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Nonprofiteer
← STATE CHARTERED CREDIT UNIONS IN FLORIDA

Form 990 for tax year 2023

Filed by STATE CHARTERED CREDIT UNIONS IN FLORIDA.

Totals

Total revenue
$40,879,257
Total expenses
$27,152,457
Contributions and grants received
$0
Grants paid
$74,372
Program service revenue
$35,119,819
Investment income
$5,759,438
Other revenue
$0
Total assets, end of year
$878,503,924
Total liabilities, end of year
$778,142,504
Net assets or fund balances, end of year
$100,361,420
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 ON LOANS

    total $29,759,326 · related or exempt $29,759,326

  • 2b · Program service revenue: FEE INCOME & OTHER OPERATING INCO

    total $5,300,872 · related or exempt $5,300,872

  • 2c · Program service revenue: FINANCE & INSURANCE

    total $59,621 · unrelated business $59,621

  • 3 · Investment income

    total $5,785,192 · related or exempt $5,785,192

  • 7a · Gross sales of assets other than inventory

    other assets $95,793

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

    other assets $121,547

  • 7c · Gain or loss

    other assets -$25,754

  • 7d · Net gain or loss

    total -$25,754 · related or exempt -$25,754

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $74,372

  • 5 · Compensation of officers, directors and key employees

    total $2,380,076

  • 7 · Other salaries and wages

    total $8,409,498

  • 8 · Pension plan contributions

    total $181,476

  • 9 · Other employee benefits

    total $1,083,997

  • 10 · Payroll taxes

    total $745,231

  • 11b · Fees: legal

    total $82,822

  • 11c · Fees: accounting

    total $136,415

  • 11g · Fees: other

    total $158,217

  • 12 · Advertising and promotion

    total $739,544

  • 13 · Office expenses

    total $788,037

  • 14 · Information technology

    total $1,005,411

  • 16 · Occupancy

    total $320,248

  • 17 · Travel

    total $328,659

  • 19 · Conferences, conventions and meetings

    total $43,633

  • 20 · Interest

    total $4,831,822

  • 22 · Depreciation, depletion and amortization

    total $983,902

  • 23 · Insurance

    total $153,035

  • 24a · Other expenses: MAINTENANCE & REPAIRS

    total $1,884,843

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $921,530

  • 24c · Other expenses: LOAN SERVICING

    total $506,712

  • 24d · Other expenses: DEBIT/CREDIT EXPENSE

    total $463,304

  • 24e · All other expenses

    total $929,673

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,940,848 · end of year $4,014,801

  • 2 · Savings and temporary cash investments

    beginning of year $100,677,617 · end of year $48,673,635

  • 4 · Accounts receivable

    beginning of year $5,392,801 · end of year $5,903,535

  • 7 · Other notes and loans receivable

    beginning of year $607,594,880 · end of year $652,754,168

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,633,799 · end of year $7,739,538

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

    $30,149,092

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

    $16,760,551

  • 10c · Land, buildings and equipment, net

    beginning of year $13,677,598 · end of year $13,388,541

  • 11 · Investments: publicly traded securities

    beginning of year $103,812,549 · end of year $92,375,170

  • 12 · Investments: other securities

    beginning of year $1,832,675 · end of year $3,436,975

  • 14 · Intangible assets

    beginning of year $15,541,510 · end of year $15,467,191

  • 15 · Other assets

    beginning of year $34,145,141 · end of year $34,750,370

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,885,929 · end of year $7,445,956

  • 21 · Escrow or custodial account liability

    beginning of year $4,663,125 · end of year $5,337,160

  • 23 · Secured mortgages and notes payable

    beginning of year $23,012,492 · end of year $58,332,694

  • 25 · Other liabilities

    beginning of year $773,777,121 · end of year $707,026,694

  • 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 $81,910,751 · end of year $100,361,420

Mission and programs · 2023

Mission

POWER FINANCIAL CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION ORGANIZED TO PROMOTE THRIFT AND PROVIDE CREDIT TO MEMBERS AT RATES GENERALLY LOWER THAN BANKS.

  • INTERESTS AND DIVIDENDS PAID TO MEMBERS ON THEIR SHARE ACCOUNTS, MONEY MARKET ACCOUNTS, AND CERTIFICATES OF DEPOSIT. INTEREST IS PAID AT MARKET RATES.

  • EMPLOYEE LABOR AND BENEFITS COSTS INCURRED TO SUPPORT SAVINGS SERVICES, LOAN ORIGINATIONS, AND SERVICING THE LOAN PORTFOLIO FOR ITS MEMBERS.

  • OFFICE EXPENSES AND DATA PROCESSING EXPENSES NECESSARY TO SUPPORT MEMBER ACCOUNT AND LOAN ACTIVITIES BY PROVIDING MEMBERS ACCESS TO THEIR ACCOUNTS AND SERVICES PROVIDED BY THE CREDIT UNION.

As filed on the 2023 return.

