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
MUTUAL SAVINGS CREDIT UNION
Employer identification number
63-0148940
63-0148940
| Return Reference | Explanation |
|---|---|
| 990 PART IV, LINE 26 | DIRECTORS, OFFICERS, AND ALL EMPLOYEES OF THE CREDIT UNION ARE OFFERED LOANS ON SPECIALIZED TERMS,INCLUDING PREFERENTIAL INTEREST RATES, OTHER THAN THOSE OFFERED TO REGULAR MEMBERS IN THE ORDINARY COURSE OF BUSINESS. ALL SUCH LOANS ARE APPROVED BY EITHER THE CEO, CREDIT COMMITEE, OR BOARD OF DIRECTORS, AND REPORTED TO THE BOARD OF DIRECTORS AT THE NEXT REGULAR BOARD MEETING, AS DICTATED IN THE BOARD-APPROVED LOAN POLICY. SUCH LOANS TO DIRECTORS, OFFICERS, AND OTHER INTERESTED PERSONS ARE REPORTED EACH YEAR BY THE CREDIT UNION ON 990 SCHEDULE L. |
| FORM 990, PART VI, SECTION A, LINE 4 | THE BOARD OF DIRECTORS OF MUTUAL SAVINGS CREDIT UNION VOTED TO AMEND MSCU'S BYLAWS, AND THE ADMINISTRATOR OF THE ALABAMA CREDIT UNION ADMINISTRATION APPROVED THE AMENDED BYLAWS, IN JANUARY 2019. THE FOLLOWING IS AN OUTLINE OF THE SIGNIFICANT CHANGES. ARTICLE IV MEETING OF MEMBERS SECTION 2: UPDATED TO CHANGE THE NUMBER OF DAYS PRIOR TO THE ANNUAL MEMBERSHIP MEETING THAT THE SECRETARY OF THE BOARD OF DIRECTORS MUST NOTIFY MEMBERS OF THE UPCOMING MEETING FROM SEVEN (7) TO FORTY-FIVE (45). ALSO CHANGED FROM STATING THAT NOTIFICATIONS OF ANY MEETINGS MAY BE GIVEN BY POSTING THE NOTICE THEREOF IN A CONSPICUOUS PLACE IN EACH OFFICE OF THE CREDIT UNION WHERE IT MAY BE READ BY MEMBERS AT LEAST FOURTEEN (14) DAYS PRIOR TO SUCH MEETINGS, TO STATING THAT NOTICES OF ANY MEETINGS MAY BE GIVEN BY POSTING THE NOTICE THEREOF IN A CONSPICUOUS PLACE IN EACH OFFICE OF THE CREDIT UNION WHERE IT MAY BE READ BY MEMBERS AND THAT NOTICES OF SPECIAL MEETINGS WILL BE POSTED AT LEAST FOURTEEN (14) DAYS PRIOR TO SUCH MEETINGS. ARTICLE V ELECTIONS SECTION 2: UPDATED THE NUMBER OF DAYS PRIOR TO THE ANNUAL MEETING BY WHICH A WRITTEN PETITION OF THE MEMBERSHIP MUST BE RECEIVED BY THE NOMINATING COMMITTEE IN ORDER FOR THE MEMBERS TO NOMINATE AN ADDITIONAL CANDIDATE(S) FOR THE ANNUAL ELECTION FROM FORTY-FIVE (45) TO TEN (10) DAYS. |
| 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." THE MEMBERSHIP OF MUTUAL SAVINGS CREDIT UNION AS OF DECEMBER 31, 2019, WAS OPEN TO INDIVIDUALS WHO RESIDE, WORK, ATTEND SCHOOL OR WORSHIP IN THIRTEEN ALABAMA COUNTIES, INCLUDING JEFFERSON, SHELBY, DALLAS, CHILTON, AND TALLAPOOSA COUNTIES, AND TO THOSE WHO ARE EMPLOYED BY ONE OF THE CREDIT UNION'S SPONSORING GROUPS. THE CREDIT UNION'S FIELD OF MEMBERSHIP ALSO INCLUDES SELECTED EMPLOYEE GROUPS AND INDIVIDUALS THAT RESIDE IN THESE COUNTIES. AS OF DECEMBER 31, 2019, THE CREDIT UNION HAD MEMBERSHIP AND PROVIDED SERVICES TO 28,675 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. AT LEAST 60 DAYS PRIOR TO THE ANNUAL MEETING, THE BOARD CHAIRMAN APPOINTS A NOMINATING COMMITTEE OF NOT LESS THAN THREE (3) MEMBERS TO NOMINATE ONE (1) CANDIDATE FOR EACH VACANCY. ALL OTHER NOMINATIONS MUST BE DONE BY WRITTEN PETITION OF THE LESSER OF 1% OF MEMBERS OR 500 MEMBERS, AND MUST BE SUBMITTED TO THE NOMINATING COMMITTEE AT LEAST TEN (10) DAYS PRIOR TO THE ANNUAL MEETING. ELECTION BY THE MEMBERSHIP IS PERFORMED THROUGH WRITTEN BALLOTS, UNLESS THERE IS ONLY ONE NOMINEE. IRRESPECTIVE OF THE NUMBER OF SHARES HELD, NO MEMBER HAS MORE THAN ONE VOTE. MEMBERS MUST ALSO BE NATURAL PERSONS OF AT LEAST 19 YEARS OF AGE TO VOTE. ALL ELECTIONS ARE DETERMINED BY A PLURALITY VOTE. NO PROXY VOTES MAY BE CAST. |
| FORM 990, PART VI, SECTION A, LINE 7B | THE FOLLOWING TYPES OF DECISIONS ARE SUBJECT TO APPROVAL BY THE CREDIT UNION'S MEMBERS: DISSOLUTION OF THE CREDIT UNION, ELECTION & TERMINATION OF BOARD OR COMMITTEE MEMBERS, EXPULSION OF CREDIT UNION MEMBERS AND CONVERSION FROM STATE TO FEDERAL CHARTER. |
| FORM 990, PART VI, SECTION B, LINE 11B | MANAGEMENT PERFORMS A REVIEW OF THE FORM 990 PRIOR TO FILING. |
| FORM 990, PART VI, SECTION B, LINE 12C | CREDIT UNION STAFF REVIEW THE CONFLICT OF INTEREST POLICY EACH YEAR WITH THE CREDIT UNION'S MANAGER. A QUESTIONAIRE IS SUBMITTED TO THE BOARD OF DIRECTORS ON AN ANNUAL BASIS. |
| 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. |
| 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 NCUA.GOV. |
| FORM 990, PART XI, LINE 9: | CHANGE IN PENSION LIABILITY ACCOUNT 108,994. |
| 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 DECEMBER 31 EACH YEAR. |
| FORM 990, PART XII, LINE 2C: | A CREDIT UNION'S SUPERVISORY COMMITTEE 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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