2023-11-15T10:08:43-06:00 2022-12-31 630813240 PEARCE BEVILL LEESBURG MOORE PC 110 OFFICE PARK DR BIRMINGHAM AL 35223 990 2022-01-01 636046132 ALABAMA TEACHERS CREDIT UNION ALAB 2565437040 702 WALNUT STREET GADSDEN AL 35901 RON SUMMERALL CEO/PRESIDENT 2565437040 2023-11-14 1 RON SUMMERALL 999009999 0 W GLENN BRIDGES P00519867 2053235440 2023-11-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z RON SUMMERALL 702 WALNUT STREET GADSDEN AL 35901 23248388 0 X WWW.ATCU.COM X STATE CHARTERED COOPERATIVE CREDIT UNION 1959 AL COOPERATIVE CREDIT UNION 7 7 106 10 41399 0 0 0 19350763 23248388 0 0 0 0 19350763 23248388 24000 99850 0 0 6616895 8186331 0 0 0 9452068 10371555 16092963 18657736 3257800 4590652 477477278 479200439 429125163 436851039 48352115 42349400 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 18657736 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, 2022, THE CREDIT UNION PROVIDED SERVICES TO APPROXIMATELY 30,877 MEMBERS. 18657736 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 8587 0 106 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 1 0 1 1 1 1 1 0 0 0 1 0 0 0 1 1 0 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 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 MBR 1.00 X 0 0 0 DR RONALD T MOSLEY SUPERVISORY COMMITTEE CHAIR 1.00 X 0 0 1426 TONY REDDICK BOARD CHAIRPERSON 1.00 X 0 0 262 EMILY H MILLS BOARD MEMBER 1.00 X 0 0 0 DANNY L GOLDEN SUPERVISORY COMMITTEE 1.00 X 0 0 2445 RON SUMMERALL PRESIDENT/CEO 40.00 X 1200153 0 38991 JEFF NAPPER VICE-PRESIDENT/CFO 40.00 X 183595 0 42834 GINA CHAMBERS VICE PRESIDENT 40.00 X 124731 0 29966 JD HOLT FINANCIAL ADVISOR 40.00 X 400452 0 55481 JOEY CLARK VICE PRESIDENT 40.00 X 106032 0 34406 MIKE SELF VICE PRESIDENT 40.00 X 153109 0 31209 2168072 0 237020 6 0 1 0 0 INTEREST ON LOANS TO MEMBERS 522100 14076950 14076950 FINANCIAL SERVICE FEE AND OTHER I 522100 6998200 6956801 41399 INVESTMENT INCOME 522100 2173238 2173238 23248388 23248388 23206989 41399 0 75850 24000 1469706 4802167 362621 1172551 379286 119327 206200 441278 55312 671719 164149 495096 FINANCIAL SERVICE FEES 3891823 DIVIDENDS AND INTEREST 2305246 PROVISION FOR LOAN LOSS 776000 OPERATION EXPENSES 722723 522682 18657736 1789640 2286237 85128689 8880413 302781022 371312947 14816923 5994123 9370431 8822800 72121435 80984549 6286061 6913493 477477278 479200439 3827183 3507094 242417 188256 425055563 433155689 429125163 436851039 X 0 0 0 0 48352115 42349400 48352115 42349400 477477278 479200439 4590652 -10593367 0 X X 0 1 X 1 0 0 1 X 1981539 1981539 10101495 3904225 6197270 41799 41799 2692090 2089898 602192 8822800 CORPORATE CREDIT UNION DEPOSITS & CAPITAL 595626 C FEDERAL HOME LOAN BANK STOCK 663800 C DEFERRED COMPENSATION INVESTMENT 1565039 C FEDERAL AGENCY SECURITIES 77263378 F CUSO EQUITY STOCK 896706 C 80984549 MEMBER SHARE AND CERTIFICATE SHARE ACCOUNTS 423155689 FEDERAL HOME LOAN BANK LOAN 10000000 433155689 X 23248388 0 23248388 0 23248388 18657737 1 1 18657736 0 18657736 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 FIN 48 FOOTNOTE INCLUDED IN THE CREDIT UNION'S DECEMBER 31, 