2024-11-14T13:03:14-06:00 2023-12-31 461498870 BMSS LLC 1121 RIVERCHASE OFFICE RD BIRMINGHAM AL 35244 990 2023-01-01 630355713 CREDIT UNIONS IN THE STATE OF ALABAMA FAMILY SAVINGS CREDIT UNION CRED 2565478190 205 RESCIA AVENUE RAINBOW CITY AL 35906 DEBBIE GRAY CFO 2565478190 2024-10-22 1 0 CHERION SIBLEY CPA P00090514 2059825500 2024-10-22 2023 2024-10-15 13:58:12Z DEBBIE GRAY 205 RESCIA AVENUE RAINBOW CITY AL 35906 69708158 0 X WWW.FAMILYSAVINGSCU.COM X 1951 AL TO PROVIDE THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS 7 7 204 12 231418 0 0 0 29254177 42961321 945597 2676904 20699469 22447182 50899243 68085407 15000 15000 0 0 18900549 21791414 0 0 0 22529665 36144592 41445214 57951006 9454029 10134401 756761608 965802595 681399923 882528528 75361685 83274067 TO PROVIDE THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS. 0 0 75,156 MEMBERS SERVED TO PROMOTE THRIFT OPPORTUNITIES AND LOW COST LOANS 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 22296 0 1 204 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X DEBBIE GRAY CFO 2565478190 205 RESCIA AVENUE GADSDEN AL 35906 LP WILLIAMSON BOARD CHAIR 2.00 X 0 0 0 BILL WILLARD VICE CHAIRMAN 2.00 X 0 0 0 HACKY JAGGERS SECRETARY 2.00 X 1877 0 0 WALLY BURNS DIRECTOR 2.00 X 0 0 0 RANDEL MOUNTAIN DIRECTOR 2.00 X 0 0 0 RONNIE REED DIRECTOR 2.00 X 0 0 0 JAMES WILKES TREASURER 2.00 X 0 0 0 DANNY VARNON PRESIDENT 38.00 X 519905 0 58818 DEBORAH GRAY CHIEF FINANCIAL OFFICER 38.00 X 282185 0 79432 ROBERT RAYBURN CHIEF LENDING OFFICER 38.00 X 283534 0 56224 CURTIS LETSON EXECUTIVE VICE PRESIDENT 38.00 X 313601 0 56739 JONATHAN ROLAND CHEIF INFORMATION OFFICER 38.00 X 152902 0 35013 LESLI BISHOP CHIEF MARKETING OFFICER 38.00 X 158946 0 39792 AMY JACKSON MORTGAGE SERVICES DIRECTOR 38.00 X 273891 0 53498 JOHN RIDDLE COMMERCIAL LENDER 38.00 X 745100 0 46909 MARCIE RIDDLE DIRECTOR OF BUSINESS SERVICES 38.00 X 143163 0 36179 SCOTTY BELL REGIONAL OPERATIONS DIRECTOR 38.00 X 115967 0 35132 CHELSEA MCCARY COMMERCIAL LOAN ASSISTANT 38.00 X 134063 0 39943 3125134 0 537679 13 0 1 0 FSI 4000 ARLINGTON BLVD ARLINGTON VA 22204 PROFESSIONAL SERVICES 1800863 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 CORE PROCESSING SYSTEM 1098939 SYNERGI PARTNERS INC 151 W EVAN ST FLORENCE SC 29501 TAX CONSULTING 707970 DIAMOND COMMUNICATION SOLUTIONS 900 KIMBERLY DR CAROL STREAM IL 60188 COMMUNICATIONS 581773 PC CONNECTION SALES CORP 730 MILFORD RD MERRIMACK NH 03054 IT SERVICES 575285 29 LOAN INTEREST INCOME 522130 42961321 42961321 42961321 2676904 2676904 152606 152606 1622751 1622751 0 ACCOUNT, LOAN, AND INTERCHANGE FE 522130 17956801 17956801 OTHER OPERATING INCOME 522130 2159682 2159682 NSF ACCOUNT CHARGES 522130 1120613 1120613 1057480 826062 231418 22294576 68085407 65024479 231418 2829510 15000 2037091 13340188 1016304 4361122 1036709 49524 159716 1491111 1942826 315617 778507 178956 562467 12694112 2105524 368952 CHECK AND LOAN SERVICIN 8171617 BAD DEBTS 3790618 REPAIRS AND MAINTENANCE 2909234 TRAINING AND EDUCATION 218006 407805 57951006 16867660 13017176 25984929 93601065 2554161 2584039 657788238 774776325 