2025-11-17T11:38:51-06:00 2024-12-31 454084437 WARREN AVERETT LLC 350 W CEDAR STREET SUITE 400 PENSACOLA FL 32502 990 2024-01-01 630002236 ALABAMA CENTRAL CREDIT UNION ALAB 2055101316 3601 4TH AVENUE SOUTH BIRMINGHAM AL 35222 JESSICA BAKER CFO 2055101316 2025-11-10 1 1 CLAIRE C DUREN CPA P01577924 8504357400 2025-11-10 2024 2025-03-06 01:10:19Z JESSICA BAKER 3601 4TH AVENUE SOUTH BIRMINGHAM AL 35222 12507355 0 X WWW.ALABAMACENTRAL.ORG X STATE-CHARTERED CREDIT UNION 1938 AL TO PROVIDE THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS. 7 7 68 10 24113 0 0 0 7964546 8682396 530472 1046553 2731673 2774116 11226691 12503065 0 0 0 0 4202741 4267139 0 0 0 5912630 6517687 10115371 10784826 1111320 1718239 196073446 200714696 182981480 185496191 13091966 15218505 THE CREDIT UNION'S MISSION IS TO PROMOTE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. THE CREDIT UNION SERVES MEMBERS IN SEVERAL COUNTIES THROUGHOUT ALABAMA. THE TOTAL NUMBER OF MEMBERS IS IN EXCESS OF 21,000. 0 0 IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, MONEY MARKET, CERTIFICATE OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS AND CERTIFICATE OF DEPOSIT ACCOUNTS. TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, THE CREDIT UNION PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER AND MORTGAGE LENDING PRODUCTS AT REASONABLE RATES OF INTEREST. 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 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4480 0 1 68 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 0 1 1 1 0 X JESSICA H BAKER CPA 2055101316 3601 4TH AVENUE SOUTH BIRMINGHAM AL 35222 JERRY FREEMAN SECRETARY 2.00 X X 0 0 0 JEFF BOWLING TREASURER 2.00 X X 0 0 0 KAITLYN BROWN CHAIRWOMAN 2.00 X X 0 0 0 STAN WHITEHURST DIRECTOR 2.00 X 0 0 0 RICK HARDY VICE-CHAIRMAN 2.00 X X 0 0 0 MIKE NORMAN DIRECTOR 2.00 X 0 0 0 LANE VINES DIRECTOR 2.00 X 0 0 0 BRAD HADDOCK PRESIDENT/CEO 40.00 X 221656 0 29997 JESSICA BAKER CFO 40.00 X 141476 0 19328 WILLIAM PARKER DIRECTOR OF LENDING 40.00 X 139787 0 25279 502919 0 74604 3 0 1 0 TELLERIX LLC 1215 VETERANS MEMORIAL PARKWAY SUI TUSCALOOSA AL 35404 OUTSOURCING OF IT 755517 FLORIDA CONCEPTS INC 33920 US HIGHWAY 19 NORTH SUITE 20 PALM HARBOR FL 34684 BUILDING PROJECT MANAGEMENT 453010 FISERV INC PO BOX 934057 ATLANTA GA 31193 CORE PROCESSOR & MOBILE BANKING 218177 Q2 SOFTWARE INC PO BOX 205970 DALLAS TX 75320 ONLINE BANKING PROVIDER 196086 DIAMOND MARKETING SOLUTIONS 1318 MOMENTUM PLACE CHICAGO IL 606895313 MEMBER'S STATEMENTS & NOTICES 115998 5 LOAN INTEREST INCOME 522100 8682396 8682396 8682396 1050843 1050843 25000 0 25000 25000 25000 4290 -4290 -4290 -4290 SERVICE FEES AND OTHER INCOME 522100 2081695 2081695 NSF AND LATE CHARGES 522100 612210 612210 GAIN ON FORECLOSURE 522100 31098 31098 24113 24113 2749116 12503065 11403109 24113 1075843 412456 3007966 147077 455617 244023 18567 83425 429386 166011 190751 534205 144458 38548 2080071 540857 102987 DATA PROCESSING EXPENSE 1132790 DEBIT CARD EXPENSES 368009 CREDIT CARD EXPENSES 209159 LOAN SERVICING 174512 303951 10784826 3442103 8458339 0 10000000 157826610 147247169 1443637 1618992 15619415 7744591 7562398 7874824 14817963 14210393 3155618 3176517 7825117 8128462 196073446 200714696 1688638 2074542 10000000 0 171292842 183421649 182981480 185496191 X 0 0 0 0 13091966 15218505 13091966 15218505 196073446 200714696 X 1718239 275275 133025 X X 0 1 X 1 0 3036889 3036889 6473188 3539116 2934072 453064 367611 85453 5656274 3837864 1818410 7874824 MEMBER DEPOSITS 183421649 183421649 X PART X, LINE 2: EFFECTIVE JANUARY 1, 2009, THE CREDIT UNION IMPLEMENTED THE NEW ACCOUNTING REQUIREMENTS ASSOCIATED WITH UNCERTAINTY IN INCOME TAXES USING THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ASC 740, INCOME TAXES. USING THAT GUIDANCE, TAX POSITIONS INITIALLY NEED TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS WHEN IT IS MORE LIKELY-THAN-NOT THE POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY TAX AUTHORITIES. SUCH