Alabama Credit Union

“Alabama credit union is a non-profit financial institution that is owned and operated by its members. There are several ways in which an individual may become a member of the credit union. An individual can be considered for membership if they are affiliated with the university of alabama or the university of alabama at huntsville alumni association. They may also become a member of the credit union if they live, work or attend school in a county in which the credit union holds a community charter. These counties are bibb, blount, baldwin, clarke, conecuh, cullman, escambia, fayette, hale, jefferson, lamar, lawrence, limestone, madison, marion, marshall, mobile, monroe, morgan, pickens, shelby, tuscaloosa, walker, wilcox, or winston counties of alabama and escambia county in florida. Businesses in these counties also qualify. An individual may become a member of the credit union as a result of employment with a sponsor organization or if related to a current member of alabama credit union.”

“The process for nominating directors begins by the appointment of a nominating committee who develops a list of qualified candidates to fill vacant board positions in any given year. Once this list has been compiled, the nominating committee makes available the individuals they deemed qualified to the members of the credit union in the january newsletter. Members are also given the opportunity to nominate individuals they deem qualified by presenting the name of the individual along with a signed petition of at least 1% of current members. Should a qualifying petition be submitted, the vote would be held at the credit union's annual meeting, with the top vote getters being elected.”

“The following types of decisions are subject to approval by the credit union's members: merger and dissolution of the credit union, election & termination of board members, expulsion of credit union members, election of supervisory committee members, conversion from state to federal charter, & conversion from federal to private insurance as well as amendment of by-laws.”

“Upon completion of the credit union's form 990, the return is presented to the board at a board of directors meeting. At the meeting, the board members review the tax return and are free to ask any questions or engage in discussion regarding any topic covered in the return. Once the governing body has reviewed and approved the form 990, the return is filed with the internal revenue service.”

“Alabama credit union's conflict of interest policy is included in the employee handbook. Each year, the staff sign a document stating that they have read the conflict of interest policy. The board of directors also review the conflict of interest policy on a yearly basis.”

“Compensation for officers, key employees & top management officials is determined on a yearly basis. The compensation process begins with a compilation of salary ranges developed by an outside service subscribed to by the credit union. The third party service provides relevant compensation information for various positions and reflects industry averages. Once this information has been compiled, the salary ranges are then approved by the personnel committee and the board of directors. The president's compensation for the year is set by the board of directors. The president then sets the compensation packages for the remaining officers.”

“The credit union makes available its financial statements via the ncua website which can be found at www.ncua.gov. Other documents are available to the public upon request.”

“Merge equity 437,206. Cuso prior year adjustment -2,029,219.”

“On a yearly basis, the national credit union administration comes in and examines the financial statements of alabama credit union. The credit union is also examined by the alabama credit union administration and the league of southeastern credit unions at various times during the year. The credit union's september 30th financial statements are audited by an independent accountant.”

“Alabama credit union p.o. Box 862998 tuscaloosa, al 35486 employer identification number: 63-0440014 for the year ending december 31, 2024 alabama credit union is making the de minimis safe harbor election under reg. Sec. 1.263(a)-1(f).”

“Alabama credit union p.o. Box 862998 tuscaloosa, al 35486 employer identification number: 63-0440014 for the year ending december 31, 2024 alabama credit union is making the election to capitalize repair and maintenance costs under reg. Sec. 1.263(a)-3(n).”