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← STATE CHARTERED CREDIT UNIONS IN FLORIDA

Form 990 for tax year 2024

Filed by STATE CHARTERED CREDIT UNIONS IN FLORIDA.

Totals

Total revenue
$272,314,802
Total expenses
$216,671,085
Contributions and grants received
$0
Grants paid
$379,519
Program service revenue
$220,947,169
Investment income
$46,702,695
Other revenue
$4,664,938
Total assets, end of year
$4,725,516,705
Total liabilities, end of year
$4,364,296,245
Net assets or fund balances, end of year
$361,220,460
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: INTEREST INCOME ON LOANS

    total $149,753,427 · related or exempt $149,753,427

  • 2b · Program service revenue: FEES, CHARGES, & OTHER

    total $71,193,742 · related or exempt $71,193,742

  • 3 · Investment income

    total $35,971,665 · excluded $35,971,665

  • 7a · Gross sales of assets other than inventory

    other assets $12,000,000

  • 7b · Less cost or other basis and sales expenses

    other assets $1,268,970

  • 7c · Gain or loss

    other assets $10,731,030

  • 7d · Net gain or loss

    total $10,731,030 · related or exempt $10,731,030

  • 11a · Other revenue: FINANCE & INSURANCE

    total $4,664,938 · unrelated business $4,664,938

  • 11e · Other revenue, total

    $4,664,938

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $379,519

  • 5 · Compensation of officers, directors and key employees

    total $14,247,897

  • 7 · Other salaries and wages

    total $38,252,863

  • 8 · Pension plan contributions

    total $2,174,247

  • 9 · Other employee benefits

    total $13,815,359

  • 10 · Payroll taxes

    total $3,790,852

  • 11a · Fees: management

    total $634,061

  • 11b · Fees: legal

    total $318,593

  • 11c · Fees: accounting

    total $277,195

  • 11f · Fees: investment management

    total $750,583

  • 11g · Fees: other

    total $1,599,503

  • 12 · Advertising and promotion

    total $5,369,486

  • 13 · Office expenses

    total $3,110,709

  • 14 · Information technology

    total $12,574,841

  • 16 · Occupancy

    total $3,818,616

  • 17 · Travel

    total $1,064,604

  • 19 · Conferences, conventions and meetings

    total $127,710

  • 20 · Interest

    total $79,712,767

  • 21 · Payments to affiliates

    total $184,582

  • 22 · Depreciation, depletion and amortization

    total $2,865,024

  • 23 · Insurance

    total $592,191

  • 24a · Other expenses: VISA CREDIT EXPENSES

    total $8,198,473

  • 24b · Other expenses: DEBIT EXPENSES

    total $6,608,958

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $5,900,834

  • 24d · Other expenses: LOAN SERVICING EXPENSE

    total $3,140,663

  • 24e · All other expenses

    total $7,160,955

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $11,086,451 · end of year $9,127,125

  • 2 · Savings and temporary cash investments

    beginning of year $16,754,392 · end of year $145,295,363

  • 4 · Accounts receivable

    beginning of year $9,537,530 · end of year $4,091,796

  • 7 · Other notes and loans receivable

    beginning of year $2,909,575,981 · end of year $3,104,966,985

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,818,678 · end of year $4,118,310

  • 10a · Land, buildings and equipment: cost or other basis

    $154,473,194

  • 10b · Land, buildings and equipment: accumulated depreciation

    $58,012,536

  • 10c · Land, buildings and equipment, net

    beginning of year $97,626,783 · end of year $96,460,658

  • 11 · Investments: publicly traded securities

    beginning of year $1,133,240,461 · end of year $1,011,858,176

  • 12 · Investments: other securities

    beginning of year $3,122,600 · end of year $103,097,100

  • 14 · Intangible assets

    beginning of year $71,144,489 · end of year $71,144,489

  • 15 · Other assets

    beginning of year $168,291,270 · end of year $175,356,703

  • 17 · Accounts payable and accrued expenses

    beginning of year $63,855,209 · end of year $63,087,449

  • 23 · Secured mortgages and notes payable

    beginning of year $55,000,000

  • 25 · Other liabilities

    beginning of year $4,007,367,731 · end of year $4,301,208,796

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $297,975,695 · end of year $361,220,460

Mission and programs · 2024

Mission

CHANGING MEMBERS' LIVES ON THE JOURNEY TO FINANCIAL FREEDOM

Activities or mission (Part I)

THE OBJECT AND PURPOSE OF FAIRWINDS CREDIT UNION IS TO BE A COOPERATIVE, NONPROFIT, ASSOCIATION ORGANIZED UNDER THE LAWS OF THE STATE OF FLORIDA, FOR THE PURPOSE OF ENCOURAGING THRIFT AMONG ITS MEMBERS, CREATING SOURCES OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR RESOURCES ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION.

