Max Credit Union

Not tax-deductible

Montgomery, ALMutual-benefit / member-servingSince 1955EIN 36-4618706

The credit union is a cooperative community financial institution which was organized to promote thrift among its members as well as to provide a source of credit for its members.

Run by 15 volunteers and 362 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $19.1M a year · 20% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$3.8M
to officers and key staff · 4% of spending
Looks good: pay to officers and key staff is 4% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
18 mo
of spending, in cash
Looks good: 18.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $528
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$1.9B
90% of total assets
Concern: liabilities are 90% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$123.8M
+12% vs prior year
Spent
$100.5M
Net assets
$209.4M
By yearFY2020–FY2024
Revenue
$123.8M
FY2024▲ +12%
Revenue by fiscal year
FY2020$78.2M
FY2021$76.8M
FY2022$81.3M
FY2023$110.3M
FY2024$123.8M
Expenses
$100.5M
FY2024▲ +19%
Expenses by fiscal year
FY2020$67.2M
FY2021$60.0M
FY2022$63.0M
FY2023$84.3M
FY2024$100.5M
Net assets
$209.4M
FY2024▲ +17%
Net assets by fiscal year
FY2020$221.6M
FY2021$217.9M
FY2022$140.1M
FY2023$179.4M
FY2024$209.4M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jun 1971.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

25 people listed on the 990; $3.8M paid to officers and key staff.

Part VII, Section A · reportable compensation
President/CEO
$662,803Pt VII · Sec A
Chief Financial Officer
$308,014Pt VII · Sec A
EVP Chief Operations Officer
$300,185Pt VII · Sec A
Chief Optns Excel Officer
$274,621Pt VII · Sec A
Market President
$272,813Pt VII · Sec A
Chief Information Officer
$260,944Pt VII · Sec A
Chief Talent Officer
$244,207Pt VII · Sec A
VP Wealth Management
$239,896Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Martin E Head$662,803$559,994$505,566——
Martin Edward Head———$481,088$504,366
Timothy Marquardt$308,014$296,664$279,075——
Mike Hart$300,185$260,204———
Dg Markwell——$292,906$182,988$161,882
Clinton Dale Watkins$260,944$286,218$213,616——
Cheryl Payson$274,621$264,614$249,583$243,096$223,060
Wayne Blackwell——$273,009$265,659$250,058

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Max Credit Union executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes
  • Loans to or from officersSch L · Pt II1 listed

Programs and updates

Promotes saving and offers loans to its members.

Provided by the organization

This section is blank until Max Credit Union claims this page.

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3 program services, described in the organization's own filed words · FY2024.
01

In our efforts to promote thrift among our members, max provides competitive savings products, which include savings, checking, andcertificate of deposit accounts as well as ira savings accounts.

Pt IX · col B
02

To meet the financial needs of our members, max provides a source of credit by offering a variety of consumer, real estate, and business lending products at reasonable rates of interest.

Pt IX · col B
03

In addition to the savings and lending products we offer, max provides a variety of other financial services to meet the needs of our members.

Pt IX · col B

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 1 funder$528
Grants paid · 19 grants · $193K · 2020–2024
River Region United WayAL · FY2024$16,500
Storybrook FarmsAL · FY2024$6,000
River Region United WayAL · FY2023$15,000
Storybook Farm INCAL · FY2023$6,000
River Region United WayAL · FY2022$15,000
River Region United WayAL · FY2022$15,000
River Region United WayAL · FY2021$15,000
Mercy House INCAL · FY2021$10,000
ManeAL · FY2021$5,550
River Region United WayAL · FY2020$12,000
Storybook Farm INCAL · FY2020$10,000
See all 19 grants →