3613407 4343358 46183407 21200246 21183392 24983161 6085836 27057842 292054 587281 22391931 24852348 756761608 965802595 10483180 16624621 33400000 59900000 637516743 806003907 681399923 882528528 X 0 0 0 0 75361685 83274067 75361685 83274067 756761608 965802595 X 10134401 89373 -2311392 X X 0 0 0 5227232 5227232 17819299 6604727 11214572 3885527 1608020 2277507 16569715 12987499 3582216 2681634 2681634 24983161 MEMBER DEPOSITS 781003907 NON-MEMBER DEPOSITS 25000000 806003907 1 SCHOLARSHIPS FOR STUDENTS ATTENDING COLLEGE 5 15000 PART I, LINE 2: UPON DETERMINING A SCHOLARSHIP RECIPIENT, THE CREDIT UNION VERIFIES THE RECIPIENT'S ENROLLMENT IN COLLEGE BY OBTAINING A COPY OF THE RECIPIENT'S COLLEGE REGISTRATION AND SCHEDULE OF COURSES. AFTER CONFIRMING THE RECIPIENT'S ENROLLMENT, THE CREDIT UNION WILL EITHER MAIL A CHECK DIRECTLY TO THE RECIPIENT'S COLLEGE OR IT WILL PROVIDE A CHECK TO THE RECIPIENT MADE PAYABLE TO THE RECIPIENT'S COLLEGE. X X 1 1 X X X X 0 1 0 JOHN RIDDLE COMMERCIAL LENDER 227250 0 517850 0 0 0 46909 0 0 0 792009 0 0 0 DANNY VARNON PRESIDENT 444710 0 75195 0 0 0 53924 0 4894 0 578723 0 0 0 CURTIS LETSON EXECUTIVE VICE PRESIDENT 275946 0 37655 0 0 0 32875 0 23864 0 370340 0 0 0 DEBORAH GRAY CHIEF FINANCIAL OFFICER 244325 0 37860 0 0 0 50869 0 28563 0 361617 0 0 0 ROBERT RAYBURN CHIEF LENDING OFFICER 245609 0 37925 0 0 0 50887 0 5337 0 339758 0 0 0 AMY JACKSON MORTGAGE SERVICES DIRECTOR 39712 0 234179 0 0 0 25590 0 27908 0 327389 0 0 0 LESLI BISHOP CHIEF MARKETING OFFICER 146061 0 12885 0 0 0 24705 0 15087 0 198738 0 0 0 JONATHAN ROLAND CHEIF INFORMATION OFFICER 140112 0 12790 0 0 0 14386 0 20627 0 187915 0 0 0 MARCIE RIDDLE DIRECTOR OF BUSINESS SERVICES 96355 0 46808 0 0 0 14849 0 21330 0 179342 0 0 0 CHELSEA MCCARY COMMERCIAL LOAN ASSISTANT 53530 0 80533 0 0 0 12569 0 27374 0 174006 0 0 0 SCOTTY BELL REGIONAL OPERATIONS DIRECTOR 97528 0 18439 0 0 0 14353 0 20779 0 151099 0 0 0 PART I, LINE 1A FAMILY SAVINGS CREDIT UNION PROVIDES ALL VOLUNTEERS NUMBERING 12 IN TOTAL WITH A $700 STIPEND AS AN INSURANCE ALLOWANCE EACH MONTH. PART I, LINE 4B THE FOLLOWING PARTICIPATED IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN: DANNY VARNON DEBORAH GRAY ROBERT RAYBURN FRANKIE LETSON MONTE HILL FORMER OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 2200000 2584039 0 1 1 2584039 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL INSTITUTION THAT IS OWNED AND OPERATED BY ITS MEMBERS. THE FIELD OF MEMBERSHIP SHALL BY LIMITED TO: PERSONS WHO LIVE, WORSHIP, WORK (OR REGULARLY CONDUCT BUSINESS), OR ATTEND SCHOOL IN ETOWAH, MARSHALL, DEKALB, JACKSON, CHEROKEE, CALHOUN, CLEBURNE, MADISON, BLOUNT, ST. CLAIR, MORGAN, CULLMAN, OR TALLADEGA COUNTIES IN ALABAMA OR LIVE OR WORK IN BARTOW, CATOOSA, CHATTOOGA, DADE, FLOYD, GORDON, HARALSON, PAULDING, POLK, CARROLL, CHEROKEE, COBB, DOUGLAS, MURRAY, WHITFIELD, OR WALKER COUNTIES IN GEORGIA. BUSINESSES, ORGANIZATIONS, OR ASSOCIATIONS (FOR PROFIT OR NOT FOR PROFIT), REGARDLESS OF THEIR FORM, WHICH MEET ANY OF THE FOLLOWING TESTS: FORMED; ORGANIZED; OPERATE; LOCATED; DO BUSINESS; HAVE AN OFFICE; STORE