Alatrust Credit Union FY2023 filing

Not tax-deductible

Hoover, ALMutual-benefit / member-servingSince 1935Mutual / membership EIN 63-0021787Revenue $9.9M in FY2023

On file with the IRSalatrustcu.com1810 Merchants Dr, 35244-1005 · Hoover, ALTax-exempt since Jun 1970

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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.

100¢ of each $1 spent went to programs.
$661K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $1.7M a year · 18% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$661K
to officers and key staff · 8% of spending
Looks good: pay to officers and key staff is 8% of spending; 15% or less.
Pt VII · Sec A
27 mo
of spending, in cash
Plus $59.1M in investments, Pt X · Ln 11–13
Looks good: 27.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$183.1M
92% of total assets
Concern: liabilities are 92% of assets; over 80%.
Pt X · Ln 26
Independent board members
6
of 7 voting members
Looks good: 6 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$9.9M
+17% vs prior year
Spent
$8.0M
To programs
100%
Net assets
$16.2M
By yearFY2020–FY2025
Revenue
$9.9M
FY2023▲ +17%
Tap a bar for its year
Revenue by fiscal year
FY2020$6.7M
FY2021$7.0M
FY2022$8.5M
FY2023$9.9M
FY2024$11.4M
FY2025$12.0M
Expenses
$8.0M
FY2023▲ +31%
Tap a bar for its year
Expenses by fiscal year
FY2020$5.7M
FY2021$5.7M
FY2022$6.1M
FY2023$8.0M
FY2024$9.6M
FY2025$10.2M
Net assets
$16.2M
FY2023▲ +12%
Tap a bar for its year
Net assets by fiscal year
FY2020$20.7M
FY2021$21.7M
FY2022$14.4M
FY2023$16.2M
FY2024$19.3M
FY2025$23.8M

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 1970.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $8.0M

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

13 people listed on the 990; $661K paid to officers and key staff.

Part VII, Section A · reportable compensation
CEO & Board Treasurer
$333,966Pt VII · Sec A
VP of Administration
$133,746Pt VII · Sec A
Loan Manager
$108,191Pt VII · Sec A
Accounting Manager
$84,981Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Supervisory Committee
$0Pt VII · Sec A

Compensation history total reportable pay by year · 5 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
George S Steve Nix$386,640$367,874$333,966———
Steve Nix———$291,951$276,890$275,516
Shelley McLaughlin$185,926$164,157$133,746$115,390$103,335—
Kevin Lott$127,149$118,917$108,191$102,730——
Michelle Crumbley$113,112$99,667$84,981$76,922$70,226—

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.

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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

Programs and updates

Alatrust Credit Union is a member-serving organization based in Hoover, AL, formed in 1935.

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Provided by the organization

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1 program · $8.0M · in their own filed words · FY2023
01

Code of alabama, sec 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.

$8.0Mprogram expense

Funders

Who pays for it.

