2024-11-08T09:15:25-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 364618706 MAX CREDIT UNION MAXC 8007766776 PO BOX 244040 MONTGOMERY AL 361244040 TIM MARQUARDT SVP/CFO 8007766776 2024-11-04 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-11-04 2023 2024-10-15 13:58:12Z MARTIN HEAD PO BOX 244040 MONTGOMERY AL 361244040 110425213 0 X WWW.MYMAX.COM X CU 1955 AL 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. 9 9 346 13 789803 12323 0 0 68868666 82730990 12398559 27609427 0 0 81267225 110340417 25000 109048 6495826 17151853 28254366 29475859 0 0 0 28179585 37564889 62954777 84301649 18312448 26038768 1964438398 2080252064 1824298110 1900849004 140140288 179403060 MAX IS A STATE-CHARTERED COMMUNITY CREDIT UNION SERVING APPROXIMATELY 119,000 MEMBERS IN THE MONTGOMERY, ALABAMA AND SURROUNDING AREAS. 0 0 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. 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. 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. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 0 0 1 34126 0 1 346 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 0 1 1 1 0 X TIMOTHY MARQUARDT 3342602600 400 EASTDALE CIRCLE MONTGOMERY AL 36124 A KELLI WISE DIRECTOR 1.00 X 0 0 0 K SUE JACKSON SECRETARY 1.00 X X 0 0 0 BARBARA T STARR CHAIRMAN 1.00 X X 0 0 0 JAMES W SOLZE JR TREASURER 1.00 X X 0 0 0 JOHN AVERRETT VICE-CHAIR 1.00 X X 0 0 0 LLOYD WOODMAN JR DIRECTOR 1.00 X 0 0 0 CARL WHATLEY DIRECTOR 1.00 X 0 0 0 GARY TOMLIN DIRECTOR 1.00 X 0 0 0 JAMES LITTLEJOHN DIRECTOR 1.00 X 0 0 0 MARTIN E HEAD PRESIDENT/CEO 40.00 X 559994 0 61893 TIMOTHY MARQUARDT CHIEF FINANCIAL OFFICER 40.00 X 296664 0 48715 MIKE HART EVP CHIEF OPERATIONS OFFICER 40.00 X 260204 0 34991 LYNETTE CUPPS CHIEF GROWTH OFFICER 40.00 X 185818 0 41702 CLINTON DALE WATKINS CHIEF INFORMATION OFFICER 40.00 X 286218 0 48433 CHERYL PAYSON CHIEF OPTNS EXCEL OFFICER 40.00 X 264614 0 45139 SANDRA BRANCH CHIEF TALENT OFFICER 40.00 X 233128 0 48580 WENDY ANDERSON CHIEF LENDING OFFICER 40.00 X 220088 0 43288 RON CREEL SVP BUSINESS SERVICES 40.00 X 241957 0 45102 KEN PEAVY VP WEALTH MANAGEMENT 40.00 X 224594 0 50481 ELIZABETH MOSELEY VP BUSINESS SERVICES 40.00 X 217548 0 43175 WILLIAM EPPERSON CHIEF RETAIL OFFICER 40.00 X 209643 0 46859 SANDRA DOWNING WEALTH ADVISOR 40.00 X 223732 0 30346 3424202 0 588704 38 0 1 0 CENNOX REACTIVE FIELD SERVICES PO BOX 7048 INDIANAPOLIS IN 46207 ITM SERVICES 1434375 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE IT PROCESSING 1351104 HIGH COTTON PO BOX 101568 BIRMINGHAM AL 352106568 STATEMENT SERVICES 1295383 PROSYS 28545 NETWORK PLACE CHICAGO IL 60673 IT SERVICES 1172073 Q2 SOFTWARE PO BOX 205970 DALLAS TX 753205970 HOMEBANKING SOFTWARE 1072928 58 LOAN INTEREST 522100 55487398 55487398 OTHER OPERATING INCOME 522100 15757579 15230014 527565 FEE INCOME 522100 11486013 11223775 262238 82730990 22905387 22905387 4788836 84796 4704040 4704040 4704040 110340417 81941187 789803 27609427 109048 17151853 2679469 20317277 1515239 3359360 1604514 209209 186443 2503424 1467373 17078665 1646686 101144 58065 461737 3085455 PROVISION FOR CREDIT LO 4249854 LOAN SERVICING EXPENSE 3331486 MISC. OPERATING FEES 2964519 