2025-11-17T09:11:35-06:00 2024-12-31 454084437 WARREN AVERETT LLC 350 W CEDAR STREET SUITE 400 PENSACOLA FL 32502 990 2024-01-01 630348156 ALABAMA STATE EMPLOYEES CREDIT UNION ALAB 8006349171 1000 INTERSTATE PARK DRIVE MONTGOMERY AL 36109 SHANNON WATKINS INTERIM CEO 8006349171 2025-11-14 1 1 CLAIRE C DUREN CPA P01577924 8504357400 2025-11-14 2024 2025-03-06 01:10:19Z SHANNON WATKINS 1000 INTERSTATE PARK DRIVE MONTGOMERY AL 36109 28846539 0 X HTTPS://WWW.YOURASECU.COM/ X STATE-CHARTERED CREDIT UNION 1954 AL PROVIDING FINANCIAL SERVICES TO OUR MEMBERSHIP. 9 9 144 12 0 0 0 0 15996986 18532612 3609719 2806681 7416434 7507246 27023139 28846539 0 0 0 0 8814433 9712505 0 0 0 14265219 17377658 23079652 27090163 3943487 1756376 398307514 409170750 359408853 366996090 38898661 42174660 X 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 THE MONTGOMERY, ALABAMA AREA AND SURROUNDING COUNTIES. THE TOTAL NUMBER OF MEMBERS IS IN EXCESS OF 43,000. 0 0 IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, AND SHARE CERTIFICATES ACCOUNTS AS WELL AS IRA SAVINGS. 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 COMPETITIVE RATES OF INTEREST. THE CREDIT UNION OFFERS FINANCIAL SERVICES TO THE BENEFIT OF OUR MEMBERS WHICH INCLUDE: INTERNET BANKING, ONLINE BILLPAY AND SERVICE CENTER LOCATIONS. 0 0 0 0 0 0 0 0 0 1 0 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 12474 0 1 144 1 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X SHANNON WATKINS 8006349171 1000 INTERSTATE PARK DRIVE MONTGOMERY AL 36109 CAROL J PRESTON BOARD PRESIDENT 2.00 0.00 X 0 0 0 JOHN PHILIP GRAY BOARD VICE-PRESIDENT 2.00 0.00 X 0 0 0 MELINDA CLACK BOARD SECRETARY 2.00 0.00 X 0 0 0 SHARON MILLS BOARD TREASURER 2.00 0.00 X 0 0 0 BOBBY BRYAN DIRECTOR 2.00 0.00 X 1160 0 0 LORRAINE DERAMUS DIRECTOR 2.00 0.00 X 650 0 0 JOHN TYLER GRAY DIRECTOR 2.00 0.00 X 0 0 0 SCOTT GRIER DIRECTOR 2.00 0.00 X 1126 0 0 CLAUDIA SMITH DIRECTOR 2.00 0.00 X 0 0 0 TIM HATCH DIRECTOR 2.00 0.00 X 796 0 0 PERRY TAYLOR DIRECTOR 2.00 0.00 X 4500 0 0 CHARLIE LASSITER DIRECTOR 2.00 0.00 X 0 0 0 JASON DEAN CEO/CFO 40.00 0.00 X 227439 0 43639 ALESIA DOOLEY CFO 40.00 0.00 X 132760 0 52014 SHANNON WATKINS INTERIM CEO 40.00 0.00 X 148646 0 23849 JOHN DAVID LAMBERT CIO 40.00 0.00 X 164494 0 43375 681571 0 162877 9 0 1 0 0 LOAN INTEREST INCOME 522100 18532612 18532612 18532612 2806681 2806681 SERVICE FEES & OTHER INCOME 522100 7507246 7507246 7507246 28846539 26039858 0 2806681 836215 7188217 40449 1054472 593152 27427 62000 1038431 836372 863109 1648975 569754 175791 26225 4648452 811229 124390 PROVISION FOR LOAN LOSS 2230779 LOAN SERVICING 1417299 DEBIT CARD EXPENSES 1104192 STATEMENT EXPENSE 386034 1407199 27090163 1837772 16057829 23624276 29154843 1187202 1006107 264896007 270436944 6023541 6837441 21176100 10960160 10030307 10215940 78097613 64500054 1532500 1519000 11078296 9442592 398307514 409170750 3092997 4474462 356315856 362521628 359408853 366996090 X 0 0 0 0 38898661 42174660 38898661 42174660 398307514 409170750 X 1756376 859706 659917 X X 0 1 X 1 0 2710269 2710269 9362838 4032582 5330256 3815514 3372724 442790 5287479 3554854 1732625 10215940 MEMBER DEPOSITS 362521628 362521628 X 28846539 0 28846539 0 28846539 27090163 0 27090163 0 27090163 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. USING THAT GUIDANCE, TAX POSITIONS INITIALLY NEED TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS WHEN IT IS MORE-LIKELY-THAN-NOT THE POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE TAX AUTHORITIES. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. AS OF DECEMBER 31, 2024, THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, THERE WERE NO INTEREST AND PENALTIES RELATED TO INCOME TAXES. WITH FEW EXCEPTIONS, THE CREDIT UNION IS NO LONGER SUBJECT TO U.S. FEDERAL, STATE, AND LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2021. X 0 1 X X X 0 0 0 JASON DEAN CEO/CFO 197700 0 22446 0 7293 0 25560 0 18079 0 271078 0 0 0 JOHN DAVID LAMBERT CIO 147872 0 15522 0 1100 0 22220 0 21155 0 207869 0 0 0 ALESIA DOOLEY CFO 117730 0 13005 0 2025 0 32419 0 19595 0 184774 0 0 0 SHANNON WATKINS INTERIM CEO 133980 0 13005 0 1661 0 23011 0 838 0 172495 0 0 0 PART I, LINE 1A PROVIDED COMPANION TRAVEL FOR CEO AS APPROVED BY THE BOARD OF DIRECTORS FOR ONE CONFERENCE. AMOUNT IS INCLUDED IN GROSS WAGES. THE AMOUNT = $764.60 FORM 990, PART VI, SECTION A, LINE 6 THE GOVERNING BODY OF ALABAMA STATE EMPLOYEES CREDIT UNION IS OWNED AND CONTROLLED BY ITS MEMBERS AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. ALABAMA STATE EMPLOYEES CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE DIRECTORS OF THE BOARD SERVE FOR THREE-YEAR TERMS. EACH YEAR THE PRESIDENT/CHAIRMAN OF THE BOARD APPOINTS A NOMINATING COMMITTEE OF NOT LESS THAN THREE MEMBERS WHO THEN NOMINATE A PERSON FOR EACH VACANT POSITION. THEIR NOMINATIONS ARE PRESENTED AT THE ANNUAL MEMBERSHIP MEETING, AND NOMINATIONS ARE ALSO ACCEPTED BY PETITION PRIOR TO NOTIFICATION OF ALL NOMINEES TO THE MEMBERSHIP. ALL NOMINATIONS FROM THE COMMITTEE AND BY PETITION ARE POSTED IN EACH CREDIT UNION OFFICE. ELECTION FOR EACH POSITION WILL BE BY BALLOT EXCEPT WHERE THERE IS ONLY ONE NOMINEE. A VOTE IS THEN TAKEN BY THE MEMBERSHIP PRESENT AT THE ANNUAL MEETING TO SELECT THE NEW BOARD MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B BOARD OF DIRECTORS AND SUPERVISORY COMMITTEE MEMBERS ARE ELECTED BY VOTE OF THE ASE MEMBER AT THE ANNUAL MEETING. ANY BOARD OF DIRECTORS OR SUPERVISORY COMMITTEE MEMBER MAY BE REMOVED BY A SPECAIL CALLED MEETING OF THE ASE MEMBERSHIP FOR THAT PURPOSE. THIS ACTION REQUIRES MAJORITY VOTE OF THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE 990 WAS PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING. THE INTERIM CEO AND CFO ANSWERED ANY QUESTIONS FROM THE BOARD AT THE NEXT REGULARLY SCHEDULED BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ARE REQUIRED TO DISCLOSE ANNUALLY ANY INTERESTS THAT COULD GIVE RISE TO CONFLICT ON THE CONFLICT OF INTEREST DISCLOSURE FORM. FORM 990, PART VI, SECTION B, LINE 15 BALANCED COMP (COMPENSATION SOFTWARE) PROVIDES ASE CREDIT UNION WITH A COMPENSATION SYSTEM. SALARY RANGES ARE PROVIDED FOR ALL POSITIONS. THE SALARY RANGES ARE ESTABLISHED FOR EACH BENCHMARK JOB WHICH IS THE BEST ESTIMATE OF THE MARKET RATE FOR THESE JOBS. BENCHMARK JOBS ARE USED THAT TEND TO BE CONSISTENT WITHIN THE INDUSTRY AND ACROSS SURVEYS. THE PERSONNEL COMMITTEE, WITHIN OUR BOARD OF DIRECTORS, IS GIVEN THE SALARY RANGES FOR OUR CEO. THEY ALSO USE AN EVALUATION FORM CREATED SPECIFICALLY FOR THE CEO. THE BOARD ASSESSMENT COUNTS 25% OF THE TOTAL. THE OBJECTIVE ASSESSMENT COUNTS 75% OF THE TOTAL. THE PERSONNEL COMMITTEE RECOMMENDS TO THE BOARD THE AMOUNT OF SALARY INCREASE FOR THE CEO. THIS IS VOTED ON BY THE BOARD AND SIGNED BY THE CHAIRMAN OF THE BOARD. THE CHAIRMAN OF THE BOARD TALKS DIRECTLY WITH THE CEO AND GIVES HIM THE EVALUATION AND THE AMOUNT OF THE SALARY INCREASE. OTHER OFFICERS AND KEY EMPLOYEES ARE REVIEWED BY THEIR SUPERVISORS USING AN EMPLOYEE EVALUATION FORM AND THE SALARY RANGES PROVIDED BALANCED COMP. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC BY REQUEST. FORM 990, PART XI, LINE 9: PENSION LIABILITY ADJUSTMENT 659,917. PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2(C) THE CREDIT UNION HAS A SUPERVISORY COMMITTEE WHICH CONSISTS OF THREE MEMBER VOLUNTEERS WHO OVERSEE THE AUDIT OF THE FINANCIAL STATEMENTS AND THE SELECTIONS OF AN INDEPENDENT ACCOUNTANT.