  • THE CREDIT UNION NATIONAL ASSOCIATION HAS DETERMINED THAT FAIRWINDS PROVIDED $14,665,075 IN DIRECT FINANCIAL BENEFITS TO ITS 230,706 MEMBERS DURING THE TWELVE MONTHS ENDED DECEMBER 2024. THESE BENEFITS ARE EQUIVALENT TO APPROXIMATELY $133 PER MEMBER HOUSEHOLD.

  • FAIRWINDS SAVED OUR MEMBERS APPROXIMATELY $2.2 MILLION ON THEIR 15-YEAR MORTGAGES IN 2024 BY OFFERING 15-YEAR MORTGAGE LOAN RATES THAT WERE AT LEAST 0.48% LOWER THAN RATES OFFERED BY OTHER FLORIDA BANKS.

  • FAIRWINDS SAVED OUR MEMBER APPROXIMATELY $4.9 MILLION ON THEIR 30-YEAR MORTGAGES IN 2024 BY OFFERING 30-YEAR MORTGAGE LOAN RATES THAT WERE AT LEAST 0.61% LOWER THAN RATES OFFERED BY OTHER FLORIDA BANKS.

As filed on the 2024 return.

Listed in Part VII

  • Carol Denton

    BOARD MEMBER

    Total calculated
    $12,161
    From this org
    $12,161
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • John Mahony

    VICE CHAIRPERSON

    Total calculated
    $57,709
    From this org
    $57,709
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • Elizabeth Krahmer

    CHAIRPERSON

    Total calculated
    $39,023
    From this org
    $39,023
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • Mack Perry

    BOARD MEMBER

    Total calculated
    $14,913
    From this org
    $14,913
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • Richard Leigh

    SECRETARY

    Total calculated
    $19,388
    From this org
    $19,388
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • Lisa Snead

    BOARD MEMBER

    Total calculated
    $19,219
    From this org
    $19,219
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • Jason Albu

    TREASURER

    Total calculated
    $45,174
    From this org
    $45,174
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • Larry Tobin

    CEO/PRESIDENT

    Total calculated
    $8,983,293
    From this org
    $4,871,981
    From related orgs
    $0
    Other
    $4,111,312
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $1,312,033
    Bonus
    $1,529,020
    Other
    $2,030,928
    Deferred
    $3,777,382
    Nontaxable benefits
    $333,930
    Filer's total
    $8,983,293

  • Kathy Chonody

    SR EVP-CFO

    Total calculated
    $1,368,322
    From this org
    $1,269,396
    From related orgs
    $0
    Other
    $98,926
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $541,012
    Bonus
    $601,452
    Other
    $126,932
    Deferred
    $91,008
    Nontaxable benefits
    $7,918
    Filer's total
    $1,368,322

  • Phillip Tischer

    SR EVP-COO

    Total calculated
    $1,403,764
    From this org
    $986,302
    From related orgs
    $0
    Other
    $417,462
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $437,655
    Bonus
    $504,981
    Other
    $43,666
    Deferred
    $408,377
    Nontaxable benefits
    $9,085
    Filer's total
    $1,403,764

  • James Adamczyk

    SR EVP-CRO

    Total calculated
    $1,205,654
    From this org
    $791,959
    From related orgs
    $0
    Other
    $413,695
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $278,415
    Bonus
    $431,781
    Other
    $81,763
    Deferred
    $394,569
    Nontaxable benefits
    $19,126
    Filer's total
    $1,205,654

  • Charles Lai

    CIO

    Total calculated
    $902,021
    From this org
    $812,722
    From related orgs
    $0
    Other
    $89,299
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $183,904
    Bonus
    $345,213
    Other
    $283,605
    Deferred
    $81,401
    Nontaxable benefits
    $7,898
    Filer's total
    $902,021

  • Mathy Hogan

    EXECUTIVE VP - ESERVICES

    Total calculated
    $612,290
    From this org
    $531,928
    From related orgs
    $0
    Other
    $80,362
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $177,466
    Bonus
    $326,394
    Other
    $28,068
    Deferred
    $65,985
    Nontaxable benefits
    $14,377
    Filer's total
    $612,290

  • Dianne Owen

    EXECUTIVE VP - MARKETING

    Total calculated
    $713,103
    From this org
    $504,343
    From related orgs
    $0
    Other
    $208,760
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $200,356
    Bonus
    $298,199
    Other
    $5,788
    Deferred
    $104,380
    Nontaxable benefits
    $104,380
    Filer's total
    $713,103

  • Lindsey Lewinter

    EXECUTIVE VP - HRM

    Total calculated
    $526,818
    From this org
    $395,714
    From related orgs
    $0
    Other
    $131,104
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $107,822
    Bonus
    $269,543
    Other
    $18,349
    Deferred
    $65,552
    Nontaxable benefits
    $65,552
    Filer's total
    $526,818

