Credit Unions Of Alabama
- Assets
- $1.4b
- Revenue
- $57.8m
- Investments
- $247.9m
- Employees
- 396
- Location
- Tuscaloosa, AL
- Founding
- 12/1941
- Data as of
- 12/2021
- EIN
- 63-0440014
Organization Overview
Credit Unions Of Alabama 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 12/2021, Credit Unions Of Alabama employed 396 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Credit Unions 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 Of Alabama generated $57.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.4% each year. All expenses for the organization totaled $47.1m during the year ending 12/2021. While expenses have increased by 9.9% 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
112,684 MEMBERS SERVED TO PROMOTE THRIFT OPPORTUNITIES AND LOW COST LOANS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen K Swofford Ceo/president | Officer | 60 | $433,808 |
Tommy Cobb Senior VP Of Branch Operat | Officer | 45 | $214,109 |
Michael Goodman Cio | Officer | 45 | $210,267 |
Benson P Bolling Chief Lending Officer | Officer | 55 | $182,344 |
Eleanor Brown CFO | Officer | 45 | $181,514 |
June Landrum Avp, Branch Operations | 45 | $161,704 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Apiture Llc Digital Banking Services | 12/30/21 | $836,646 |
Fiserv Payment And Fintech Provider | 12/30/21 | $1,219,035 |
M2 The Agency Advertising | 12/30/21 | $617,307 |
Windstream Services Llc Telecommunications | 12/30/21 | $812,753 |
Fedcorp Inc Atm Sales And Service | 12/30/21 | $417,822 |
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 | $33,988,762 |
| Investment income | $4,885,788 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $606,011 |
| Net Rental Income | $31,500 |
| Net Gain/Loss on Asset Sales | $279,200 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $57,798,045 |
| 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. | $1,709,624 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,803,456 |
| Pension plan accruals and contributions | $1,257,446 |
| Other employee benefits | $2,418,398 |
| Payroll taxes | $1,102,187 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $197,554 |
| Fees for services: Accounting | $100,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $619,309 |
| Advertising and promotion | $1,375,600 |
| Office expenses | $7,131,600 |
| Information technology | $919,016 |
| Royalties | $0 |
| Occupancy | $1,440,960 |
| Travel | $136,319 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $174,074 |
| Interest | $6,217,363 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,169,046 |
| Insurance | $49,401 |
| All other expenses | $157,523 |
| Total functional expenses | $47,077,943 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $24,487,527 |
| Savings and temporary cash investments | $178,460,096 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $17,662,132 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $847,941,301 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,768,883 |
| Net Land, buildings, and equipment | $40,531,283 |
| Investments—publicly traded securities | $9,096,400 |
| Investments—other securities | $247,886,214 |
| Investments—program-related | $602,435 |
| Intangible assets | $372,500 |
| Other assets | $27,113,335 |
| Total assets | $1,400,922,106 |
| Accounts payable and accrued expenses | $7,792,793 |
| 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 | $5,000,000 |
| Unsecured mortgages and notes payable | $30,000,000 |
| Other liabilities | $1,243,905,021 |
| Total liabilities | $1,286,697,814 |
| 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 | $114,224,292 |
| Total liabilities and net assets/fund balances | $1,400,922,106 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Credit Unions Of Alabama has recieved totaling $32,250.
| Awarding Organization | Amount |
|---|---|
National Credit Union Foundation Inc Madison, WI PURPOSE: START AT HOME | $16,125 |
National Credit Union Foundation Inc Madison, WI PURPOSE: START AT HOME | $16,125 |
Peer Organizations
| 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 |