2025-10-13T16:01:57-05:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2024-01-01 364618706 MAX CREDIT UNION MAXC 8007766776 PO BOX 244040 MONTGOMERY AL 361244040 BRANTLEY LEVERETTE SVP-FINANCE 8007766776 2025-10-13 1 1 TANYA MEDGAARDEN P01717240 5074347000 2025-10-10 2024 2025-03-06 01:10:19Z MARTIN HEAD PO BOX 244040 MONTGOMERY AL 361244040 123939217 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 9 341 13 737784 0 0 0 82730990 98922948 27609427 24911175 0 0 110340417 123834123 109048 89500 17151853 27451008 29475859 30850134 0 0 0 37564889 42145806 84301649 100536448 26038768 23297675 2080252064 2149434453 1900849004 1940079500 179403060 209354953 MAX IS A STATE-CHARTERED COMMUNITY CREDIT UNION SERVING APPROXIMATELY 126,000 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 0 1 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 37687 0 1 341 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 BRANTLEY LEVERETTE 3342602600 400 EASTDALE CIRCLE MONTGOMERY AL 36117 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 BEA FORNISS DIRECTOR 1.00 X 0 0 0 EDWARD CROWELL DIRECTOR 1.00 X 0 0 0 MARTIN E HEAD PRESIDENT/CEO 40.00 X 662803 0 64856 TIMOTHY MARQUARDT CHIEF FINANCIAL OFFICER 40.00 X 308014 0 50939 MIKE HART EVP CHIEF OPERATIONS OFFICER 40.00 X 300185 0 53323 LYNETTE CUPPS CHIEF GROWTH OFFICER 40.00 X 193901 0 43688 CLINTON DALE WATKINS CHIEF INFORMATION OFFICER 40.00 X 260944 0 50773 CHERYL PAYSON CHIEF OPTNS EXCEL OFFICER 40.00 X 274621 0 46755 SANDRA BRANCH CHIEF TALENT OFFICER 40.00 X 244207 0 48950 WENDY ANDERSON CHIEF LENDING OFFICER 40.00 X 230704 0 44904 WILLIAM EPPERSON CHIEF RETAIL OFFICER 40.00 X 228900 0 48685 RON CREEL SVP BUSINESS SERVICES 40.00 X 218435 0 47167 KEN PEAVY VP WEALTH MANAGEMENT 40.00 X 239896 0 52882 MARTEE MOSELEY MARKET PRESIDENT 40.00 X 272813 0 45244 KENNETH HILL VP MORTGAGE SERVICES 40.00 X 203053 0 43596 TARA MCDOWELL VP HUMAN RESOURCES 40.00 X 189570 0 46285 3828046 0 688047 45 0 1 0 FAIRWAY AUTO BROKERS 1000 2ND AVE OPELIKA AL 36801 INDIRECT AUTO LENDING 4471452 PIGG ENTERPRISES 1183 SOUTH MEMORIAL DR PRATTVILLE AL 36067 INDIRECT AUTO LENDING 4035355 BLUE CROSS & BLUE SHIELD OF ALABAMA 450 RIVERCHASE PARKWAY EAST BIRMINGHAM AL 35244 HEALTH INSURANCE 3703982 JACK INGRAM 227 EASTERN BLVD MONTGOMERY AL 36117 INDIRECT AUTO LENDING 2690541 GLYNN SMITH CHEVROLET 600 COLUMBUS PKWY OPELIKA AL 36801 INDIRECT AUTO LENDING 2605132 164 LOAN INTEREST 522100 70617998 70617998 OTHER OPERATING INCOME 522100 16386806 15869839 516967 FEE INCOME 522100 11918144 11697327 220817 98922948 24708171 24708171 308098 105094 203004 203004 203004 123834123 98185164 737784 24911175 89500 27451008 3157152 20701393 1548704 3679669 1763216 253225 177055 2310750 1753409 19551229 1629397 111424 69506 476045 3294680 PROVISION FOR CREDIT LO 6591000 LOAN SERVICING EXPENSE 3517187 MISC. OPERATING FEES 2176721 OPERATING FEES 234178 100536448 53823966 42869911 101117748 110318395 7571799 3537223 3327554 3385453 1084200752 1174254448 2672122 2597540 83137892 48506266 36134086 34631626 722187386 711197102 6466571 6785731 62750080 59857024 2080252064 2149434453 29782423 19536532 951226 1315391 12000000 12000000 1858115355 1907227577 1900849004 1940079500 X 0 0 0 0 179403060 209354953 179403060 