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$123.8M
Ln 12
Fees for servicesLn 2g$98.9M
Investment incomeLn 3$24.9M
Money outPt IX
$100.5M
Ln 25
Owns and owesPt X
$209.4M
net assets · Ln 32
Cash and savingsLn 1–2$153.2M
Total assetsLn 16$2.1B
LiabilitiesLn 26$1.9B
PeoplePt VI, VII
25
listed · VII A
PaidVII A14
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$98.9M
Investment incomeLn 3$24.9M
Gains on assetsLn 7$203K
Total revenueLn 12$123.8M
Assets in detailPt X, end of year
CashLn 1$42.9M
SavingsLn 2$110.3M
Cash and savings togetherLn 1–2$153.2M
InvestmentsLn 11–13$718.0M
Land, buildings, equipmentLn 10c$34.6M
Other assetsLn 15$59.9M
Total assetsLn 16$2.1B
LiabilitiesLn 26$1.9B
Net assetsLn 32$209.4M
OperationsPt I, VI
EmployeesI 5362
VolunteersI 615
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$154.9M$153.2M
InvestmentsLn 11–13$728.7M$718.0M
Land, buildings, equipmentLn 10c$36.1M$34.6M
Total assetsLn 16$2.08B$2.15B
LiabilitiesLn 26$1.90B$1.94B
Net assetsLn 32$179.4M$209.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$90K
Benefits paid to or for membersLn 4$27.5M
Pay of current officers, directors and key staffLn 5$3.2M
Other salaries and wagesLn 7$20.7M
Pension plan contributionsLn 8$1.5M
Other employee benefitsLn 9$3.7M
Payroll taxesLn 10$1.8M
Legal feesLn 11b$253K
Accounting feesLn 11c$177K
Other fees for servicesLn 11g$2.3M
Advertising and promotionLn 12$1.8M
Office expensesLn 13$19.6M
OccupancyLn 16$1.6M
TravelLn 17$111K
Conferences, conventions and meetingsLn 19$70K
InterestLn 20$476K
Depreciation, depletion and amortizationLn 22$3.3M
Other expenses (24a–d)Ln 24$12.5M
Total functional expensesLn 25$100.5M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $123.8M$100.5M$23.3M$209.4M 990 PDF
FY2023 $110.3M$84.3M$26.0M$179.4M 990 PDF
FY2022 $81.3M$63.0M$18.3M$140.1M 990 PDF
FY2021 $76.8M$60.0M$16.8M$217.9M 990 PDF
FY2020 $78.2M$67.2M$10.9M$221.6M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (4 parts)
Part VIII · Statement of revenue $123,834,123 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $98,185,164 · Unrelated business $737,784$98,922,948
VIII-3 Investment incomeExcluded from tax $24,708,171$24,708,171
VIII-7 Net gain or loss on sales of assetsExcluded from tax $203,004$203,004
VIII-12 Total revenueRelated to mission $98,185,164 · Unrelated business $737,784 · Excluded from tax $24,911,175$123,834,123
Part IX · Statement of functional expenses $100,536,448 across 18 lines filed
IX-1 Grants to domestic organizations$89,500
IX-4 Benefits paid to or for members$27,451,008
IX-5 Pay of current officers, directors and key staff$3,157,152
IX-7 Other salaries and wages$20,701,393
IX-8 Pension plan contributions$1,548,704
IX-9 Other employee benefits$3,679,669
IX-10 Payroll taxes$1,763,216
IX-11b Legal fees$253,225
IX-11c Accounting fees$177,055
IX-11g Other fees for services$2,310,750
IX-12 Advertising and promotion$1,753,409
IX-13 Office expenses$19,551,229
IX-16 Occupancy$1,629,397
IX-17 Travel$111,424
IX-19 Conferences, conventions and meetings$69,506
IX-20 Interest$476,045
IX-22 Depreciation, depletion and amortization$3,294,680
IX-24 Other expenses (24a–d)$12,519,086
IX-25 Total functional expenses$100,536,448
Part X · Balance sheet $2,149,434,453 assets, 14 lines filed
Asset lines not itemized here account for $1,177,639,901; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $53,823,966$42,869,911
X-2 Savings and temporary cash investmentsStart of year $101,117,748$110,318,395
X-4 Accounts receivableStart of year $7,571,799$3,537,223
X-9 Prepaid expenses and deferred chargesStart of year $2,672,122$2,597,540
X-10c Land, buildings and equipment, netStart of year $36,134,086$34,631,626
X-11 Publicly traded securitiesStart of year $722,187,386$711,197,102
X-12 Other securitiesStart of year $6,466,571$6,785,731
X-15 Other assetsStart of year $62,750,080$59,857,024
X-16 Total assetsStart of year $2,080,252,064$2,149,434,453
X-17 Accounts payable and accrued expensesStart of year $29,782,423$19,536,532
X-25 Other liabilitiesStart of year $1,858,115,355$1,907,227,577
X-26 Total liabilitiesStart of year $1,900,849,004$1,940,079,500
X-32 Total net assets or fund balancesStart of year $179,403,060$209,354,953
X-33 Total liabilities and net assetsStart of year $2,080,252,064$2,149,434,453
Part XI · Reconciliation of net assets $209,354,953 net assets at year end
XI-1 Total revenue$123,834,123
XI-2 Total expenses$100,536,448
XI-3 Revenue less expenses$23,297,675
XI-4 Net assets at start of year$179,403,060
XI-5 Net unrealized gains (losses) on investments$6,654,218
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$209,354,953

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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