  • Bryan Meizinger

    EXECUTIVE VP - CHIEF CREDIT OFFICER

    Total calculated
    $575,045
    From this org
    $469,220
    From related orgs
    $0
    Other
    $105,825
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $123,321
    Bonus
    $305,577
    Other
    $40,322
    Deferred
    $91,170
    Nontaxable benefits
    $14,655
    Filer's total
    $575,045

  • Thomas Howell

    VP-FINANCIAL ADVISOR

    Total calculated
    $969,243
    From this org
    $932,521
    From related orgs
    $0
    Other
    $36,722
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $925,801
    Bonus
    $0
    Other
    $6,720
    Deferred
    $17,400
    Nontaxable benefits
    $19,322
    Filer's total
    $969,243

  • Thomas Baldwin III

    SENIOR VP-RETAIL BANKING & WEALTH MANAGEMENT

    Total calculated
    $396,528
    From this org
    $346,270
    From related orgs
    $0
    Other
    $50,258
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $78,823
    Bonus
    $258,043
    Other
    $9,404
    Deferred
    $31,999
    Nontaxable benefits
    $18,259
    Filer's total
    $396,528

  • Jorge M Font

    SENIOR VP-BUSINESS SERVICES

    Total calculated
    $468,770
    From this org
    $402,422
    From related orgs
    $0
    Other
    $66,348
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $98,165
    Bonus
    $281,884
    Other
    $22,373
    Deferred
    $53,397
    Nontaxable benefits
    $12,951
    Filer's total
    $468,770

  • Kimberly Wightman

    EVP-FINANCE

    Total calculated
    $438,725
    From this org
    $376,296
    From related orgs
    $0
    Other
    $62,429
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $86,016
    Bonus
    $268,579
    Other
    $21,701
    Deferred
    $50,513
    Nontaxable benefits
    $11,916
    Filer's total
    $438,725

  • James Thornberry

    SVP - MEMBER EXPERIENCE

    Total calculated
    $362,662
    From this org
    $329,028
    From related orgs
    $0
    Other
    $33,634
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $91,301
    Bonus
    $232,197
    Other
    $5,530
    Deferred
    $14,194
    Nontaxable benefits
    $19,440
    Filer's total
    $362,662

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · First-class or charter travel
  • 1a · Travel for companions
  • 1a · Health or social club dues or initiation fees
  • 1a · Personal services (maid, chauffeur, chef)
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
THE CREDIT UNION PROVIDES HOME SECURITY SYSTEMS FOR THE CEO AND CFO AND PAYS FOR THE SECURITY MONITORING FOR THE CEO.
PART I, LINE 4B
THE BELOW-LISTED EXECUTIVES PARTICIPATE IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP). THE PLAN GUARANTEES SPECIFIC PAYMENTS WILL BE MADE TO THE EXECUTIVES ONCE ELIGIBILITY REQUIREMENTS ARE MET. THE BALANCE REPORTED BELOW REPRESENTS THE SERP BENEFIT LIABILITY AS OF DECEMBER 31, 2024. LARRY TOBIN - CEO/PRESIDENT $8,478,308 KATHY CHONODY - SR EVP-CFO $1,081,921 PHILLIP TISCHER - SR EVP-COO $3,096,359 MATHY HOGAN - EXEC VP-PAYMENTS & DIGITAL BANKING $217,559 CHARLES LAI - EXEC VP-CIO $332,255 JAMES ADAMCZYK- SR EVP-CSO $1,780,983 JORGE M. FONT - SVP-BUSINESS SERVICES $300,000 KIMBERLY WRIGHTMAN - SVP-FINANCE/CONTROLLER $178,636 BRYAN MEIZINGER - SVP-LENDING $382,577 THOMAS BALDWIN III - SVP-RETAIL BANKING & WEALTH MANAGEMENT $80,000 JAMES THORNBERRY - SVP-MEMBER EXPERIENCE $138,528 THE FOLLOWING EMPLOYEES RECEIVED A PAYOUT DURING 2024: LARRY TOBIN: $2,000,000 (SERP) CHARLES S. LAI: $250,000 (SERP)

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • FAIRWINDS FOUNDATION INC

    501(C)(3) · CHARITABLE AND EDUCATIONAL PURPOSES · FL · controlled entity

    Directly controlled by FAIRWINDS CREDIT UNION

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • FAIRWINDS FINANCIAL SERVICES LLC

    INACTIVE - NO BUSINESS HAS BEEN PROCESSED · FL · income -$139 · assets $57,361

    Directly controlled by FAIRWINDS CREDIT UNION

  • FAIRWINDS INSURANCE SERVICES LLC

    PROVIDING INSURANCE SERVICES · FL · income $38,563 · assets $548,661

    Directly controlled by FAIRWINDS CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.2
Source object
202533219349316638

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