Alabama One Credit Union
- Assets
- $937.3m
- Revenue
- $41.7m
- Investments
- $0.0
- Employees
- 295
- Location
- Tuscaloosa, AL
- Founding
- 06/1971
- Data as of
- 12/2021
- 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 12/2021, Alabama One Credit Union employed 295 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 12/2021, Alabama One Credit Union generated $41.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.7% each year. All expenses for the organization totaled $37.1m during the year ending 12/2021. While expenses have increased by 1.7% 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
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, 2021, THE CREDIT UNION PROVIDED SERVICES TO APPROXIMATELY 73,542 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William C Wells CEO | Officer | 40 | $436,807 |
Whitney Oswalt CFO | Officer | 40 | $255,859 |
Jason Halperin Clo | Officer | 40 | $239,236 |
Robert Long Chief Technology Officer | 40 | $214,856 | |
Shelby Grantham Controller | 40 | $142,649 | |
Michael Brown Director Of Retail Operati | 40 | $140,068 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Redi Enterprises Development Inc Card Monitoring | 12/30/21 | $210,982 |
Quality Data Systems Inc Atm/itm Servicing | 12/30/21 | $1,478,187 |
The Next Best Thing Janitorial Services | 12/30/21 | $397,396 |
Triserv Appraisal Services | 12/30/21 | $324,630 |
Lscu Service Corportation Inc Cu Service Organization | 12/30/21 | $142,002 |
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 | $41,746,504 |
| 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 | $41,746,504 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $37,190 |
| 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. | $1,312,176 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,631,064 |
| Pension plan accruals and contributions | $1,278,622 |
| Other employee benefits | $1,078,902 |
| Payroll taxes | $870,292 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $266,977 |
| Fees for services: Accounting | $169,283 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $645,786 |
| Advertising and promotion | $684,028 |
| Office expenses | $4,284,134 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,096,154 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $185,442 |
| Interest | $4,510 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,197,034 |
| Insurance | $360,346 |
| All other expenses | $424,838 |
| Total functional expenses | $37,096,975 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,734,138 |
| Savings and temporary cash investments | $127,509,719 |
| 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 | $617,492,832 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,865,257 |
| Net Land, buildings, and equipment | $20,980,268 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $121,156,453 |
| Intangible assets | $4,612,513 |
| Other assets | $24,967,272 |
| Total assets | $937,318,452 |
| Accounts payable and accrued expenses | $13,543,352 |
| Grants payable | $0 |
| Deferred revenue | $27,495 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,676,094 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $5,000,000 |
| Other liabilities | $836,998,225 |
| Total liabilities | $857,245,166 |
| 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 | $80,073,286 |
| Total liabilities and net assets/fund balances | $937,318,452 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alabama One Credit Union Tuscaloosa, AL | $937,318,452 | $41,746,504 |
Educational Funding of the South Inc Franklin, TN | $0 | $32,440,997 |
Commonwealth Forest Investments Atlanta, GA | $527,167 | $63 |
Mississippi Higher Education Assistance Corporation Jackson, MS | $167,450,530 | $7,686,362 |
South Florida Veterans Affairs Foundation For Research & Educaton Miami, FL | $7,044,922 | $2,522,202 |
River Garden Holding Company Inc Jacksonville, FL | $34,918,747 | $1,904,897 |
Tupelo Service Finance Inc Tupelo, MS | $0 | $1,135,587 |
Greater Kingsport Alliance For Development Inc Kingsport, TN | $2,425,970 | $1,438,393 |
Elizabeth Bisland Wetmore T1295 Orlando, FL | $9,659,124 | $1,316,212 |
Tennessee Medical Education Fund Inc Nashville, TN | $3,892,726 | $343,365 |
John T Hall Testamentary Tr 08-17-44 Orlando, FL | $3,441,856 | $150,400 |
Alabama Multifamily Loan Consortium Montgomery, AL | $54,767,808 | $316,680 |