Nonprofit · EIN 63-0148940
MUTUAL SAVINGS
Tax-exempt · HOOVER, AL 35244
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $16,987,143 | $15,120,066 | $1,867,077 | $235,920,761 | $221,027,409 | $14,893,352 |
| December 31, 2023 | 990 | $13,969,345 | $13,482,157 | $487,188 | $228,049,256 | $219,324,292 | $8,724,964 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $15,060,056
- Investment income
- $1,927,087
- Net gain from sales of assets
- $1,927,087
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $1,234,818
- Other salaries and wages
- $3,897,672
- Salaries, compensation and benefits (total)
- $5,925,279
- Professional fundraising fees
- $0
- Legal fees
- $59,045
- Accounting fees
- $72,000
- Occupancy
- $726,590
- Travel
- $59,214
- Depreciation
- $440,784
Balance sheet and other
- Total assets, start of year
- $228,049,256
- Total assets, end of year
- $235,920,761
- Total liabilities, end of year
- $221,027,409
- Net assets, end of year
- $14,893,352
- Land, buildings and equipment
- $257,957
- Gross unrelated business income
- $74,189
- Gross receipts
- $40,864,037
- Employees
- 90
- Volunteers
- 9
- Year formed
- 1936
- State of legal domicile
- AL
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| KENDALL L SPEED | CEO/DIRECTOR - TREASURER Trustee or director, Officer | 40 | $309,111 | $20,443 |
| LYNNE LOFTIN | COO Officer | 40 | $204,892 | $17,861 |
| SONJA PURVIS | CHIEF MARKETING OFFICER Officer | 40 | $198,493 | $17,861 |
| MIKE SHAW | CHIEF TECHNOLOGY OFFICER Officer | 40 | $185,218 | $20,443 |
| JIMMIE ROCHESTER II | VP BUSINESS BANKING Highest-paid employee | 40 | $165,669 | $2,920 |
| MICHAEL DYER | VP COLLECTIONS Highest-paid employee | 40 | $126,334 | $17,842 |
| JEFFREY GRAHAM | VP LENDING SERVICES Highest-paid employee | 40 | $123,125 | $20,443 |
| KIMBERLY HUNT | VP HUMAN RESOURCES Highest-paid employee | 40 | $121,898 | $20,443 |
| SUSAN LANDRUM | CFO (RETIRED IN 2024) Officer | 40 | $132,829 | $6,913 |
| DAVID MOONEY | CFO Officer | 40 | $115,375 | $5,379 |
| MELISSA FICQUETTE | HIGHLY COMPENSATED EMPLOYEE Highest-paid employee | 40 | $101,551 | $3,971 |
| RICHARD BROOKS | BOARD CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| KEITH NEWTON | BOARD VICE CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| RICHARD MCBEE | BOARD SECRETARY Trustee or director | 1 | $0 | $0 |
| ALLEN RITTER | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
4 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| R A FERGUSON JR | BOARD MEMBER Trustee or director | 1 | $0 |
| DERRELL CRIMM | BOARD MEMBER Trustee or director | 1 | $0 |
| KARL HENDRICKSON | SUPERVISORY COMMITTEE CHAIRPERSON Trustee or director | 1 | $0 |
| LINDA ALLISON | SUPERVISORY COMMITTEE MEMBER Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 18 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| KENDALL L SPEED | CEO/DIRECTOR - TREASURER Trustee or director, Officer | 40 | $309,303 | $22,082 |
| LYNNE LOFTIN | COO Officer | 40 | $203,218 | $22,082 |
| SONJA PURVIS | CHIEF MARKETING OFFICER Officer | 40 | $197,052 | $22,082 |
| MIKE SHAW | CHIEF TECHNOLOGY OFFICER Officer | 40 | $184,167 | $22,082 |
| SUSAN LANDRUM | CFO Officer | 40 | $165,253 | $7,760 |
| JIMMIE ROCHESTER II | VP BUSINESS BANKING Highest-paid employee | 40 | $164,429 | $0 |
| MICHAEL DYER | VP COLLECTIONS Highest-paid employee | 40 | $124,111 | $22,082 |
| JEFFREY GRAHAM | VP LENDING SERVICES Highest-paid employee | 40 | $122,454 | $22,082 |
| KIMBERLY HUNT | VP HUMAN RESOURCES Highest-paid employee | 40 | $121,361 | $22,082 |
