Form 990 for tax year 2024
Filed by STATE CHARTERED CREDIT UNIONS IN FLORIDA.
Totals
- Total revenue
- $17,643,366
- Total expenses
- $13,731,809
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $12,362,460
- Investment income
- $5,260,372
- Other revenue
- $20,534
- Total assets, end of year
- $293,130,548
- Total liabilities, end of year
- $255,042,766
- Net assets or fund balances, end of year
- $38,087,782
- 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 $8,148,493 · related or exempt $8,148,493
-
2b · Program service revenue: SERVICE FEES AND MISCELLANEOUS IN
total $4,213,967 · related or exempt $4,213,967
-
3 · Investment income
total $5,261,511 · excluded $5,261,511
-
7b · Less cost or other basis and sales expenses
other assets $1,139
-
7c · Gain or loss
other assets -$1,139
-
7d · Net gain or loss
total -$1,139 · excluded -$1,139
-
11a · Other revenue: NON-MEMBER FOREIGN ATM INCOME
total $20,534 · unrelated business $20,534
-
11e · Other revenue, total
$20,534
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $1,511,411
-
7 · Other salaries and wages
total $3,455,108
-
8 · Pension plan contributions
total $18,309
-
9 · Other employee benefits
total $121,480
-
10 · Payroll taxes
total $349,923
-
11b · Fees: legal
total $130,705
-
11c · Fees: accounting
total $86,750
-
11g · Fees: other
total $12,600
-
12 · Advertising and promotion
total $307,683
-
13 · Office expenses
total $1,355,403
-
16 · Occupancy
total $351,751
-
17 · Travel
total $28,945
-
19 · Conferences, conventions and meetings
total $49,275
-
20 · Interest
total $1,909,692
-
22 · Depreciation, depletion and amortization
total $374,714
-
23 · Insurance
total $148,806
-
24a · Other expenses: PROVISION FOR LOAN LOSS
total $1,285,330
-
24b · Other expenses: ATM EXPENSES
total $753,026
-
24c · Other expenses: CREDIT & DEBIT CARD EXP
total $490,364
-
24d · Other expenses: HOME BANKING EXPENSE
total $326,704
-
24e · All other expenses
total $663,830
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,830,453 · end of year $4,231,654
-
2 · Savings and temporary cash investments
beginning of year $91,601,882 · end of year $86,482,518
-
4 · Accounts receivable
beginning of year $55,666 · end of year $127,183
-
5 · Loans and receivables from officers and key people
beginning of year $4,392,830 · end of year $4,473,986
-
7 · Other notes and loans receivable
beginning of year $141,119,959 · end of year $139,177,209
-
9 · Prepaid expenses and deferred charges
beginning of year $610,853 · end of year $487,629
-
10a · Land, buildings and equipment: cost or other basis
$15,418,357
-
10b · Land, buildings and equipment: accumulated depreciation
$7,375,075
-
10c · Land, buildings and equipment, net
beginning of year $8,329,134 · end of year $8,043,282
-
12 · Investments: other securities
beginning of year $30,378,274 · end of year $41,493,322
-
15 · Other assets
beginning of year $6,482,385 · end of year $8,613,765
-
17 · Accounts payable and accrued expenses
beginning of year $3,294,921 · end of year $3,314,567
-
25 · Other liabilities
beginning of year $249,327,623 · end of year $251,728,199
-
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 $34,178,892 · end of year $38,087,782
Mission and programs · 2024
Mission
THE CREDIT UNION'S MISSION IS TO PROMOTE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. THE CREDIT UNION SERVES MEMBERS IN ESCAMBIA, SANTA ROSA, AND OKALOOSA COUNTIES IN FLORIDA. THE TOTAL NUMBER OF MEMBERS IS IN EXCESS OF 19,000.
Activities or mission (Part I)
TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERS.
-
IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, CERTIFICATE OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS AND CERTIFICATE OF DEPOSIT ACCOUNTS.
-
TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, THE CREDIT UNION PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER AND MORTGAGE LENDING PRODUCTS AT REASONABLE RATES OF INTEREST.
