2024-11-15T10:34:16-06:00 2023-12-31 630813240 PEARCE BEVILL LEESBURG MOORE PC 110 OFFICE PARK DR BIRMINGHAM AL 35223 990 2023-01-01 636046132 ALABAMA TEACHERS CREDIT UNION ALAB 2565437040 702 WALNUT STREET GADSDEN AL 35901 JEFF NAPPER CFO 2565437040 2024-11-14 1 0 W GLENN BRIDGES P00519867 2053235440 2024-11-14 2023 2024-10-15 13:58:12Z JEFF NAPPER 702 WALNUT STREET GADSDEN AL 35901 28308124 0 X WWW.ATCU.COM X STATE CHARTERED COOPERATIVE CREDIT U 1959 AL COOPERATIVE CREDIT UNION 7 7 109 12 50279 0 0 0 23248388 28308124 0 0 0 0 23248388 28308124 99850 134865 0 0 8186331 8675744 0 0 0 10371555 15277108 18657736 24087717 4590652 4220407 479200439 531369874 436851039 482361594 42349400 49008280 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. 0 0 24087717 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 TEACHERS CREDIT UNION, AN ALABAMA STATE CHARTERED CREDIT UNION, WAS ESTABLISHED TO PROVIDE THESE SERVICES TO ITS MEMBERS WHO ARE EMPLOYEES, AND THEIR RELATIVES, OF THE PUBLIC SCHOOLS LOCATED IN ETOWAH, DEKALB, MARSHALL, CHEROKEE, AND CALHOUN COUNTIES. THE CREDIT UNION'S FIELD OF MEMBERSHIP ALSO INCLUDES SELECTED EMPLOYEE GROUPS AND INDIVIDUALS THAT RESIDE IN THESE COUNTIES. AS OF DECEMBER 31, 2023, THE CREDIT UNION PROVIDED SERVICES TO APPROXIMATELY 32,620 MEMBERS. 24087717 0 0 0 0 0 0 0 1 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 9325 0 1 109 1 1 1 0 0 0 0 0 1 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 0 0 1 1 1 0 1 0 X JEFFREY NAPPER 2565437040 702 WALNUT ST GADSDEN AL 35901 DR MARTHA LAVENDER BOARD CHAIRPERSON 1.00 X 0 0 0 CHUCK RODEN BOARD MEMBER THRU FEB 2023 1.00 X 0 0 0 SONNY KIRBY BOARD VICE CHAIRPERSON 1.00 X 0 0 0 DR TONY J CATANZARO BOARD MEMBER 1.00 X 0 0 0 JOSEPH SAWYER BOARD SECRETARY/TREASURER 1.00 X 0 0 0 JOAN LEE SUPERVISORY COMMITTEE THRU FEB 2023 1.00 X 0 0 0 DR RONALD T MOSLEY SUPERVISORY COMMITTEE CHAIR 1.00 X 0 0 1267 TONY REDDICK BOARD MEMBER 1.00 X 0 0 262 EMILY H MILLS BOARD MEMBER 1.00 X 0 0 0 DANNY L GOLDEN SUPERVISORY COMMITTEE MBR 1.00 X 0 0 2285 RONALD W BILL LOWMAN BOARD MEMBER 1.00 X 0 0 0 SABRINA BEVIS SUPERVISORY COMMITTEE MBR 1.00 X 0 0 0 RON SUMMERALL PRESIDENT/CEO 40.00 X 1421257 0 33903 JEFF NAPPER VICE-PRESIDENT/CFO 40.00 X 196617 0 26362 GINA CHAMBERS VICE PRESIDENT 40.00 X 156352 0 32362 JD HOLT FINANCIAL ADVISOR 40.00 X 433988 0 59178 JOEY CLARK VICE PRESIDENT 40.00 X 126098 0 30386 MIKE SELF VICE PRESIDENT 40.00 X 172251 0 41997 2506563 0 228002 6 0 1 0 0 INTEREST ON LOANS TO MEMBERS 522100 18789568 18789568 