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← STATE CHARTERED CREDIT UNIONS IN FLORIDA

Form 990 for tax year 2022

Filed by STATE CHARTERED CREDIT UNIONS IN FLORIDA.

Totals

Total revenue
$172,388,805
Total expenses
$136,129,682
Contributions and grants received
$0
Grants paid
$48,757
Program service revenue
$134,571,271
Investment income
$31,803,205
Other revenue
$6,014,329
Total assets, end of year
$4,460,813,071
Total liabilities, end of year
$4,235,461,416
Net assets or fund balances, end of year
$225,351,655
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 $89,152,557 · related or exempt $89,152,557

  • 2b · Program service revenue: FEES, CHARGES, & OTHER

    total $45,418,714 · related or exempt $45,418,714

  • 3 · Investment income

    total $31,308,977 · excluded $31,308,977

  • 7a · Gross sales of assets other than inventory

    other assets $1,886,216

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

    other assets $1,391,988

  • 7c · Gain or loss

    other assets $494,228

  • 7d · Net gain or loss

    total $494,228 · related or exempt $494,228

  • 11a · Other revenue: FINANCE & INSURANCE

    total $6,014,329 · unrelated business $6,014,329

  • 11e · Other revenue, total

    $6,014,329

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $48,757

  • 5 · Compensation of officers, directors and key employees

    total $12,355,715

  • 7 · Other salaries and wages

    total $35,124,653

  • 8 · Pension plan contributions

    total $2,046,218

  • 9 · Other employee benefits

    total $10,603,658

  • 10 · Payroll taxes

    total $4,852,193

  • 11a · Fees: management

    total $604,476

  • 11b · Fees: legal

    total $289,059

  • 11c · Fees: accounting

    total $240,913

  • 11f · Fees: investment management

    total $1,133,923

  • 11g · Fees: other

    total $1,707,578

  • 12 · Advertising and promotion

    total $8,541,602

  • 13 · Office expenses

    total $2,920,624

  • 14 · Information technology

    total $11,227,059

  • 16 · Occupancy

    total $3,688,568

  • 17 · Travel

    total $559,933

  • 19 · Conferences, conventions and meetings

    total $35,887

  • 20 · Interest

    total $14,495,290

  • 21 · Payments to affiliates

    total $103,275

  • 22 · Depreciation, depletion and amortization

    total $4,074,957

  • 23 · Insurance

    total $643,171

  • 24a · Other expenses: VISA CREDIT EXPENSES

    total $5,159,125

  • 24b · Other expenses: DEBIT EXPENSES

    total $4,389,135

  • 24c · Other expenses: LOAN SERVICING EXPENSE

    total $3,493,149

  • 24d · Other expenses: ATM EXPENSES

    total $2,537,340

  • 24e · All other expenses

    total $5,253,424

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,131,269 · end of year $6,172,134

  • 2 · Savings and temporary cash investments

    beginning of year $643,926,777 · end of year $329,757,852

  • 4 · Accounts receivable

    beginning of year $1,999,533 · end of year $3,963,836

  • 7 · Other notes and loans receivable

    beginning of year $2,103,440,988 · end of year $2,608,161,383

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,192,986 · end of year $1,895,863

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

    $155,642,260

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

    $54,310,558

  • 10c · Land, buildings and equipment, net

    beginning of year $94,578,317 · end of year $101,331,702

  • 11 · Investments: publicly traded securities

    beginning of year $1,050,257,842 · end of year $1,180,440,686

  • 12 · Investments: other securities

    beginning of year $1,731,600 · end of year $2,315,100

  • 15 · Other assets

    beginning of year $139,789,605 · end of year $226,774,515

  • 17 · Accounts payable and accrued expenses

    beginning of year $25,638,184 · end of year $49,639,669

  • 19 · Deferred revenue

    beginning of year $5,134,036 · end of year $15,699,605

  • 25 · Other liabilities

    beginning of year $3,665,324,304 · end of year $4,170,122,142

  • 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 $346,952,393 · end of year $225,351,655

Mission and programs · 2022

Mission

CHANGING MEMBERS' LIVES ON THE JOURNEY TO FINANCIAL FREEDOM

Activities or mission (Part I)

THE OBJECT AND PURPOSE OF FAIRWINDS CREDIT UNION IS TO BE A COOPERATIVE, NONPROFIT, ASSOCIATION ORGANIZED UNDER THE LAWS OF THE STATE OF FLORIDA, FOR THE PURPOSE OF ENCOURAGING THRIFT AMONG ITS MEMBERS, CREATING SOURCES OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR RESOURCES ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION.

  • FAIRWINDS CREDIT UNION PROVIDED AN ARRAY OF DEPOSIT AND LOAN SERVICES TO OUR 223,680 MEMBERS DURING 2022.

  • FAIRWINDS SAVED OUR MEMBERS APPROXIMATELY $7.8 MILLION ON THEIR USED CAR LOANS IN 2022 BY OFFERING USED CAR LOAN RATES THAT WERE AT LEAST 2.61% LOWER THAN THAT WHICH OTHER FLORIDA BANKS OFFERED.

  • FAIRWINDS SAVED OUR MEMBERS APPROXIMATELY $5.3 MILLION ON THEIR NEW CAR LOANS IN 2022 BY OFFERING NEW CAR LOAN RATES THAT WERE AT LEAST 2.80% LOWER THAN THAT WHICH OTHER FLORIDA BANKS OFFERED.

As filed on the 2022 return.

