| 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 CORPORATE AMERICA AS OF DECEMBER 31, 2021, PRIMARILY CONSISTED OF CREDIT UNIONS PRIMARILY LOCATED WITHIN ALABAMA AND THE SURROUNDING STATES AND CONSISTED OF APPROXIMATELY 500 MEMBER CREDIT UNIONS. |
| FORM 990, PART VI, SECTION A, LINE 7A |
ALABAMA BANKING CODE, SECTION 5-17-10 STATES THAT, "AT THE ANNUAL MEETING, THE CREDIT UNION SHALL ELECT A BOARD OF DIRECTORS OF NOT LESS THAN FIVE MEMBERS, AND A SUPERVISORY COMMITTEE OF AT LEAST THREE BUT NO MORE THAN FIVE MEMBERS, ALL TO HOLD OFFICE FOR SUCH TERMS RESPECTIVELY AS THE BYLAWS PROVIDE AND UNTIL SUCCESSORS QUALIFY. A RECORD OF THE NAMES AND ADDRESSES OF THE MEMBERS OF THE BOARD AND COMMITTEES AND THE OFFICERS SHALL BE FILED WITH THE ADMINISTRATOR OF THE ALABAMA CREDIT UNION ADMINISTRATION WITHIN 10 DAYS OF THEIR ELECTION. IF, HOWEVER, THE BYLAWS SO PROVIDE, THE BOARD OF DIRECTORS SHALL CARRY OUT THE FUNCTIONS AND DUTIES OF THE CREDIT COMMITTEE AND THE CREDIT UNION SHALL NOT ELECT A CREDIT COMMITTEE." THE BYLAWS OF CORPORATE AMERICA CREDIT UNION GOVERNING ELECTIONS ARE AS FOLLOWS: SECTION 1. AT LEAST SIXTY (60) DAYS PRIOR TO EACH ANNUAL MEETING THE BOARD OF DIRECTORS SHALL APPOINT A NOMINATING COMMITTEE OF NOT FEWER THAN THREE FROM AMONG THE MEMBERS. IT SHALL BE THE DUTY OF THE NOMINATING COMMITTEE TO NOMINATE AT LEAST ONE ELIGIBLE CANDIDATE FOR EACH VACANCY INCLUDING ANY UNEXPIRED TERM VACANCY, FOR WHICH ELECTIONS ARE BEING HELD, AND TO DETERMINE THAT THE CANDIDATES NOMINATED ARE AGREEABLE TO THE PLACING OF THEIR NAMES IN NOMINATION AND WILL ACCEPT OFFICE IF ELECTED. THE NOMINATING COMMITTEE SHALL FILE ITS NOMINATIONS WITH THE RECORDING OFFICER WHO SHALL NOTIFY IN WRITING ALL MEMBERS ELIGIBLE TO VOTE AT LEAST THIRTY (30) DAYS PRIOR TO THE ANNUAL MEETING, THAT NOMINATIONS FOR VACANCIES MAY ALSO BE MADE BY PETITION SIGNED BY 1 PERCENT OF THE MEMBERS, AND A MAXIMUM OF 100 MEMBERS. SUCH PETITIONS MUST BE SIGNED BY BOARD AUTHORIZED REPRESENTATIVES OF ELIGIBLE-TO-VOTE NATURAL-PERSON CREDIT UNION MEMBERS. THE RECORD DATE FOR DETERMINING MEMBERSHIP SHALL BE 5 DAYS PRIOR TO THE MAILING OF THE NOTICE BY THE RECORDING OFFICER. THE WRITTEN NOTICE MUST INDICATE THAT, WHEN THERE IS ONLY ONE NOMINEE FOR EACH POSITION TO BE FILLED, THE ELECTION WILL NOT BE CONDUCTED BY BALLOT AND THERE WILL BE NO NOMINATIONS FROM THE FLOOR. A BRIEF STATEMENT OF QUALIFICATIONS AND BIOGRAPHICAL DATA WILL BE INCLUDED FOR EACH NOMINEE SUBMITTED BY THE NOMINATING COMMITTEE WITH THE WRITTEN NOTICE TO ALL ELIGIBLE MEMBERS. THE WRITTEN NOTICE MUST STATE THE CLOSING DATE FOR RECEIVING NOMINATIONS BY PETITION.IN ALL CASES, THE PERIOD FOR RECEIVING NOMINATIONS BY PETITION MUST NOT END FEWER THAN 35 DAYS FOLLOWING THE POSTMARK