TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2019
Open to Public
Inspection
Inspection
Name of the organization
APCO EMPLOYEES CREDIT UNION
Employer identification number
63-0328360
63-0328360
| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 2 | MARK WILKINSON AND ANN WILKINSON, BOARD OF DIRECTORS VICE CHAIRMAN AND MEMBER OF THE SUPERVISORY COMMITTEE, RESPECTIVELY, ARE SPOUSES. |
| FORM 990, PART VI, SECTION A, LINE 4 | THE MEMBERS OF APCO EMPLOYEES CREDIT UNION VOTED TO AMEND APCO'S BYLAWS, AND THE ADMINISTRATOR OF THE ALABAMA CREDIT UNION ADMINISTRATION APPROVED THE AMENDED BYLAWS, IN JULY 2019. SIGNIFICANT CHANGES WERE AS FOLLOWS. ARTICLE VIII CREDIT COMMITTEE >ARTICLE NAME UPDATED TO "CREDIT CONTROLS AND FUNCTIONS." >SECTIONS 1-7 OF THIS ARTICLE REPLACED WITH A NEW TWO-SECTION ARTICLE. THE DELETED ARTICLES CALLED FOR APCO ("THE CREDIT UNION") TO HAVE A CREDIT COMMITTEE ("THE COMMITTEE") CONSISTING OF SEVEN MEMBERS OF THE CREDIT UNION, SERVING THREE-YEAR TERMS WITH A SOMEWHAT EQUAL NUMBER OF TERMS EXPIRING AT THE END OF EACH YEAR. THE COMMITTEE APPOINTED LOAN OFFICERS TO WHOM IT DELEGATED THE POWER TO APPROVE LOANS, WITHIN PARAMETERS SET BY THE COMMITTEE. THE COMMITTEE ALSO ACTED UPON ALL LOANS NOT APPROVED BY A LOAN OFFICER. THE COMMITTEE MET AT LEAST ONCE MONTHLY TO EXECUTE THE APPLICABLE BUSINESS OF THE CREDIT UNION. THESE ARTICLES ALSO PROVIDED FOR THE FILLING OF VACANCIES ON THE COMMITTEE, THE SUSPENSION OF COMMITTEE MEMBERS, AND OTHER RELATED ADMINISTRATIVE CONCERNS. >SECTION 1 OF THE NEW ARTICLE EXPRESSLY FORBIDS A CREDIT COMMITTEE, AND DELEGATES THE FORMER CREDIT COMMITTEE'S POWERS BACK TO THE BOARD OF DIRECTORS ("THE BOARD"). THE ARTICLE CALLS FOR THE BOARD TO APPOINT A LOAN COMMITTEE TO PERFORM THE FUNCTION AND DUTIES FORMERLY EXECUTED BY THE COMMITTEE UNDER THE SUPERVISION OF THE BOARD. THE LOAN COMMITTEE'S MEMBERS SERVE SOLELY AT THE PLEASURE OF THE BOARD. >SECTION 2 OF THE NEW ARTICLE STATES: "UPON ADOPTION OF THIS ARTICLE VIII AND APPROVAL OF IT BY THE ADMINISTRATOR OF THE ALABAMA CREDIT UNION ADMINISTRATION, THE TERMS OF ALL MEMBERS OF THE CREDIT COMMITTEE PREVIOUSLY ELECTED BY THE MEMBERSHIP OR APPOINTED BY THE BOARD OF DIRECTORS SHALL EXPIRE AND THE CREDIT UNION SHALL NO LONGER HAVE AN ELECTED CREDIT COMMITTEE." >THE REMOVAL OF THE CREDIT COMMITTEE RESULTED IN MINOR CHANGES TO THE FOLLOWING ARTICLES AND SECTIONS, MAINLY IN THE REMOVAL OF REFERENCES TO THE CREDIT COMMITTEE: >>ARTICLE IV MEETING OF MEMBERS, SECTION 4 >>ARTICLE V ELECTIONS, SECTIONS 1 AND 8 >>ARTICLE IX SUPERVISORY COMMITTEE, SECTION 1 >>ARTICLE XIII GENERAL, SECTION 3 ARTICLE IX SUPERVISORY COMMITTEE >SECTION 4: CHANGED FROM THE BOARD OF DIRECTORS FILLING ANY VACANCIES ON THE SUPERVISORY COMMITTEE TO THE SUPERVISORY COMMITTEE FILLING ANY SUCH VACANCIES ITSELF. |