OPERATING FEES 220829 84301649 48316180 53823966 64874866 101117748 7609009 7571799 3327554 1007003443 1084200752 3495628 2672122 81477974 45343888 34799073 36134086 741749921 722187386 1053400 6466571 55536878 62750080 1964438398 2080252064 26189032 29782423 1127516 951226 12000000 1796981562 1858115355 1824298110 1900849004 X 0 0 0 0 140140288 179403060 140140288 179403060 1964438398 2080252064 X 26038768 16724004 -3500000 X X 0 1 X 1 0 0 1 X 9811231 9811231 42977010 22968324 20008686 471096 471096 0 28218637 21904468 6314169 36134086 MEMBER SHARES AND CERTIFICATES 1854688072 INTEREST PAYABLE ON DEPOSITS 3427283 1858115355 X 113175631 0 113175631 -2835214 -2835214 110340417 87136864 0 87136864 -2835215 -2835215 84301649 PART IV, LINE 2B: THE CREDIT UNION HOLDS ESCROWED FUNDS FOR PAYMENT OF PROPERTY TAXES AND HOMEOWNER'S INSURANCE AS A SERVICE TO OUR MEMBERS WHO HAVE MORTGAGES WITH US. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501 (C) (14), FROM FEDERAL AND STATE INCOME TAXES, BUT IS SUBJECT TO STATE EXCISE TAX. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2022. THE CREDIT UNION'S 2020 THROUGH 2022 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: REV RECORDED AS EXP -2,835,214. PART XII, LINE 4B - OTHER ADJUSTMENTS: REV RECORDED AS EXP -2,835,214. ROUNDING -1. 1 STORYBOOK FARMS 300 CUSSETA ROAD OPELIKA AL 36801 631288683 501(C)3 6000 0 COMMUNITY GIVING BOYS AND GIRLS CLUB OF EAST ALABAMA PO BOX 3433 AUBURN AL 36831 581875904 501(C)3 7500 0 COMMUNITY GIVING BOYS AND GIRLS CLUB OF RIVER REGION 631 SOUTH PERRY STREET MONTGOMERY AL 36101 630302108 501(C)3 7500 0 COMMUNITY GIVING RIVER REGION UNITED WAY 3121 ZELDA COURT MONTGOMERY AL 36106 630330778 501(C)3 15000 0 COMMUNITY GIVING PART I, LINE 2: IF DONE, THESE ARE MONITORED BY THE MARKETING DEPARTMENT. X 1 1 X 0 1 0 MARTIN E HEAD PRESIDENT/CEO 471286 0 79759 0 8949 0 33000 0 28893 0 621887 0 0 0 TIMOTHY MARQUARDT CHIEF FINANCIAL OFFICER 254664 0 42000 0 0 0 24620 0 24095 0 345379 0 0 0 CLINTON DALE WATKINS CHIEF INFORMATION OFFICER 247718 0 38500 0 0 0 20683 0 27750 0 334651 0 0 0 CHERYL PAYSON CHIEF OPTNS EXCEL OFFICER 224436 0 36000 0 4178 0 22133 0 23006 0 309753 0 0 0 MIKE HART EVP CHIEF OPERATIONS OFFICER 240204 0 20000 0 0 0 8499 0 26492 0 295195 0 0 0 RON CREEL SVP BUSINESS SERVICES 211559 0 27000 0 3398 0 17949 0 27153 0 287059 0 0 0 SANDRA BRANCH CHIEF TALENT OFFICER 199128 0 34000 0 0 0 19588 0 28992 0 281708 0 0 0 KEN PEAVY VP WEALTH MANAGEMENT 223540 0 0 0 1054 0 22590 0 27891 0 275075 0 0 0 WENDY ANDERSON CHIEF LENDING OFFICER 186049 0 30500 0 3539 0 18693 0 24595 0 263376 0 0 0 ELIZABETH MOSELEY VP BUSINESS SERVICES 189548 0 28000 0 0 0 14666 0 28509 0 260723 0 0 0 WILLIAM EPPERSON CHIEF RETAIL OFFICER 180157 0 26000 0 3486 0 18161 0 28698 0 256502 0 0 0 SANDRA DOWNING WEALTH ADVISOR 223270 0 0 0 462 0 20997 0 9349 0 254078 0 0 0 LYNETTE CUPPS CHIEF GROWTH OFFICER 159318 0 26500 0 0 0 15481 0 26221 0 227520 0 0 0 PART I, LINE 1A THE CREDIT UNION MAY REIMBURSE AN OFFICIAL OR EXECUTIVE FOR THE REASONABLE AND PROPER EXPENSES OF ONE GUEST DURING AUTHORIZED BUSINESS TRAVEL. THE TRAVELOR MUST INCLUDE THE GUEST TRAVEL AND THE ESTIMATED GUEST EXPENSES