DATE OF SUCH WRITTEN NOTICE. TO BE EFFECTIVE, SUCH NOMINATIONS MUST BE ACCOMPANIED BY A SIGNED CERTIFICATE ON A FORM APPROVED BY THE BOARD FROM THE NOMINEE STATING THAT HE OR SHE IS AGREEABLE TO NOMINATION; IS ELIGIBLE TO SERVE UNDER THE CURRENT BYLAWS; AND WILL SERVE IF ELECTED TO OFFICE. EACH NOMINEE BY PETITION MUST ALSO SUBMIT A STATEMENT OF QUALIFICATIONS AND BIOGRAPHICAL DATA ON A FORM APPROVED BY THE BOARD WITH THE PETITION. IN CARRYING OUT THEIR RESPONSIBILITIES, THE NOMINATING COMMITTEE AND BOARD OF DIRECTORS MUST ENSURE THAT THE REQUIREMENTS OF 12 CFR 704 12 (A) ARE SATISFIED. SECTION 2. ALL ELECTIONS SHALL BE DETERMINED BY PLURALITY VOTE OF THOSE ELIGIBLE-TO-VOTE NATURAL-PERSON CREDIT UNION MEMBERS WHICH HAVE MET THE REQUIREMENTS FOR VOTING PRIVILEGES AS DESCRIBED IN SECTION 3 OF ARTICLE III OF THESES BYLAWS AND SHALL BE BY MAIL BALLOT EXCEPT WHERE THERE IS ONLY ONE NOMINEE FOR EACH POSITION TO BE FILLED. WHEN ONLY ONE MEMBER IS NOMINATED FOR EACH POSITION TO BE FILLED, THE CHAIR MAY TAKE A VOICE VOTE OR DECLARE EACH NOMINEE ELCETED BY GENERAL CONSENT OR ACCLAMATION AT THE ANNUAL MEETING. SECTION 3. EXCEPT AS PROVIDED IN SECTION 2 OF THIS ARTICLE, ALL ELECTIONS SHALL BE BY MAIL BALLOT, SUBJECT TO THE FOLLOWING CONDITIONS: (1) THE TELLERS OF ELECTIONS SHALL BE APPOINTED BY THE BOARD OF DIRECTORS, (2) SUFFICIENT NOMINATIONS HAVING BEEN MADE BY THE NOMINATING COMMITTEE OR BY PETITION TO PROVIDE MORE THAN ONE NOMINEE FOR ANY POSITION TO BE FILLED, THE RECORDING OFFICER SHALL, AT LEAST TEN (10) DAYS PRIOR TO THE ANNUAL MEETING, CAUSE PRINTED BALLOTS TO BE MAILED TO ALL MEMBERS ELIGBILE TO VOTE. THE RECORD DATE FOR MEMBERSHIP PURPOSES SHALL BE 5 DAYS PRIOR TO THE DATE THE NOTICE IS MAILED. (3) THE RECORDING OFFICER SHALL CAUSE THE FOLLOWING MATERIALS TO BE MAILED TO EACH ELIGIBLE VOTER: (A) ONE BALLOT, CLEARLY IDENTIFIED AS SUCH, ON WHICH THE NAMES OF THE CANDIDATES FOR THE BOARD OF DIRECTORS AND THE CANDIDATES FOR OTHER SEPERATELY IDENTIFIED OFFICES OR COMMITTEES, SHALL HAVE BEEN PRINTED IN ORDER AS DETERMINED BY THE DRAW OF LOTS. THE NAME OF EACH CANDIDATE SHALL BE FOLLOWED BY A BRIEF STATEMENT OF QUALIFICATIONS AND BIOGRAPHICAL DATA IN SUCH FORM AS SHALL BE APPROVED BY THE BOARD OF DIRECTORS, (B) ONE ENVELOPE CLEARLY MARKED WITH INSTRUCTIONS THAT THE COMPLETED BALLOT SHALL BE PLACED THEREIN AND THE ENVELOPE SEALED, (C) ONE IDENTIFICATION FORM TO BE COMPLETED SO AS TO INCLUDE THE NAME, ADDRESS, AND ACCOUNT NUMBER OF THE VOTER, (D) ONE MAILING ENVELOPE IN WHICH THE VOTER, PURSUANT TO INSTRUCTIONS PROVIDED, SHALL INSERT THE SEALED BALLOT ENVELOPE AND THE IDENTIFICATION FORM, AND WHICH SHALL HAVE BEEN POSTAGE PREPAID AND PRE-ADDRESSED FOR RETURN TO THE TELLERS OF ELECTION, (E) WHEN PROPERLY