MUTUAL SAVINGS: Form 990, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- MUTUAL SAVINGS (EIN 63-0148940)
- Tax period
- 2023-01-01 to 2023-12-31
- Filed
- 2024-11-15
- IRS object ID
- 202423209349309157
- Schema version
- 2023v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-11-15T10:47:44-06:00 | ReturnTs |
| Tax Period End | 2023-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 630813240 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PEARCE BEVILL LEESBURG MOORE PC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 110 OFFICE PARK DR | AddressLine1Txt |
| City | BIRMINGHAM | CityNm |
| State Abbreviation | AL | StateAbbreviationCd |
| ZIP | 35223 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 630148940 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MUTUAL SAVINGS CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | ALAB | BusinessNameControlTxt |
| Phone | 2056821170 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2040 VALLEYDALE ROAD | AddressLine1Txt |
| City | BIRMINGHAM | CityNm |
| State Abbreviation | AL | StateAbbreviationCd |
| ZIP | 35244 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | KENDALL SPEED | PersonNm |
| Person Title | CEO | PersonTitleTxt |
| Phone | 2056821170 | PhoneNum |
| Signature | 2024-11-12 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | W GLENN BRIDGES | PreparerPersonNm |
| PTIN | P00519867 | PTIN |
| Phone | 2053235440 | PhoneNum |
| Preparation | 2024-11-12 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-10-15 13:58:12Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | KENDALL SPEED | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2040 VALLEYDALE ROAD | AddressLine1Txt |
| City | BIRMINGHAM | CityNm |
| State Abbreviation | AL | StateAbbreviationCd |
| ZIP | 35244 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $13,969,345 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.MUTUALSAVINGS.ORG | WebsiteAddressTxt |
| Type Of Organization Other | Yes (X) | TypeOfOrganizationOtherInd |
| Other Organization Dsc | STATE CHARTERED COOPERATIVE CREDIT UNION | OtherOrganizationDsc |
| Formation | 1936 | FormationYr |
| Legal Domicile State | AL | LegalDomicileStateCd |
| Activity Or Mission | COOPERATIVE CREDIT UNION | ActivityOrMissionDesc |
| Voting Members Governing Body | 7 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 6 | VotingMembersIndependentCnt |
| Total Employee | 91 | TotalEmployeeCnt |
| Total Volunteers | 9 | TotalVolunteersCnt |
| Total Gross UBI | $112,892 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $13,664 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $12,277,489 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $13,969,345 | CYProgramServiceRevenueAmt |
| PY Investment Income | $0 | PYInvestmentIncomeAmt |
| CY Investment Income | $0 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $12,277,489 | PYTotalRevenueAmt |
| CY Total Revenue | $13,969,345 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $5,479,035 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $5,877,380 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $5,505,769 | PYOtherExpensesAmt |
| CY Other Expenses | $7,604,777 | CYOtherExpensesAmt |
| PY Total Expenses | $10,984,804 | PYTotalExpensesAmt |
| CY Total Expenses | $13,482,157 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $1,292,685 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $487,188 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $218,893,491 | TotalAssetsBOYAmt |
| Total Assets EOY | $228,049,256 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $210,798,090 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $219,324,292 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $8,095,401 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $8,724,964 | NetAssetsOrFundBalancesEOYAmt |
