2023-11-13T08:14:47-06:00 2022-12-31 454084437 WARREN AVERETT LLC 350 W CEDAR STREET SUITE 400 PENSACOLA FL 32502 990 2022-01-01 630422553 AUBURN UNIVERSITY CREDIT UNION AUBU 3348444120 1290 S DONAHUE DR AUBURN AL 36832 HENRY H ARMSTRONG PRESIDENT/CEO 3348444120 2023-11-07 1 HENRY ARMSTRONG 999009999 0 CLAIRE C DUREN CPA P01577924 8504357400 2023-11-07 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z HENRY H ARMSTRONG 1290 S DONAHUE DR AUBURN AL 36832 7896337 0 X HTTPS://MYAUCU.ORG/ X STATE-CHARTERED CREDIT UNION 1960 AL THE MISSION OF AUBURN UNIVERSITY CREDIT UNION IS THREE-FOLD: TO PROVIDE ITS MEMBERS FINANCIAL SERVICES, PRIMARILY SAVINGS AND LOAN OPPORTUNITIES, TO INVEST MEMBER SAVINGS, AND TO PROMOTE SOUND MONEY MANAGEMENT AMONG ITS MEMBERS. 9 8 56 13 9500 0 0 0 3671680 4521567 1433360 1894401 1358315 1480369 6463355 7896337 0 0 0 0 2574607 2720298 0 0 0 3642220 4508669 6216827 7228967 246528 667370 232250239 224160624 211091351 211535159 21158888 12625465 X THE CREDIT UNION'S MISSION IS TO ENHANCE MEMBERS' FINANCIAL WELL BEING BY IDENTIFYING MEMBERS' FINANCIAL NEEDS AND FULFILLING THOSE NEEDS. 1 0 IN EFFORTS TO PROMOTE THRIFT AMONG ITS MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, AND CERTIFICATE OF DEPOSIT ACCOUNTS. TO MEET THE LENDING NEEDS OF ITS MEMBERS, THE CREDIT UNION OFFERS A VARIETY OF CONSUMER AND MORTGAGE LOAN PRODUCTS AT COMPETITIVE RATES OF INTEREST. THE CREDIT UNION OFFERS FINANCIAL SERVICES TO THE BENEFIT OF ITS MEMBERS WHICH INCLUDE INTERNET BANKING, ONLINE BILL PAY, REMOTE DEPOSIT CAPTURE AND FI TO FI TRANSFERS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 3585 0 1 56 1 1 1 0 0 0 0 0 0 0 X 9 8 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 0 1 1 1 0 X X CANDACE GARNER 3348444120 1290 S DONAHUE DR AUBURN AL 36832 THOMAS A MCCASKEY VICE CHAIRMAN 2.00 X 0 0 0 MARYANNE DOUGLASS DIRECTOR 2.00 X 0 0 0 CURTIS JOLLY SECRETARY 2.00 X 0 0 0 HENRY H ARMSTRONG PRESIDENT AND CEO/TREAS. 40.00 X X 311060 0 89049 DUANE BRANDON ASST. SECRETARY 2.00 X 0 0 0 DEBORAH HEIDEPRIEM DIRECTOR 2.00 X 0 0 0 TERESA LOGIOTATOS DIRECTOR 2.00 X 0 0 0 DENNIS VERONESE CHAIRMAN 2.00 X 0 0 0 FLOYD M WOODS DIRECTOR 2.00 X 0 0 0 CANDACE B GARNER CFO 40.00 X 114163 0 7184 425223 0 96233 2 0 1 0 JACK HENRY & ASSOCIATES INC 7400 CAHABA VALLEY RD BIRMINGHAM OC 35242 CORE SOFTWARE 539020 FEDCORP 2305 US-98 DAPHNE OC 36526 ATM AND TCR SERVICING 180552 FLEX 5330 TECHNOLOGY LN BIRMINGHAM OC 32517 STATEMENT PRODUCTION 125268 HARBIN CONSULTING LLC PO BOX 230416 MONTGOMERY OC 36123 TECHNOLOGY 111339 4 LOAN INTEREST INCOME 522100 4521567 4521567 4521567 1894401 1894401 NSF AND LATE CHARGES 522210 784963 784963 INTERCHANGE INCOME 522210 542489 542489 FEES AND SERVICE CHARGES 522210 143417 143417 9500 9500 1480369 7896337 5992436 9500 1894401 521457 1648090 43601 358838 148312 47488 703951 123344 376831 83682 29887 1141 577837 439690 56296 LOAN SERVICING 630804 ATM EXPENSES 473988 PROVISION FOR LOAN LOSS 423591 REPAIRS AND MAINTENANCE 150798 389341 7228967 3464183 3253495 27263130 9990620 2160000 2430000 83870026 104765864 216827 358113 15385567 5723706 9730829 9661861 89109473 77614222 8741716 8252168 7694055 7834281 232250239 224160624 912622 1537690 210178729 209997469 211091351 211535159 X 0 0 0 0 21158888 12625465 21158888 12625465 232250239 224160624 X 667370 -9222575 21782 X X 0 1 X 1 0 2807301 2807301 7996328 2067320 5929008 4581938 3656386 925552 9661861 MEMBER DEPOSITS 209997469 209997469 X 7896337 0 7896337 0 7896337 7228967 0 7228967 0 7228967 PART X, LINE 2: EFFECTIVE JANUARY 1, 2010, THE CREDIT UNION IMPLEMENTED THE NEW ACCOUNTING REQUIREMENTS ASSOCIATED WITH UNCERTAINTY IN INCOME TAXES USING THE PROVISIONS OF FASB ASC 740, INCOME TAXES. THE GUIDANCE PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION. AS OF DECEMBER 31, 2022, THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. WITH FEW EXCEPTIONS, THE CREDIT UNION IS NO LONGER SUBJECT TO U.S. FEDERAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2019. X 1 1 X X X X 0 1 0 HENRY H ARMSTRONG PRESIDENT AND CEO/TREAS. 