FINANCIAL SERVICE FEE AND OTHER I 522100 6682123 6631844 50279 INVESTMENT INCOME 522100 2836433 2836433 28308124 28308124 28257845 50279 0 110865 24000 1681953 4689979 512857 1350995 439960 135793 226758 512366 41687 705612 180549 539433 DIVIDENDS AND INTEREST 6071671 FINANCIAL SERVICE FEES 4503524 OPERATION EXPENSES 983385 PROVISION FOR LOAN LOSS 701500 674830 24087717 2286237 2603939 8880413 30188108 371312947 401322143 16289631 6533556 8822800 9756075 80984549 79763469 6913493 7736140 479200439 531369874 3507094 4674998 188256 171578 433155689 477515018 436851039 482361594 X 0 0 0 0 42349400 49008280 42349400 49008280 479200439 531369874 4220407 2438473 0 X X 0 1 X 1 0 0 1 X 2150616 2150616 10991328 4197789 6793539 38687 38687 3109000 2335767 773233 9756075 CORPORATE CREDIT UNION DEPOSITS & CAPITAL 595626 C FEDERAL HOME LOAN BANK STOCK 1523500 C DEFERRED COMPENSATION INVESTMENT 1708934 C FEDERAL AGENCY SECURITIES 74684132 F CUSO EQUITY STOCK 1251277 C 79763469 MEMBER SHARE AND CERTIFICATE SHARE ACCOUNTS 452515018 FEDERAL HOME LOAN BANK LOAN 25000000 477515018 X 28308124 0 28308124 0 28308124 24087717 0 24087717 0 24087717 PART IV, LINE 2B: THE CREDIT UNION ACCEPTS AND MAINTAINS ESCROW PAYMENTS TO PAY ANNUAL TAXES AND INSURANCE ON MEMBER BORROWER MORTGAGE LOANS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT BY STATUTES FROM MOST FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION FILES A FEDERAL FORM 990 AND HAS A DECEMBER 31, TAX YEAR END. THE STATE OF ALABAMA IMPOSES A 6.5% EXCISE TAX ON THE TAXABLE INCOME OF STATE-CHARTERED CREDIT UNIONS AS OF DECEMBER 31, EACH TAX YEAR. THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL INCOME TAX LIABILITY BASED ON THE GUIDANCE FROM THE PROVISIONS OF FASB ASC 740, INCOME TAXES, ASSOCIATED WITH UNCERTAINTY IN INCOME TAX POSITIONS. MANAGEMENT BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR THE INCOME TAX POSITIONS TAKEN AND TO BE TAKEN ON ITS TAX RETURNS BASED ON AN ASSESSMENT OF VARIOUS FACTORS, INCLUDING EXPERIENCE AND INTERPRETATIONS OF TAX LAWS APPLIED TO THE FACTS OF EACH MATTER. THE CREDIT UNION HAS CONCLUDED THAT THERE ARE NO SIGNIFICANT UNCERTAIN TAX POSITIONS REQUIRING DISCLOSURE AND THERE ARE NO MATERIAL AMOUNTS OF UNRECOGNIZED TAX BENEFITS REQUIRING RECOGNITION IN THE FINANCIAL STATEMENTS. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEAR FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSES AND ANY POTENTIAL ADDITIONAL LIABILITY RESULTING FROM THE TAXING AUTHORITIES IMPOSING TAXES, PENALTIES, AND INTEREST ON THE TAXES DUE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. WITH FEW EXCEPTIONS, THE CREDIT UNION'S 2022, 2021, AND 2020 FEDERAL TAX RETURNS ARE CURRENTLY OPEN FOR EXAMINATION BY THE IRS. PART XII, LINE 2D - OTHER ADJUSTMENTS: ROUNDING DIFFERENCE PARTS XI AND XII: ON A ROUTINE BASIS, THE ALABAMA CREDIT UNION ADMINISTRATION AND THE NATIONAL CREDIT UNION ADMINISTRATION PERFORM A REGULATORY EXAMINATION OF THE FINANCIAL STATEMENTS AND SAFETY AND SOUNDNESS OF THE CREDIT UNION. ADDITIONALLY, THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AUDITED BY AN INDEPENDENT ACCOUNTANT AS OF DECEMBER 31 EACH YEAR IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR DEPOSITORY AND LENDING FINANCIAL INSTITUTIONS. AS A LENDING AND DEPOSIT-TAKING FINANCIAL INSTITUTION, THE CREDIT UNION IS NOT REQUIRED TO PREPARE ITS FINANCIAL STATEMENTS IN ACCORDANCE WITH SFAS 117. 1 RYKERS RAINDBOW 6585 HIGHWAY 431 SOUTH SUITE E451 OWENS CROSS ROADS AL 35763 853542549 501(C)(3) 25500 0 GENERAL SUPPORT COMMUNITY FOUNDATION OF NORTHEAST ALABAMA 1130 QUINTARD AVENUE SUITE 100 ANNISTON AL 36201 630308398 501(C)(3) 30000 0 GENERAL SUPPORT "SYNCED" PROGRAM SCHOLARSHIPS PAID TO HIGHER EDUCATION INSTITUTIONS FOR MEMBERS' ATTENDANCE. 4 12000 "COLLEGIATE" PROGRAM SCHOLARSHIPS PAID TO HIGHER EDUCATION INSTITUTIONS FOR MEMBERS' ATTENDANCE. 3 9000 "LETA HENSON JOHNSON MEMORIAL" PROGRAM SCHOLARSHIP PAID TO HIGHER EDUCATION INSTITUTIONS FOR MEMBER'S ATTENDANCE. 1 3000 PART I, LINE 2: PRIOR TO FUNDING THE PROGRAM, THE CREDIT UNION PERFORMS AN ANALYSIS TO VERIFY THE PROPER UTILIZATION OF THE GRANTS. X 1 1 X X X 0 1 0 RON SUMMERALL PRESIDENT/CEO 435906 0 525057 0 460294 0 32020 0 1883 0 1455160 0 0 0 JD HOLT FINANCIAL ADVISOR 433988 0 0 0 0 0 34815 0 24363 0 493166 0 0 0 JEFF NAPPER VICE-PRESIDENT/CFO 182089 0 14528 0 0 0 1999 0 24363 0 222979 0 0 0 MIKE SELF VICE PRESIDENT 134849 0 37402 0 0 0 17634 0 24363 0 214248 0 0 0 GINA CHAMBERS VICE PRESIDENT 140661 0 15691 0 0 0 15948 0 16414 0 188714 0 0 0 JOEY CLARK VICE PRESIDENT 114117 0 11981 0 0 0 12834 0 17552 0 156484 0 0 0 PART I, LINE 1A SPOUSES ARE ALLOWED TO ACCOMPANY ALL OF THE CREDIT UNION'S EMPLOYEES AND DIRECTORS WHEN SUCH PERSONS TRAVEL TO CONFERENCES OR TRAINING. THE SPOUSES' ATTENDANCE WAS NOT FOR A BONA FIDE BUSINESS PURPOSE. THIS BENEFIT IS TREATED AS TAXABLE COMPENSATION TO THE SPOUSE, AND THE CREDIT UNION ISSUES A 1099-MISC TO THE SPOUSE IF THE BENEFIT EXCEEDS APPLICABLE IRS REPORTING THRESHOLDS. PART I, LINE 3 COMPENSATION