| Mission | 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. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | CODE OF ALABAMA, SEC 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. MUTUAL SAVINGS CREDIT UNION, AN ALABAMA STATE CHARTERED CREDIT UNION, PROVIDES A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS, WHO PRIMARILY RESIDE, WORK, ATTEND SCHOOL OR WORSHIP IN FOURTEEN ALABAMA COUNTIES, INCLUDING JEFFERSON, SHELBY, DALLAS, CHILTON, AND TALLAPOOSA COUNTIES, OR WHO ARE EMPLOYED BY A MUTUAL SAVINGS SPONSOR GROUP. THE CREDIT UNION'S FIELD OF MEMBERSHIP ALSO INCLUDES SELECTED EMPLOYEE GROUPS AND INDIVIDUALS THAT RESIDE IN THESE COUNTIES. AS OF DECEMBER 31, 2023, THE CREDIT UNION PROVIDED SERVICES TO 20,899 MEMBERS. | Desc |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | Yes (1) | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | Yes (1) | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 3995 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 91 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 7 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 6 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | 0 | ConflictOfInterestPolicyInd |
| Whistleblower Policy | 0 | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | KENDALL SPEED CEO | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 2056821170 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2040 VALLEYDALE ROAD | AddressLine1Txt |
| City | BIRMINGHAM | CityNm |
| State Abbreviation | AL | StateAbbreviationCd |
| ZIP | 35244 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (18 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|
| DOUGLAS KEY DECEASED | |||||||
| FORMER BOARD CHAIRPERSON | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| KENDALL L SPEED | |||||||
| CEO/DIRECTOR - TREASURER | 40.00 | Yes (X) | $309,303 | $0 | $22,082 | Yes (X) | |
| ALLEN RITTER | |||||||
| BOARD MEMBER | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| RALPH A FERGUSON JR | |||||||
| BOARD MEMBER | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| DERRELL CRIMM | |||||||
| SUPERVISORY COMMITTEE CHAIRPERSON | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| KARL HENDRICKSON | |||||||
| SUPERVISORY COMMITTEE MEMB | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| RICHARD MCBEE | |||||||
| BOARD MEMBER | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| RICHARD BROOKS | |||||||
| BOARD VICE CHAIRPERSON | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| KEITH NEWTON | |||||||
| BOARD SECRETARY | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| LINDA ALLISON | |||||||
| SUPERVISORY COMMITTEE MEMBER | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| LYNNE LOFTIN | |||||||
| COO | 40.00 | $203,218 | $0 | $22,082 | Yes (X) | ||
| MIKE SHAW | |||||||
| CHIEF TECHNOLOGY OFFICER | 40.00 | $184,167 | $0 | $22,082 | Yes (X) | ||
| SONJA PURVIS | |||||||
| CHIEF MARKETING OFFICER | 40.00 | $197,052 | $0 | $22,082 | Yes (X) | ||
| SUSAN LANDRUM | |||||||
| CFO | 40.00 | $165,253 | $0 | $7,760 | Yes (X) | ||
| JIMMIE ROCHESTER II | |||||||
| VP BUSINESS BANKING | 40.00 | $164,429 | $0 | $0 | Yes (X) | ||
| KIMBERLY HUNT | |||||||
| VP HUMAN RESOURCES | 40.00 | $121,361 | $0 | $22,082 | Yes (X) | ||
| MICHAEL DYER | |||||||
| VP COLLECTIONS | 40.00 | $124,111 | $0 | $22,082 | Yes (X) | ||
| JEFFREY GRAHAM | |||||||
| VP LENDING SERVICES | 40.00 | $122,454 | $0 | $22,082 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,591,348 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $162,334 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 9 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (3 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| FLEX MARKETING INSPIRED | |||||
| 5330 TECHNOLOGY LANE | BIRMINGHAM | AL | 35217 | MARKETING MAILINGS SERVICES | $152,620 |
| KEY GREER HARRISON & CASEY | |||||
