Form 990 for tax year 2024
Filed by STATE CHARTERED CREDIT UNIONS IN FLORIDA.
Totals
- Total revenue
- $6,745,787
- Total expenses
- $5,980,703
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $6,196,723
- Investment income
- $549,064
- Other revenue
- $0
- Total assets, end of year
- $110,321,533
- Total liabilities, end of year
- $102,468,914
- Net assets or fund balances, end of year
- $7,852,619
- 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 $4,732,525 · related or exempt $4,732,525
-
2b · Program service revenue: FEES/CHARGES/OTHR INCOME
total $1,435,351 · related or exempt $1,435,351
-
2c · Program service revenue: UNRELATED BUSINESS INCOME
total $28,847 · unrelated business $28,847
-
3 · Investment income
total $547,163 · related or exempt $547,163
-
7a · Gross sales of assets other than inventory
securities $1,243,901
-
7b · Less cost or other basis and sales expenses
securities $1,242,000
-
7c · Gain or loss
securities $1,901
-
7d · Net gain or loss
total $1,901 · related or exempt $1,901
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $346,880
-
7 · Other salaries and wages
total $1,559,374
-
8 · Pension plan contributions
total $58,126
-
9 · Other employee benefits
total $41,174
-
10 · Payroll taxes
total $139,971
-
11b · Fees: legal
total $10,715
-
11c · Fees: accounting
total $94,276
-
12 · Advertising and promotion
total $22,533
-
13 · Office expenses
total $73,303
-
14 · Information technology
total $352,179
-
16 · Occupancy
total $163,493
-
17 · Travel
total $884
-
19 · Conferences, conventions and meetings
total $65,397
-
20 · Interest
total $1,812,321
-
22 · Depreciation, depletion and amortization
total $77,678
-
23 · Insurance
total $36,922
-
24a · Other expenses: LOAN SERVICING
total $747,636
-
24b · Other expenses: PROVISION FOR LOAN LOSS
total $214,012
-
24c · Other expenses: OTHER PROFESSIONAL EXPE
total $94,769
-
24d · Other expenses: OTHER EXPENSES
total $67,322
-
24e · All other expenses
total $1,738
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $416,125 · end of year $629,471
-
2 · Savings and temporary cash investments
beginning of year $8,074,647 · end of year $5,738,964
-
4 · Accounts receivable
beginning of year $549,275 · end of year $1,699,921
-
7 · Other notes and loans receivable
beginning of year $74,554,699 · end of year $86,825,282
-
9 · Prepaid expenses and deferred charges
beginning of year $68,776 · end of year $28,097
-
10a · Land, buildings and equipment: cost or other basis
$1,349,736
-
10b · Land, buildings and equipment: accumulated depreciation
$748,336
-
10c · Land, buildings and equipment, net
beginning of year $659,708 · end of year $601,400
-
11 · Investments: publicly traded securities
beginning of year $11,215,825 · end of year $10,578,304
-
12 · Investments: other securities
beginning of year $3,102,805 · end of year $1,629,079
-
15 · Other assets
beginning of year $2,463,580 · end of year $2,591,015
-
17 · Accounts payable and accrued expenses
beginning of year $2,604,721 · end of year $2,207,082
-
23 · Secured mortgages and notes payable
beginning of year $4,400,000 · end of year $2,500,000
-
25 · Other liabilities
beginning of year $87,138,217 · end of year $97,761,832
-
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 $6,962,502 · end of year $7,852,619
Mission and programs · 2024
Mission
OUR MISSION IS TO EMPOWER MEMBERS TO ACHIEVE THEIR FINANCIAL GOALS.
-
SHARES - THE CREDIT UNION HAS 22,184 DEPOSIT ACCOUNTS THAT HAVE AN AGGREGATE BALANCE OVER $97 MILLION.
-
LOANS - THE CREDIT UNION HAS OVER 78,000 LOANS OUTSTANDING THAT HAVE AN AGGREGATE BALANCE OF APPROXIMATELY $87 MILLION.
-
FINANCIAL SERVICES - THE CREDIT UNION OFFERS A VARIETY OF FINANCIAL SERVICES FOR ITS MEMBERS.
As filed on the 2024 return.
Listed in Part VII
-
Patrick DeeganPATRICK DEEGAN
CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Kathy ReepKATHY REEP
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Cecil LowryCECIL LOWRY
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Gregory EdrisGREGORY EDRIS
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
William CochranWILLIAM COCHRAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Sheryl MoorheadSHERYL MOORHEAD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Kristin UlanoffKRISTIN ULANOFF
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Abel BiriABEL BIRI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Timothy CookTIMOTHY COOK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Daniel MyersDANIEL MYERS
SUPERVISORY COMMITTEE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Armando TagalogARMANDO TAGALOG
SUPERVISORY COMMITTEE MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Kelley MoringKELLEY MORING
SUPERVISORY COMMITTEE MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Albert LeeALBERT LEE
SUPERVISORY COMMITTEE MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
John Adam NeusaengerJOHN ADAM NEUSAENGER
PRESIDENT/CHIEF EXECUTIVE
- Total calculated
- $221,048
- From this org
- $182,865
- From related orgs
- $0
- Other
- $38,183
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $155,181
- Bonus
- $24,799
- Other
- $2,885
- Deferred
- $7,559
- Nontaxable benefits
- $30,624
- Filer's total
- $221,048
-
Veronica GurmendiVERONICA GURMENDI
CONTROLLER
- Total calculated
- $125,832
- From this org
- $104,798
- From related orgs
- $0
- Other
- $21,034
- Hours/week
- 40
-
Shushilya MohammedSHUSHILYA MOHAMMED
CHIEF OPERATING OFFICER
- Total calculated
- $137,206
- From this org
- $113,537
- From related orgs
- $0
- Other
- $23,669
- Hours/week
- 40
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
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
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
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 6 November 2025
- IRS schema version
- 2024v5.2
- Source object
- 202503179349307695
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