FOR THE CREDIT UNION'S CEO IS REVIEWED BY THE BOARD OF DIRECTORS. TO DETERMINE THE CEO'S SALARY, THE BOARD CONSIDERS, AMONG OTHER THINGS, PUBLISHED PEER SALARY GUIDE/DATA AND THE CREDIT UNION'S FINANCIAL CONDITION AND RESULTS OF OPERATIONS. THE CEO SETS ALL OTHER MANAGEMENT AND EMPLOYEE SALARIES BASED ON SIMILAR GUIDELINES. PART I, LINE 4B THE CREDIT UNION ESTABLISHED ALABAMA TEACHERS CREDIT UNION 457(B) AND (F) PLANS. THE 457(B) PLAN WAS INTENTED TO BE AN ELIGIBLE DEFERRED COMPENSATION PLAN UNDER SECTION 457(B) OF THE INTERNAL REVENUE CODE. THE 457(F) PLAN WAS INTENDED TO BE INELIGIBLE DEFERRED COMPENSATION PLANS UNDER SECTION 457(F) OF THE INTERNAL REVENUE CODE. THESE PLANS WERE AGREEMENTS BETWEEN THE CREDIT UNION AND THE CREDIT UNION'S PRESIDENT/CEO ("PLAN PARTICIPANT"). SUBJECT TO THE PROVISIONS OF THE PLANS, THE CREDIT UNION SET ASIDE FUNDS ("EMPLOYER FUND") TO BE INVESTED AT THE DIRECTION OF THE PLAN PARTICIPANT. ON SPECIFIED MEASUREMENT DATES OF THE EMPLOYER FUND, TO THE EXTENT THE EMPLOYER FUND HAD EARNINGS, AN AMOUNT EQUAL TO THE MAXIMUM PERMISSIBLE CONTRIBUTION FOR THE PLAN PARTICIPANT WAS TRANSFERRED TO THE ALABAMA TEACHERS CREDIT UNION 457(F)/(B) PLANS. BOTH PLANS WERE TERMINATED EFFECTIVE MAY 29, 2023, AND THE AMOUNTS DUE TO THE CREDIT UNION'S PRESIDENT/CEO WILL BE AVAILABLE FOR DISTRIBUTION UPON THE PLAN PARTICIPANT'S SEVERANCE OF EMPLOYMENT. FORM 990, PART VI, SECTION A, LINE 6 ALABAMA BANKING CODE, SECTION 5-17-5 STATES THAT, "CREDIT UNION MEMBERSHIP SHALL CONSIST OF THE INCORPORATORS AND SUCH OTHER PERSONS AS MAY BE ELECTED TO MEMBERSHIP AND WHO SUBSCRIBE TO AT LEAST ONE SHARE AND PAY THE INITIAL INSTALLMENT THEREON AND THE ENTRANCE FEE. ORGANIZATIONS, INCORPORATED OR OTHERWISE, COMPOSED FOR THE MOST PART OF THE SAME GENERAL GROUP AS THE CREDIT UNION MEMBERSHIP MAY BE MEMBERS. CREDIT UNION ORGANIZATION SHALL BE LIMITED TO GROUPS, OF BOTH LARGE AND SMALL MEMBERSHIP, HAVING A COMMON BOND OF OCCUPATION OR ASSOCIATION OR TO GROUPS WITHIN A WELL-DEFINED NEIGHBORHOOD, COMMUNITY OR RURAL DISTRICT." THE MEMBERSHIP OF ALABAMA TEACHERS CREDIT UNION AS OF DECEMBER 31, 2023, WAS OPEN TO ANYONE THAT WORKS, LIVES, OR ATTENDS SCHOOL WITHIN ETOWAH, DEKALB, MARSHALL, CHEROKEE, AND CALHOUN COUNTIES, OR IS A FAMILY MEMBER OF AN EXISTING MEMBER, AND CONSISTED OF APPROXIMATELY 32,620 MEMBERS, MOST OF WHICH WERE EMPLOYESS OR RELATIVES OF THE PUBLIC SCHOOLS IN THESE COUNTIES. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE CREDIT UNION'S MEMBERSHIP AT THE ANNUAL MEETING. THE CREDIT UNION'S BYLAWS GOVERN THE ELECTION PROCEDURES. THE TERMS OF THE BOARD OF DIRECTORS, AS SET BY THE BYLAWS, ARE 3 YEARS AND ARE STAGGERED SO THAT AN EQUAL NUMBER EXPIRE AT EACH ANNUAL MEETING. PRIOR TO THE ANNUAL MEETING, THE BOARD CHAIRMAN APPOINTS A NOMINATING COMMITTEE TO NOMINATE A CANDIDATE FOR EACH VACANCY. NOMINATIONS MAY ALSO BE MADE BY PETITION. ELECTION BY THE MEMBERSHIP IS PERFORMED THROUGH WRITTEN OR ELECTRONIC BALLOTS, UNLESS THERE IS ONLY ONE NOMINEE. ALL ELECTIONS ARE DETERMINED BY A PLURALITY VOTE. FORM 990, PART VI, SECTION A, LINE 7B THE FOLLOWING TYPES OF DECISIONS ARE SUBJECT TO APPROVAL BY THE CREDIT UNION'S MEMBERS: DISSOLUTION AND MERGER DECISIONS, ELECTION AND TERMINATION OF BOARD MEMBERS, ELECTION AND TERMINATION OF SUPERVISORY COMMITTEE MEMBERS, AND CONVERSION FROM STATE TO FEDERAL CHARTER. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT PERFORMS A REVIEW OF THE FORM 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12 CREDIT UNION EMPLOYEES ARE REQUIRED TO REVIEW THE CREDIT UNION'S CONFLICT OF INTEREST POLICY THAT IS INCLUDED IN THE EMPLOYMENT HANDBOOK PRIOR TO EMPLOYMENT. FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION FOR THE CREDIT UNION'S CEO IS REVIEWED BY THE BOARD OF DIRECTORS. TO DETERMINE THE CEO'S SALARY, THE BOARD CONSIDERS AMONG OTHER THINGS, PUBLISHED PEER SALARY GUIDE/DATA AND THE CREDIT UNION'S FINANCIAL CONDITION AND RESULTS OF OPERATIONS. THE CEO SETS ALL OTHER MANAGEMENT AND EMPLOYEE SALARIES BASED ON SIMILAR GUIDELINES. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE POSTED MONTHLY ON A BULLETIN BOARD WITHIN THE CREDIT UNION. FURTHERMORE, THE CREDIT UNION'S FINANCIAL STATEMENTS CAN BE FOUND ON THE WEBSITE OF THE NCUA AT NCUA.GOV. FORM 990, PART XII, LINE 2B: ON A ROUTINE BASIS, THE ALABAMA CREDIT UNION ADMINISTRATION AND THE NATIONAL CREDIT UNION ADMINISTRATION PERFORM A REGULATORY EXAMINATION OF THE FINANCIAL STATEMENTS AND SAFETY AND SOUNDNESS OF THE CREDIT UNION. ADDITIONALLY, THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AUDITED BY AN INDEPENDENT ACCOUNTANT AS OF DECEMBER 31 EACH YEAR. FORM 990, PART XII, LINE 2C: THE CREDIT UNION HAS A SUPERVISORY COMMITTEE THAT IS RESPONSIBLE FOR ENSURING THAT THE BOARD OF DIRECTORS AND MANAGEMENT OF THE CREDIT UNION - (1) MEET REQUIRED FINANCIAL REPORTING OBJECTIVES AND (2) ESTABLISH PRACTICES AND PROCEDURES SUFFICIENT TO SAFEGUARD MEMBERS' ASSETS. THIS INCLUDES OVERSEEING THE ANNUAL FINANCIAL STATEMENT AUDIT AND THE SELECTION OF THE INDEPENDENT ACCOUNTANT.