| FORM 990, PART VI, SECTION A, LINE 6 | ALABAMA BANKING CODE, SECTION 5-17-5 STATES THAT, "CREDIT UNION MEMBERSHIP SHALL CONSIST OF THE INCORPORATORS AND SUCH OTHER PERSONS AS MAY BE ELECTED TO MEMBERSHIP AND WHO SUBSCRIBE TO AT LEAST ONE SHARE AND PAY THE INITIAL INSTALLMENT THEREON AND THE ENTRANCE FEE. ORGANIZATIONS, INCORPORATED OR OTHERWISE, COMPOSED FOR THE MOST PART OF THE SAME GENERAL GROUP AS THE CREDIT UNION MEMBERSHIP MAY BE MEMBERS. CREDIT UNION ORGANIZATION SHALL BE LIMITED TO GROUPS, OF BOTH LARGE AND SMALL MEMBERSHIP, HAVING A COMMON BOND OF OCCUPATION OR ASSOCIATION OR TO GROUPS WITHIN A WELL-DEFINED NEIGHBORHOOD, COMMUNITY OR RURAL DISTRICT." APCO EMPLOYEES CREDIT UNION, AN ALABAMA STATE CHARTERED CREDIT UNION, WAS ESTABLISHED TO PROVIDE THESE SERVICES TO ITS MEMBERS WHO ARE EMPLOYEES AND THEIR RELATIVES OF ALABAMA POWER COMPANY. THE CREDIT UNION'S MEMBERSHIP ALSO INCLUDES AFFILIATES OF ALABAMA POWER AND SELECTED EMPLOYEE GROUPS WITHIN THE REGION. AS OF DECEMBER 31, 2019, THE CREDIT UNION PROVIDED SERVICES TO APPROXIMATELY 72,007 MEMBERS. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE BOARD OF DIRECTORS ARE ELECTED BY THE CREDIT UNION'S MEMBERSHIP AT THE ANNUAL MEETING. THE CREDIT UNION'S BYLAWS GOVERN THE ELECTION PROCEDURES. THE TERMS OF THE BOARD OF DIRECTORS, AS SET BY THE BYLAWS, ARE 3 YEARS AND ARE STAGGERED SO THAT AN EQUAL NUMBER EXPIRE AT EACH ANNUAL MEETING. PRIOR TO THE ANNUAL MEETING, THE BOARD CHAIRMAN APPOINTS A NOMINATING COMMITTEE TO NOMINATE A CANDIDATE FOR EACH VACANCY. NOMINATIONS CAN ALSO BE TAKEN THROUGH ABSENTEE BALLOTS OR CALLED FOR FROM THE FLOOR AT THE ANNUAL MEETING. ELECTION BY THE MEMBERSHIP IS PERFORMED THROUGH WRITTEN BALLOTS, UNLESS THERE IS ONLY ONE NOMINEE. ALL ELECTIONS ARE DETERMINED BY A PLURALITY VOTE. ANY VACANCIES ARISING ON THE BOARD OF DIRECTORS IN THE INTERIM SHALL BE FILLED BY VOTE OF A MAJORITY OF THE DIRECTORS THEN HOLDING OFFICE. |
| FORM 990, PART VI, SECTION A, LINE 7B | THE FOLLOWING TYPES OF DECISIONS ARE SUBJECT TO APPROVAL BY THE CREDIT UNION'S MEMBERS: DISSOLUTION AND MERGER DECISIONS, ELECTION AND TERMINATION OF BOARD MEMBERS, ELECTION AND TERMINATION OF SUPERVISORY COMMITTEE MEMBERS, AND CONVERSION FROM STATE TO FEDERAL CHARTER. |