DESIGNED, ONE FORM CAN BE PRINTED THAT REPRESENTS A COMBINED BALLOT IDENTIFICATION FORM, AND POSTAGE PREPAID AND PRE-ADDRESSED RETURN ENVELOPE, (4) IT SHALL BE THE DUTY OF THE TELLERS OF ELECTION TO VERIFY OR CAUSE TO BE VERIFIED, THE NAME AND ACCOUNT NUMBER OF THE VOTER APPEARING ON THE IDENTIFICATION FORM, TO PLACE THE VERIFIED IDENTIFICATION FORM AND THE SEALED BALLOT ENVELOPE IN SEPARATE PLACES OF SAFEKEEPING PENDING THE COUNT OF THE VOTE, AND, IN THE CASE OF A QUESTIONABLE OR CHALLENGED IDENTIFICATION FORM, TO RETAIN THE IDENTIFICATION FORM AND SEALED BALLOT ENVELOPE TOGETHER UNTIL THE VERIFICATION OR CHALLENGE HAS BEEN RESOLVED, (5) BALLOTS MAILED TO THE TELLERS OF ELECTION MUST BE RECEIVED BY THE TELLERS NO LATER THAN 11:59 PM FIVE (5) DAYS PRIOR TO THE DATE OF THE ANNUAL MEETING, (6) VOTING SHALL BE CLOSED AT THE DEADLINE SPECIFIED IN SUBSECTION (E) HEREOF AND THE VOTE SHALL BE TALLIED BY THE TELLERS OF ELECTION. THE RESULT SHALL BE VERIFIED AT THE ANNUAL MEETING, AND THE BOARD OF DIRECTORS SHALL MAKE PUBLIC THE RESULTS OF THE VOTE AT THE ANNUAL MEETING. SECTION 4. NO PERSON MAY SERVE IN MORE THAN ONE (1) ELECTED POSITION AT THE SAME TIME. SECTION 5. ALL ELECTIONS SHALL BE DETERMINED BY PLURALITY VOTE AND THERE SHALL BE NO RUNOFFS EXCEPT IN THE EVENT OF A TIE VOTE. IN THE EVENT OF A TIE VOTE, THE RUNOFF ELECTION SHALL BE HELD AT THE ANNUAL MEETING. IN SUCH RUNOFF ELECTIONS, ALL PROPERLY CERTIFIED ELIGIBLE-TO-VOTE NATURAL-PERSON CREDIT UNION MEMBERS IN ATTENDANCE SHALL BE ALLOWED TO VOTE IN ALL RUNOFF ELECTIONS. SECTION 6. FOR PURPOSES OF COUNTING DAYS IN REGARDS TO CALCULATING THE NUMBER OF DAYS IN REGARDS TO ANY MATTER IN ARTICLE V OR ARTICLE VI THE DAY OF THE MEETING SHALL BE COUNTED AS THE FIRST DAY. FOR EXAMPLE, IF THE DATE OF A MEETING IS ON JANUARY 31 AND RECEIPT OF A VOTE MUST BE 5 DAYS PRIOR TO THE MEETING, SUCH VOTE MUST BE RECEIVED BY 11:59 PM ON JANUARY 26. SECTION 7. THE BOARD SHALL ESTABLISH THE RULES AND PROCEDURES OF ANY ELECTION AND THE DETERMINATION BY THE PRESIDING OFFICER OF ANY MEETING SHALL BE THE FINAL DETERMINATION AS TO PROCEDURE OR OTHER MATTERS. |
| FORM 990, PART VI, SECTION A, LINE 7B |
MERGERS AND LIQUIDATIONS MUST BE APPROVED BY THE CORPORATE'S MEMBERSHIP. |
| 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 |
DIRECTORS AND EMPLOYEES ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICT OF INTEREST AND SIGN A STATEMENT TO THAT EFFECT ANNUALLY. |
| FORM 990, PART VI, SECTION B, LINE 15 |