Listed in Part VII

  • Leman Murray

    CHAIRPERSON OF BOARD

    Total calculated
    $9,826
    From this org
    $9,826
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Wendel Sauer

    SECRETARY OF BOARD

    Total calculated
    $0
    Hours/week
    5

  • Terry Keith

    TREASURER OF BOARD

    Total calculated
    $2,826
    From this org
    $2,826
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • John Breslin

    VICE CHAIRPERSON OF BOARD

    Total calculated
    $9,551
    From this org
    $9,551
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Pat Carnevale

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Tony Cuba

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Stephen Knight

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Leslie McConachie

    DIRECTOR

    Total calculated
    $3,294
    From this org
    $3,294
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jack E Patterson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • George Skillas

    DIRECTOR

    Total calculated
    $9,724
    From this org
    $9,724
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Gene Sevilla

    DIRECTOR

    Total calculated
    $7,613
    From this org
    $7,613
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Allan Prindle

    PRESIDENT/CEO

    Total calculated
    $1,060,768
    From this org
    $1,028,473
    From related orgs
    $0
    Other
    $32,295
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $476,606
    Bonus
    $112,147
    Other
    $439,720
    Deferred
    $14,850
    Nontaxable benefits
    $17,445
    Filer's total
    $1,060,768

  • Wanda Ferrer

    CHIEF FINANCIAL OFFICER

    Total calculated
    $287,331
    From this org
    $250,629
    From related orgs
    $0
    Other
    $36,702
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $206,556
    Bonus
    $43,413
    Other
    $660
    Deferred
    $11,693
    Nontaxable benefits
    $25,009
    Filer's total
    $287,331

  • Michelle Diaz

    CHIEF INFORMATION OFFICER

    Total calculated
    $291,612
    From this org
    $264,261
    From related orgs
    $0
    Other
    $27,351
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $217,824
    Bonus
    $45,355
    Other
    $1,082
    Deferred
    $10,967
    Nontaxable benefits
    $16,384
    Filer's total
    $291,612

  • Claire Bergguist

    CHIEF TALENT & KNOWLEDGE O

    Total calculated
    $245,973
    From this org
    $206,094
    From related orgs
    $0
    Other
    $39,879
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,879
    Bonus
    $36,613
    Other
    $602
    Deferred
    $9,854
    Nontaxable benefits
    $30,025
    Filer's total
    $245,973

  • Lesley Garcia Suarez

    CHIEF LENDING OFFICER

    Total calculated
    $239,477
    From this org
    $202,731
    From related orgs
    $0
    Other
    $36,746
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,624
    Bonus
    $35,807
    Other
    $300
    Deferred
    $9,637
    Nontaxable benefits
    $27,109
    Filer's total
    $239,477

  • Alicia Quevedo

    CHIEF MEMBERSHIP OFFICER

    Total calculated
    $212,081
    From this org
    $186,134
    From related orgs
    $0
    Other
    $25,947
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,116
    Bonus
    $32,016
    Other
    $3,002
    Deferred
    $8,569
    Nontaxable benefits
    $17,378
    Filer's total
    $212,081

  • Mark Mattozzi

    SR. COMM. LENDING OFFICER

    Total calculated
    $219,597
    From this org
    $203,400
    From related orgs
    $0
    Other
    $16,197
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $122,369
    Bonus
    $76,944
    Other
    $4,087
    Deferred
    $9,056
    Nontaxable benefits
    $7,141
    Filer's total
    $219,597

  • Ping Luo

    VP CONTROLLER

    Total calculated
    $201,509
    From this org
    $176,808
    From related orgs
    $0
    Other
    $24,701
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,869
    Bonus
    $19,847
    Other
    $1,092
    Deferred
    $8,188
    Nontaxable benefits
    $16,513
    Filer's total
    $201,509

  • David Esquivel

    VP NETWORK SERVICES

    Total calculated
    $182,016
    From this org
    $157,013
    From related orgs
    $0
    Other
    $25,003
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,091
    Bonus
    $18,310
    Other
    $612
    Deferred
    $5,004
    Nontaxable benefits
    $19,999
    Filer's total
    $182,016

  • Vincenzo Fiordelisi

    VP, MARKETING

    Total calculated
    $165,166
    From this org
    $135,820
    From related orgs
    $0
    Other
    $29,346
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,385
    Bonus
    $16,015
    Other
    $420
    Deferred
    $6,613
    Nontaxable benefits
    $22,733
    Filer's total
    $165,166

  • Javier Saborio

    VP, RETAIL

    Total calculated
    $161,915
    From this org
    $132,140
    From related orgs
    $0
    Other
    $29,775
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $113,247
    Bonus
    $14,848
    Other
    $4,045
    Deferred
    $6,086
    Nontaxable benefits
    $23,689
    Filer's total
    $161,915

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 · Travel for companions
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 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 4B
ALLAN PRINDLE, THE CEO, PARTICIPATES IN A NON-QUALIFIED RETENTION PAYMENT PLAN. DURING 2023, $405,000 OF THE TOTAL BENEFIT VESTED. THIS VESTED BENEFIT WAS REPORTED AS COMPENSATION ON HIS 2023 FORM W-2.

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

Provenance

Return type
form_990
Tax year
2023
Filed
2 August 2024
IRS schema version
2023v5.1
Source object
202402209349301700

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