Skip to content
Nonprofiteer
← STATE CHARTERED CREDIT UNIONS IN FLORIDA

Form 990 for tax year 2022

Filed by STATE CHARTERED CREDIT UNIONS IN FLORIDA.

Totals

Total revenue
$116,884,048
Total expenses
$83,054,241
Contributions and grants received
$0
Grants paid
$25,000
Program service revenue
$111,507,977
Investment income
$8,649,514
Other revenue
-$3,273,443
Total assets, end of year
$2,539,695,763
Total liabilities, end of year
$2,274,429,270
Net assets or fund balances, end of year
$265,266,493
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: LOAN INTEREST

    total $72,449,641 · related or exempt $72,449,641

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $25,973,492 · related or exempt $25,973,492

  • 2c · Program service revenue: FEES AND CHARGES

    total $13,084,844 · related or exempt $12,914,408 · unrelated business $170,436

  • 3 · Investment income

    total $8,646,277 · excluded $8,646,277

  • 7a · Gross sales of assets other than inventory

    other assets $146,684

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

    other assets $143,447

  • 7c · Gain or loss

    other assets $3,237

  • 7d · Net gain or loss

    total $3,237 · excluded $3,237

  • 11a · Other revenue: NET LOSS ON SERP INVESTMENTS

    total -$3,273,443 · excluded -$3,273,443

  • 11e · Other revenue, total

    -$3,273,443

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $25,000

  • 4 · Benefits paid to or for members

    total $8,613,698

  • 5 · Compensation of officers, directors and key employees

    total $3,101,261

  • 7 · Other salaries and wages

    total $19,051,076

  • 8 · Pension plan contributions

    total $567,591

  • 9 · Other employee benefits

    total $3,289,959

  • 10 · Payroll taxes

    total $1,474,497

  • 11b · Fees: legal

    total $308,122

  • 11c · Fees: accounting

    total $123,379

  • 11g · Fees: other

    total $12,972,957

  • 12 · Advertising and promotion

    total $4,814,036

  • 13 · Office expenses

    total $4,128,763

  • 14 · Information technology

    total $304,405

  • 16 · Occupancy

    total $2,691,072

  • 17 · Travel

    total $77,512

  • 19 · Conferences, conventions and meetings

    total $729,092

  • 22 · Depreciation, depletion and amortization

    total $2,960,678

  • 23 · Insurance

    total $426,600

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $11,259,300

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $4,781,151

  • 24c · Other expenses: MISCELLANEOUS EXPENSE

    total $586,614

  • 24d · Other expenses: FORGERY, FRAUD & PLASTI

    total $478,650

  • 24e · All other expenses

    total $288,828

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,602,796 · end of year $22,826,889

  • 2 · Savings and temporary cash investments

    beginning of year $241,706,925 · end of year $101,244,629

  • 5 · Loans and receivables from officers and key people

    beginning of year $3,633,501 · end of year $3,483,204

  • 7 · Other notes and loans receivable

    beginning of year $1,479,390,939 · end of year $1,780,661,407

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,656,169 · end of year $5,343,051

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

    $76,035,360

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

    $28,962,204

  • 10c · Land, buildings and equipment, net

    beginning of year $47,326,209 · end of year $47,073,156

  • 12 · Investments: other securities

    beginning of year $570,229,179 · end of year $502,262,134

  • 15 · Other assets

    beginning of year $68,088,627 · end of year $76,801,293

  • 17 · Accounts payable and accrued expenses

    beginning of year $30,216,234 · end of year $28,678,443

  • 21 · Escrow or custodial account liability

    beginning of year $953,000 · end of year $845,908

  • 25 · Other liabilities

    beginning of year $2,118,448,836 · end of year $2,244,904,919

  • 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 $281,016,275 · end of year $265,266,493

Mission and programs · 2022

Mission

COMMUNITY FIRST CREDIT UNION OF FLORIDA'S MISSION IS TO PROVIDE THE HIGHEST IN QUALITY FINANCIAL SOLUTIONS FOR EVERY STAGE OF LIFE.

