2020-07-10T11:28:29-05:00 2019-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2019-01-01 364618706 MAX CREDIT UNION MAXC 8007766776 PO BOX 244040 MONTGOMERY AL 361244040 TIM MARQUARDT SVP/CFO 8007766776 2020-07-08 1 TANYA MEDGAARDEN P01717240 5074347000 2020-07-01 67.137.57.251 2020-07-08 08:29:31 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 5EFF1F494B3DA8391D990115EEB363BA3BAD0377 2019 2021-04-22 16:20:28Z MARTIN HEAD 400 EASTDALE CIRCLE MONTGOMERY AL 36117 163112743 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. 9 9 355 15 1554808 173828 0 0 60776075 65330563 8455826 9414762 0 0 69231901 74745325 12100 108716 6439864 9592430 24992793 25857828 0 0 0 27183457 27762518 58628214 63321492 10603687 11423833 1365063060 1460586194 1178204202 1255813087 186858858 204773107 MAX IS A STATE-CHARTERED COMMUNITY CREDIT UNION SERVING APPROXIMATELY 114,000 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, AND CERTIFICATE 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 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 36529 362 1 355 1 1 1 0 0 0 0 0 0 0 X 9 9 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 BARBARA T STARR CHAIRMAN 1.00 X X 1150 0 0 JAMES W SOLZE JR DIRECTOR 1.00 X 787 0 0 KEIVAN DERAVI CHAIRMAN 1.00 X X 0 0 0 BRADLEY L SANDERS TREASURER 1.00 X X 0 0 0 K SUE JACKSON SECRETARY 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 GARY TOMLIN DIRECTOR 1.00 X 0 0 0 JOHN AVERRETT DIRECTOR 1.00 X 0 0 0 MARTIN EDWARD HEAD PRESIDENT/CEO 40.00 X 320103 0 45374 GREG MCCLELLAN PRESIDENT/CEO 40.00 X 282842 0 26761 TIM MARQUARDT SVP/CFO 40.00 X 239639 0 37846 WAYNE BLACKWELL SVP/CHIEF RETAIL OFFICER 40.00 X 223960 0 35828 SCOTT LINDLEY SVP/CIO 40.00 X 216937 0 37334 CHERYL PAYSON SVP/CHIEF SUPPORT OFFICER 40.00 X 214439 0 26944 DG MARKWELL CHIEF MARKETING OFFICER 40.00 X 178212 0 31441 SANDRA STENGER SVC CTR CONSULTANT III 40.00 X 170195 0 32417 KEN PEAVY FINANCIAL ADVISOR 40.00 X 194191 0 35392 KENNETH HILL VP MORTGAGE SERVICES 40.00 X 195660 0 28334 BRUCE CHAFIN SVP MAX CAPITAL 40.00 X 182005 0 32054 RON CREEL SVP BUSINESS SERVICES 40.00 X 179315 0 31699 MARTEE MOSELEY VP BUSINESS SERVICES 40.00 X 155322 0 29119 2754757 0 430543 13 0 1 0 NEWGROUND 15450 SOUTH OUTER FORTY DRIVE STE 3 CHESTERFIELD MO 63017 CONTRACTOR FOR NEW BUILDING 1754294 HIGH COTTON PO BOX 101568 BIRMINGHAM AL 352106568 STATEMENT SERVICES 917331 Q2 SOFTWARE PO BOX 205970 DALLAS TX 753205970 HOMEBANKING SOFTWARE 907981 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE IT PROCESSING 832206 TEMENOS USA INC PO BOX 2252 BIRMINGHAM AL 352461058 SOFTWARE 776706 32 LOAN INTEREST 900099 42446833 41391978 1054855 FEE INCOME 522100 11821552 11499207 322345 OTHER OPERATING INCOME 900099 11062178 10884570 177608 65330563 9431527 9431527 88328925 21728 88267922 99496 61003 -77768 -16765 -16765 74745325 63775755 1554808 9414762 108716 9592430 2122209 17725808 1328332 3359958 1321521 84252 212062 1630208 12237543 1484270 164612 92824 2548921 PROVISION FOR LOAN LOSS 4920000 LOAN SERVICING EXPENSE 2721240 MISC. OPERATING FEES 1366851 OPERATING FEES 155507 144228 63321492 21120842 22724497 59384864 79440015 3187438 4175099 877444861 914777387 2325188 2925867 