209354953 2080252064 2149434453 23297675 6654218 0 X X 0 1 X 1 0 0 1 X 9811231 9811231 43067311 24225851 18841460 378583 378583 0 29880767 23901832 5978935 34631626 MEMBER SHARES AND CERTIFICATES 1902023055 INTEREST PAYABLE ON DEPOSITS 5204522 1907227577 X 127356762 0 127356762 -3522639 -3522639 123834123 104059089 0 104059089 -3522641 -3522641 100536448 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, 2024 AND 2023. THE CREDIT UNION'S 2021 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: REV RECORDED AS EXP -3,522,639. PART XII, LINE 4B - OTHER ADJUSTMENTS: REV RECORDED AS EXP -3,522,639. ROUNDING -2. 1 RIVER REGION UNITED WAY 3121 ZELDA COURT MONTGOMERY AL 36106 630330778 501(C)3 16500 0 COMMUNITY GIVING MONTGOMERY AREA CHAMBER OF COMMERCE 600 S COURT ST MONTGOMERY AL 36104 630039380 501(C)6 10000 0 COMMUNITY GIVING YMCA BROWN BAG BUS 880 SOUTH LAWRENCE ST MONTGOMERY AL 36104 510194498 501(C)3 7000 0 COMMUNITY GIVING STORYBROOK FARMS 300 CUSSETA ROAD OPELIKA AL 36801 631288683 501(C)3 6000 0 COMMUNITY GIVING 4 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 520298 0 129735 0 12770 0 34500 0 30356 0 727659 0 0 0 TIMOTHY MARQUARDT CHIEF FINANCIAL OFFICER 265514 0 42500 0 0 0 25687 0 25252 0 358953 0 0 0 MIKE HART EVP CHIEF OPERATIONS OFFICER 260185 0 40000 0 0 0 24358 0 28965 0 353508 0 0 0 CHERYL PAYSON CHIEF OPTNS EXCEL OFFICER 233263 0 37000 0 4358 0 22591 0 24164 0 321376 0 0 0 MARTEE MOSELEY MARKET PRESIDENT 156579 0 116234 0 0 0 15678 0 29566 0 318057 0 0 0 CLINTON DALE WATKINS CHIEF INFORMATION OFFICER 183896 0 39510 0 37538 0 21587 0 29186 0 311717 0 0 0 SANDRA BRANCH CHIEF TALENT OFFICER 209207 0 35000 0 0 0 20437 0 28513 0 293157 0 0 0 KEN PEAVY VP WEALTH MANAGEMENT 46440 0 192402 0 1054 0 23655 0 29227 0 292778 0 0 0 WILLIAM EPPERSON CHIEF RETAIL OFFICER 192308 0 32956 0 3636 0 19212 0 29473 0 277585 0 0 0 WENDY ANDERSON CHIEF LENDING OFFICER 193637 0 33378 0 3689 0 19134 0 25770 0 275608 0 0 0 RON CREEL SVP BUSINESS SERVICES 178347 0 36560 0 3528 0 18648 0 28519 0 265602 0 0 0 KENNETH HILL VP MORTGAGE SERVICES 148077 0 54976 0 0 0 15248 0 28348 0 246649 0 0 0 LYNETTE CUPPS CHIEF GROWTH OFFICER 166151 0 27750 0 0 0 16146 0 27542 0 237589 0 0 0 TARA MCDOWELL VP HUMAN RESOURCES 159378 0 27000 0 3192 0 16875 0 29410 0 235855 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 2024, ONLY EXPENSES FOR THE GUEST OF ONE EXECUTIVE (TOTALING $768) WERE REPORTABLE, AND ONE DIRECTOR HAD EXPENSES FOR GUESTS (TOTALING $6,691). PART I, LINE 4B NAME: DALE WATKINS, DESCRIPTION: SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN, CURRENT YEAR AMOUNT: $37,538. PLAN DESCRIPTION: REPORTABLE COMPENSATION INCLUDED IN HIS W-2 AMOUNT MARTIN HEAD CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 3205000 3385453 0 1 1 3385453 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 SVP FINANCE 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 REVIEWS 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 2024. 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 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 498242 1054290 MAX CREDIT UNION MAX CAPITAL LLC PO BOX 244040 MONTGOMERY AL 36124 262019921 EQUIPMENT LEASING AL 98785 1456312 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