| PO BOX 360345 | BIRMINGHAM | AL | 35236 | LEGAL COUNSEL AND COLLECTIONS | $145,686 |
| ALLIED UNIVERSAL SECURITY | |||||
| PO BOX 828854 | PHILADELPHIA | PA | 191828854 | SECURITY SERVICES | $140,673 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 3 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| LOAN INTEREST INCOME | 522100 | $6,884,282 | $6,884,282 | |
| FINANCIAL SERVICE FEES AND OTHER | 522100 | $5,182,191 | $5,069,299 | $112,892 |
| INVESTMENT INCOME | 522100 | $1,902,872 | $1,902,872 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $13,969,345 | TotalProgramServiceRevenueAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $13,969,345 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $13,856,453 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $112,892 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,155,081 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,940,932 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $99,746 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $329,813 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $351,808 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $51,400 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $64,800 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $439,644 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $132,539 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $991,957 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $717,290 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $148,748 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $317,395 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $368,744 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $90,742 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| MEMBER SHARE DIVIDENDS | $1,860,057 |
| COST OF FINANCIAL SERVI | $1,572,722 |
| PROVISION FOR LOAN LOSS | $380,000 |
| OTHER OPERATING EXPENSE | $168,086 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $300,653 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $13,482,157 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,574,842 | BOYAmt |
| EOY | $2,941,808 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,484,429 | BOYAmt |
| EOY | $15,278,803 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,545,115 | BOYAmt |
| EOY | $1,507,733 | EOYAmt |
Rcvbl From Disqualified Prsn RcvblFromDisqualifiedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $91,195 | BOYAmt |
| EOY | $87,365 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $141,885,687 | BOYAmt |
| EOY | $144,603,129 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $717,081 | BOYAmt |
| EOY | $836,998 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $14,017,410 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $9,801,971 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,673,151 | BOYAmt |
| EOY | $4,215,439 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $55,709,577 | BOYAmt |
| EOY | $55,196,351 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,212,414 | BOYAmt |
| EOY | $3,381,630 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $218,893,491 | BOYAmt |
| EOY | $228,049,256 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,358,198 | BOYAmt |
| EOY | $1,108,261 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,000,000 | BOYAmt |
| EOY | $11,500,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $199,439,892 | BOYAmt |
| EOY | $206,716,031 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $210,798,090 | BOYAmt |
| EOY | $219,324,292 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,095,401 | BOYAmt |
| EOY | $8,724,964 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,095,401 | BOYAmt |
| EOY | $8,724,964 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $218,893,491 | BOYAmt |
