2017-10-02T14:42:35-05:00 2016-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2016-01-01 364618706 MAX CREDIT UNION MAXC 8007766776 PO BOX 244040 MONTGOMERY AL 361244040 TIM MARQUARDT SVP/CFO 8007766776 2017-09-13 1 SHERRI WESSELS P00888088 5074347000 2017-09-13 67.137.57.251 2017-09-13 11:57:00 CD P 6CDBCBA39B0ACEB45ED2BE4BC0EF1B3B10E95CFF 5C592A38642564D958275A63599AC7915113978F 2016 2021-01-29 14:40:06Z GREG MCCLELLAN 400 EASTDALE CIRCLE MONTGOMERY AL 36117 178058652 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 9 375 17 1776052 649606 0 0 31427938 53652341 7292216 7420766 20815514 0 59535668 61073107 100616 13525 0 4901535 20322246 23028693 0 0 0 30408707 24976906 50831569 52920659 8704099 8152448 1178199681 1242870839 1014920229 1072629833 163279452 170241006 MAX IS A STATE-CHARTERED COMMUNITY CREDIT UNION SERVING APPROXIMATELY106,000 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 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 38345 0 1 375 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X TIM MARQUARDT SVPCFO 8007766776 400 EASTDALE CIRCLE MONTGOMERY AL 36117 BRADLEY L SANDERS DIRECTOR 1.00 X 7830 0 0 DANIEL L DUNAWAY VICE CHAIRMAN 1.00 X X 8389 0 0 K SUE JACKSON SECRETARY 1.00 X X 10591 0 0 JAMES W SOLZE JR DIRECTOR 1.00 X 9806 0 0 BARBARA T STARR TREASURER 1.00 X X 8020 0 0 A KELLI WISE DIRECTOR 1.00 X 8539 0 0 LLOYD WOODMAN JR DIRECTOR 1.00 X 7995 0 0 KEIVAN DERAVI CHAIRMAN 1.00 X X 0 0 0 GARY TOMLIN DIRECTOR 1.00 X 0 0 0 GREG MCCLELLAN PRESIDENT/CEO 38.00 X 421560 0 39691 TIM MARQUARDT SVP/CFO 39.00 X 221984 0 33212 WAYNE BLACKWELL SVP/CHIEF RETAIL OFFICER 39.00 X 211349 0 32233 MARTIN EDWARD HEAD SVP/CLO 39.00 X 234067 0 32722 SCOTT LINDLEY SVP/CIO 40.00 X 205652 0 32257 BRUCE CHAFIN SVP MAX CAPITAL LEASING 40.00 X 177317 0 28120 CHERYL PAYSON SVP/CHIEF SUPPORT OFFICER 40.00 X 193427 0 30894 1726526 0 229129 27 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT AND DEBIT CARD PROCESSOR 2181544 NEWGROUND PO BOX 6228 CAROL STREAM IL 601976228 CONSTRUCTION 1384751 DIEBOLD INCORPORATED PO BOX 643543 PITTSBURG PA 152643543 ATM 744175 PROSYS 28545 NETWORK PLACE CHICAGO IL 606731285 IT SUPPORT 572303 CLIMATE SERVICES INC 596-F OLIVER ROAD MONTGOMERY AL 36117 AC MAINTENANCE 425251 23 LOAN INTEREST 900099 31831249 30935859 895390 FEE INCOME 522100 12080129 11818320 261809 OTHER OPEATING INCOME 900099 9740963 9122110 618853 53652341 6459884 6459884 117932934 13493 116985545 0 947389 13493 960882 960882 61073107 51876289 1776052 7420766 13525 4901535 777617 17015871 1251751 2739068 1244386 66124 151431 1613512 9905561 1195879 183975 172302 2462918 PROVISION FOR LOAN LOSS 4401228 LOAN SERVICING EXPENSE 2304493 MISC. OPERATING FEES 2199947 PROFESSIONAL/OUTSIDE SE 184582 134954 52920659 53462493 21981067 51710000 58426970 1190552 1216732 651890720 746595017 1627427 1761976 63808844 