TAX POSITIONS INITIALLY AND SUBSEQUENTLY NEED TO BE MEASURED AS THE LARGEST AMOUNT OF TAX BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT WITH THE TAX AUTHORITY ASSUMING FULL KNOWLEDGE OF THE POSITION AND RELEVANT FACTS. AS OF JUNE 30, 2024, THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, THE CREDIT UNION HAD NO INTEREST AND PENALTIES RELATED TO INCOME TAXES. WITH FEW EXCEPTIONS, THE CREDIT UNION IS NO LONGER SUBJECT TO U.S. FEDERAL, STATE AND LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR CALENDAR YEARS BEFORE 2020. X X X 0 1 X 0 0 0 BRAD HADDOCK PRESIDENT/CEO 200810 0 16250 0 4596 0 11245 0 18752 0 251653 0 0 0 WILLIAM PARKER DIRECTOR OF LENDING 126078 0 8250 0 5459 0 7128 0 18151 0 165066 0 0 0 JESSICA BAKER CFO 133226 0 8250 0 0 0 7397 0 11931 0 160804 0 0 0 PART I, LINE 1A THE CREDIT UNION ALLOWS THE SPOUSES OF ALL BOARD MEMBERS AND SENIOR MANAGEMENT TO ATTEND THE PLANNING SESSION TRIP. THE ONLY TRAVEL EXPENSES PAID ON BEHALF OF THE SPOUSES ARE MEALS. CHRISTMAS BONUSES ARE PROVIDED TO ALL EMPLOYEES AND ARE GROSSED UP TO COVER PAYROLL TAXES. PART I, LINE 1B THE CREDIT UNION DOES NOT HAVE A WRITTEN REIMBURSEMENT POLICY; HOWEVER, IT DOES REQUIRE AN EXPENSE REPORT WITH SUPPORTING RECEIPTS BEFORE REIMBURSEMENT FOR EXPENSES WILL BE MADE. THE CHRISTMAS BONUSES WERE APPROVED BY THE BOARD PRIOR TO PAYMENT. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS A NON-PROFIT FINANCIAL INSTITUTION THAT IS OWNED AND OPERATED BY ITS MEMBERS. IN ORDER TO BECOME A MEMBER OF THE CREDIT UNION, AN INDIVIDUAL MUST LIVE, WORK, ATTEND SCHOOL OR CHURCH IN ANY OF THE FOLLOWING ALABAMA COUNTIES: BALDWIN, BIBB, BUTLER, COLBERT, CONECUH, COVINGTON, CRENSHAW, FAYETTE, FRANKLIN, GREENE, HALE, JEFFERSON, LAUDERDALE, LAWRENCE, LIMESTONE, LOWNDES, MARENGO, MARION, MOBILE, MONROE, MONTGOMERY, MORGAN, SHELBY, SUMTER, TUSCALOOSA, WALKER, WASHINGTON, OR WILCOX. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF ALABAMA CENTRAL CREDIT UNION ELECT ITS BOARD OF DIRECTORS AT THEIR ANNUAL MEETINGS. MEMBERS ARE INFORMED OF THE BOARD POSITIONS WHICH ARE UP FOR ELECTION BY THE NOMINATING COMMITTEE. MEMBERS THEN PROCEED TO VOTE TO FILL THE OPEN BOARD POSITIONS. IN ORDER FOR A DIRECTOR TO BE ELECTED, A QUORUM MUST BE PRESENT AT THE MEETING. 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, CONVERSION FROM STATE TO FEDERAL CHARTER, CONVERSION FROM FEDERAL TO PRIVATE INSURANCE, AND AMENDMENT OF BY-LAWS. FORM 990, PART VI, SECTION B, LINE 11B UPON COMPLETION OF THE CREDIT UNION'S 990, BOARD MEMBERS ARE GIVEN THE OPPORTUNITY TO REVIEW TO ASK QUESTIONS OR ENGAGE IN DISCUSSION FOR ANY TOPIC COVERED IN THE RETURN. THE FORM 990 IS THEN FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS PROVIDED TO ALL EMPLOYEES IN OUR OUR EMPLOYEE HANDBOOK. EMPLOYEES ARE PROVIDED A COPY OF THE HANDBOOK UPON HIRE AND REQUIRED TO SIGN AN ACKNOWLEDGEMENT STATEMENT THAT SAYS THEY RECEIVED, HAVE/WILL READ, AND WILL COMPLY WITH THE INFORMATION CONTAINED IN THE HANDBOOK. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR OFFICERS, KEY EMPLOYEES AND TOP MANAGEMENT OFFICIALS IS REVIEWED ON AN ANNUAL BASIS. SALARY SURVEYS, SUCH AS THE CUNA STAFF SALARY REPORT, ARE USED TO ASSIST IN SALARY DETERMINATION, ALONG WITH INDIVIDUAL AND OVERALL PERFORMANCE. THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE PRESIDENT/CEO'S SALARY ANNUALLY. ALL OTHER SALARIES ARE REVIEWED AND APPROVED ANNUALLY BY THE PRESIDENT/CEO. FORM 990, PART VI, SECTION C, LINE 19 ALABAMA CENTRAL CREDIT UNION MAKES AVAILABLE ITS FINANCIAL STATEMENTS 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: FASB ASC 715 ADJUSTMENT 133,025. FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2: ON A YEARLY BASIS, THE NATIONAL CREDIT UNION ASSOCIATION AND ALABAMA CREDIT UNION ADMINISTRATION EXAMINE THE FINANCIAL STATEMENTS OF THE CREDIT UNION. AN ANNUAL AUDITED FINANCIAL STATEMENT IS PREPARED IN ACCORDANCE WITH GAAP BY AN INDEPENDENT CPA ON A FISCAL YEAR END OF JUNE 30TH.