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← STATE CHARTERED CREDIT UNIONS IN FLORIDA

Form 990 for tax year 2023

Filed by STATE CHARTERED CREDIT UNIONS IN FLORIDA.

Totals

Total revenue
$759,741,574
Total expenses
$735,159,970
Contributions and grants received
$0
Grants paid
$2,036,471
Program service revenue
$628,787,490
Investment income
$131,567,654
Other revenue
-$613,570
Total assets, end of year
$13,578,667,359
Total liabilities, end of year
$12,824,517,966
Net assets or fund balances, end of year
$754,149,393
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: INTEREST ON LOANS

    total $481,305,519 · related or exempt $481,305,519

  • 2b · Program service revenue: FEES & COMMISSIONS

    total $132,179,655 · related or exempt $128,084,552 · unrelated business $4,095,103

  • 2c · Program service revenue: GAIN ON SALE OF LOANS

    total $1,703,568 · related or exempt $1,703,568

  • 2d · Program service revenue: CR LIFE & DISAB, GAP, VIS, DEBT PROTECTION

    total $13,598,748 · related or exempt $13,598,748

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $132,366,012 · unrelated business -$388,409 · excluded $132,754,421

  • 6a · Gross rents

    real property $2,354,300

  • 6b · Less rental expenses

    real property $3,311,666

  • 6c · Rental income or loss

    real property -$957,366 · personal property $0

  • 6d · Net rental income or loss

    total -$957,366 · related or exempt -$1,398,715 · excluded $441,349

  • 7a · Gross sales of assets other than inventory

    other assets $5,394,249

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

    other assets $6,192,608

  • 7c · Gain or loss

    securities $0 · other assets -$798,359

  • 7d · Net gain or loss

    total -$798,358 · excluded -$798,358

  • 11a · Other revenue: PARKING INCOME

    total $265,816 · related or exempt $265,816

  • 11b · Other revenue: COLLECTION ALLOWANCE

    total $77,980 · excluded $77,980

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $343,796

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,036,471

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $5,890,916

  • 6 · Compensation of disqualified persons

    total $435,688

  • 7 · Other salaries and wages

    total $164,642,247

  • 8 · Pension plan contributions

    total $6,443,753

  • 9 · Other employee benefits

    total $29,027,277

  • 10 · Payroll taxes

    total $12,672,084

  • 11b · Fees: legal

    total $486,490

  • 11c · Fees: accounting

    total $279,659

  • 11d · Fees: lobbying

    total $71,246

  • 11g · Fees: other

    total $22,167,311

  • 12 · Advertising and promotion

    total $16,381,955

  • 13 · Office expenses

    total $109,476,570

  • 14 · Information technology

    total $17,945,909

  • 16 · Occupancy

    total $13,222,497

  • 17 · Travel

    total $913,235

  • 19 · Conferences, conventions and meetings

    total $1,523,751

  • 20 · Interest

    total $127,563,147

  • 22 · Depreciation, depletion and amortization

    total $31,665,898

  • 23 · Insurance

    total $3,299,619

  • 24a · Other expenses: INTEREST PAID TO MEMBERS

    total $113,968,011

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $36,853,572

  • 24c · Other expenses: LOAN PROGRAMS

    total $8,800,828

  • 24d · Other expenses: ACCRUED INCOME TAXES

    total $593,181

  • 24e · All other expenses

    total $8,798,655

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $91,224,703 · end of year $92,892,942

  • 2 · Savings and temporary cash investments

    beginning of year $313,915,674 · end of year $404,082,611

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $29,344,689 · end of year $28,190,814

  • 5 · Loans and receivables from officers and key people

    beginning of year $54,264,549 · end of year $69,365,184

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $9,421,025,926 · end of year $9,417,152,281

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

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

    $655,305,265

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

    $167,684,029

  • 10c · Land, buildings and equipment, net

    beginning of year $459,977,560 · end of year $487,621,236

  • 11 · Investments: publicly traded securities

    beginning of year $3,042,091,436 · end of year $2,820,390,055

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $42,207,004 · end of year $44,862,858

  • 14 · Intangible assets

    beginning of year $28,587,335 · end of year $28,485,668

  • 15 · Other assets

    beginning of year $176,896,265 · end of year $185,623,710

  • 17 · Accounts payable and accrued expenses

    beginning of year $134,069,907 · end of year $143,604,123

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $2,206,456,522 · end of year $2,631,212,276

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $10,576,397,858 · end of year $10,049,701,567

  • 27 · Net assets without donor restrictions

    beginning of year $0 · end of year $0

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

  • 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 $742,610,854 · end of year $754,149,393

Mission and programs · 2023

Mission

VYSTAR CREDIT UNION EXISTS TO SERVE THE FINANCIAL NEEDS OF OUR MEMBERS BY PROVIDING QUALITY PRODUCTS AND SERVICES WHILE MAINTAINING FISCAL SOUNDNESS. OUR PURPOSE IS TO DO GOOD AND OUR CORE VALUE IS TO LEAD BY EXAMPLE IN EVERYTHING WE DO.

