2022-11-10T16:21:56-06:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2021-01-01 364618706 MAX CREDIT UNION MAXC 8007766776 PO BOX 244040 MONTGOMERY AL 361244040 TIM MARQUARDT SVP/CFO 8007766776 2022-11-01 1 TIM MARQUARDT 999009999 TANYA MEDGAARDEN P01717240 5074347000 2022-11-01 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z MARTIN HEAD 400 EASTDALE CIRCLE MONTGOMERY AL 36117 76797432 0 X WWW.MYMAX.COM X CU 1955 AL THE CREDIT UNION IS A COOPERATIVE COMMUNITY FINANCIAL INSTITUTION WHICH WAS ORGANIZED TO PROMOTE THRIFT AMONG ITS MEMBERS AS WELL AS TO PROVIDE A SOURCE OF CREDIT FOR ITS MEMBERS. 8 8 362 15 1076555 101172 0 0 68808960 68304432 9373983 8493000 0 0 78182943 76797432 95225 207405 9999452 6830394 26625630 27403552 0 0 0 30526188 25565007 67246495 60006358 10936448 16791074 1769448467 2021706470 1547841679 1803794703 221606788 217911767 MAX IS A STATE-CHARTERED COMMUNITY CREDIT UNION SERVING APPROXIMATELY 117,000 MEMBERS IN THE MONTGOMERY, ALABAMA AND SURROUNDING AREAS. 0 0 IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, MAX PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, ANDCERTIFICATE OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS ACCOUNTS. TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, MAX PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER, REAL ESTATE, AND BUSINESS LENDING PRODUCTS AT REASONABLE RATES OF INTEREST. IN ADDITION TO THE SAVINGS AND LENDING PRODUCTS WE OFFER, MAX PROVIDES A VARIETY OF OTHER FINANCIAL SERVICES TO MEET THE NEEDS OF OUR MEMBERS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 33237 0 1 362 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 0 1 1 1 0 X TIM MARQUARDT SVPCFO 8007766776 400 EASTDALE CIRCLE MONTGOMERY AL 36117 K SUE JACKSON SECRETARY 1.00 X X 2086 0 0 BARBARA T STARR CHAIRMAN 1.00 X X 1315 0 0 JAMES W SOLZE JR TREASURER 1.00 X X 0 0 0 A KELLI WISE DIRECTOR 1.00 X 0 0 0 LLOYD WOODMAN JR DIRECTOR 1.00 X 0 0 0 CARL L WHATLEY DIRECTOR 1.00 X 0 0 0 GARY TOMLIN DIRECTOR 1.00 X 0 0 0 JOHN AVERRETT VICE-CHAIR 1.00 X X 0 0 0 MARTIN EDWARD HEAD PRESIDENT/CEO 40.00 X 481088 0 52639 TIM MARQUARDT SVP/CFO 40.00 X 271018 0 45485 WAYNE BLACKWELL SVP/CHIEF RETAIL OFFICER 40.00 X 265659 0 42814 CHERYL PAYSON SVP/CHIEF SUPPORT OFFICER 40.00 X 243096 0 34038 WENDY ANDERSON AVP CONSUMER UNDERWRITING 40.00 X 202126 0 34829 SANDRA BRANCH SVC CTR CONSULTANT III 40.00 X 194271 0 40094 KENNETH HILL VP MORTGAGE SERVICES 40.00 X 267028 0 34553 KEN PEAVY FINANCIAL ADVISOR 40.00 X 233246 0 41935 RON CREEL SVP BUSINESS SERVICES 40.00 X 201412 0 37930 BRUCE CHAFIN SVP MAX CAPITAL 40.00 X 194934 0 38152 DG MARKWELL CHIEF MARKETING OFFICER 40.00 X 182988 0 37342 2740267 0 439811 12 0 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE IT PROCESSING 1389490 HIGH COTTON PO BOX 101568 BIRMINGHAM AL 352106568 STATEMENT SERVICES 1240287 Q2 SOFTWARE PO BOX 205970 DALLAS TX 