2024-11-15T08:31:29-06:00 2023-12-31 454084437 WARREN AVERETT LLC 350 W CEDAR STREET SUITE 400 PENSACOLA FL 32502 990 2023-01-01 630767402 NEW HORIZONS CREDIT UNION NEWH 2513163240 622 AZALEA ROAD MOBILE AL 36609 EDITH G FRANKLIN PRESIDENT/CEO 2513163240 2024-11-13 1 0 CLAIRE C DUREN CPA P01577924 8504357400 2024-11-13 2023 2024-10-15 13:58:12Z EDITH G FRANKLIN 622 AZALEA ROAD MOBILE AL 36609 12701326 0 X WWW.NEWHCU.ORG X STATE-CHARTERED CREDIT UNION 1950 AL THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS MEMBERS IN THE FORM OF SAVINGS AND CHECKING ACCOUNTS AND ALL TYPES OF CONSUMER LOANS. 7 7 104 10 0 0 0 0 9793801 11015190 1397393 1686136 0 0 11191194 12701326 0 0 0 0 4241678 4848647 0 0 0 4801329 6443730 9043007 11292377 2148187 1408949 254296343 276297322 236470773 255381590 17825570 20915732 THE CREDIT UNION'S MISSION IS TO PROMOTE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. THE CREDIT UNION SERVES MEMBERS IN MOBILE, BALDWIN, AND CLARK COUNTIES IN ALABAMA. THE TOTAL NUMBER OF MEMBERS IS IN EXCESS OF 22,000. 0 0 IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, MONEY MARKET, CERTIFICATE OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS AND CERTIFICATE OF DEPOSIT ACCOUNTS. TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, THE CREDIT UNION PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER AND MORTGAGE LENDING PRODUCTS AT REASONABLE RATES OF INTEREST. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 5311 0 1 104 1 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X EDITH G FRANKLIN 2513163240 622 AZALEA ROAD MOBILE AL 36609 LINDA BROWN CHAIRPERSON 1.00 X X 0 0 0 DEANNA FERGUSON SECRETARY 1.00 X X 0 0 0 SCOTT HUVAL DIRECTOR 1.00 X 0 0 0 DELORIS BAGSBY TREASURER 1.00 X X 0 0 0 JOE MILLS DIRECTOR 1.00 X 0 0 0 RALPH ALTICE VICE CHAIRMAN 1.00 X X 0 0 0 LARRY LANDRUM DIRECTOR 1.00 X 0 0 0 EDITH FRANKLIN PRESIDENT/ CEO 40.00 X 195011 0 92583 195011 0 92583 1 0 1 0 THE ELEMENT GROUP 155 BREWERY LN PORTSMOUTH NH 03801 DESIGN AND CONSTRUCTION FIRM 2757798 JACK HENRY & ASSOCIATES 663 W HWY 60 MONETT MO 65708 CORE PROCESSOR 498975 ARCA 1400 DOGWOOD WAY MELBANE NC 27302 BANKING EQUIPMENT 122766 3 INTEREST ON LOANS 522100 6927290 6927290 FEES AND OTHER OPERATING INCOME 522100 4087900 4087900 11015190 1676073 1676073 10063 0 10063 10063 10063 12701326 11015190 0 1686136 287594 3373393 188942 741795 256923 21829 73500 355025 637270 679353 393957 72957 39416 1561180 290147 82100 DEBIT AND CREDIT CARD E 1336777 MEMBER ACCOUNT EXPENSE 171782 PROVISION FOR LOAN LOSS 153695 COLLECTIONS 122753 451989 11292377 2170605 3008449 1593753 3912979 358481 304621 137138120 161185283 312755 275437 17264870 5843521 7722192 11421349 76496077 69975402 21357286 18786817 7147074 7426985 254296343 276297322 3050109 30109763 233420664 225271827 236470773 255381590 X 0 0 0 0 17825570 20915732 17825570 20915732 254296343 276297322 X 1408949 1671759 9454 X X 0 1 X 1 0 5458513 5458513 4024471 2323068 1701403 893284 