Activities or mission (Part I)

PROVIDING FINANCIAL SOLUTIONS FOR EVERY STAGE OF LIFE.

  • INCOME FROM THE CREDIT UNION MEMBERSHIP AND FROM THE INVESTMENT OF MEMBERS' FUNDS PROVIDE THE BASIS FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP.

  • THE CREDIT UNION OFFERS A VARIETY OF FINANCIAL PRODUCTS, INCLUDING MORTGAGE, AUTOMOBILE, CREDIT CARDS, AND PERSONAL SIGNATURE LOANS. $979,840,044 IN NEW LOANS WERE ORIGINATED DURING 2022 AND MORE THAN $1,804,996,755 IN LOAN BALANCES WERE SERVICED DURING 2022.

  • MEMBERS MAY CHOOSE FROM A NUMBER OF ACCOUNT TYPES INCLUDING REGULAR SHARES, CHECKING, MONEY MARKET, AND RETIREMENT ACCOUNTS. $2,244,904,919 IN DEPOSIT ACCOUNTS WERE MAINTAINED FOR 168,027 MEMBERS DURING 2022.

As filed on the 2022 return.

Listed in Part VII

  • Malinda Prudencio

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • William Permenter

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Ted Willich

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Bettie Adams

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Chantelle Schart

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Bruce Doueck

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jim Farah

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brenda Simmons-Hutchins

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Elvia Williams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Hirabayashi

    CEO/PRESIDENT

    Total calculated
    $946,014
    From this org
    $888,583
    From related orgs
    $0
    Other
    $57,431
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $665,488
    Bonus
    $135,608
    Other
    $87,487
    Deferred
    $2,024
    Nontaxable benefits
    $55,407
    Filer's total
    $946,014

  • Sam Inman

    CFO

    Total calculated
    $728,977
    From this org
    $653,760
    From related orgs
    $0
    Other
    $75,217
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $573,496
    Bonus
    $51,274
    Other
    $28,990
    Deferred
    $11,917
    Nontaxable benefits
    $63,300
    Filer's total
    $728,977

  • Tim Simpson

    CHIEF INFORMATION OFFICER

    Total calculated
    $336,035
    From this org
    $268,340
    From related orgs
    $0
    Other
    $67,695
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $235,049
    Bonus
    $32,433
    Other
    $858
    Deferred
    $7,808
    Nontaxable benefits
    $59,887
    Filer's total
    $336,035

  • Roger Rassman

    CHIEF MARKETING OFFICER

    Total calculated
    $283,907
    From this org
    $250,481
    From related orgs
    $0
    Other
    $33,426
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $218,945
    Bonus
    $23,555
    Other
    $7,981
    Deferred
    $9,216
    Nontaxable benefits
    $24,210
    Filer's total
    $283,907

  • Jimmy Lovelace

    SENIOR VICE PRESIDENT

    Total calculated
    $325,577
    From this org
    $296,798
    From related orgs
    $0
    Other
    $28,779
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $238,481
    Bonus
    $35,092
    Other
    $23,225
    Deferred
    $9,720
    Nontaxable benefits
    $19,059
    Filer's total
    $325,577

  • Lori Smith

    SVP HUMAN RESOURCES

    Total calculated
    $230,387
    From this org
    $213,267
    From related orgs
    $0
    Other
    $17,120
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $199,832
    Bonus
    $12,600
    Other
    $835
    Deferred
    $6,398
    Nontaxable benefits
    $10,722
    Filer's total
    $230,387

  • Ryan Olson

    SVP LENDING

    Total calculated
    $250,364
    From this org
    $197,545
    From related orgs
    $0
    Other
    $52,819
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,935
    Bonus
    $11,550
    Other
    $60
    Deferred
    $7,625
    Nontaxable benefits
    $45,194
    Filer's total
    $250,364

  • Mark Fitzmorris

    FINANCIAL ADVISOR

    Total calculated
    $555,168
    From this org
    $477,724
    From related orgs
    $0
    Other
    $77,444
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $477,611
    Bonus
    $0
    Other
    $113
    Deferred
    $11,200
    Nontaxable benefits
    $66,244
    Filer's total
    $555,168