753205970 HOMEBANKING SOFTWARE 883852 WINDSTREAM PO BOX 3177 CEDAR RAPIDS IA 524063177 COMMUNICATIONS 793797 PROSYS 28545 NETWORK PLACE CHICAGO IL 606731285 SOFTWARE 702732 31 LOAN INTEREST 41173554 40718228 455326 OTHER OPERATING INCOME 14582419 14316006 266413 FEE INCOME 522100 12548459 12193643 354816 68304432 7434424 7434424 1055507 3069 0 0 1055507 3069 1058576 1058576 76797432 67227877 1076555 8493000 207405 6830394 2085461 19498137 1394809 2968223 1456922 70997 140127 1190592 16162876 1566418 12078 18965 2453189 LOAN SERVICING EXPENSE 2929731 MISC. OPERATING FEES 2748098 OPERATING FEES 199989 PROFESSIONAL/OUTSIDE SE 176029 -2104082 60006358 30226335 42305327 144002487 166958924 6426270 7332615 926496100 921573426 3721622 2958004 74854807 40151364 37100833 34703443 545596473 790268238 1357100 927300 74521247 54679193 1769448467 2021706470 13314238 14110596 1074559 1168477 1533452882 1788515630 1547841679 1803794703 X 0 0 0 0 221606788 217911767 221606788 217911767 1769448467 2021706470 X 16791074 -20486096 1 X X 0 1 X 1 0 0 1 X 9811231 9811231 41656073 20761334 20894739 793952 793952 0 22327004 18596078 3730926 266547 266547 34703443 MEMBER SHARES AND CERTIFICATES 1787175400 INTEREST PAYABLE ON DEPOSITS 1340230 1788515630 X 76855808 0 76855808 -58376 -58376 76797432 60064738 0 60064738 -58380 -58380 60006358 PART IV, LINE 2B: THE CREDIT UNION HOLDS ESCROWED FUNDS FOR PAYMENT OF PROPERTY TAXES AND HOMEOWNER'S INSURANCE AS A SERVICE TO OUR MEMBERS WHO HAVE MORTGAGES WITH US. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501 (C) (14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2021 AND 2020. THE CREDIT UNION'S 2018 THROUGH 2020 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: REV RECORDED AS EXP -58,376. PART XII, LINE 4B - OTHER ADJUSTMENTS: REV RECORDED AS EXP -58,376. ROUNDING -4. 1 RIVER REGION UNITED WAY 3121 ZELDA COURT MONTGOMERY AL 36106 630330778 501(C)3 15000 0 COMMUNITY GIVING MERCY HOUSE 2412 COUNCIL ST MONTGOMERY AL 36108 831344245 501(C)3 10000 0 COMMUNITY GIVING MANE 3699 WALLAHATCHIE ROAD PIKE ROAD AL 36064 582213532 501(C)3 5550 0 COMMUNITY GIVING PART I, LINE 2: IF DONE, THESE ARE MONITORED BY THE MARKETING DEPARTMENT. X 1 1 X X X 0 0 0 MARTIN EDWARD HEAD PRESIDENT/CEO 411376 0 58781 0 10931 0 29000 0 23639 0 533727 0 0 0 TIM MARQUARDT SVP/CFO 236067 0 34951 0 0 0 22784 0 22701 0 316503 0 0 0 WAYNE BLACKWELL SVP/CHIEF RETAIL OFFICER 231826 0 33833 0 0 0 21875 0 20939 0 308473 0 0 0 KENNETH HILL VP MORTGAGE SERVICES 250131 0 16897 0 0 0 13619 0 20934 0 301581 0 0 0 CHERYL PAYSON SVP/CHIEF SUPPORT OFFICER 208505 0 30728 0 3863 0 12922 0 21116 0 277134 0 0 0 KEN PEAVY FINANCIAL ADVISOR 233246 0 0 0 0 0 19902 0 22033 0 275181 0 0 0 RON CREEL SVP BUSINESS SERVICES 177614 0 20618 0 3180 0 16824 0 21106 0 239342 0 0 0 WENDY ANDERSON AVP CONSUMER UNDERWRITING 173045 0 25823 0 3258 0 12335 0 22494 0 236955 0 0 0 SANDRA BRANCH