451942 441342 6888602 3068511 3820091 11421349 MEMBERSHIP CAPITAL 3817615 C INVESTMENT IN CUSO 354175 C FHLB STOCK 1407900 C FHLB DAILY INVESTMENT ACCOUNT 759127 C CERTIFICATES 12448000 C 18786817 DEPOSIT ACCOUNTS 225271827 225271827 X 12701326 0 12701326 0 12701326 11292377 0 11292377 0 11292377 PART X, LINE 2: EFFECTIVE JANUARY 1, 2009, THE CREDIT UNION IMPLEMENTED THE NEW ACCOUNTING REQUIREMENTS ASSOCIATED WITH UNCERTAINTY IN INCOME TAXES USING THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ASC 740, INCOME TAXES. THE GUIDANCE PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION. AS OF DECEMBER 31, 2023, THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. WITH FEW EXCEPTIONS, THE CREDIT UNION IS NO LONGER SUBJECT TO US FEDERAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2020. X 1 1 X 0 0 0 EDITH FRANKLIN PRESIDENT/ CEO 195011 0 0 0 0 0 83036 0 9547 0 287594 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE GOVERNING BOARD OF NEW HORIZONS CREDIT UNION IS OWNED AND CONTROLLED BY ITS MEMBERS AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. NEW HORIZONS CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED FOR THREE-YEAR TERMS BY THE CREDIT UNION'S MEMBERSHIP. THE CHAIRMAN OF THE BOARD APPOINTS A NOMINATING COMMITTEE WHO WILL NOMINATE AT LEAST ONE PERSON FROM THE MEMBERSHIP FOR EACH VACANCY FOR WHICH ELECTIONS ARE BEING HELD. MEMBERS MAY ALSO BE NOMINATED BY PETITION. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS WOULD HAVE TO VOTE ON ANY MERGER OR CHARTER CONVERSION TO EITHER A MUTUAL SAVINGS OR A BANK. FORM 990, PART VI, SECTION B, LINE 11B OUR CPA FIRM COMPLETES THE 990 IN CONJUNCTION WITH OUR ACCOUNTING DEPARTMENT. IT IS THEN SUBMITTED TO OUR PRESIDENT/CEO FOR HER REVIEW AND SIGNATURE. FORM 990, PART VI, SECTION B, LINE 12C ALL OFFICIALS, OFFICERS, MANAGEMENT, AND STAFF ARE REQUIRED TO SIGN THE CONFLICT OF INTEREST POLICY. ALL INSIDERS RECEIVE SERVICES UNDER THE SAME TERMS AS ANY MEMBERS. MANAGEMENT PERFORMS A REVIEW OF POTENTIAL VENDORS PRIOR TO CONTRACTING FOR SERVICES. THIS REVIEW WOULD IDENTIFY POSSIBLE CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 ON AN ANNUAL BASIS, THE BOARD MEETS TO REVIEW THE PRESIDENT/CEO'S CONTRACT. AN ANALYSIS IS MADE OF THE PROGRESS OF THE CREDIT UNION AND WHETHER GOALS WERE MET. THE BOARD REVIEWS THE COST OF LIVING INDEX AND DETERMINES THE AMOUNT, IF ANY, OF THE INCREASE THAT WILL BE GIVEN TO THE PRESIDENT/CEO. FORM 990, PART VI, SECTION C, LINE 19 CREDIT UNION FINANCIAL STATEMENTS ARE PUBLISHED AND GIVEN TO MEMBERS DURING THE CREDIT UNION'S ANNUAL MEETING. ALL OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: FASB ASC 715 PENSION ADJUSTMENT -115,559. CECL TRANSITIONAL PROVISION 125,013. FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2(C) THE CREDIT UNION HAS A SUPERVISORY COMMITTEE COMPRISED OF THREE VOLUNTEERS WHO ARE RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT AND THE SELECTION OF THE INDEPENDENT ACCOUNTANTS.