2022, AUDITED FINANCIAL STATEMENTS IS AS FOLLOWS: 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 2021, 2020, AND 2019 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 CREDIT UNION NATIONAL ASSOCIATION INC 99 M STREET SE NO 300 WASHINGTON DC 20003 237065623 501(C)(6) 18000 0 GENERAL SUPPORT UNITED WAY OF CENTRAL ALABAMA INC PO BOX 320189 BIRMINGHAM AL 352320189 630288846 501(C)(3) 8350 0 GENERAL SUPPORT BACKPACK PROGRAM 5000 0 GENERAL SUPPORT 1 2 "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 283961 0 916192 0 0 0 30500 0 8491 0 1239144 0 0 0 JD HOLT FINANCIAL ADVISOR 400452 0 0 0 0 0 30500 0 24981 0 455933 0 0 0 JEFF NAPPER VICE-PRESIDENT/CFO 172547 0 11048 0 0 0 18695 0 24139 0 226429 0 0 0 MIKE SELF VICE PRESIDENT 123109 0 30000 0 0 0 7832 0 23377 0 184318 0 0 0 GINA CHAMBERS VICE PRESIDENT 119152 0 5579 0 0 0 12723 0 17243 0 154697 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 HAS ESTABLISHED ALABAMA TEACHERS CREDIT UNION 457(F)/(B) PLANS. THE PLANS ARE INTENDED TO BE INELIGIBLE DEFERRED COMPENSATION PLANS UNDER SECTIONS 457(F)/(B) OF THE INTERNAL REVENUE CODE. THESE PLANS ARE AGREEMENTS BETWEEN THE CREDIT UNION AND THE CREDIT UNION'S PRESIDENT/CEO ("PLAN PARTICIPANT"). SUBJECT TO THE PROVISIONS OF THE PLANS, THE CREDIT UNION HAS 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 IS TRANSFERRED TO THE ALABAMA TEACHERS CREDIT UNION 457(F)/(B) PLANS. THE INCREASE IN VALUE FROM EARNINGS AND CONTRIBUTIONS, IN THE AGGREGATE, TOTALED $0 FOR 2022. FORM 990, PART VI, SECTION A, LINE 4 ALABAMA TEACHERS CREDIT UNION'S BOARD OF DIRECTORS ADOPTED THE ACUA'S STANDARD BYLAWS (WITHOUT ELECTED CREDIT COMMITTEE) IN A BOARD MEETING ON MARCH 28, 2022. THE ADMINISTRATOR OF THE ALABAMA CREDIT UNION ADMINISTRATION APPROVED THE AMENDED BYLAWS ON APRIL 5, 2022. THE CREDIT UNION'S BOARD OF DIRECTORS AND THE ACUA ALSO APPROVED UPDATES TO THE BYLAWS IN 2019 AND 2020. REPORTABLE CHANGES NOT PREVIOUSLY LISTED ON A FORM 990 ARE AS FOLLOWS. ARTICLE II QUALIFICATION FOR MEMBERSHIP SEC. 5-8 FOUR NEW SECTIONS ADDED GOVERNING THE EXPULSION OF MEMBERS. (REPORTABLE CHANGE - CHANGE IN RIGHTS OF MEMBERSHIP) ARTICLE III SHARES, DEPOSITS AND LIABILITY SEC. 3: NEW SECTION 3 ADDED GOVERNING THE TERMS UNDER WHICH A MEMBER MAY WITHDRAW THEIR SHARES AND DEPOSITS IN THE CREDIT UNION. (REPORTABLE CHANGE - CHANGE IN RIGHTS OF MEMBERSHIP) SEC. 4 (FORMERLY SEC. 3): REDUCED THE LENGTH OF TIME THAT A MEMBER'S SHARE BALANCE MAY BE BELOW PAR VALUE BEFORE BEING ABSORBED BY THE CREDIT UNION'S SERVICE CHARGES FROM TWELVE MONTHS TO SIXTY DAYS. (REPORTABLE CHANGE - CHANGE IN RIGHTS OF MEMBERSHIP) ARTICLE V ELECTIONS SEC. 1: AMENDED THE PROCESS BY WHICH THE GOVERNING BODY AND MEMBERSHIP MAY NOMINATE MEMBERS TO ELECTED GOVERNANCE POSITIONS. (REPORTABLE - GOVERNING BODY AUTHORITY & MEMBER VOTING RIGHTS) SEC. 2: CHANGED THE INDIVIDUAL RESPONSIBLE FOR APPOINTING ELECTION TELLERS FROM THE PRESIDENT OR CHAIRMAN OF THE BOARD OF DIRECTORS TO THE BOARD OF DIRECTORS. (REPORTABLE - GOVERNING BODY AUTHORITY) ALSO UPDATED THE ALLOWABLE ELECTION PROCEDURES TO ALLOW THREE