2024-11-14T12:32:51-06:00 2023-12-31 461498870 BMSS LLC 1121 RIVERCHASE OFFICE RD BIRMINGHAM AL 35244 990 2023-01-01 630371386 WINSOUTH CREDIT UNION WINS 2565437302 110 SOUTH 26TH STREET GADSDEN AL 359041935 DAVID EUBANKS CHIEF EXECUTIVE OFFICER 2565437302 2024-11-06 1 0 CHERION SIBLEY CPA P00090514 2059825500 2024-11-06 2023 2024-10-15 13:58:12Z DAVID EUBANKS 110 SOUTH 26TH STREET GADSDEN AL 359041935 23783332 0 X WWW.WINSOUTHCU.COM X STATE CHARTERED CORPORATE CREDIT UNION 1951 AL TO PROVIDE THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS. 5 5 168 10 74475 0 0 0 9510001 13299129 2366524 2344852 8255242 8038237 20131767 23682218 10000 10000 0 0 6872840 6622957 0 0 0 9838007 12924840 16720847 19557797 3410920 4124421 385560521 393632161 367945769 373535532 17614752 20096629 X TO ENCOURAGE THRIFT, CREATE A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDE OPPORTUNITIES FOR ITS MEMBERS TO CONTROL THEIR OWN MONEY IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. 0 0 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. WINSOUTH CREDIT UNION IS A VOLUNTARY, COOPERATIVE, NONPROFIT FINANCIAL INSTITUION. ITS PRIMARY PURPOSE IS TO ENCOURAGE THRIFT, CREATE A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDE OPPORTUNITIES FOR ITS MEMBERS TO CONTROL THEIR OWN MONEY IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. THE CREDIT UNION STRIVES TO ACHIEVE ITS PURPOSE BY CONDUCTING ANY BUSINESS, ENGAGING IN ANY ACTIVITY, AND PROVIDING ANY SERVICE THAT MAY BENEFIT ITS MEMBERS, SUBJECT TO THE ALABAMA CREDIT UNION ACT AND THE RULES AND REGULATIONS ADOPTED THEREUNDER BY THE ALABAMA CREDIT UNION ADMINISTRATION. AS OF DECEMBER 31, 2023 THE CREDIT UNION PROVIDED SERVICES TO 39,232 MEMBERS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 6413 0 1 168 1 1 1 0 0 0 0 0 0 0 0 0 X 5 5 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X TRACI HIGGINS 2564393117 110 SOUTH 26TH STREET GADSDEN AL 359041935 GARY KENNEDY VICE CHAIRMAN 2.00 X 0 0 0 DON SMITH TREASURER 2.00 X 0 0 0 RONALD PATRICK CHAIRMAN 2.00 X 0 0 0 GREG GREGERSON SECRETARY 2.00 X 0 0 0 CHARLES ATCHLEY BOARD MEMBER 2.00 X 0 0 0 DAVID EUBANKS CEO/PRESIDENT 40.00 X 246373 0 23944 NATHAN CLOUGH COO 40.00 X 115951 0 22864 KELLY WHISENANT COMPTROLLER 40.00 X 119576 0 14997 TRACI HIGGINS CFO 40.00 X 60889 0 22720 MARK SHADDIX DIRECTOR OF LENDING 40.00 X 114392 0 22966 RACHEL LEE DIRECTOR OF HR 40.00 X 98449 0 19328 GIORGIO TORREGROSA CTO 40.00 X 93653 0 19289 849283 0 146108 4 0 1 0 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 DEBIT CARD SERVICES 1098290 JACK HENRY 8985 BALBOA AVENUE SAN DIEGO CA 921231507 DATA PROCESSOR 525257 VISA GLOBAL BILLING PLATFORM 110N EUTAW STREET STE 611 BALTIMORE MD 21201 DEBIT CARD SERVICES 523223 VISA USA 900 METRO CENTER BLVD FOSTER CITY CA 94404 DEBIT CARD SERVICES 439789 KASASA 6504 BRIDGE POINT PKWY 500 AUSTIN TX 78730 