2025-11-17T16:55:28-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 364618706 MAX CREDIT UNION MAXC 8007766776 PO BOX 244040 MONTGOMERY AL 361244040 TIM MARQUARDT SVP 8007766776 2025-11-14 1 1 TANYA MEDGAARDEN P01717240 5074347000 2025-11-12 2022 2025-03-06 01:10:19Z X MARTIN HEAD PO BOX 244040 MONTGOMERY AL 361244040 86307551 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 9 367 14 705185 45767 0 0 68304432 68868666 8493000 12398559 0 0 76797432 81267225 207405 25000 6830394 6495826 27403552 28254366 0 0 0 25565007 28179585 60006358 62954777 16791074 18312448 2021706470 1964438398 1803794703 1824298110 217911767 140140288 X MAX IS A STATE-CHARTERED COMMUNITY CREDIT UNION SERVING APPROXIMATELY 119,000 MEMBERS IN THE MONTGOMERY, ALABAMA AND SURROUNDING AREAS. 0 1 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 1 0 0 0 0 0 0 0 0 1 1 1 0 0 1 33056 0 367 1 1 1 0 0 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 TIMOTHY MARQUARDT 3342602600 400 EASTDALE CIRCLE MONTGOMERY AL 36124 A KELLI WISE DIRECTOR 1.00 X 1913 0 0 K SUE JACKSON SECRETARY 1.00 X X 1574 0 0 BARBARA T STARR CHAIRMAN 1.00 X X 0 0 0 JAMES W SOLZE JR TREASURER 1.00 X X 0 0 0 JOHN AVERRETT VICE-CHAIR 1.00 X 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 JAMES LITTLEJOHN DIRECTOR 1.00 X 0 0 0 MARTIN E HEAD PRESIDENT/CEO 40.00 X 505566 0 67634 TIMOTHY MARQUARDT CHIEF FINANCIAL OFFICER 40.00 X 279075 0 48457 WAYNE BLACKWELL SVP/CHIEF RETAIL OFFICER 40.00 X 273009 0 46877 CHERYL PAYSON SVP/CHIEF SUPPORT OFFICER 40.00 X 249583 0 37686 SANDRA BRANCH CHIEF TALENT OFFICER 40.00 X 213756 0 45171 WENDY ANDERSON CHIEF LENDING OFFICER 40.00 X 204403 0 42946 CLINTON DALE WATKINS CHIEF INFORMATION OFFICER 40.00 X 213616 0 29306 KEN PEAVY VP WEALTH MANAGEMENT 40.00 X 209648 0 48367 KENNETH HILL VP MORTGAGE SERVICES 40.00 X 218848 0 38358 ELIZABETH MOSELEY VP BUSINESS SERVICES 40.00 X 203845 0 39355 RON CREEL SVP BUSINESS SERVICES 40.00 X 197076 0 43372 WILLIAM EPPERSON SVP CUSTOMER EXPERIENCE 40.00 X 176691 0 43888 DG MARKWELL CHIEF MARKETING OFFICER 40.00 X 292906 0 2181 3241509 0 533598 13 1 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE IT PROCESSING 1251223 NORRIS BUILDING COMPANY PO BOX 20667 MONTGOMERY AL 361200667 CONSTRUCTION SERVICES 1217585 HIGH COTTON PO BOX 101568 BIRMINGHAM AL 352106568 STATEMENT SERVICES 1205194 DIEBOLD INCORPORATED PO BOX 643543 PITTSBURGH PA 152643543 ATM SERVICES 1086680 Q2 SOFTWARE PO BOX 205970 DALLAS TX 753205970 HOMEBANKING SOFTWARE 961603 48 LOAN INTEREST 522100 43209732 42976406 233326 OTHER OPERATING INCOME 522100 15354368 15175654 178714 FEE INCOME 522100 10304566 10011421 293145 68868666 13513563 13513563 2735649 1189673 3856709 1183617 -1121060 6056 -1115004 -1115004 81267225 68163481 705185 12398559 25000 6495826 2260572 19865610 1352414 3239071 1536699 106753 144475 2400035 1429159 14978489 1608288 63183 61912 2800228 LOAN SERVICING EXPENSE 2859519 MISC. OPERATING FEES 2272178 OPERATING FEES 227738 PROVISION FOR LOAN LOSS -772372 62954777 42305327 48316180 166958924 64874866 7332615 7609009 3214709 3270645 921573426 1007003443 2958004 3495628 77738020 42938947 34703443 34799073 790268238 741749921 927300 1053400 51464484 52266233 2021706470 1964438398 14110596 26189032 1168477 1127516 1788515630 1796981562 1803794703 1824298110 X 0 0 0 0 217911767 140140288 217911767 140140288 2021706470 1964438398 X 18312448 -96083926 -1 X X 0 1 X 1 0 0 1 X 9811231 9811231 43252454 21981291 21271163 793952 793952 0 23880383 20163704 3716679 34799073 MEMBER SHARES AND CERTIFICATES 1795777783 INTEREST PAYABLE ON DEPOSITS 1203779 1796981562 X 84883722 0 84883722 -3616497 -3616497 81267225 66571283 0 66571283 -3616506 -3616506 62954777 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, BUT IS SUBJECT TO STATE EXCISE TAX. 