Activities or mission (Part I)

VYSTAR CREDIT UNION EXISTS TO SERVE THE FINANCIAL NEEDS OF OUR MEMBERS BY PROVIDING QUALITY PRODUCTS AND SERVICES WHILE MAINTAINING FISCAL SOUNDNESS.

  • PROVIDE CONSUMER AND BUSINESS LOAN PRODUCTS TO MEMBERS AT COMPETITIVE RATES WITH MINIMUAL OR NO FEES.

  • PROVIDE DEPOSIT PRODUCTS TO INDIVIDUAL MEMBERS AND BUSINESS MEMBERS AT COMPETITIVE RATES WITH MINIMUAL OR NO FEES.

  • PROVIDE INVESTMENT, INSURANCE, AND TITLE AGENCY SERVICES TO MEMBERS WITH MINIMAL FEES.

As filed on the 2023 return.

Listed in Part VII

  • Diane R Fears

    SECRETARY

    Total calculated
    $6,906
    From this org
    $6,906
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Eric Hatfield

    TREASURER

    Total calculated
    $5,109
    From this org
    $5,109
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Phillip K Siddons

    CHAIRMAN

    Total calculated
    $3,651
    From this org
    $3,651
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • William Vivian

    VICE CHAIRMAN

    Total calculated
    $2,877
    From this org
    $2,877
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • George R Berry

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Jennifer Lusk

    BOARD MEMBER

    Total calculated
    $2,098
    From this org
    $2,098
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jonathan Hogan

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Larry Myers

    BOARD MEMBER (TERM DATE 8/31/23)

    Total calculated
    $0
    Hours/week
    0

  • Vicki S Harris

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • Victor Blackshear

    BOARD MEMBER

    Total calculated
    $4,271
    From this org
    $4,271
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brian E Wolfburg

    PRESIDENT/CEO

    Total calculated
    $2,198,931
    From this org
    $2,150,560
    From related orgs
    $0
    Other
    $48,371
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,579,803
    Bonus
    $432,000
    Other
    $138,757
    Deferred
    $16,500
    Nontaxable benefits
    $31,871
    Filer's total
    $2,198,931

  • Chad Meadows

    COO

    Total calculated
    $1,032,795
    From this org
    $985,424
    From related orgs
    $0
    Other
    $47,371
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $796,236
    Bonus
    $131,300
    Other
    $57,888
    Deferred
    $16,500
    Nontaxable benefits
    $30,871
    Filer's total
    $1,032,795

  • James Edwards

    CFO

    Total calculated
    $552,254
    From this org
    $503,559
    From related orgs
    $0
    Other
    $48,695
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $494,015
    Bonus
    $0
    Other
    $9,544
    Deferred
    $16,500
    Nontaxable benefits
    $32,195
    Filer's total
    $552,254

  • Jenny H Vipperman

    CHIEF LENDING OFFICER

    Total calculated
    $638,007
    From this org
    $596,480
    From related orgs
    $0
    Other
    $41,527
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $464,028
    Bonus
    $101,040
    Other
    $31,412
    Deferred
    $16,500
    Nontaxable benefits
    $25,027
    Filer's total
    $638,007

  • Joel R Swanson

    CHIEF MBRSHP EXP OFCR / INTERIM CHF LENDING OFCR

    Total calculated
    $770,039
    From this org
    $721,437
    From related orgs
    $0
    Other
    $48,602
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $590,466
    Bonus
    $97,620
    Other
    $33,351
    Deferred
    $16,500
    Nontaxable benefits
    $32,102
    Filer's total
    $770,039

  • Kawanza Humphrey

    Chief Human Resource Officer

    Total calculated
    $541,919
    From this org
    $501,587
    From related orgs
    $0
    Other
    $40,332
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $403,883
    Bonus
    $68,021
    Other
    $29,683
    Deferred
    $16,500
    Nontaxable benefits
    $23,832
    Filer's total
    $541,919

  • Lisa Cochran

    CHIEF INFORMATION OFFICER

    Total calculated
    $818,769
    From this org
    $791,677
    From related orgs
    $0
    Other
    $27,092
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $652,269
    Bonus
    $110,976
    Other
    $28,432
    Deferred
    $16,500
    Nontaxable benefits
    $10,592
    Filer's total
    $818,769

