Alabama Credit Union
- Assets
- $1.6b
- Revenue
- $76.3m
- Investments
- $212.0m
- Employees
- 460
- Location
- Tuscaloosa, AL
- Founding
- 12/1941
- Data as of
- 12/2022
- EIN
- 63-0440014
Organization Overview
Alabama Credit Union is located in Tuscaloosa, AL. The organization was established in 1941. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Alabama Credit Union employed 460 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Alabama Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, Alabama Credit Union generated $76.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.0% each year . All expenses for the organization totaled $63.0m during the year ending 12/2022. While expenses have increased by 12.6% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
134,896 MEMBERS SERVED TO PROMOTE THRIFT OPPORTUNITIES AND LOW COST LOANS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Reba Essary Director | Trustee | 1 | $0 |
Casey Taylor Secretary/treasurer | Trustee | 1 | $0 |
Charlotte Harris Director | Trustee | 1 | $0 |
Lynne April Chairperson | Trustee | 1 | $0 |
Mark Nelson Director | Trustee | 1 | $0 |
Marcus Jones Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Apiture Llc Digital Banking Services | 12/30/22 | $1,146,409 |
Fiserv Payment And Fintech Provider | 12/30/22 | $1,105,715 |
Windstream Services Llc Telecommunications | 12/30/22 | $1,064,972 |
Fedcorp Inc Atm Sales And Service | 12/30/22 | $752,723 |
Transunion Credit Reporting Agency | 12/30/22 | $549,584 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $47,815,360 |
| Investment income | $5,684,791 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $692,970 |
| Net Rental Income | $8,000 |
| Net Gain/Loss on Asset Sales | -$223,366 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $76,294,666 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,228,191 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,018,894 |
| Pension plan accruals and contributions | $1,482,357 |
| Other employee benefits | $2,534,277 |
| Payroll taxes | $1,352,667 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $307,694 |
| Fees for services: Accounting | $111,264 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,005,624 |
| Advertising and promotion | $1,827,158 |
| Office expenses | $7,841,929 |
| Information technology | $1,179,299 |
| Royalties | $0 |
| Occupancy | $1,609,208 |
| Travel | $212,010 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $307,696 |
| Interest | $9,142,786 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,292,358 |
| Insurance | $44,182 |
| All other expenses | $207,783 |
| Total functional expenses | $63,024,332 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,335,695 |
| Savings and temporary cash investments | $39,870,132 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $18,171,902 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,244,649,317 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $10,570,385 |
| Net Land, buildings, and equipment | $47,008,044 |
| Investments—publicly traded securities | $10,010,705 |
| Investments—other securities | $212,038,462 |
| Investments—program-related | $602,435 |
| Intangible assets | $2,549,723 |
| Other assets | $28,882,287 |
| Total assets | $1,640,689,087 |
| Accounts payable and accrued expenses | $11,649,654 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $133,900,000 |
| Unsecured mortgages and notes payable | $48,500,000 |
| Other liabilities | $1,346,655,574 |
| Total liabilities | $1,540,705,228 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $99,983,859 |
| Total liabilities and net assets/fund balances | $1,640,689,087 |