28041235 31522262 35767609 330796293 343008462 1102900 43787765 45222275 1178199681 1242870839 8606722 14128831 1994215 731431 959488 1003587861 1057541514 1014920229 1072629833 X 0 0 0 0 163279452 170241006 163279452 170241006 1178199681 1242870839 8152448 -1190894 0 X X 0 1 X 1 0 0 1 X 11134095 11134095 32507985 15432384 17075601 785965 799079 -13114 16386778 11809772 4577006 2994021 2994021 35767609 MEMBER SHARES AND CERTIFICATES 1056705995 INTEREST PAYABLE ON DEPOSITS 835519 1057541514 X 61045878 0 61045878 27229 27229 61073107 52893430 0 52893430 27229 27229 52920659 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. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS, THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. 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, 2016 AND 2015. THE CREDIT UNION'S 2013 THROUGH 2015 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXPENSES REPORTED IN REVENUE SECTION OF AUDITED F/S 27,229. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSES REPORTED ON REVENUE SECTION OF AUDITED F/S 27,229. X X 1 1 X X X 0 0 0 GREG MCCLELLAN PRESIDENT/CEO 366492 0 53843 0 1225 0 24600 0 15091 0 461251 0 0 0 TIM MARQUARDT SVP/CFO 191247 0 30737 0 0 0 18955 0 14257 0 255196 0 0 0 WAYNE BLACKWELL SVP/CHIEF RETAIL OFFICER 185377 0 25972 0 0 0 18032 0 14201 0 243582 0 0 0 MARTIN EDWARD HEAD SVP/CLO 207049 0 27018 0 0 0 16985 0 15737 0 266789 0 0 0 SCOTT LINDLEY SVP/CIO 178729 0 26923 0 0 0 17536 0 14721 0 237909 0 0 0 BRUCE CHAFIN SVP MAX CAPITAL LEASING 142717 0 34600 0 0 0 14045 0 14075 0 205437 0 0 0 CHERYL PAYSON SVP/CHIEF SUPPORT OFFICER 169108 0 24319 0 0 0 16756 0 14138 0 224321 0 0 0 PART I, LINE 1A BARBARA STARR - TRAVEL FOR COMPANIONS - $8,020 INCLUDED IN TAXABLE COMPENSATION. DANIEL DUNAWAY - TRAVEL FOR COMPANIONS - $8,389 INCLUDED IN TAXABLE COMPENSATION. SUE JACKSON - TRAVEL FOR COMPANIONS - $10,591 INCLUDED IN TAXABLE COMPENSATION. KELLIE WISE - TRAVEL FOR COMPANIONS - $8,539 INCLUDED IN TAXABLE COMPENSATION. BRADLEY SANDERS - TRAVEL FOR COMPANIONS - $7,830 INCLUDED IN TAXABLE COMPENSATION. JAMES SOLZE - TRAVEL FOR COMPANIONS - $9,806 INCLUDED IN TAXABLE COMPENSATION. LLOYD WOODMAN - TRAVEL FOR COMPANIONS - $7,995 INCLUDED IN TAXABLE COMPENSATION. TIM MARQUARDT - TRAVEL FOR COMPANIONS - $566 INCLUDED IN TAXABLE COMPENSATION. SCOTT LINDLEY - TRAVEL FOR COMPANIONS - $3,333 INCLUDED IN TAXABLE COMPENSATION. WAYNE BLACKWELL - TRAVEL FOR COMPANIONS - $484 INCLUDED IN TAXABLE COMPENSATION. GREG MCCLELLAN - SOCIAL CLUB DUES/CORPORATE MEMBERSHIP - $700 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 273204 286486 MAX CREDIT UNION MAX CAPITAL LLC PO BOX 244040 MONTGOMERY AL 36124 262019921 EQUIPMENT LEASING AL 618853 29947593 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 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 NO TRANSACTIONS OVER 50000