| FORM 990, PART VI, SECTION B, LINE 11B | MANAGEMENT PERFORMS A REVIEW OF THE 990 & 990-T PRIOR TO FILING. 990 & 990-T PROVIDED TO THE BOARD OF DIRECTORS AT A LATER DATE. |
| FORM 990, PART VI, SECTION B, LINE 12C | ANNUAL REVIEW OF POLICY BY OFFICERS AND BOARD OF DIRECTORS. THE CODE OF ETHICS POLICY REQUIRED OFFICERS, DIRECTORS, KEY EMPLOYEES, ETC. TO IMMEDIATELY DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST. |
| FORM 990, PART VI, SECTION B, LINE 15 | MANAGEMENT'S COMPENSATION IS DETERMINED ANNUALLY BY THE CREDIT UNION'S BOARD OF DIRECTORS AND IS BASED ON PERFORMANCE AND INDEPENDENT COMPARABLE INDUSTRY COMPENSATION DATA. OFFICER SALARY RANGES ESTABLISHED BY THE BOARD OF DIRECTORS. CEO SALARY SET BY THE BOARD. OTHER OFFICER SALARIES SET BY CEO. |
| FORM 990, PART VI, SECTION C, LINE 18 | THE CREDIT UNION MAKES ITS FORMS 990 AND 990-T AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. THE CREDIT UNION'S FORM 990 IS ALSO AVAILABLE ON THE IRS WEBSITE THROUGH THE TAX-EXEMPT ORGANIZATION SEARCH TOOL. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE CREDIT UNION MAKES ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE CREDIT UNION'S FINANCIAL STATEMENTS CAN BE FOUND ON THE WEBSITE OF THE NCUA AT WWW.NCUA.GOV AND ARE AVAILABLE IN THE LOBBIES OF THE BRANCHES. |
| 990 PART VII LINE 1A | THE BOARD OF DIRECTORS APPROVES TRAVEL EACH YEAR FOR ANY BOARD MEMBER OR OFFICER OF THE CREDIT UNION AND IF A SPOUSE WILL BE PERMITTED TO TRAVEL. ALL EXPENSES ARE REVIEWED BY THE TREASURER AND BOARD CHAIR. |
| FORM 990, PART XI, LINE 9: | CHANGE IN OTHER COMPREHENSIVE INCOME -2,768,830. |
| FORM 990, PART XII, LINE 2B: | ON A ROUTINE BASIS, THE ALABAMA CREDIT UNION ADMINISTRATION AND THE NATIONAL CREDIT UNION ADMINISTRATION PERFORM A REGULATORY EXAMINATION OF THE FINANCIAL STATEMENTS AND SAFETY AND SOUNDNESS OF THE CREDIT UNION. ADDITIONALLY, THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AUDITED BY AN INDEPENDENT ACCOUNTANT AS OF JUNE 30 EACH YEAR. |
| FORM 990, PART XII, LINE 2C: | THE CREDIT UNION HAS A SUPERVISORY COMMITTEE THAT IS RESPONSIBLE FOR ENSURING THAT THE BOARD OF DIRECTORS AND MANAGEMENT OF THE CREDIT UNION - (1)MEET REQUIRED FINANCIAL REPORTING OBJECTIVES AND (2) ESTABLISH PRACTICES AND PROCEDURES SUFFICIENT TO SAFEGUARD MEMBERS' ASSETS. THIS INCLUDES OVERSEEING THE ANNUAL FINANCIAL STATEMENT AUDIT AND THE SELECTION OF THE INDEPENDENT ACCOUNTANT. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2019
Additional Data
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