Credit Unions will enter their financial statement net income on Form ET-1 Line 1.

Section 40-16-1.3, Code of Alabama 1975, states that the net income for Credit Unions is the  “financial statement income which is the final net income amount, total revenue less total expenses, calculated for financial statement purposes and reported to the Internal Revenue Service as a tax exempt organization and to the Alabama Credit Union Administration (ACUA), or other government regulatory authority.”

In support of Line 1, Credit Unions will need to submit with Form ET-1 a copy of Federal Form 990/990T and the Call Report submitted to the National Credit Union Association (NCUA), or other reporting/insuring entity such as American Share Insurance (ASI).