IN EACH REQUEST FOR TRAVEL APPROVAL. FOR 2023, ONLY EXPENSES FOR THE GUEST OF ONE EXECUTIVE (TOTALING $867) WERE REPORTABLE, AND THREE DIRECTORS HAD EXPENSES FOR GUESTS (TOTALING $5,070). PART I, LINE 4B DALE WATKINS - PARTICIPATED IN NON-QUALIFIED RETIREMENT PLAN - NO DISTRIBUTIONS IN 2023 MARTIN HEAD CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 3205000 3327554 0 1 1 3327554 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS OWNED BY ITS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION BOARD OF DIRECTORS CONSISTS OF NINE MEMBERS NOMINATED FROM THE GENERAL MEMBERSHIP. EACH BOARD MEMBER SERVES A TERM OF THREE YEARS. A NOMINATING COMMITTEE IS APPOINTED BY THE BOARD EACH YEAR TO NOMINATE AT LEAST ONE MEMBER TO FILL EACH VACANCY. NOMINATIONS FOR VACANCIES MAY ALSO BE MADE BY PETITION FROM THE MEMBERSHIP. THE MEMBERSHIP VOTES ON THE NOMINEES. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS MUST VOTE ON THE REMOVAL OF MEMBERS OF THE BOARD OF DIRECTORS, APPROVAL TO DISSOLVE THE CREDIT UNION, AND MERGER INTO ANOTHER CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS PREPARED BY THE EXTERNAL CPA FIRM AND REVIEWED BY THE CFO PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C IF A CONFLICT OF INTEREST IS REPORTED, HUMAN RESOURCES WILL INVESTIGATE THE SITUATION AND CONSULT WITH THE CEO TO DETERMINE APPROPRIATE ACTION. FORM 990, PART VI, SECTION B, LINE 15 MAX USES A CREDIT UNION COMPENSATION SYSTEM CALLED "COMPEASE" THROUGH HR PERFORMANCE SOLUTIONS, TO ESTABLISH SALARY RANGES. THE COMPEASE SYSTEM LOOKS AT SURVEYS AND COMPARABLE MARKET DATA TO ESTABLISH RANGES. MAX ALSO USES THE UKG TALENT MANAGEMENT SYSTEM TO FORMALLY DOCUMENT RATINGS OF INDIVIDUAL PERFORMANCE. THE PERFORMANCE SCORE IS PART OF A SYSTEM TO CALCULATE THE PERCENTAGE USED FOR THE ANNUAL MERIT INCREASE, BASED ALSO ON THE CURRENT SALARY AND POSITION IN THE RANGE. THE CEO REVIEW AND APPROVES ALL INCREASES. THE BOARD OF DIRECTORS APPROVES THE ANNUAL SALARY FOR THE CEO BASED ON RECOMMENDATIONS OF ITS HR COMMITTEE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2022 FORM 990, PART VI, SECTION C, LINE 19 A FINANCIAL STATEMENT SUMMARY IS POSTED IN ALL BRANCH OFFICES AND UPDATED MONTHLY. FINANCIAL HIGHLIGHTS ARE ALSO INCLUDED IN THE YEAR-END ANNUAL REPORT, WHICH IS DISTRIBUTED TO ALL MEMBERS ATTENDING THE ANNUAL MEETING. IN ADDTION, OUR QUARTERLY CALL REPORT IS AVAILABLE ON THE NCUA'S WEBSITE. FORM 990, PART XI, LINE 9: ROUNDING CECL ADJUSTMENT -3,500,000. FORM 990, PART XII, LINE 2C THE CREDIT UNION HAS A SUPERVISORY COMMITTEE CONSISTING OF THREE VOLUNTEERS FROM ITS MEMBERSHIP WHO ASSUME THE RESPONSIBILITY FOR THE OVERSIGHT OF THE FINANCIAL STATEMENT AUDIT AND SELECTION OF THE INDEPENDENT ACCOUNTANT. MAX SERVICES LLC PO BOX 242076 MONTGOMERY AL 36124 631260914 INSURANCE SALES AL 5067247 994705 MAX CREDIT UNION MAX CAPITAL LLC PO BOX 244040 MONTGOMERY AL 36124 262019921 EQUIPMENT LEASING AL 154994 1966455 MAX CREDIT UNION MAX4KIDS FOUNDATION INC 400 EASTDALE CIRCLE MONTGOMERY AL 36117 200447519 CHARITABLE ACTIVITIES TO SUPPORT KIDS AL 501(C)(3) LINE 9 MAX CREDIT UNION 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 NO TRANSACTIONS OVER 50000