  • Dana Karzan

    CHIEF MARKETING OFFICER

    Total calculated
    $532,311
    From this org
    $491,579
    From related orgs
    $0
    Other
    $40,732
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $401,608
    Bonus
    $70,728
    Other
    $19,243
    Deferred
    $16,500
    Nontaxable benefits
    $24,232
    Filer's total
    $532,311

  • Gary Schuette

    SVP/Chief Financial Performance Officer

    Total calculated
    $427,312
    From this org
    $379,320
    From related orgs
    $0
    Other
    $47,992
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $308,994
    Bonus
    $29,646
    Other
    $40,680
    Deferred
    $9,402
    Nontaxable benefits
    $38,590
    Filer's total
    $427,312

  • John Robinson

    VP/Mortgage Banker

    Total calculated
    $560,420
    From this org
    $521,992
    From related orgs
    $0
    Other
    $38,428
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $19,089
    Bonus
    $502,763
    Other
    $140
    Deferred
    $13,903
    Nontaxable benefits
    $24,525
    Filer's total
    $560,420

  • Joseph Ganley

    Senior Commercial Banker

    Total calculated
    $505,056
    From this org
    $462,679
    From related orgs
    $0
    Other
    $42,377
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $121,976
    Bonus
    $336,751
    Other
    $3,952
    Deferred
    $12,629
    Nontaxable benefits
    $29,748
    Filer's total
    $505,056

  • Lance Davies

    CHIEF RISK OFFICER & GENERAL C

    Total calculated
    $562,288
    From this org
    $509,098
    From related orgs
    $0
    Other
    $53,190
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $404,986
    Bonus
    $70,728
    Other
    $33,384
    Deferred
    $16,500
    Nontaxable benefits
    $36,690
    Filer's total
    $562,288

  • John Turpish

    EVP/CFO (TERM DATE 4/30/22)

    Total calculated
    $435,688
    From this org
    $435,688
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $435,688
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $435,688

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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a First-class or charter travel
CERTAIN EXECUTIVES MAY TRAVEL FIRST-CLASS AS BUSINESS NEED DICTATES. THESE INSTANCES ARE CONSIDERED NECESSARY BUSINESS EXPENSES.
Schedule J, Part I, Line 1a Travel for companions
TRAVEL FOR COMPANIONS IS AVAILABLE TO ALL 13 VOLUNTEERS, EXECUTIVE TEAM, AND KEY EMPLOYEES AND IS INCLUDED IN TAXABLE INCOME.
Schedule J, Part I, Line 1a Health or social club dues or initiation fees
HEALTH CLUB DUES ARE AVAILABLE TO ALL VYSTAR EMPLOYEES AND IS INCLUDED IN TAXABLE INCOME.
Schedule J, Part I, Line 4a Severance or change-of-control payment
JOHN TURPISH WAS AWARDED SEVERANCE IN CONNECTION WITH HIS SEPARATION FROM EMPLOYMENT IN THE AMOUNT OF $430,550
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
SPLIT DOLLAR LIFE INSURANCE PARTICIPANTS ARE BRIAN WOLFBURG, KAWANZA HUMPHREY, LISA COCHRAN, CHAD MEADOWS, JOEL SWANSON, AND JENNY VIPPERMAN. THE ORGANIZATION DEPOSITED FUNDS INTO LIFE INSURANCE POLICIES ON THE PARTICIPANT'S LIFE. DURING LIFE, AND SUBJECT TO THE POLICIES GENERATING SUFFICIENT VALUES, THE PARTICIPANT CAN BORROW FROM ONE OF THE POLICIES. THE BORROWING IS MONITORED AND LIMITED SO THE POLICIES DO NOT LAPSE. AT THE PARTICIPANT'S DEATH, THE ORGANIZATION RECOVERS AN AMOUNT GENERALLY EQUAL TO ITS PREMIUMS PLUS INTEREST. PARTICIPANTS IN THE PLAN HAVE SIGNED WRITTEN REPRESENTATIONS UNDER REG. 1.78782.15(D)(2) AND THOSE REPRESENTATIONS ARE MAINTAINED ON FILE BY VYSTAR CREDIT UNION.

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

  • VYSTAR FINANCIAL GROUP LLC

    HOLDNG COMPANY · FL · income $180,834 · assets $14,980,342

    Directly controlled by VYSTAR CU

  • VYSTAR INSURANCE AGENCY LLC

    INSURANCE · FL · income $2,094,576 · assets $6,093,646

    Directly controlled by VFG

  • VYSTAR TITLE AGENCY LLC

    TITLE AGENCY · FL · income $2,844,879 · assets $6,482,267

    Directly controlled by VFG

  • VYSTAR NML LLC

    NON-MEM LOANS · FL · income $3,260,758 · assets $17,367,489

    Directly controlled by VFG

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202403199349314295

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