DIFFERENT METHODS FOR MEMBERS TO CAST THEIR VOTES AND REMOVING THE REQUIREMENT FOR MEMBERS TO CAST THEIR VOTES IN PERSON. (REPORTABLE - MEMBERSHIP APPROVAL RIGHTS) SEC 3: ADDED A REQUIREMENT THAT NOMINATIONS BE MADE IN A SPECIFIC ORDER DURING THE MEETING. (REPORTABLE - MEMBERSHIP APPROVAL RIGHTS) SEC 4: ADDED LANGUAGE DISALLOWING PROXY VOTING, ALLOWING VOTING BY ABSENTEE BALLOT, AND DEFINING THE RULES FOR ABSENTEE VOTING. (REPORTABLE - MEMBER VOTING RIGHTS) SEC 5: ADDED LANGUAGE TO ALLOW A DESIGNATED AGENT TO VOTE ON BEHALF OF A MEMBER THAT IS NOT A NATURAL PERSON. (REPORTABLE - MEMBER VOTING RIGHTS) SEC. 6: ADDED A SENTENCE REITERATING THAT EACH MEMBER IS ENTITLED TO ONLY ONE VOTE. (REPORTABLE - MEMBER VOTING RIGHTS) SEC. 7: ADDED A RULE REQUIRING A MAJORITY VOTE OF MEMBERS PRESENT AT A MEETING IN ORDER TO CONSTITUTE APPROVAL OF AN ACTION BROUGHT BEFORE THE MEMBERS. (REPORTABLE - MEMBER VOTING RIGHTS) SEC. 8: UPDATED THE LIST OF GOVERNANCE POSITIONS FOR WHICH THE NAMES AND ADDRESS OF THE NEW HOLDERS OF THE POSITIONS MUST BE SUBMITTED TO THE ALABAMA CREDIT UNION ADMINISTRATION AFTER THEIR ELECTION AND QUALIFICATION FOR THE POSITION. (REPORTABLE - DUTIES OF GOVERNING BODY) SEC. 9: AMENDED MINIMUM AGE TO VOTE AT MEETINGS, HOLD ELECTIVE OR APPOINTED OFFICE, AND SIGN NOMINATING PETITIONS FROM AGE EIGHTEEN TO AGE NINETEEN. (REPORTABLE - MEMBER VOTING RIGHTS) SEC. 7 (OF PRIOR BYLAWS): REMOVED SECTION REQUIRING THE BOARD OF DIRECTORS TO ESTABLISH THE POLICY OF THE CREDIT UNION CONCERNING LOANS TO DIRECTORS, OFFICERS, EMPLOYEES, AND MEMBERS OF A COMMITTEE. (REPORTABLE - GOVERNING BODY AUTHORITY) ARTICLE VI BOARD OF DIRECTORS SEC. 2: ADDED A CLAUSE ESTABLISHING TERM LIMITS FOR MEMBERS OF THE BOARD OF DIRECTORS. (REPORTABLE - QUALIFICATIONS OF GOVERNING BODY'S MEMBERS) SEC. 3: UPDATED LANGUAGE TO ALLOW INSTEAD OF REQUIRE THE BOARD OF DIRECTORS TO APPOINT SOMEONE TO FILL A VACANCY IN THEIR NUMBER. ALSO UPDATED LANGUAGE TO SAY THAT THE APPOINTEE WOULD HOLD THE POSITION UNTIL THE ELECTION AND QUALIFICATION OF THEIR SUCCESSOR INSTEAD OF JUST THE QUALIFICATION OF THEIR SUCCESSOR. (REPORTABLE - DUTIES AND AUTHORITY OF GOVERNING BODY) DIRECTORS. (FREQUENCY AND MANNER OF MEETINGS IS A NON-REPORTABLE CHANGE) SEC. 6: ADDED LANGUAGE CLARIFYING THE DUTIES AND TERM LENGTH OF THE EXECUTIVE COMMITTEE, AND CLARIFYING THE BOARD OF DIRECTORS' OVERSIGHT RESPONSIBILITIES THEREOF. (REPORTABLE - GOVERNING BODY AUTHORITY) SEC. 7: ADDED LANGUAGE REQUIRING THE BOARD OF DIRECTORS TO ANNUALLY RECONFIRM THE DELEGATION OF ANY OF ITS AUTHORITY TO COMMITTEES, EXECUTIVE OFFICERS, OR EMPLOYEES. (REPORTABLE - DUTIES AND AUTHORITY OF GOVERNING BODY) SEC. 9: ADDED SECTION REQUIRING THE BOARD OF DIRECTORS TO ESTABLISH THE POLICY OF THE CREDIT UNION CONCERNING LOANS TO DIRECTORS, OFFICERS, EMPLOYEES, AND MEMBERS OF A COMMITTEE, AND RATIFY THIS POLICY AT LEAST ANNUALLY. (REPORTABLE - DUTIES AND AUTHORITY OF GOVERNING BODY) ARTICLE VII EXECUTIVE OFFICERS, EXECUTIVE COMMITTEE, MEMBERSHIP OFFICER, ASSISTANT TREASURERS, AND THEIR DUTIES SEC. 4: UPDATED LANGUAGE TO REQUIRE THE TREASURER AND