| EOY | $228,049,256 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $487,188 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $339,824 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$197,449 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,284,213 | OtherCostOrOtherBasisAmt |
| Book Value | $1,284,213 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $6,584,473 | OtherCostOrOtherBasisAmt |
| Depreciation | $3,931,235 | DepreciationAmt |
| Book Value | $2,653,238 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $830,589 | OtherCostOrOtherBasisAmt |
| Depreciation | $829,871 | DepreciationAmt |
| Book Value | $718 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $5,045,423 | OtherCostOrOtherBasisAmt |
| Depreciation | $4,837,625 | DepreciationAmt |
| Book Value | $207,798 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $272,712 | OtherCostOrOtherBasisAmt |
| Depreciation | $203,240 | DepreciationAmt |
| Book Value | $69,472 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $4,215,439 | TotalBookValueLandBuildingsAmt |
Invst Program Related Org InvstProgramRelatedOrgGrp (4 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| AFS AGENCY SECURITIES | $53,357,386 | F |
| CORPORATE CREDIT UNION CAPITAL | $1,409,467 | C |
| FEDERAL HOME LOAN BANK STOCK | $153,300 | C |
| OTHER INVESTMENTS | $276,198 | C |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Program Rltd | $55,196,351 | TotalBookValueProgramRltdAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBER SHARES AND CERTIFICATE SHARES | Desc |
| Amt | $206,716,031 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $206,716,031 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $13,969,345 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Not Reported | $0 | RevenueNotReportedAmt |
| Revenue Subtotal | $13,969,345 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $13,969,345 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $13,482,157 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $13,482,157 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $13,482,157 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART X, LINE 2: | THE FIN 48 FOOTNOTE INCLUDED IN THE CREDIT UNION'S DECEMBER 31, 2023, 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 31ST 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. 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 VARIOUS 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 UNRECOGNIZED TAX BENEFITS REQUIRING RECOGNITION IN THE FINANCIAL STATEMENTS. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEAR 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. CURRENTLY, THE CREDIT UNION'S 2022, 2021, AND 2020 FEDERAL TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. |
| PART XI AND XII: | ON A ROUTINE BASIS, THE ALABAMA CREDIT UNION ADMINISTRATION AND 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 DECEMBER 31 EACH YEAR IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING 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. |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (6 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| KENDALL L SPEED | ||||||||||||||
| CEO/DIRECTOR - TREASURER | $257,387 | $0 | $51,916 | $0 | $0 | $0 | $0 | $0 | $22,082 | $0 | $331,385 | $0 | $0 | $0 |
| LYNNE LOFTIN | ||||||||||||||
| COO | $168,610 | $0 | $34,608 | $0 | $0 | $0 | $0 | $0 | $22,082 | $0 | $225,300 | $0 | $0 | $0 |
| SONJA PURVIS | ||||||||||||||
| CHIEF MARKETING OFFICER | $162,993 | $0 | $34,059 | $0 | $0 | $0 | $0 | $0 | $22,082 | $0 | $219,134 | $0 | $0 | $0 |
| MIKE SHAW | ||||||||||||||
| CHIEF TECHNOLOGY OFFICER | $152,296 | $0 | $31,871 | $0 | $0 | $0 | $0 | $0 | $22,082 | $0 | $206,249 | $0 | $0 | $0 |
| SUSAN LANDRUM | ||||||||||||||
| CFO | $138,131 | $0 | $27,122 | $0 | $0 | $0 | $0 | $0 | $7,760 | $0 | $173,013 | $0 | $0 | $0 |
| JIMMIE ROCHESTER II | ||||||||||||||
