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
$48,027,529
Total expenses
$40,848,476
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$40,471,311
Investment income
$7,126,004
Other revenue
$430,214
Total assets, end of year
$1,386,119,924
Total liabilities, end of year
$1,256,738,182
Net assets or fund balances, end of year
$129,381,742
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: LOANS TO MEMBERS

    total $32,643,093 · related or exempt $32,643,093

  • 2b · Program service revenue: FEES/CHARGES/OTHER

    total $7,828,218 · related or exempt $7,828,218

  • 3 · Investment income

    total $6,923,532 · related or exempt $6,923,532

  • 7a · Gross sales of assets other than inventory

    securities $6,649,100 · other assets $6,017,496

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

    securities $6,603,016 · other assets $5,861,108

  • 7c · Gain or loss

    securities $46,084 · other assets $156,388

  • 7d · Net gain or loss

    total $202,472 · related or exempt $202,472

  • 11a · Other revenue: FINANCE & INSURANCE

    total $430,214 · unrelated business $430,214

  • 11e · Other revenue, total

    $430,214

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,876,835

  • 7 · Other salaries and wages

    total $11,214,807

  • 8 · Pension plan contributions

    total $784,201

  • 9 · Other employee benefits

    total $3,191,199

  • 10 · Payroll taxes

    total $980,510

  • 11a · Fees: management

    total $13,417

  • 11b · Fees: legal

    total $93,413

  • 11c · Fees: accounting

    total $194,826

  • 12 · Advertising and promotion

    total $1,156,610

  • 13 · Office expenses

    total $1,580,240

  • 14 · Information technology

    total $2,657,845

  • 16 · Occupancy

    total $1,864,696

  • 17 · Travel

    total $91,367

  • 19 · Conferences, conventions and meetings

    total $114,555

  • 20 · Interest

    total $4,820,979

  • 22 · Depreciation, depletion and amortization

    total $1,592,570

  • 23 · Insurance

    total $261,259

  • 24a · Other expenses: PROFESSIONAL AND OUTSID

    total $3,636,501

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $2,522,412

  • 24c · Other expenses: LOAN SERVICING

    total $1,712,187

  • 24d · Other expenses: MISCELLANEOUS EXPENSES

    total $488,047

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,807,265 · end of year $3,466,256

  • 2 · Savings and temporary cash investments

    beginning of year $93,108,899 · end of year $77,674,148

  • 4 · Accounts receivable

    beginning of year $14,128,492 · end of year $17,213,882

  • 5 · Loans and receivables from officers and key people

    beginning of year $3,900,000 · end of year $3,900,000

  • 7 · Other notes and loans receivable

    beginning of year $664,025,995 · end of year $843,713,312

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,760,963 · end of year $2,461,847

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

    $45,961,823

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

    $16,303,452

  • 10c · Land, buildings and equipment, net

    beginning of year $28,002,813 · end of year $29,658,371

  • 11 · Investments: publicly traded securities

    beginning of year $491,543,149 · end of year $384,136,913

  • 12 · Investments: other securities

    beginning of year $5,116,800 · end of year $7,459,600

  • 14 · Intangible assets

    beginning of year $566,116 · end of year $714,703

  • 15 · Other assets

    beginning of year $13,109,553 · end of year $15,720,892

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,350,146 · end of year $12,636,684

  • 23 · Secured mortgages and notes payable

    beginning of year $120,000,000 · end of year $160,000,000

  • 25 · Other liabilities

    beginning of year $1,030,481,746 · end of year $1,084,101,498

  • 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 $159,238,153 · end of year $129,381,742

Mission and programs · 2022

Mission

FIRST FLORIDA CREDIT UNION IS DEDICATED TO DELIVERING FINANCIAL SOLUTIONS TO ENRICH MEMBERS' LIVES.

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

As filed on the 2022 return.