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Charlotte SchipmanCHARLOTTE SCHIPMAN
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Bill FarinasBILL FARINAS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Theresa McCantsTHERESA MCCANTS
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Linda HarrisLINDA HARRIS
VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Clarence LadnerCLARENCE LADNER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Kathy TerrellKATHY TERRELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jack MarmashJACK MARMASH
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Caryl A GreeneCARYL A GREENE
PRESIDENT/CEO UNTIL 03/24
- Total calculated
- $159,048
- From this org
- $152,814
- From related orgs
- $0
- Other
- $6,234
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $80,160
- Bonus
- $13,627
- Other
- $59,027
- Deferred
- $4,190
- Nontaxable benefits
- $2,044
- Filer's total
- $159,048
-
Michele WilliamsMICHELE WILLIAMS
PRESIDENT/CEO
- Total calculated
- $480,931
- From this org
- $286,656
- From related orgs
- $0
- Other
- $194,275
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $257,843
- Bonus
- $244
- Other
- $28,569
- Deferred
- $184,496
- Nontaxable benefits
- $9,779
- Filer's total
- $480,931
-
Tom PainterTOM PAINTER
CHIEF FINANCIAL OFFICER
- Total calculated
- $185,796
- From this org
- $132,862
- From related orgs
- $0
- Other
- $52,934
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $131,052
- Bonus
- $244
- Other
- $1,566
- Deferred
- $28,972
- Nontaxable benefits
- $23,962
- Filer's total
- $185,796
-
Jeff CrutchfieldJEFF CRUTCHFIELD
CHIEF INFORMATION OFFICER
- Total calculated
- $139,513
- From this org
- $115,136
- From related orgs
- $0
- Other
- $24,377
- Hours/week
- 40
-
Adetoun SandersADETOUN SANDERS
VP MARKETING & BUS. DEV.
- Total calculated
- $105,452
- From this org
- $95,991
- From related orgs
- $0
- Other
- $9,461
- Hours/week
- 40
-
Tammy MillerTAMMY MILLER
CHIEF OPERATING OFFICER
- Total calculated
- $131,994
- From this org
- $120,261
- From related orgs
- $0
- Other
- $11,733
- Hours/week
- 40
-
Christina ReynoldsCHRISTINA REYNOLDS
VP HUMAN RESOURCES
- Total calculated
- $89,715
- From this org
- $85,029
- From related orgs
- $0
- Other
- $4,686
- Hours/week
- 40
-
Joanne HyattJOANNE HYATT
CHIEF LENDING OFFICER
- Total calculated
- $141,844
- From this org
- $127,725
- From related orgs
- $0
- Other
- $14,119
- 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
- 1a · Travel for companions
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Written employment contract
- 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
- CARYL A. GREENE, FORMER PRESIDENT/CEO, HAD A 457(F) DEFERRED COMPENSATION ARRANGEMENT WITH THE CREDIT UNION THAT PROVIDED A FINAL BENEFIT PAYOUT IN 2024 OF $50,000, WHICH WAS INCLUDED IN HER 2024 W-2 WAGES. THE BENEFIT WAS ACCRUED MONTHLY AND INCLUDED A 2024 ACCRUAL TOTAL OF 16,889.13 TO FULLY FUND THE PAYOUT IN THE SAME YEAR. MICHELE WILLIAMS, CURRENT PRESIDENT/CEO, HAS A 457(F) DEFERRED COMPENSATION ARRANGEMENT WITH THE CREDIT UNION THAT BEGAN IN 2024 AND WILL PROVIDE A BENEFIT TO THE PRESIDENT/CEO IN 2027 OF $150,000. THE BENEFIT IS ACCRUED MONTHLY WITH A 2024 ACCRUAL TOTAL OF 47,143.11. BEGINNING IN 2024, MICHELE WILLIAMS ALSO HAS A 457(F) ARRANGEMENT PROVIDED BY THE CREDIT UNION THROUGH SIMPLIFIED THAT WILL PROVIDE A STRUCTURED BENEFIT PAYOUT POST-RETIREMENT. THE BENEFIT IS ACCRUED MONTHLY WITH A 2024 ACCRUAL TOTAL OF 125,314.00. TOM PAINTER, CURRENT CFO, HAS A 457(F) ARRANGEMENT PROVIDED BY THE CREDIT UNION THROUGH SIMPLIFIED THAT WILL PROVIDE A PAYOUT BENEFIT IN 2025. THIS ARRANGEMENT BEGAN IN LATE 2016 AND HAS BEEN ACCRUED MONTHLY BEGINNING IN 2017. THE ACCRUED MONTHLY AMOUNT FOR 2024 WAS 28,750.00. THE CREDIT UNION ENTERED INTO COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENTS WITH CARYL A. GREENE, FORMER PRESIDENT/CEO (2015) AND MICHELE WILLIAMS, CURRENT PRESIDENT/CEO (2016). THE PREMIUMS ON THE POLICIES WERE FUNDED BY THE CREDIT UNION THROUGH LOANS TO THE PRESIDENT/CEO AND EVP/COO. INTEREST WILL ACCRUE TO THE LOANS ANNUALLY.
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
- 14 November 2025
- IRS schema version
- 2024v5.2
- Source object
- 202543189349303614
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