| VP BUSINESS BANKING | $137,149 | $0 | $27,280 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $164,429 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 1A | THE TRAVEL FOR COMPANIONS BENEFIT WAS ALLOWED FOR OFFICERS' SPOUSES, BOARD MEMBERS' SPOUSES, AND COMMITTEE MEMBERS' SPOUSES. THIS BENEFIT WAS IN THE FORM OF COMBINED DINNERS WHILE ATTENDING THE ANNUAL PLANNING MEETING. |
| PART I, LINE 3 | MANAGEMENT'S COMPENSATION IS DETERMINED ANNUALLY BY THE CREDIT UNION'S BOARD OF DIRECTORS AND IS BASED ON PERFORMANCE AND INDEPENDENT COMPARABLE INDUSTRY COMPENSATION DATA. |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp (15 entries)
| Relationship With OrgRelationshipWithOrgTxt | Loan PurposeLoanPurposeTxt | Loan From OrganizationLoanFromOrganizationInd | Original PrincipalOriginalPrincipalAmt | Balance DueBalanceDueAmt | DefaultDefaultInd | Board Or Committee ApprovalBoardOrCommitteeApprovalInd | Written AgreementWrittenAgreementInd |
|---|---|---|---|---|---|---|---|
| KENDALL SPEED | |||||||
| CHIEF EXECUTIVE OFFICER | 1ST MORTGAGE | Yes (X) | $270,000 | $245,066 | 0 | Yes (1) | Yes (1) |
| KENDALL SPEED | |||||||
| CHIEF EXECUTIVE OFFICER | HOME EQUITY LINE OF CREDIT | Yes (X) | $108,000 | $36,613 | 0 | Yes (1) | Yes (1) |
| MIKE SHAW | |||||||
| CHIEF TECHONOLOGY OFFICER | 1ST MORTGAGE | Yes (X) | $205,000 | $190,197 | 0 | Yes (1) | Yes (1) |
| JIMMIE ROCHESTER II | |||||||
| VP OF BUSINESS BANKING | NEW AUTO LOAN | Yes (X) | $24,838 | $13,639 | 0 | Yes (1) | Yes (1) |
| JIMMIE ROCHESTER II | |||||||
| VP OF BUSINESS BANKING | 1ST MORTGAGE | Yes (X) | $176,000 | $154,330 | 0 | Yes (1) | Yes (1) |
| JIMMIE ROCHESTER II | |||||||
| VP OF BUSINESS BANKING | 1ST MORTGAGE | Yes (X) | $189,000 | $156,430 | 0 | Yes (1) | Yes (1) |
| JIMMIE ROCHESTER II | |||||||
| VP OF BUSINESS BANKING | NEW AUTO LOAN | Yes (X) | $43,459 | $39,640 | 0 | Yes (1) | Yes (1) |
| JIMMIE ROCHESTER II | |||||||
| VP OF BUSINESS BANKING | 1ST MORTGAGE | Yes (X) | $49,000 | $40,858 | 0 | Yes (1) | Yes (1) |
| JIMMIE ROCHESTER II | |||||||
| VP OF BUSINESS BANKING | HOME EQUITY LINE OF CREDIT | Yes (X) | $70,000 | $36,442 | 0 | Yes (1) | Yes (1) |
| SONJA H PURVIS | |||||||
| CHIEF MARKETING OFFICER | 1ST MORTGAGE | Yes (X) | $216,000 | $178,049 | 0 | Yes (1) | Yes (1) |
| SUSAN LANDRUM | |||||||
| CHIEF FINANCIAL OFFICER | 1ST MORTGAGE | Yes (X) | $127,000 | $116,988 | 0 | Yes (1) | Yes (1) |
| KRISTI M KEY | |||||||
| REGULAR EMPLOYEE & DAUGHTER OF BOARD MEMBER & FORMER CEO DOUG KEY | 1ST MORTGAGE | Yes (X) | $106,000 | $87,365 | 0 | Yes (1) | Yes (1) |
| JEFFREY A GRAHAM | |||||||
| VICE PRESIDENT LENDING SERVICES | NEW AUTO LOAN | Yes (X) | $53,418 | $11,518 | 0 | Yes (1) | Yes (1) |
| JEFFREY A GRAHAM | |||||||
| VICE PRESIDENT LENDING SERVICES | 1ST MORTGAGE | Yes (X) | $285,000 | $273,436 | 0 | Yes (1) | Yes (1) |
| JEFFREY A GRAHAM | |||||||
| VICE PRESIDENT LENDING SERVICES | HOME EQUITY LINE OF CREDIT | Yes (X) | $155,000 | $14,527 | 0 | Yes (1) | Yes (1) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $1,595,098 | TotalBalanceDueAmt |
Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp (2 entries)
| Relationship DescriptionRelationshipDescriptionTxt | TransactionTransactionAmt | TransactionTransactionDesc | Sharing Of RevenuesSharingOfRevenuesInd |
|---|---|---|---|
| FOSTER KEY | |||
| SON OF DOUG KEY (DEC.) - FORMER MSCU CEO & THE BOD CHAIRMAN DURING 2023 | $145,686 | DOUG KEY (DECEASED SEPTEMBER 2023), THE CREDIT UNION'S FORMER PRESIDENT/CEO AND THE BOD CHAIRPERSON DURING 2023, WAS THE PRIMARY OWNER OF KEY, GREER, HARRISON, & CASEY, A LAW FIRM THAT REPRESENTS THE CREDIT UNION. THE LAW FIRM PROVIDES LEGAL SERVICES TO THE CREDIT UNION UNDER THE OWNERSHIP OF DOUG KEY'S SON, FOSTER KEY, BUT DOUG KEY NO LONGER HAS ANY FINANCIAL INTEREST IN THE FIRM. | 0 |
| KRISTI KEY | |||