OR BRANCH IN ETOWAH, MARSHALL, DEKALB, JACKSON, CHEROKEE, CALHOUN, CLEBURNE, MADISON, BLOUNT, ST. CLAIR, MORGAN, CULLMAN, OR TALLADEGA COUNTIES IN ALABAMA OR IN BARTOW, CATOOSA, CHATTOOGA, DADE, FLOYD, GORDON, HARALSON, PAULDING, POLK, CARROLL, CHEROKEE, COBB, DOUGLAS, MURRAY, WHITFIELD OR WALKER COUNTIES IN GEORGIA. NATURAL PERSON MEMBERS AND EMPLOYEES OF THE INTERDENOMINATIONAL ASSOCIATION OF CHURCHES, INC., IN ETOWAH COUNTY, ALABAMA; INTERDENOMINATIONAL ASSOCIATION OF CHURCHES, INC.; WILLS CREEK DISTRICT BAPTIST ASSOCIATION; GADSDEN METROPOLITAN BAPTIST MINISTERS CONFERENCE; INTERDENOMINATIONAL MINISTERIAL ALLIANCE, ETOWAH COUNTY TRUST INVESTORS, INC. OTHERS INCLUDE FAMILY MEMBERS, RELATED BY BLOOD, ADOPTION, LEGAL GUARDIANSHIP, OR MARRIAGE TO ANYONE WITHIN FAMILY SAVINGS CREDIT UNION'S FIELD OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF FAMILY SAVINGS CREDIT UNION ELECT ITS BOARD OF DIRECTORS AT THEIR ANNUAL MEMBERSHIP MEETING. THE MEMBERS OF THE CREDIT UNION ARE INFORMED OF THE BOARD POSITIONS WHICH ARE UP FOR ELECTION 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 A, LINE 7B MEMBERS MUST APPROVE BOARD OF DIRECTOR DECISONS ON MATTERS OF CONVERSION, CHANGES, OR MERGER. 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, WHICH IS INCLUDED IN THE CREDIT UNION CODE OF CONDUCT, 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 CONSTANTLY MONITORS THE STAFF TO MAKE SURE EVERYONE IS IN COMPLIANCE WITH THE POLICY. IT IS THE RESPONSIBILITY OF STAFF OR 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 TYPE AND AMOUNT OF WORK PERFORMED BY THE EMPLOYEES WHILE TAKING INTO ACCOUNT THE CREDIT UNION'S PRIOR YEAR INCOME. COMPARATIVE INDEPENDENT SALARY SURVEYS ARE AVAILABLE TO THE BOARD DURING THE COMPENSATION PROCESS. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES AVAILABLE ITS FINANCIAL STATEMENTS VIA THE NCUA WEBSITE WHICH CAN BE FOUND AT WWW.NCUA.GOV. OTHER DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CECL ADJUSTMENT -2,311,392. FORM 990, PART XII, LINE 2 THE CREDIT UNION HAS MARCH 31 YEAR END AUDITED FINANCIALS PREPARED BY AN INDEPENDENT CPA. ADDITIONALLY, ON A YEARLY BASIS, THE ALABAMA CREDIT UNION ADMINISTRATION AND SUPERVISORY COMMITTEE EXAMINE THE FINANCIAL STATEMENTS OF THE CREDIT UNION. SECTION 1.263(A)-1(F) DE MINIMIS SAFE HARBOR ELECTION CREDIT UNIONS IN THE STATE OF ALABAMA FAMILY SAVINGS CREDIT UNION 205 RESCIA AVENUE RAINBOW CITY, AL 35906 EMPLOYER IDENTIFICATION NUMBER: 63-0355713 FOR THE YEAR ENDING DECEMBER 31, 2023 CREDIT UNIONS IN THE STATE OF ALABAMA FAMILY SAVINGS 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 CREDIT UNIONS IN THE STATE OF ALABAMA FAMILY SAVINGS CREDIT UNION 205 RESCIA AVENUE RAINBOW CITY, AL 35906 EMPLOYER IDENTIFICATION NUMBER: 63-0355713 FOR THE YEAR ENDING DECEMBER 31, 2023 CREDIT UNIONS IN THE STATE OF ALABAMA FAMILY SAVINGS CREDIT UNION IS MAKING THE ELECTION TO CAPITALIZE REPAIR AND MAINTENANCE COSTS UNDER REG. SEC. 1.263(A)-3(N). FAMILY SAVINGS SERVICES LLC 205 RESCIA AVENUE RAINBOW CITY AL 35906 450480527 FINANCIAL SERVICES AL -73 291981 FAMILY SAVINGS CREDIT UNION