Alabama One Credit Union
- Assets
- $969.3m
- Revenue
- $50.0m
- Investments
- $0.0
- Employees
- 326
- Location
- Tuscaloosa, AL
- Founding
- 06/1971
- Data as of
- 12/2022
- EIN
- 63-0353833
Organization Overview
Alabama One Credit Union is located in Tuscaloosa, AL. The organization was established in 1971. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Alabama One Credit Union employed 326 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Alabama One 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 One Credit Union generated $50.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.1% each year. All expenses for the organization totaled $43.8m during the year ending 12/2022. While expenses have increased by 3.6% 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
COOPERATIVE CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALABAMA BANKING CODE, SECTION 5-17-1, STATES THAT A CREDIT UNION IS A COOPERATIVE SOCIETY INCORPORATED FOR THE TWOFOLD PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS AND CREATING A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. ALABAMA ONE CREDIT UNION, AN ALABAMA STATE CHARTERED CREDIT UNION, PROVIDES A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS. THE CREDIT UNION'S MEMBERSHIP IS PRIMARILY COMPRISED OF PERSONS WHO LIVE AND WORK IN TUSCALOOSA COUNTY, ALABAMA AND TWENTY-ONE OTHER COUNTIES THROUGHOUT WEST, CENTRAL, AND SOUTH ALABAMA; EMPLOYEES, RESIDENTS, AND/OR PATIENTS OF VARIOUS MEDICAL PROVIDERS WITHIN THE STATE OF ALABAMA; EMPLOYEES OF THE CREDIT UNION AND OTHER SPECIFIED EMPLOYERS; RETIREES OF ALL AFOREMENTIONED GROUPS; AND SPOUSES, WIDOWS, AND IMMEDIATE FAMILY MEMBERS OF ALL AFOREMENTIONED GROUPS. AS OF DECEMBER 31, 2022, THE CREDIT UNION PROVIDED SERVICES TO APPROXIMATELY 77,610 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ron Abernathy Board Member | Trustee | 1 | $0 |
Tamika Alexander Board Secretary | Trustee | 1 | $0 |
Franklin Bohannon Supervisory Committee Chair | Trustee | 1 | $0 |
Marion Dodson Board Treasurer | Trustee | 1 | $0 |
Tom Fanning Board Member | Trustee | 1 | $0 |
Barry Mixon Board Member - Vice Chairperson | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
K & A Builders Inc Construction Services | 12/30/22 | $1,563,555 |
Verinext Corp It Services | 12/30/22 | $634,004 |
The Next Best Thing Janitorial Services | 12/30/22 | $413,321 |
Quality Data Systems Inc Atm/itm Servicing | 12/30/22 | $326,732 |
Triserv Appraisal Services | 12/30/22 | $321,025 |
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 | $50,038,173 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $50,038,173 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $65,550 |
| 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. | $2,185,743 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,853,029 |
| Pension plan accruals and contributions | $1,189,707 |
| Other employee benefits | $1,520,014 |
| Payroll taxes | $1,052,853 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $437,001 |
| Fees for services: Accounting | $43,299 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $840,774 |
| Advertising and promotion | $1,204,662 |
| Office expenses | $5,137,384 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,301,274 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $265,804 |
| Interest | $324,146 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,864,076 |
| Insurance | $313,825 |
| All other expenses | $370,534 |
| Total functional expenses | $43,777,146 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20,039,983 |
| Savings and temporary cash investments | $235,926 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $758,413,352 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,573,476 |
| Net Land, buildings, and equipment | $21,460,407 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $131,709,416 |
| Intangible assets | $4,108,321 |
| Other assets | $30,806,042 |
| Total assets | $969,346,923 |
| Accounts payable and accrued expenses | $16,154,274 |
| Grants payable | $0 |
| Deferred revenue | $28,327 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,113,656 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $28,921,840 |
| Unsecured mortgages and notes payable | $5,000,000 |
| Other liabilities | $839,531,465 |
| Total liabilities | $891,749,562 |
| 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 | $77,597,361 |
| Total liabilities and net assets/fund balances | $969,346,923 |