| DAUGHTER OF DOUG KEY (DEC.) - FORMER MSCU CEO & BOD CHAIRMAN DURING 2023 | $82,930 | KRISTI KEY IS EMPLOYED BY THE CREDIT UNION IN THE NORMAL COURSE OF BUSINESS AS VP OF ADMINISTRATION. SHE DOES NOT QUALIFY AS A KEY EMPLOYEE OR HIGHEST COMPENSATED EMPLOYEE FOR THE PURPOSES OF 990, PART VII, SECTION A, AS HER 2023 COMPENSATION WAS LESS THAN $100,000. | 0 |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 990 PART IV, LINE 26 | DIRECTORS, OFFICERS, AND ALL EMPLOYEES OF THE CREDIT UNION ARE OFFERED LOANS ON SPECIALIZED TERMS,INCLUDING PREFERENTIAL INTEREST RATES, OTHER THAN THOSE OFFERED TO REGULAR MEMBERS IN THE ORDINARY COURSE OF BUSINESS. ALL SUCH LOANS ARE APPROVED BY EITHER THE CEO, CREDIT COMMITEE, OR BOARD OF DIRECTORS, AND REPORTED TO THE BOARD OF DIRECTORS AT THE NEXT REGULAR BOARD MEETING, AS DICTATED IN THE BOARD-APPROVED LOAN POLICY. SUCH LOANS TO DIRECTORS, OFFICERS, AND OTHER INTERESTED PERSONS ARE REPORTED EACH YEAR BY THE CREDIT UNION ON 990 SCHEDULE L. |
| 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 MEMBERSHIP OF MUTUAL SAVINGS CREDIT UNION AS OF DECEMBER 31, 2023, WAS OPEN TO INDIVIDUALS WHO RESIDE, WORK, ATTEND SCHOOL OR WORSHIP IN FOURTEEN ALABAMA COUNTIES, INCLUDING JEFFERSON, SHELBY, DALLAS, CHILTON, AND TALLAPOOSA COUNTIES, TO THOSE WHO ARE EMPLOYED BY ONE OF THE CREDIT UNION'S SPONSORING GROUPS, AND TO FAMILY MEMBERS OF EXISTING MEMBERS OF MUTUAL SAVINGS CREDIT UNION. THE CREDIT UNION'S FIELD OF MEMBERSHIP ALSO INCLUDES SELECTED EMPLOYEE GROUPS AND INDIVIDUALS THAT RESIDE IN THESE COUNTIES. AS OF DECEMBER 31, 2023, THE CREDIT UNION HAD MEMBERSHIP AND PROVIDED SERVICES TO 20,899 MEMBERS. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE BOARD OF DIRECTORS ARE ELECTED BY THE CREDIT UNION'S MEMBERSHIP AT THE ANNUAL MEETING. THE CREDIT UNION'S BYLAWS GOVERN THE ELECTION PROCEDURES. 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. AT LEAST 60 DAYS PRIOR TO THE ANNUAL MEETING, THE BOARD CHAIRMAN APPOINTS A NOMINATING COMMITTEE OF NOT LESS THAN THREE (3) MEMBERS TO NOMINATE ONE (1) CANDIDATE FOR EACH VACANCY. ALL OTHER NOMINATIONS MUST BE DONE BY WRITTEN PETITION OF THE LESSER OF 1% OF MEMBERS OR 500 MEMBERS, AND MUST BE SUBMITTED TO THE NOMINATING COMMITTEE AT LEAST TEN (10) DAYS PRIOR TO THE ANNUAL MEETING. ELECTION BY THE MEMBERSHIP IS PERFORMED THROUGH WRITTEN BALLOTS, UNLESS THERE IS ONLY ONE NOMINEE. IRRESPECTIVE OF THE NUMBER OF SHARES HELD, NO MEMBER HAS MORE THAN ONE VOTE. MEMBERS MUST ALSO BE NATURAL PERSONS OF AT LEAST 19 YEARS OF AGE TO VOTE. ALL ELECTIONS ARE DETERMINED BY A PLURALITY VOTE. NO PROXY VOTES MAY BE CAST. |
| FORM 990, PART VI, SECTION A, LINE 7B | THE FOLLOWING TYPES OF DECISIONS ARE SUBJECT TO APPROVAL BY THE CREDIT UNION'S MEMBERS: DISSOLUTION OF THE CREDIT UNION, ELECTION & TERMINATION OF BOARD OR COMMITTEE MEMBERS, EXPULSION OF CREDIT UNION MEMBERS AND CONVERSION FROM STATE TO FEDERAL CHARTER. |
| FORM 990, PART VI, SECTION B, LINE 11B | MANAGEMENT PERFORMS A REVIEW OF THE FORM 990 PRIOR TO FILING. |
| FORM 990, PART VI, SECTION B, LINE 15 | MANAGEMENT'S COMPENSATION IS DETERMINED ANNUALLY BY THE CREDIT UNION'S BOARD OF DIRECTORS 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 AVAILABLE TO THE PUBLIC UPON REQUEST. THE CREDIT UNION'S FINANCIAL STATEMENTS CAN BE FOUND ON THE WEBSITE OF THE NCUA AT NCUA.GOV. |
| FORM 990, PART XI, LINE 9: | CHANGE IN PENSION LIABILITY ACCOUNT 102,551. CECL ADOPTION ADJUSTMENT -300,000. |
| FORM 990, PART XII, LINE 2B: | ON A ROUTINE BASIS, THE ALABAMA CREDIT UNION ADMINISTRATION AND 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 DECEMBER 31 EACH YEAR. |
| FORM 990, PART XII, LINE 2C: | A CREDIT UNION'S SUPERVISORY COMMITTEE IS RESPONSIBLE FOR ENSURING THAT THE BOARD OF DIRECTORS AND MANAGEMENT OF THE CREDIT UNION - (1) MEET REQUIRED FINANCIAL REPORTING OBJECTIVES AND (2) ESTABLISH PRACTICES AND PROCEDURES SUFFICIENT TO SAFEGUARD MEMBERS' ASSETS. THIS INCLUDES OVERSEEING THE ANNUAL FINANCIAL STATEMENT AUDIT AND THE SELECTION OF THE INDEPENDENT ACCOUNTANT. |