264447 0 46613 0 0 0 78537 0 10512 0 400109 0 0 0 PART I, LINE 1A THE CREDIT UNION WILL COVER EMPLOYEE AND SPOUSE MEALS UP TO $125 PER DAY WHEN TRAVELING FOR CREDIT UNION BUSINESS. PART I, LINE 4B IN 2014, THE CREDIT UNION ENTERED INTO A SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT WITH HENRY ARMSTRONG. THE PREMIUMS ON THE POLICY WERE FUNDED BY THE CREDIT UNION THROUGH LOANS TO THE CEO. HENRY ARMSTRONG PRESIDENT AND CEO TO PAY THE PREMIUMS OF A COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN X 270000 2430000 0 1 1 2430000 FORM 990, PART III, LINE 2 AUBURN UNIVERSITY CREDIT UNION JOINED THE CO-OP SHARED BRANCH NETWORK, ALLOWING OUR MEMBERS TO MAKE TRANSATIONS AT OTHER PARTICIPATING LOCATIONS FORM 990, PART VI, SECTION A, LINE 6 THE GOVERNING BODY OF AUBURN UNIVERSITY CREDIT UNION IS OWNED AND CONTROLLED BY ITS MEMBERS AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. AUBURN UNIVERSITY CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF AUBURN UNIVERSITY CREDIT UNION ELECT ITS BOARD OF DIRECTORS AT THE ANNUAL MEMBERSHIP MEETING. THE BOARD OF DIRECTORS IS MADE UP OF NINE BOARD MEMBERS AND THE TERM FOR EACH BOARD MEMBER IS THREE YEARS. THE NOMINATING COMMITTEE WILL NOMINATE MEMBERS FOR OPEN BOARD POSITIONS OR MEMBERS MAY PLACE A NAME ON THEIR VOTING BALLOT BY PETITION. FORM 990, PART VI, SECTION A, LINE 7B THE FOLLOWING TYPES OF DECISIONS ARE SUBJECT TO THE APPROVAL BY THE CREDIT UNION'S MEMBERS: DISSOLUTION OF THE CREDIT UNION, ELECTION AND 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 A COPY OF THE 990 IS PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING. THE CEO AND CFO ANSWER ANY QUESTIONS FROM THE BOARD. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS AND KEY OFFICERS ARE REQUIRED ANNUALLY TO DISCLOSE ANY INTEREST THAT COULD GIVE RISE TO CONFLICT ON THE CONFLICT OF INTEREST DISCLOSURE FORM. FORM 990, PART VI, SECTION B, LINE 15 THE PERSONNEL COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS THE CEO'S SALARY ON AN ANNUAL BASIS. THE COMMITTEE REVIEWS THE PERFORMANCE OF THE CEO WHILE TAKING INTO ACCOUNT THE OVERALL PERFORMANCE OF THE CREDIT UNION. ADDITIONALLY, THE COMMITTEE USES "CUES" COMPENSATION SURVEYS WHICH PROVIDES INDEPENDENT COMPARABLE SALARY DATA FOR THE DELIBERATION AND DECISION MAKING PROCESS. THE BOARD OF DIRECTORS APPROVES THE CEO'S SALARY. COMPENSATION FOR OTHER OFFICERS, KEY EMPLOYEES, AND MANAGEMENT IS DETERMINED ON A YEARLY BASIS BY THE CEO. THE CEO USES SIMILAR SALARY SURVEY DATA WHILE TAKING INTO CONSIDERATION THE TYPE OF WORK PERFORMED, SUPERVISOR PERFORMANCE EVALUATIONS, AND THE OVERALL PERFORMANCE OF THE CREDIT UNION. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES ITS FINANCIAL STATEMENTS AVAILABLE 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: RECONCILIATION OF CHANGES IN NET ASSETS - PENSION PLAN PRIOR SERVICE COST 21,782. 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 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 OF EACH YEAR. FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2(C) THE CREDIT UNION HAS A SUPERVISORY COMMITTEE MADE UP OF MEMBER VOLUNTEERS WHO OVERSEE THE AUDIT OF THE CREDIT UNION'S FINANCIAL STATEMENTS AND SELECTION OF THE INDEPENDENT ACCOUNTANTS.