| DOUGLAS KEY DECEASED | FORMER BOARD CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| ALLEN RITTER | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| RALPH A FERGUSON JR | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| DERRELL CRIMM | SUPERVISORY COMMITTEE CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| KARL HENDRICKSON | SUPERVISORY COMMITTEE MEMB Trustee or director | 1 | $0 | $0 |
| RICHARD MCBEE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| RICHARD BROOKS | BOARD VICE CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| KEITH NEWTON | BOARD SECRETARY Trustee or director | 1 | $0 | $0 |
| LINDA ALLISON | SUPERVISORY COMMITTEE MEMBER Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 2040 VALLEYDALE RD, HOOVER, AL 35244-2006
- In care of
- % KENDALL SPEED
- Principal officer (990 for 2024)
- KENDALL SPEED, 2040 VALLEYDALE ROAD, BIRMINGHAM, AL 35244
- Signed the 990
- KENDALL SPEED, CEO
- Phone
- (205) 682-1170
- Website
- WWW.MUTUALSAVINGS.ORG
- Return prepared by
- PEARCE BEVILL LEESBURG MOORE PC
Mission
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.
Program accomplishments
- CODE OF ALABAMA, SEC 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. MUTUAL SAVINGS CREDIT UNION, AN ALABAMA STATE CHARTERED CREDIT UNION, PROVIDES A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS, WHO PRIMARILY RESIDE, WORK, ATTEND SCHOOL OR WORSHIP IN FOURTEEN ALABAMA COUNTIES, INCLUDING JEFFERSON, SHELBY, DALLAS, CHILTON, AND TALLAPOOSA COUNTIES, OR WHO ARE EMPLOYED BY A MUTUAL SAVINGS SPONSOR GROUP. THE CREDIT UNION'S FIELD OF MEMBERSHIP ALSO INCLUDES SELECTED EMPLOYEE GROUPS AND INDIVIDUALS THAT RESIDE IN THESE COUNTIES. AS OF DECEMBER 31, 2024, THE CREDIT UNION PROVIDED SERVICES TO 19,724 MEMBERS.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 63-0148940
- Tax-exempt status
- 501(c)(14): State-chartered credit union
- Donations deductible
- No
- Exempt since
- 1971
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Group exemption
- 1422: ALABAMA CREDIT UNION ADMINISTRATION
- Assets (IRS master file)
- $235,920,761
- Income (IRS master file)
- $40,864,037
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $16,987,143 | $15,120,066 | $235,920,761 | XML |
| 990 | December 2023 | $13,969,345 | $13,482,157 | $228,049,256 | XML |
| 990 | December 2022 | $12,277,489 | $10,984,804 | $218,893,491 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 63-0148940).
Questions about MUTUAL SAVINGS
- What is the EIN of MUTUAL SAVINGS?
- The employer identification number (EIN) of MUTUAL SAVINGS is 63-0148940.
- Is MUTUAL SAVINGS tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1971.
- Are donations to MUTUAL SAVINGS tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does MUTUAL SAVINGS file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of MUTUAL SAVINGS due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did MUTUAL SAVINGS last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of MUTUAL SAVINGS?
- The 990 for the year ended December 31, 2024 names KENDALL SPEED.
- Who are the officers and directors of MUTUAL SAVINGS?
- The 990 for the year ended December 31, 2024 lists 19 people; 11 received compensation from the organization, the highest $309,111 (KENDALL L SPEED, CEO/DIRECTOR - TREASURER).
- How much revenue does MUTUAL SAVINGS have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $16,987,143, expenses of $15,120,066 and total assets of $235,920,761 at year end.
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