  • Mike Franz

    VICE PRESIDENT ACCOUNTING AND FINANCE

    Total calculated
    $230,035
    From this org
    $192,438
    From related orgs
    $0
    Other
    $37,597
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,026
    Bonus
    $20,756
    Other
    $2,656
    Deferred
    $6,017
    Nontaxable benefits
    $31,580
    Filer's total
    $230,035

  • John Keeley Jr

    COMMERCIAL LENDING OFFICER

    Total calculated
    $229,395
    From this org
    $206,969
    From related orgs
    $0
    Other
    $22,426
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $89,516
    Bonus
    $113,756
    Other
    $3,697
    Deferred
    $0
    Nontaxable benefits
    $22,426
    Filer's total
    $229,395

  • Melissa Thomas

    SENIOR VICE PRESIDENT

    Total calculated
    $201,033
    From this org
    $179,812
    From related orgs
    $0
    Other
    $21,221
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $177,364
    Bonus
    $2,000
    Other
    $448
    Deferred
    $3,750
    Nontaxable benefits
    $17,471
    Filer's total
    $201,033

  • Chris Culpepper

    VICE PRESIDENT

    Total calculated
    $233,481
    From this org
    $178,621
    From related orgs
    $0
    Other
    $54,860
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,882
    Bonus
    $0
    Other
    $43,739
    Deferred
    $6,492
    Nontaxable benefits
    $48,368
    Filer's total
    $233,481

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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 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 1A
BETTIE ADAMS TRAVEL FOR COMPANION $1,581 WILLIAM PERMENTER TRAVEL FOR COMPANION $1,479 ELVIA WILLIAMS TRAVEL FOR COMPANION $1,536 BRENDA SIMMONS-HUTCHINS TRAVEL FOR COMPANION $911 CHANTELLE SCHART TRAVEL FOR COMPANION $1,033 JIM FARAH TRAVEL FOR COMPANION $951 TED WILLICH TRAVEL FOR COMPANION $2,134
PART I, LINE 4B
NAME: SAM INMAN, DESCRIPTION: SERP PARTICIPANT, CURRENT YEAR AMOUNT: $250,000. PLAN DESCRIPTION: SERP PAYOUT NAME: JOHN HIRABAYASHI, DESCRIPTION: SERP PARTICIPANT, NO DISTRIBUTION NAME: JIMMY LOVELACE, DESCRIPTION: SERP PARTICIPANT, NO DISTRIBUTION NAME: ROGER RASSMAN, DESCRIPTION: SERP PARTICIPANT, NO DISTRIBUTION NAME: TIM SIMPSON, DESCRIPTION: SERP PARTICIPANT, NO DISTRIBUTION NAME: RYAN OLSON, DESCRIPTION: SERP PARTICIPANT, NO DISTRIBUTION

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

  • COMMUNITY FIRST CARES FOUNDATION

    $25,000

    TO PROVIDE FINANCIAL SUPPORT TO THE FOUNDATION TO FULFILL ITS EXEMPT PURPOSE TO PROMOTE AND PROVIDE CHARITABLE GIVING AND COMMUNITY INVESTMENT IN THE AREAS SERVED BY THE CREDIT UNION.

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.

  • COMMUNITY FIRST CARES FOUNDATION

    501(C)(3) · IMPROVE THE QUALITY OF LIFE IN NORTHEAST FLORIDA. · FL · controlled entity

    Directly controlled by COMMUNITY FIRST CREDIT UNION OF FLORIDA

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • EDCO FINANCIAL SERVICES INC

    C · FINANCIAL SERVICES - INACTIVE · FL · 100% owned · controlled entity

    Directly controlled by COMMUNITY FIRST CREDIT UNION OF FLORIDA

Provenance

Return type
form_990
Tax year
2022
Filed
25 October 2023
IRS schema version
2022v5.0
Source object
202333059349302053

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.