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, 2022 AND 2021. THE CREDIT UNION'S 2019 THROUGH 2021 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: REV RECORDED AS EXP -3,616,497. PART XII, LINE 4B - OTHER ADJUSTMENTS: REV RECORDED AS EXP -3,616,497. ROUNDING -9. 1 ALABAMA SHAKESPEARE FESTIVAL 1 FESTIVAL DRIVE MONTGOMERY AL 36117 630652734 501(C)3 10000 0 COMMUNITY GIVING RIVER REGION UNITED WAY 3121 ZELDA COURT MONTGOMERY AL 36106 630330778 501(C)3 15000 0 COMMUNITY GIVING 2 PART I, LINE 2: IF DONE, THESE ARE MONITORED BY THE MARKETING DEPARTMENT. X 1 1 0 0 0 MARTIN E HEAD PRESIDENT/CEO 426093 0 68950 0 10523 0 40500 0 27134 0 573200 0 0 0 TIMOTHY MARQUARDT CHIEF FINANCIAL OFFICER 246810 0 32265 0 0 0 23529 0 24928 0 327532 0 0 0 WAYNE BLACKWELL SVP/CHIEF RETAIL OFFICER 234779 0 33887 0 4343 0 22966 0 23911 0 319886 0 0 0 DG MARKWELL CHIEF MARKETING OFFICER 22906 0 20000 0 250000 0 2181 0 0 0 295087 0 0 0 CHERYL PAYSON SVP/CHIEF SUPPORT OFFICER 214459 0 31135 0 3989 0 13512 0 24174 0 287269 0 0 0 SANDRA BRANCH CHIEF TALENT OFFICER 185756 0 28000 0 0 0 18273 0 26898 0 258927 0 0 0 KEN PEAVY VP WEALTH MANAGEMENT 209648 0 0 0 0 0 20837 0 27530 0 258015 0 0 0 KENNETH HILL VP MORTGAGE SERVICES 197376 0 18768 0 2704 0 14298 0 24060 0 257206 0 0 0 WENDY ANDERSON CHIEF LENDING OFFICER 177993 0 26410 0 0 0 17514 0 25432 0 247349 0 0 0 ELIZABETH MOSELEY VP BUSINESS SERVICES 179527 0 24318 0 0 0 13822 0 25533 0 243200 0 0 0 CLINTON DALE WATKINS CHIEF INFORMATION OFFICER 197866 0 15750 0 0 0 4553 0 24753 0 242922 0 0 0 RON CREEL SVP BUSINESS SERVICES 169324 0 24501 0 3251 0 17203 0 26169 0 240448 0 0 0 WILLIAM EPPERSON SVP CUSTOMER EXPERIENCE 148773 0 25000 0 2918 0 15954 0 27934 0 220579 0 0 0 MARTIN HEAD CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 3205000 3270645 0 1 1 3270645 FORM 990, PART III, LINE 3 MAX HAS USED ONE OF ITS CUSOS TO OFFER LEASE FINANCING FOR EQUIPMENT. NEW LEASE FINANCING ACTIVITIES WERE DISCONTINUED IN 2022. 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 PREPARED BY THE EXTERNAL CPA FIRM AND REVIEWED BY THE CFO 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. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2022 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. FORM 990, HEADING, ITEM B AMENDED RETURN THIS AMENDED FORM 990 IS BEING FILED TO CORRECT TWO ITEMS FROM THE ORIGINALLY SUBMITTED RETURN: 1. SCHEDULE L WAS INADVERTENTLY OMITTED AND IS NOW INCLUDED TO REPORT TRANSACTIONS WITH INTERESTED PERSONS AS REQUIRED UNDER FORM 990, PART IV, LINES 25-28. 2. THE BALANCE SHEET (PART X) HAS BEEN UPDATED TO REFLECT A SPLIT-DOLLAR LOAN ARRANGEMENT THAT WAS NOT REPORTED ON THE ORIGINAL RETURN. THIS ADJUSTMENT ENSURES ACCURATE REPORTING OF THE ORGANIZATION'S ASSETS AND LIABILITIES IN ACCORDANCE WITH IRS REQUIREMENTS. NO OTHER CHANGES HAVE BEEN MADE TO THE ORIGINALLY FILED RETURN. MAX SERVICES LLC PO BOX 242076 MONTGOMERY AL 36124 631260914 INSURANCE SALES AL 577414 1323256 MAX CREDIT UNION MAX CAPITAL LLC PO BOX 244040 MONTGOMERY AL 36124 262019921 EQUIPMENT LEASING AL 231613 3431177 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 0 0 0 NO TRANSACTIONS OVER 50000