Max Credit Union
- Assets
- $2.0b
- Revenue
- $81.3m
- Investments
- $1.1m
- Employees
- 367
- Location
- Montgomery, AL
- Founding
- 06/1971
- Data as of
- 12/2022
- EIN
- 36-4618706
Organization Overview
Max Credit Union is located in Montgomery, AL. The organization was established in 1971. 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, Max Credit Union employed 367 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Max 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, Max Credit Union generated $81.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $63.0m during the year ending 12/2022. While expenses have increased by 2.7% 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.
Since 2015, Max Credit Union has awarded 11 individual grants totaling $120,050. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
A Kelli Wise Director | Trustee | 1 | $1,913 |
K Sue Jackson Secretary | OfficerTrustee | 1 | $1,574 |
Barbara T Starr Chairman | OfficerTrustee | 1 | $0 |
James W Solze Jr Treasurer | OfficerTrustee | 1 | $0 |
John Averrett Vice-Chair | OfficerTrustee | 1 | $0 |
Lloyd Woodman Jr Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates Inc Core It Processing | 12/30/22 | $1,251,223 |
Norris Building Company Construction Services | 12/30/22 | $1,217,585 |
High Cotton Statement Services | 12/30/22 | $1,205,194 |
Diebold Incorporated Atm Services | 12/30/22 | $1,086,680 |
Q2 Software Homebanking Software | 12/30/22 | $961,603 |
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 | $68,868,666 |
| Investment income | $13,513,563 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,115,004 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $81,267,225 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $25,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $6,495,826 |
| Compensation of current officers, directors, key employees. | $2,260,572 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $19,865,610 |
| Pension plan accruals and contributions | $1,352,414 |
| Other employee benefits | $3,239,071 |
| Payroll taxes | $1,536,699 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $106,753 |
| Fees for services: Accounting | $144,475 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,400,035 |
| Advertising and promotion | $1,429,159 |
| Office expenses | $14,978,489 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,608,288 |
| Travel | $63,183 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $61,912 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,800,228 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $62,954,777 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $48,316,180 |
| Savings and temporary cash investments | $64,874,866 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,609,009 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,007,003,443 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,495,628 |
| Net Land, buildings, and equipment | $34,799,073 |
| Investments—publicly traded securities | $741,749,921 |
| Investments—other securities | $1,053,400 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $55,536,878 |
| Total assets | $1,964,438,398 |
| Accounts payable and accrued expenses | $26,189,032 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,127,516 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,796,981,562 |
| Total liabilities | $1,824,298,110 |
| 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 | $140,140,288 |
| Total liabilities and net assets/fund balances | $1,964,438,398 |
Grants Awarded
Over the last fiscal year, Max Credit Union has awarded $25,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ALABAMA SHAKESPEARE FESTIVAL PURPOSE: COMMUNITY GIVING | $10,000 |
RIVER REGION UNITED WAY PURPOSE: COMMUNITY GIVING | $15,000 |