2023-11-02T10:45:10-05:00 2022-12-31 454084437 WARREN AVERETT LLC 350 W CEDAR STREET SUITE 400 PENSACOLA FL 32502 990 2022-01-01 630371386 WINSOUTH CREDIT UNION WINS 2565437302 110 SOUTH 26TH STREET GADSDEN AL 359041935 DAVID EUBANKS CEO 2565437302 2023-11-01 1 DAVID EUBANKS 999009999 0 CLAIRE C DUREN CPA P01577924 8504357400 2023-11-01 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DAVID EUBANKS 110 SOUTH 26TH STREET GADSDEN AL 359041935 20191187 0 X WWW.WINSOUTHCU.COM X STATE-CHARTERED CREDIT UNION 1951 AL TO PROVIDE THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS. 5 5 171 10 0 0 0 0 8123536 9510001 1223299 2366524 11686988 8255242 21033823 20131767 9000 10000 0 0 6734357 6872840 0 0 0 8307859 9838007 15051216 16720847 5982607 3410920 384172678 385560521 352172190 367945769 32000488 17614752 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 INSTITUTION. 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, 2022 THE CREDIT UNION PROVIDED SERVICES TO OVER 35,000 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 6932 0 1 171 1 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 KELLY WHISENANT 2565437302 110 SOUTH 26TH STREET GADSDEN AL 359041935 RONALD PATRICK VICE CHAIRMAN 2.00 X 0 0 0 GARY KENNEDY TREASURER 2.00 X 0 0 0 GREG GREGERSON SECRETARY 2.00 X 0 0 0 DON SMITH BOARD MEMBER 2.00 X 0 0 0 CHARLES ATCHLEY CHAIRMAN 2.00 X 0 0 0 DAVID EUBANKS CEO/PRESIDENT 40.00 X 232387 0 146883 JOAN SMITH COO/VICE PRESIDENT 40.00 X 169705 0 9217 KELLY WHISENANT COMPTROLLER 40.00 X 110321 0 68073 RACHAEL LEE DIRECTOR OF HUMAN RESOURCE 40.00 X 89572 0 51644 GIORGIO TORREGROSA CHIEF TECHNOLOGY OFFICER 40.00 X 90594 0 25395 DOW HILL CEO LANDMARK 40.00 X 182026 0 20197 NATHAN CLOUGH DIRECTOR OF COMPLIANCE/TRAINING 40.00 X 98858 0 34212 MARK SHADDIX DIRECTOR OF LENDING 40.00 X 104735 0 30420 1078198 0 386041 5 0 1 0 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 DEBIT CARD SERVICES 1019593 SYMITAR (JACK HENRY) 8985 BALBOA AVENUE SAN DIEGO CA 921231507 DATA PROCESSOR 713434 FIDELITY PAYMENT SERVICES 141 FLUSHING AVE 501 BROOKLYN NY 11205 VISA PROCESSOR 405360 VISA USA 900 METRO CENTER BLVD FOSTER CITY CA 94404 DEBIT CARD SERVICES 225850 CO-OP SOLUTIONS 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 DEBIT CARD SERVICES 214665 10 INTEREST ON LOANS 522100 9510001 9510001 9510001 2352111 2352111 73833 59420 14413 14413 14413 SERVICE FEES & MISC INCOME 522100 4173798 4173798 INTERCHANGE INCOME 522100 2906047 2906047 OTHER NON OPERATING INCOME 522100 819036 819036 356361 356361 8255242 20131767 17765243 0 2366524 10000 1464239 3525617 279122 1258031 345831 62500 109500 151980 462003 628509 1298046 660900 151393 20100 1129645 339845 122522 DEBIT AND CREDIT CARD E 2289583 LOAN SERVICING EXPENSE 889994 PROVISION FOR LOAN LOSS 850000 OTHER PROCESSING EXPENS 351184 320303 16720847 7373738 6392302 45670116 167261 9971 70211 187744221 248863809 660022 942441 13673936 7474564 6439106 6199372 120330498 106658921 4047368 1912564 11897638 14353640 384172678 385560521 1736863 9389655 350435327 358556114 352172190 367945769 X 0 0 0 0 32000488 17614752 32000488 17614752 384172678 385560521 X 3410920 -17268343 -528313 X X 0 1 X 1 0 1902300 1902300 8072202 3985526 4086676 3699434 3489038 210396 6199372 MEMBER DEPOSITS 358556114 358556114 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, 2023 AND 2022. 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, 2023. 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 2019. 1 SCHOLARSHIPS 10 10000 PART I, LINE 2: GRADUATING HIGHSCHOOL SENIORS SUBMIT SCHOLARSHIP APPLICATIONS. A COLLEGE PROFESSOR THEN CHOOSES 10 DESERVING SENIORS TO WIN A $1000.00 SCHOLARSHIP. X 1 1 X 0 0 0 DAVID EUBANKS CEO/PRESIDENT 232387 0 0 0 0 0 122847 0 24036 0 379270 0 0 0 DOW HILL CEO LANDMARK 182026 0 0 0 0 0 0 0 20197 0 202223 0 0 0 JOAN SMITH COO/VICE PRESIDENT 169705 0 0 0 0 0 0 0 9217 0 178922 0 0 0 KELLY WHISENANT COMPTROLLER 110321 0 0 0 0 0 53066 0 15007 0 178394 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 ASSET ADJUSTMENT -528,313. 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 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.