PRESIDENT TO SIGN OFF ON ALL CONVEYANCES OF THE CREDIT UNION'S FIXED ASSETS INSTEAD OF JUST ITS CONVEYANCES OF REAL PROPERTY. (REPORTABLE - DUTIES AND AUTHORITY OF GOVERNING BODY/OFFICERS) SEC. 5(A): AMENDED TO STATE THAT THE PRESIDENT, NOT THE TREASURER, IS THE GENERAL MANAGER OF THE CREDIT UNION. ALSO REMOVED THE BOND REQUIREMENT FROM THIS SECTION. (REPORTABLE - DUTIES AND AUTHORITY OF GOVERNING BODY/OFFICERS) SEC. 5(B): REMOVED DEADLINE FOR THE TREASURER TO PROVIDE MONTHLY FINANCIAL STATEMENTS TO THE BOARD OF DIRECTORS AND TO POST IT IN THE LOBBY OF THE CREDIT UNION. (REPORTABLE - DUTIES AND AUTHORITY OF GOVERNING BODY/OFFICERS) SEC. 6(A) & 6(B): REMOVED OFFICER AND ASSISTANT OFFICER BOND REQUIREMENT FROM THESE SECTIONS. (REPORTABLE - QUALIFICATIONS OF GOVERNING BODY/OFFICERS) SEC. 7: ADDED RESPONSIBILITIES FOR THE SECRETARY TO ACT ON BEHALF OF THE MEMBERS AND TO CERTIFY THE RESULTS OF ALL ELECTIONS. (REPORTABLE - DUTIES OF GOVERNING BODY/OFFICERS) SEC. 8: ADDED SECTION EXPANDING THE REQUIREMENTS FOR WHO MUST BE BONDED BEFORE ACTING ON BEHALF OF THE CREDIT UNION, STATING THAT THE COST OF THE BONDS WILL BE COVERED BY THE CREDIT UNION, AND GIVING THE BOARD OF DIRECTORS AUTHORITY TO APPROVE THE FORMS AND AMOUNTS OF SAID BONDS. (REPORTABLE - QUALIFICATIONS OF GOVERNING BODY/OFFICERS, AND AUTHORITY OF GOVERNING BODY) ARTICLE IX SUPERVISORY COMMITTEE SEC 1: AMENDED THE NUMBER OF MEMBERS OF THE SVC FROM THREE TO NOT LESS THAN (3); TO REMOVE THE SPECIFICATION THAT THE COMMITTEE'S MEMBERS ARE ELECTED BY THE CREDIT UNION'S MEMBERSHIP AT THE ANNUAL MEETING; REMOVE THE REQUIREMENT THAT TERMS BE STAGGERED; AND INSTITUTE TERM LIMITS FOR COMMITTEE MEMBERS. (REPORTABLE - NUMBER AND COMPOSITION OF GOVERNING BODY) SEC 4(A): AMENDED THE WORDING TO ADD THAT IF A MEMBER OF THE SUPERVISORY COMMITTEE "FAILS TO PERFORM HIS OR HER DUTIES" THE SPOT CAN BECOME VACANT. ALSO REMOVED LANGUAGE REQUIRING THE SUSPENDED MEMBER TO BE NOTIFIED IN WRITING AND THE LANGUAGE REQUIRING A HEARING FOR THE SUSPENDED MEMBER PRIOR TO REMOVAL. (REPORTABLE - AUTHORITY OF GOVERNING BODY) SEC. 5(S): ADDED LANGUAGE GRANTING THE SUPERVISORY COMMITTEE THE RIGHT TO SUSPEND ANY OFFICER, DIRECTOR, OR MEMBER OF THE CREDIT COMMITTEE BY UNANIMOUS VOTE. (REPORTABLE - AUTHORITY OF GOVERNING BODY) ALSO REQUIRES THE SUPERVISORY COMMITTEE TO CALL A SPECIAL MEETING OF THE MEMBERS TO VOTE TO PERMANENTLY REMOVE OR TO REINSTATE THE SUSPENDED INDIVIDUAL WITHIN THIRTY DAYS OF THE SUSPENSION BEGINNING. (REPORTABLE - AUTHORITY OF GOVERNING BODY AND VOTING RIGHTS OF MEMBERS) ALSO ALLOWS TO SUPERVISORY COMMITTEE, BY MAJORITY VOTE, TO CALL A SPECIAL MEMBERSHIP MEETING TO BRING ANY MATTER IT CHOOSES BEFORE THE MEMBERSHIP. (REPORTABLE - AUTHORITY OF GOVERNING BODY AND VOTING RIGHTS OF MEMBERS) ALSO ALLOWS THE SUPERVISORY COMMITTEE TO FILL VACANCIES IN ITS OWN MEMBERSHIP UNTIL THE NEXT MEETING. (REPORTABLE - AUTHORITY OF GOVERNING BODY) 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, 2022, 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 30,877 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.