CHECKING ACCOUNT REWARDS 271741 10 INTEREST ON LOANS 522100 13299129 13299129 13299129 2343465 2343465 102501 101114 1387 1387 1387 SERVICE FEES & MISC INCOME 522100 4514726 4440251 74475 INTERCHANGE INCOME 522100 3247630 3247630 OTHER INCOME 522100 275881 275881 8038237 23682218 23607743 74475 0 10000 10000 995392 995392 3626323 3626323 1657609 1657609 343633 343633 361891 361891 109501 109501 391167 391167 590406 590406 749171 749171 276613 276613 171191 171191 15075 15075 3777322 3777322 299514 299514 116667 116667 DEBIT AND CREDIT CARD E 2622476 2622476 LOAN SERVICING EXPENSE 1498219 1498219 PROVISION FOR LOAN LOSS 855000 855000 OTHER PROCESSING EXPENS 420007 420007 670620 670620 19557797 19557797 0 0 6392302 5259173 167261 4388175 70211 10986 248863809 270026050 942441 1096309 13578060 7613694 6199372 5964366 106658921 93378252 1912564 1438000 14353640 12070850 385560521 393632161 9389655 12407388 358556114 361128144 367945769 373535532 X 0 0 0 0 17614752 20096629 17614752 20096629 385560521 393632161 X 4124421 592184 -2234728 X X 0 1 X 1 0 2158099 2158099 7712484 4694329 3018155 3707477 2919365 788112 5964366 MEMBER DEPOSITS 361128144 361128144 X PART X, LINE 2: THE CREDIT UNION ACCOUNTS FOR UNCERTAIN TAX POSITIONS, IF ANY, IN ACCORDANCE WITH FASB ACCOUNTING STANDARDS CODIFICATION SECTION 740. IN ACCORDANCE WITH THESE PROFESSIONAL STANDARDS, THE CREDIT UNION RECOGNIZES TAX POSITIONS ONLY TO THE EXTENT THAT MANAGEMENT BELIEVES IT IS "MORE LIKELY THAN NOT" THAT ITS TAX POSITIONS WILL BE SUSTAINED UPON IRS EXAMINATION. MANAGEMENT BELIEVES THAT IT HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS FOR THE YEARS ENDED MARCH 31, 2024 AND 2023. THE CREDIT UNION BELIEVES THAT ITS INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE EFFECT ON THE CREDIT UNION'S FINANCIAL CONDITION, INCOME STATEMENT, OR CASH FLOWS. ACCORDINGLY, THE CREDIT UNION HAS NOT RECORDED ANY RESERVES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAX POSITIONS AT MARCH 31, 2024. THE CREDIT UNION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE CREDIT UNION BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR THE YEARS BEFORE 2020. 1 SCHOLARSHIPS 10 10000 0 PART I, LINE 2: GRADUATING HIGH SCHOOL SENIORS SUBMIT SCHOLARSHIP APPLICATIONS. A COLLEGE PROFESSOR THEN CHOOSES 10 DESERVING SENIORS TO WIN A $1,000.00 SCHOLARSHIP. X 1 1 X 0 0 0 DAVID EUBANKS CEO/PRESIDENT 246373 0 0 0 0 0 0 0 23944 0 270317 0 0 0 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 MEMBERS OF THE CREDIT UNION ELECT BOARD MEMBERS AT THEIR ANNUAL MEETING. THE MEMBERS OF THE CREDIT UNION ARE INFORMED OF THE BOARD POSITIONS WHICH ARE UP FOR ELECTION AND THE NOMINEES FOR EACH VACANT POSITION BY THE NOMINATING COMMITTEE. THE MEMBERS THEN PROCEED TO VOTE TO FILL THE OPEN BOARD POSITIONS. IN ORDER FOR A BOARD MEMBER TO BE ELECTED, A QUORUM MUST BE PRESENT AT THE