Listed in Part VII

  • Jonathan R Lyon

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • Cornita Riley

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • Richard M Hood

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Sandra Magyar

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Robert L Bull

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Dean Willis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Nancy H Meier

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Ken Jones

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Kyle Peters

    ASSOCIATE DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • June Scarlett

    ASSOCIATE DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Brent Lister

    PRESIDENT/CEO

    Total calculated
    $859,499
    From this org
    $806,063
    From related orgs
    $0
    Other
    $53,436
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $568,439
    Bonus
    $181,759
    Other
    $55,865
    Deferred
    $27,450
    Nontaxable benefits
    $25,986
    Filer's total
    $859,499

  • Bradley A Long

    EVP FINANCE

    Total calculated
    $380,024
    From this org
    $330,130
    From related orgs
    $0
    Other
    $49,894
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $270,855
    Bonus
    $52,548
    Other
    $6,727
    Deferred
    $24,400
    Nontaxable benefits
    $25,494
    Filer's total
    $380,024

  • Joseph Carpenter

    EVP OPERATIONS

    Total calculated
    $388,787
    From this org
    $336,847
    From related orgs
    $0
    Other
    $51,940
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $271,222
    Bonus
    $52,796
    Other
    $12,829
    Deferred
    $26,440
    Nontaxable benefits
    $25,500
    Filer's total
    $388,787

  • Elizabeth Polk

    SVP ADMINISTRATION

    Total calculated
    $248,525
    From this org
    $219,556
    From related orgs
    $0
    Other
    $28,969
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,877
    Bonus
    $31,952
    Other
    $11,727
    Deferred
    $18,429
    Nontaxable benefits
    $10,540
    Filer's total
    $248,525

  • Michelle Troha

    SVP MARKETING

    Total calculated
    $209,792
    From this org
    $168,700
    From related orgs
    $0
    Other
    $41,092
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,343
    Bonus
    $28,195
    Other
    $162
    Deferred
    $16,619
    Nontaxable benefits
    $24,473
    Filer's total
    $209,792

  • Timothy Brown

    SVP INFORMATION TECHNOLOGY

    Total calculated
    $218,905
    From this org
    $193,789
    From related orgs
    $0
    Other
    $25,116
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,758
    Bonus
    $27,991
    Other
    $15,040
    Deferred
    $14,710
    Nontaxable benefits
    $10,406
    Filer's total
    $218,905

  • Andrea Hurley

    SVP RISK MANAGEMENT

    Total calculated
    $206,783
    From this org
    $181,028
    From related orgs
    $0
    Other
    $25,755
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,477
    Bonus
    $26,058
    Other
    $14,493
    Deferred
    $15,396
    Nontaxable benefits
    $10,359
    Filer's total
    $206,783

  • Richard Markley

    SVP OPERATIONS

    Total calculated
    $226,896
    From this org
    $195,235
    From related orgs
    $0
    Other
    $31,661
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,854
    Bonus
    $27,356
    Other
    $16,025
    Deferred
    $13,730
    Nontaxable benefits
    $17,931
    Filer's total
    $226,896

  • Christian Barnett

    MANAGING DIRECTOR FFIS

    Total calculated
    $226,091
    From this org
    $188,308
    From related orgs
    $0
    Other
    $37,783
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,780
    Bonus
    $11,843
    Other
    $2,685
    Deferred
    $13,013
    Nontaxable benefits
    $24,770
    Filer's total
    $226,091

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 · 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
PAID TRAVEL FOR SPOUSES ACCOMPANYING EMPLOYEES AND VOLUNTEERS. ANNUAL CLUB DUES ARE PAID FOR THE CEO.
PART I, LINE 4B
THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE PRESIDENT/CEO, BRENT LISTER THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. THE FOLLOWING MEMBERS PARTICIPATE IN A NON-QUALIFIED 457(B) PLAN. THE CREDIT UNION DOES NOT CONTRIBUTE TO THIS PLAN. THE PARTICIPANTS MAKE CONTRIBUTIONS TO THE PLAN AND AS SUCH, ARE ALWAYS VESTED IN THEIR CONTRIBUTIONS. BRENT LISTER ANDREA HURLEY

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
2022
Filed
16 October 2023
IRS schema version
2022v5.0
Source object
202342919349300814

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.