Credit Unions In The State Of Alabama is located in Sheffield, 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 12/2021, Credit Unions In The State Of Alabama employed 391 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Credit Unions In The State Of Alabama 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 12/2021, Credit Unions In The State Of Alabama generated $57.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $50.3m during the year ending 12/2021. While expenses have increased by 4.4% per year over the past 7 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
2021
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
90,490 MEMBERS SERVED TO PROMOTE THRIFT OPPORTUNITIES AND LOW COST LOANS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Brad Green Ceo/president | Officer | 40 | $502,234 |
Andrew Clark Financial Services | 40 | $289,202 | |
Clay Morgan Chief Of Staff Operations | Officer | 40 | $246,522 |
Stacey Aldridge Mortgage Loan Officer | 40 | $242,092 | |
Bryan Scott Lovelace Market Development Preside | 40 | $209,968 | |
Daryl Mcminn COO | Officer | 40 | $207,712 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Jack Henry & Associates Core Processor | 12/30/21 | $563,280 |
Diamond Communication Solutions Member Statements | 12/30/21 | $521,389 |
Quality Data Service Software Development | 12/30/21 | $452,384 |
Bancsource Equipment Maintenance | 12/30/21 | $727,468 |
Meridian Link Lending Software | 12/30/21 | $371,169 |
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 | $34,328,957 |
Investment income | $2,368,545 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $174,538 |
Net Rental Income | -$250 |
Net Gain/Loss on Asset Sales | $1,393,473 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $57,547,152 |
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. | $2,280,484 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $14,595,507 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $5,354,460 |
Payroll taxes | $1,121,462 |
Fees for services: Management | $0 |
Fees for services: Legal | $43,137 |
Fees for services: Accounting | $257,614 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $263,992 |
Advertising and promotion | $1,172,441 |
Office expenses | $973,356 |
Information technology | $125,957 |
Royalties | $0 |
Occupancy | $1,136,816 |
Travel | $109,393 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $12,734 |
Interest | $5,665,880 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $2,306,311 |
Insurance | $320,980 |
All other expenses | $1,836,494 |
Total functional expenses | $50,316,781 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $45,328,901 |
Savings and temporary cash investments | $63,465,154 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $519,403 |
Loans from Officers, Directors, or Controlling Persons | $10,534,351 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $783,774,036 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $11,809,016 |
Net Land, buildings, and equipment | $28,833,990 |
Investments—publicly traded securities | $171,841,336 |
Investments—other securities | $0 |
Investments—program-related | $13,452,430 |
Intangible assets | $0 |
Other assets | $12,840,248 |
Total assets | $1,142,398,865 |
Accounts payable and accrued expenses | $5,380,353 |
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 | $0 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $1,051,661,195 |
Total liabilities | $1,057,041,548 |
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 | $85,357,317 |
Total liabilities and net assets/fund balances | $1,142,398,865 |
Organization Name | Assets | Revenue |
---|---|---|
Georgia's Own Credit Union Atlanta, GA | $3,419,402,865 | $147,500,350 |
Knoxville Tva Employees Credit Unio Knoxville, TN | $3,429,893,801 | $162,152,547 |
Fairwinds Credit Union Orlando, FL | $4,043,048,917 | $164,616,807 |
Robins Financial Credit Union Warner Robins, GA | $3,880,052,195 | $147,788,018 |
State Chartered Credit Unions In Florida Jonesville, FL | $2,692,290,378 | $122,435,815 |
Florida Credit Union Gainesville, FL | $1,449,934,229 | $94,300,981 |
Atlanta Postal Credit Union Atlanta, GA | $2,565,202,791 | $86,141,254 |
Georgia United Credit Union Duluth, GA | $1,880,574,240 | $80,835,681 |
State Chartered Credit Unions In Florida Dunedin, FL | $2,485,154,200 | $95,219,795 |
State Chartered Credit Unions In Florida Jacksonville, FL | $2,430,634,345 | $94,716,587 |
Lge Community Credit Union Atlanta, GA | $1,989,595,139 | $81,568,561 |
Associated Credit Union Norcross, GA | $2,094,343,004 | $74,274,351 |