MEETING. FORM 990, PART VI, SECTION B, LINE 11B UPON COMPLETION OF THE CREDIT UNION'S FORM 990, THE RETURN IS PRESENTED TO THE BOARD AT A BOARD OF DIRECTORS MEETING. AT THE MEETING, THE BOARD MEMBERS REVIEW THE TAX RETURN AND ARE FREE TO ASK ANY QUESTIONS OR ENGAGE IN DISCUSSION REGARDING ANY TOPIC COVERED IN THE RETURN. ONCE THE GOVERNING BODY HAS REVIEWED AND APPROVED THE FORM 990, THE RETURN IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C CREDIT UNION STAFF REVIEW THE CONFLICT OF INTEREST POLICY EACH YEAR WITH THE CREDIT UNION'S MANAGER. AT THIS MEETING, THE STAFF MEMBERS ARE FREE TO ASK ANY QUESTIONS REGARDING THIS POLICY. THE CREDIT UNION MANAGER CONSISTENTLY MONITORS THE STAFF TO MAKE SURE EVERYONE IS IN COMPLIANCE WITH THE POLICY. THE CONFLICT OF INTEREST POLICY IS REVIEWED WITH THE BOARD ANNUALLY. IT IS THE RESPONSIBILITY OF THE STAFF OR BOARD OF DIRECTORS TO IMMEDIATELY NOTIFY THE CREDIT UNION MANAGERS OF ANY POTENTIAL CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR OFFICERS, KEY EMPLOYEES, & TOP MANAGEMENT OFFICIALS IS DETERMINED ON A YEARLY BASIS. BEFORE COMPENSATION IS SET, THE BOARD OF DIRECTORS EXAMINES THE TYPES AND AMOUNT OF WORK PERFORMED BY THE EMPLOYEES WHILE TAKING INTO ACCOUNT THE CREDIT UNION'S PRIOR YEAR INCOME AND THE CUNA SALARY SURVEY. THE BOARD APPROVES THE CEO'S SALARY, AND THE CEO APPROVES ALL OTHER EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES AVAILABLE ITS FINANCIAL STATEMENTS VIA THE ASI WEBSITE WHICH CAN BE FOUND AT WWW.AMERICANSHARE.COM. OTHER DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: PENSION ADJUSTMENT -2,234,728. FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2B: ON AN ANNUAL BASIS, THE ALABAMA CREDIT UNION ADMINISTRATION AND/OR THE NATIONAL CREDIT UNION ADMINSTRATION 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 MARCH 31 OF EACH YEAR. FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2C: THE CREDIT UNION HAS A SUPERVISORY COMMITTEE THAT IS RESPONSIBLE FOR ENSURING THE BOARD OF DIRECTORS AND MANAGEMENT OF THE CREDIT UNION MEET THE REQUIRED FINANCIAL REPORTING OBJECTIVES AND ESTABLISH PRACTICES AND PROCEDURES SUFFICIENT TO SAFEGUARD MEMBERS' ASSETS. THIS INCLUDES OVERSEEING THE ANNUAL FINANCIAL STATEMENT AUDIT AND THE SELECTION OF THE INDEPENDENT ACCOUNTANT. SECTION 1.263(A)-1(F) DE MINIMIS SAFE HARBOR ELECTION WINSOUTH CREDIT UNION 110 SOUTH 26TH STREET GADSDEN, AL 35904 EMPLOYER IDENTIFICATION NUMBER: 63-0371386 FOR THE YEAR ENDING DECEMBER 31, 2023 WINSOUTH CREDIT UNION IS MAKING THE DE MINIMIS SAFE HARBOR ELECTION UNDER REG. SEC. 1.263(A)-1(F). SECTION 1.263(A)-3(N) ELECTION WINSOUTH CREDIT UNION 110 SOUTH 26TH STREET GADSDEN, AL 35904 EMPLOYER IDENTIFICATION NUMBER: 63-0371386 FOR THE YEAR ENDING DECEMBER 31, 2023 WINSOUTH CREDIT UNION IS MAKING THE ELECTION TO CAPITALIZE REPAIR AND MAINTENANCE COSTS UNDER REG. SEC. 1.263(A)-3(N).