Apco Employees Credit Union

Nonprofit profile at a glance

EIN
630328360
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Birmingham, AL, USA
Phone
2052266800
Rating confidence
Limited

Official website

Reported finances

Revenue
$119,293,106
Expenses
$110,753,878
Assets
$3,450,256,926
Liabilities
$3,204,746,107

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

21 people listed

Executive titles in this filing

  • DERRICK RAGLAND (CEO)

Highest reported compensation

  • BLANE MINK (CFO/VP): $1,292,526 total reported compensation
  • DERRICK RAGLAND (CEO): $1,032,985 total reported compensation
  • ANDY RUSH (COO): $564,253 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

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.

What it reported doing in 2024

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. 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, 2024, the credit union had membership and provided services to approximately 85,419 members.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 82
  • Accountability: 86
  • Sustainability: 64
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 4th percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 7.2%; rating input score 65; 65th percentile among comparable filings
  • Total-asset coverage ratio: 31.15; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0.93; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 4.1%; rating input score 24; 24th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 5.6% per year; rating input score 100; 48th percentile among comparable filings
  • Asset growth: 4% per year; rating input score 100; 28th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 9 of 9 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $1.3M · 21 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.7M reported
  • Consistency: 11 of 12 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 21 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • High — Sustainability: Officer compensation ratio scored 24/100.