THE CEO'S COMPENSATION IS REVIEWED ANNUALLY BY THE PERSONNEL COMMITTEE WHICH CONSIDERS OUTSIDE DATA FROM CONSULTANTS, SURVEYS AND OTHER INDEPENDENT INFORMATION. THE PERSONNEL COMMITTEE THEN MAKES A RECOMMENDATION TO THE BOARD OF DIRECTORS REGARDING THE CEO'S COMPENSATION. BASED UPON THE REVIEW AND RECOMMENDATION OF THE PERSONNEL COMMITTEE THE BOARD OF DIRECTORS ESTABLISHES THE CEO'S COMPENSATION. THE PROCESS IS SIMILAR FOR THE OTHER OFFICER'S AND KEY EMPLOYEES WITH THE FOLLOWING EXCEPTION: THE PERSONNEL COMMITTEE RECOMMENDS, AND THE BOARD OF DIRECTORS AUTHORIZES SALARY RANGES FOR EACH POSITION. THE CEO THEN ESTABLISHES THE OTHER OFFICERS AND KEY EMPLOYEES COMPENSATION WITHIN THESE AUTHORIZED RANGES. |
| FORM 990, PART VI, SECTION C, LINE 18 |
THE CORPORATE MAKES ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE CORPORATE'S FINANCIAL STATEMENTS ARE POSTED MONTHLY ON THE CORPORATE'S WEBSITE AND ARE ALSO AVAILABLE ON NCUA'S WEBSITE, NCUA.GOV. |
| FORM 990, PART VI, SECTION C, LINE 19 |
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 CORPORATE AMERICA AS OF DECEMBER 31, 2021, PRIMARILY CONSISTS OF CREDIT UNIONS PRIMARILY LOCATED WITHIN ALABAMA AND THE SURROUNDING STATES AND CONSISTED OF APPROXIMATELY 509 MEMBER CREDIT UNIONS. |
| FORM 990, PART XI, LINE 9: |
DIVIDENDS ON PERPETUAL PAID-IN CAPITAL -1,501,438. DEFINED BENEFIT PLAN ADJUSTMENT -1,056,306. |
| 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. IF A MEMBER OF THE SUPERVISORY COMMITTEE FAILS TO ATTEND THREE CONSECUTIVE REGULAR MEETINGS OF THE SUPERVISORY COMMITTEE, OR OTHERWISE FAILS TO PERFORM ANY OF THE DUTIES DEVOLVING UPON HIM/HER AS A MEMBER OF THE SUPERVISORY COMMITTEE, HIS/HER OFFICE MAY BE DECLARED VACANT BY THE REMAINING MEMBERS OF THE SUPERVISORY COMMITTEE AND THE VACANCY FILLED AS PROVIDED IN SECTION 3 OF THIS ARTICLE. THE SUPERVISORY COMMITTEE MAY REMOVE ANY SUPERVISORY COMMITTEE OFFICER FROM OFFICE FOR FAILURE TO PERFORM THE DUTIES THEREOF, AFTER GIVING THE OFFICER REASONABLE NOTICE AND OPPORTUNITY TO BE HEARD. SHOULD ANY DIRECTOR FAIL TO HOLD THE POSITION OF CHIEF EXECUTIVE OFFICER, CHIEF FINANCIAL OFFICER, CHIEF OPERATING OFFICER, OR TREASURER/MANAGER AT A MEMBER CREDIT UNION WHILE SERVING AS A DIRECTOR, SUCH DIRECTOR'S POSITION SHALL BECOME VACANT AND SHALL BE FILLED AS PROVIDED IN SECTION 3 OF THIS ARTICLE. |
| SECTION 1.263(A)-1(F) DE MINIMIS SAFE HARBOR ELECTION |
CORPORATE AMERICA CREDIT UNION 4365 CRESCENT ROAD IRONDALE, AL 35210 EMPLOYER IDENTIFICATION NUMBER: 63-0826485 FOR THE YEAR ENDING DECEMBER 31, 2021 CORPORATE AMERICA CREDIT UNION IS MAKING THE DE MINIMIS SAFE HARBOR ELECTION UNDER REG. SEC. 1.263(A)-1(F). |
| SECTION 1.263(A)-3(N) ELECTION |
CORPORATE AMERICA CREDIT UNION 4365 CRESCENT ROAD IRONDALE, AL 35210 EMPLOYER IDENTIFICATION NUMBER: 63-0826485 FOR THE YEAR ENDING DECEMBER 31, 2021 CORPORATE AMERICA CREDIT UNION IS MAKING THE ELECTION TO CAPITALIZE REPAIR AND MAINTENANCE COSTS UNDER REG. SEC. 1.263(A)-3(N). |
Attach to Form 990 or 990-EZ.