SVC CTR CONSULTANT III 168023 0 26248 0 0 0 16479 0 23615 0 234365 0 0 0 BRUCE CHAFIN SVP MAX CAPITAL 169934 0 25000 0 0 0 17026 0 21126 0 233086 0 0 0 DG MARKWELL CHIEF MARKETING OFFICER 159290 0 20583 0 3115 0 16487 0 20855 0 220330 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 CREDIT UNION BOARD OF DIRECTORS CONSISTS OF NINE MEMBERS (1 POSITION WAS OPEN AT YEAR-END) NOMINATED FROM THE GENERAL MEMBERSHIP. EACH BOARD MEMBER SERVES A TERM OF THREE YEARS. A NOMINATING COMMITTEE IS APPOINTED BY THE BOARD EACH YEAR TO NOMINATE AT LEAST ONE MEMBER TO FILL EACH VACANCY. NOMINATIONS FOR VACANCIES MAY ALSO BE MADE BY PETITION FROM THE MEMBERSHIP. THE MEMBERSHIP VOTES ON THE NOMINEES. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS MUST VOTE ON THE REMOVAL OF MEMBERS OF THE BOARD OF DIRECTORS, APPROVAL TO DISSOLVE THE CREDIT UNION, AND MERGER INTO ANOTHER CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY THE SVP/CFO AND CEO PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C IF A CONFLICT OF INTEREST IS REPORTED, HUMAN RESOURCES WILL INVESTIGATE THE SITUATION AND CONSULT WITH THE CEO TO DETERMINE APPROPRIATE ACTION. FORM 990, PART VI, SECTION B, LINE 15 MAX USES A CREDIT UNION COMPENSATION SYSTEM CALLED "COMPEASE" THROUGH HR PERFORMANCE SOLUTIONS, TO ESTABLISH SALARY RANGES. THE COMPEASE SYSTEM LOOKS AT SURVEYS AND COMPARABLE MARKET DATA TO ESTABLISH RANGES. MAX ALSO USES THE UKG TALENT MANAGEMENT SYSTEM TO FORMALLY DOCUMENT RATINGS OF INDIVIDUAL PERFORMANCE. THE PERFORMANCE SCORE IS PART OF A SYSTEM TO CALCULATE THE PERCENTAGE USED FOR THE ANNUAL MERIT INCREASE, BASED ALSO ON THE CURRENT SALARY AND POSITION IN THE RANGE. THE CEO REVIEW AND APPROVES ALL INCREASES. THE BOARD OF DIRECTORS APPROVES THE ANNUAL SALARY FOR THE CEO BASED ON RECOMMENDATIONS OF ITS HR COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 A FINANCIAL STATEMENT SUMMARY IS POSTED IN ALL BRANCH OFFICES AND UPDATED MONTHLY. FINANCIAL HIGHLIGHTS ARE ALSO INCLUDED IN THE YEAR-END ANNUAL REPORT, WHICH IS DISTRIBUTED TO ALL MEMBERS ATTENDING THE ANNUAL MEETING. IN ADDTION, OUR QUARTERLY CALL REPORT IS AVAILABLE ON THE NCUA'S WEBSITE. FORM 990, PART XI, LINE 9: ROUNDING 1. FORM 990, PART XII, LINE 2C THE CREDIT UNION HAS A SUPERVISORY COMMITTEE CONSISTING OF THREE VOLUNTEERS FROM ITS MEMBERSHIP WHO ASSUME THE RESPONSIBILITY FOR THE OVERSIGHT OF THE FINANCIAL STATEMENT AUDIT AND SELECTION OF THE INDEPENDENT ACCOUNTANT. MAX SERVICES LLC PO BOX 242076 MONTGOMERY AL 36124 631260914 INSURANCE SALES AL 494578 992989 MAX CREDIT UNION MAX CAPITAL LLC PO BOX 244040 MONTGOMERY AL 36124 262019921 EQUIPMENT LEASING AL 537409 5908421 MAX CREDIT UNION MAX4KIDS FOUNDATION INC 400 EASTDALE CIRCLE MONTGOMERY AL 36117 200447519 CHARITABLE ACTIVITIES TO SUPPORT KIDS AL 501(C)(3) LINE 9 MAX CREDIT UNION 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 0 0 NO TRANSACTIONS OVER 50000