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

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$9.9M
Ln 12
Fees for servicesLn 2g$9.9M
Money outPt IX
$8.0M
Ln 25
Programscol B$8.0M
Owns and owesPt X
$16.2M
net assets · Ln 32
Cash and savingsLn 1–2$18.3M
Total assetsLn 16$199.3M
LiabilitiesLn 26$183.1M
PeoplePt VI, VII
13
listed · VII A
PaidVII A4
Voting boardVI 1a7
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$9.9M
Total revenueLn 12$9.9M
Assets in detailPt X, end of year
CashLn 1$1.9M
SavingsLn 2$16.4M
Cash and savings togetherLn 1–2$18.3M
InvestmentsLn 11–13$59.1M
Land, buildings, equipmentLn 10c$4.6M
Other assetsLn 15$6.3M
Total assetsLn 16$199.3M
LiabilitiesLn 26$183.1M
Net assetsLn 32$16.2M
OperationsPt I, VI
EmployeesI 542
VolunteersI 68
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$5.0M$18.3M
InvestmentsLn 11–13$62.5M$59.1M
Land, buildings, equipmentLn 10c$4.4M$4.6M
Total assetsLn 16$187.3M$199.3M
LiabilitiesLn 26$172.9M$183.1M
Net assetsLn 32$14.4M$16.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$476K
Other salaries and wagesLn 7$1.8M
Pension plan contributionsLn 8−$80K
Other employee benefitsLn 9$262K
Payroll taxesLn 10$150K
Legal feesLn 11b$14K
Accounting feesLn 11c$60K
Advertising and promotionLn 12$306K
Office expensesLn 13$161K
OccupancyLn 16$371K
TravelLn 17$46K
InterestLn 20$150K
Depreciation, depletion and amortizationLn 22$262K
InsuranceLn 23$109K
Other expenses (24a–d)Ln 24$3.9M
All other expensesLn 24e$5K
Total functional expensesLn 25$8.0M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $12.0M$10.2M$1.8M$23.8M 990 PDF
FY2024 $11.4M$9.6M$1.8M$19.3M 990 PDF
FY2023 Viewing $9.9M$8.0M$1.9M$16.2M 990 PDF
FY2022 $8.5M$6.1M$2.3M$14.4M 990 PDF
FY2021 $7.0M$5.7M$1.2M$21.7M 990 PDF
FY2020 $6.7M$5.7M$973K$20.7M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $9,937,960 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $8,462,340$9,937,960
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $8,462,340$9,937,960
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $2,329,750$2,650,554
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,792,934$5,382,640
I-18 Total expensesPrior year $6,122,684$8,033,194
I-19 Revenue less expensesPrior year $2,339,656$1,904,766
Part VI · Governance 6 of 7 board members independent, 2 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members6
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $9,937,960 across 2 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $9,877,734 · Unrelated business $60,226$9,937,960
VIII-12 Total revenueRelated to mission $9,877,734 · Unrelated business $60,226 · Excluded from tax $0$9,937,960
Part IX · Statement of functional expenses $8,033,194 across 16 lines filed
IX-5 Pay of current officers, directors and key staff$475,891
IX-7 Other salaries and wages$1,842,586
IX-8 Pension plan contributions−$79,654
IX-9 Other employee benefits$261,999
IX-10 Payroll taxes$149,732
IX-11b Legal fees$13,500
IX-11c Accounting fees$60,000
IX-12 Advertising and promotion$306,091
IX-13 Office expenses$160,863
IX-16 Occupancy$371,141
IX-17 Travel$45,609
IX-20 Interest$150,476
IX-22 Depreciation, depletion and amortization$261,751
IX-23 Insurance$109,114
IX-24 Other expenses (24a–d)$3,899,047
IX-24e All other expenses$5,048
IX-25 Total functional expenses$8,033,194
Part X · Balance sheet $199,335,118 assets, 12 lines filed
Asset lines not itemized here account for $110,274,107; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $2,261,025$1,929,907
X-2 Savings and temporary cash investmentsStart of year $2,772,026$16,409,968
X-9 Prepaid expenses and deferred chargesStart of year $364,915$674,850
X-10c Land, buildings and equipment, netStart of year $4,417,595$4,586,399
X-13 Program-related investmentsStart of year $62,500,805$59,147,289
X-15 Other assetsStart of year $6,298,665$6,312,598
X-16 Total assetsStart of year $187,319,143$199,335,118
X-17 Accounts payable and accrued expensesStart of year $1,222,704$1,410,119
X-25 Other liabilitiesStart of year $171,529,113$181,535,487
X-26 Total liabilitiesStart of year $172,884,154$183,108,794
X-32 Total net assets or fund balancesStart of year $14,434,989$16,226,324
X-33 Total liabilities and net assetsStart of year $187,319,143$199,335,118
Part XI · Reconciliation of net assets $16,226,324 net assets at year end
XI-1 Total revenue$9,937,960
XI-2 Total expenses$8,033,194
XI-3 Revenue less expenses$1,904,766
XI-4 Net assets at start of year$14,434,989
XI-5 Net unrealized gains (losses) on investments$386,569
XI-9 Other changes in net assets−$500,000
XI-10 Net assets at end of year$16,226,324

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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