72787939 35858471 35664599 36929468 319905168 352417276 1226400 1271100 44803700 45925485 1365063060 1460586194 11580078 11757911 816318 820062 1165807806 1243235114 1178204202 1255813087 X 0 0 0 0 186858858 204773107 186858858 204773107 1365063060 1460586194 11423833 6490416 0 X X 0 1 X 1 0 0 1 X 10891847 10891847 41352741 18666767 22685974 793952 793952 0 19420378 16397752 3022626 329021 329021 36929468 MEMBER SHARES AND CERTIFICATES 1241168347 INTEREST PAYABLE ON DEPOSITS 2066767 1243235114 X 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, 2019 AND 2018. THE CREDIT UNION'S 2016 THROUGH 2018 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X 1 1 X X X 0 0 0 MARTIN EDWARD HEAD PRESIDENT/CEO 253530 0 58636 0 7937 0 26564 0 18810 0 365477 0 0 0 GREG MCCLELLAN PRESIDENT/CEO 237467 0 45375 0 0 0 18331 0 8430 0 309603 0 0 0 TIM MARQUARDT SVP/CFO 207139 0 32500 0 0 0 21157 0 16689 0 277485 0 0 0 WAYNE BLACKWELL SVP/CHIEF RETAIL OFFICER 194960 0 29000 0 0 0 19543 0 16285 0 259788 0 0 0 SCOTT LINDLEY SVP/CIO 184437 0 32500 0 0 0 19306 0 18028 0 254271 0 0 0 CHERYL PAYSON SVP/CHIEF SUPPORT OFFICER 182341 0 28500 0 3598 0 11456 0 15488 0 241383 0 0 0 DG MARKWELL CHIEF MARKETING OFFICER 155712 0 22500 0 0 0 15227 0 16214 0 209653 0 0 0 SANDRA STENGER SVC CTR CONSULTANT III 145695 0 24500 0 0 0 13518 0 18899 0 202612 0 0 0 KEN PEAVY FINANCIAL ADVISOR 48527 0 145664 0 0 0 20047 0 15345 0 229583 0 0 0 KENNETH HILL VP MORTGAGE SERVICES 122993 0 70193 0 2474 0 13074 0 15260 0 223994 0 0 0 BRUCE CHAFIN SVP MAX CAPITAL 155505 0 26500 0 0 0 15840 0 16214 0 214059 0 0 0 RON CREEL SVP BUSINESS SERVICES 150468 0 28847 0 0 0 15497 0 16202 0 211014 0 0 0 MARTEE MOSELEY VP BUSINESS SERVICES 116048 0 39274 0 0 0 12191 0 16928 0 184441 0 0 0 PART I, LINE 1A BARBARA STARR - TRAVEL FOR COMPANIONS - $1,150 INCLUDED IN TAXABLE COMPENSATION. JAMES SOLZE JR - TRAVEL FOR COMPANIONS - $787 INCLUDED IN TAXABLE COMPENSATION. SCOTT LINDLEY - TRAVEL FOR COMPANIONS - $860 INCLUDED IN TAXABLE COMPENSATION. TIM MARQUARDT - KIWANIS MEMBERSHIP - $700 NOT INCLUDED IN TAXABLE COMPENSATION. 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 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/COMPARABILITY DATA AND MARKET DATA TO ESTABLISH RANGES. MAX ALSO USES THE ULTIPRO 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 RANGE. THE CEO SIGNS OFF ON ALL INCREASES. THE BOARD OF DIRECTORS APPROVES THE ANNUAL SALARY FOR THE CEO BASED ON RECOMMENDATIONS OF THE HR COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN ALL BRANCHES ON A MONTHLY BASIS. FINANCIAL STATEMENTS ARE ALSO INCLUDED IN THE ANNUAL REPORT EACH YEAR AND DISTRIBUTED TO EVERYONE WHO COMES TO THE ANNUAL MEETING. IN ADDITION, OUR CALL REPORT IS AVAILABLE ON THE NCUA'S WEBSITE ON A QUARTERLY BASIS. 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 419856 655916 MAX CREDIT UNION MAX CAPITAL LLC PO BOX 244040 MONTGOMERY AL 36124 262019921 EQUIPMENT LEASING AL 1112573 19838858 MAX CREDIT UNION MAX4KIDS FOUNDATION INC 400 EASTDALE CIRCLE MONTGOMERY AL 36117 200447519 CHARITABLE ACTIVITIES TO SUPPORT KIDS AL 501(C)(3) LINE 10 MAX CREDIT UNION 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 NO TRANSACTIONS OVER 50000