MEMBERSHIP, HAVING A COMMON BOND OF OCCUPATION OR ASSOCIATION OR TO GROUPS WITHIN A WELL- DEFINED NEIGHBORHOOD, COMMUNITY OR RURAL DISTRICT." THE CREDIT UNION'S MEMBERSHIP PRIMARILY IS COMPRISED OF PERSONS WHO LIVE AND WORK IN TUSCALOOSA, ALABAMA AND TWENTY-ONE VARIOUS COUNTIES THROUGHOUT WEST, CENTRAL AND SOUTH ALABAMA. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION'S BYLAWS GOVERN THE ELECTION PROCEDURES. THE BOARD OF DIRECTORS ARE ELECTED BY THE CREDIT UNION'S MEMBERSHIP AT THE ANNUAL MEETING. THE TERMS OF THE BOARD OF DIRECTORS, AS SET BY THE BYLAWS, ARE 3 YEARS AND ARE STAGGERED SO THAT AN EQUAL NUMBER EXPIRE AT EACH ANNUAL MEETING. PRIOR TO THE ANNUAL MEETING, THE BOARD CHAIRMAN APPOINTS A NOMINATING COMMITTEE TO NOMINATE A CANDIDATE FOR EACH VACANCY. UNDER CERTAIN CIRCUMSTANCES NOMINATIONS CAN BE CALLED FOR FROM THE FLOOR. ELECTION BY THE MEMBERSHIP IS PERFORMED THROUGH MAIL BALLOTS, UNLESS THERE IS ONLY ONE NOMINEE. ALL ELECTIONS ARE DETERMINED BY A PLURALITY VOTE. FORM 990, PART VI, SECTION A, LINE 7B THE FOLLOWING TYPES OF DECISIONS ARE SUBJECT TO APPROVAL BY THE CREDIT UNION'S MEMBERS: DISSOLUTION AND MERGER DECISIONS, ELECTION AND TERMINATION OF BOARD MEMBERS, ELECTION AND TERMINATION OF SUPERVISORY COMMITTEE MEMBERS, AND CONVERSION FROM STATE TO FEDERAL CHARTER. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT PERFORMS A REVIEW OF THE FORM 990 AND 990-T PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION HAS A CONFLICT OF INTEREST POLICY. IT IS THE POLICY OF THE CREDIT UNION TO PROHIBIT ANY EMPLOYEE OR INSIDER FROM ENGAGING IN ANY ACTIVITY THAT CONFLICTS WITH THE INTERESTS OF THE CREDIT UNION OR ITS MEMBERS. EACH SITUATION IS HANDLED ON A CASE BY CASE BASIS BY THE BOARD OF DIRECTORS, AND IF NECESSARY, OTHERS AS DETERMINED BY THE BOARD OF DIRECTORS. IF THE SITUATION INVOLVES A MEMBER OF THE BOARD OF DIRECTORS, THAT MEMBER SHALL RECUSE HIMSELF OR HERSELF FROM THE DECISION REGARDING THE CONFLICT AND/OR ENTRY INTO A LOAN OR OTHER CONTRACT WITH THE CONFLICTED PARTY. ALL EXISTING AND POTENTIAL CONFLICTS OF INTEREST SHALL BE BROUGHT TO THE ATTENTION OF THE BOARD OF DIRECTORS PRIOR TO APPROVING LOANS OR OTHER TRANSACTIONS INCLUDING, BUT NOT LIMITED TO, THE PAYMENT OF PROFESSIONAL FEES, OR OTHER FEES FOR SERVICES RENDERED OR THE ENTRY BY THE CREDIT UNION INTO ANY VENDOR CONTRACT IN WHICH OFFICERS, DIRECTORS, EMPLOYEES AND OTHER INSIDERS ARE INVOLVED. EACH MEMBER OF THE BOARD SHALL BE APPRISED OF ANY POTENTIAL OR EXISTING CONFLICT PRIOR TO MAKING A DECISION OR ACTING SPECIFICALLY ON ANY LOAN OR OTHER TRANSACTION IN WHICH INSIDERS AND/OR THEIR BUSINESS ASSOCIATES ARE INVOLVED DIRECTLY OR INDIRECTLY. TO IDENTIFY ANY AND ALL ACTUAL OR POTENTIAL CONFLICTS OF INTEREST, EACH INSIDER ARE REQUIRED TO SIGN A CONFLICT OF INTEREST AGREEMENT AND PROVIDE AN ANNUAL ACKNOWLEDGMENT (ON OR BEFORE JANUARY 15 OF EACH YEAR) OF HIS/HER UNDERSTANDING OF AND COMPLIANCE WITH THE APPLICABLE LAWS, THE CREDIT UNION'S CONFLICT OF INTEREST, GIFTS, AND BRIBES, KICKBACKS AND OTHER ILLEGAL PAYMENTS POLICIES. ALL NEW EMPLOYEES OR OTHER INSIDERS ARE REQUIRED TO SIGN THE CONFLICT OF INTEREST AGREEMENT PRIOR TO EMPLOYMENT, SERVICE, OR ASSOCIATION AND BE REQUIRED TO PROVIDE THE ANNUAL ACKNOWLEDGEMENT (BY JANUARY 15 OF EACH YEAR) AS WELL. THE HUMAN RESOURCES DIRECTOR IS RESPONSIBLE FOR OBTAINING AND MAINTAINING ALL AGREEMENTS AND ANNUAL ACKNOWLEDGEMENT STATEMENTS FROM ALL OFFICERS, DIRECTORS, COMMITTEE MEMBERS, MANAGERS, EMPLOYEES AND OTHER INSIDERS. ALL OFFICERS, DIRECTORS, COMMITTEE MEMBERS, MANAGERS, EMPLOYEES AND OTHER INSIDERS ARE REQUIRED TO MAKE A ONE-TIME DISCLOSURE IDENTIFYING ALL IMMEDIATE FAMILY MEMBERS WHO ARE EXISTING MEMBERS OF THE CREDIT UNION, ALL IMMEDIATE FAMILY MEMBERS WHO HAVE ANY DIRECT OR INDIRECT BUSINESS RELATIONSHIP WITH THE CREDIT UNION OR ANY INSIDER, AND ANY OTHER INDIVIDUAL WHO MAY PRESENT POTENTIAL CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 MANAGEMENT'S COMPENSATION IS DETERMINED ANNUALLY BY THE CREDIT UNION'S BOARD OF DIRECTORS (OR CONSERVATOR) AND IS BASED ON PERFORMANCE AND INDEPENDENT COMPARABLE INDUSTRY COMPENSATION DATA. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE CREDIT UNION'S FINANCIAL STATEMENTS CAN BE FOUND ON THE WEBSITE OF THE NCUA AT WWW.NCUA.GOV. FORM 990, PART XI, LINE 9: PENSION LIABILITY ADJUSTMENT -197,537. FORM 990, PART XII, LINE 2B: ON AN ANNUAL BASIS, THE ALABAMA CREDIT UNION ADMINISTRATION AND/OR THE NATIONAL CREDIT UNION ADMINISTRATION PERFORM A REGULATORY EXAMINATION OF THE FINANCIAL STATEMENTS AND SAFETY AND SOUNDNESS OF THE CREDIT UNION. ADDITIONALLY, THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AUDITED BY AN INDEPENDENT ACCOUNTANT AS OF SEPTEMBER 30 EACH YEAR. AOCU HOLDINGS LLC 2115 11TH STREET TUSCALOOSA AL 35401 811605657 TO HOLD CERTAIN OPERATING OREO PROPERTIES AL 62240 23114 ALABAMA ONE CREDIT UNION