Listed in Part VII

  • Carol Denton

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    0.5

  • Daniel McNutt Jr

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • Elizabeth Krahmer

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Mack Perry

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Richard Leigh

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Lisa Snead

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    0.5

  • Jason Albu

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Larry Tobin

    CEO/PRESIDENT

    Total calculated
    $4,786,233
    From this org
    $2,409,115
    From related orgs
    $0
    Other
    $2,377,118
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $971,954
    Bonus
    $889,124
    Other
    $548,037
    Deferred
    $2,351,782
    Nontaxable benefits
    $25,336
    Filer's total
    $4,786,233

  • Kathy Chonody

    SR EVP- CFO

    Total calculated
    $2,304,664
    From this org
    $1,161,520
    From related orgs
    $0
    Other
    $1,143,144
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $581,154
    Bonus
    $409,010
    Other
    $171,356
    Deferred
    $1,135,991
    Nontaxable benefits
    $7,153
    Filer's total
    $2,304,664

  • Phillip Tischer

    SR EVP - COO

    Total calculated
    $1,478,482
    From this org
    $956,047
    From related orgs
    $0
    Other
    $522,435
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $522,122
    Bonus
    $295,033
    Other
    $138,892
    Deferred
    $514,067
    Nontaxable benefits
    $8,368
    Filer's total
    $1,478,482

  • James Adamczyk

    SR EVP - CRO

    Total calculated
    $1,407,471
    From this org
    $965,532
    From related orgs
    $0
    Other
    $441,939
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $409,962
    Bonus
    $176,084
    Other
    $379,486
    Deferred
    $423,111
    Nontaxable benefits
    $18,828
    Filer's total
    $1,407,471

  • Charles Lai

    EXEC VP - CIO

    Total calculated
    $658,964
    From this org
    $540,815
    From related orgs
    $0
    Other
    $118,149
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $357,348
    Bonus
    $100,674
    Other
    $82,793
    Deferred
    $110,996
    Nontaxable benefits
    $7,153
    Filer's total
    $658,964

  • Mathy Hogan

    EXEC VP - PAYMENTS & DIGITAL BANKING

    Total calculated
    $592,517
    From this org
    $524,142
    From related orgs
    $0
    Other
    $68,375
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $340,194
    Bonus
    $96,604
    Other
    $87,344
    Deferred
    $55,200
    Nontaxable benefits
    $13,175
    Filer's total
    $592,517

  • Dianne Owen

    EXEC VP - SALES & MARKETING

    Total calculated
    $590,002
    From this org
    $505,862
    From related orgs
    $0
    Other
    $84,140
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $333,456
    Bonus
    $96,350
    Other
    $76,056
    Deferred
    $65,312
    Nontaxable benefits
    $18,828
    Filer's total
    $590,002

  • Cathy Hertz

    EXEC VP - HUMAN RESOURCES

    Total calculated
    $537,382
    From this org
    $477,975
    From related orgs
    $0
    Other
    $59,407
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $326,616
    Bonus
    $91,892
    Other
    $59,467
    Deferred
    $52,255
    Nontaxable benefits
    $7,152
    Filer's total
    $537,382

  • Thomas Howell

    VP-FINANCIAL ADVISOR

    Total calculated
    $1,049,514
    From this org
    $1,011,654
    From related orgs
    $0
    Other
    $37,860
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $1,004,934
    Bonus
    $0
    Other
    $6,720
    Deferred
    $18,300
    Nontaxable benefits
    $19,560
    Filer's total
    $1,049,514

  • Thomas Baldwin III

    SVP - RETAIL BANKING & WEALTH MANAGEMENT

    Total calculated
    $463,573
    From this org
    $390,942
    From related orgs
    $0
    Other
    $72,631
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $242,770
    Bonus
    $53,978
    Other
    $94,194
    Deferred
    $54,300
    Nontaxable benefits
    $18,331
    Filer's total
    $463,573

  • Jorge M Font

    SVP - BUSINESS SERVICES

    Total calculated
    $436,822
    From this org
    $369,532
    From related orgs
    $0
    Other
    $67,290
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $270,286
    Bonus
    $58,212
    Other
    $41,034
    Deferred
    $54,489
    Nontaxable benefits
    $12,801
    Filer's total
    $436,822

  • James Thornberry

    SVP-OPERATIONS

    Total calculated
    $387,887
    From this org
    $353,012
    From related orgs
    $0
    Other
    $34,875
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $249,237
    Bonus
    $53,978
    Other
    $49,797
    Deferred
    $15,315
    Nontaxable benefits
    $19,560
    Filer's total
    $387,887

  • Bryan Meizinger

    SVP - LENDING

    Total calculated
    $392,719
    From this org
    $358,725
    From related orgs
    $0
    Other
    $33,994
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $258,087
    Bonus
    $55,519
    Other
    $45,119
    Deferred
    $15,539
    Nontaxable benefits
    $18,455
    Filer's total
    $392,719

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
  • 1a · Personal services (maid, chauffeur, chef)
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 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
PROVIDES HOME SECURITY SYSTEMS FOR THE CEO AND CFO. PAYS FOR THE SECURITY MONITORING FOR THE CEO.
PART I, LINE 4B
THE BELOW-LISTED EXECUTIVES PARTICIPATE IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP). THE PLAN GUARANTEES SPECIFIC PAYMENTS WILL BE MADE TO THE EXECUTIVES ONCE ELIGIBILITY REQUIREMENTS ARE MET. THE BALANCE REPORTED BELOW REPRESENTS THE SERP BENEFIT LIABILITY AS OF DECEMBER 31, 2022. LARRY TOBIN - CEO/PRESIDENT $5,668,558 KATHY CHONODY - SR EVP- CFO $5,066,428 PHILLIP TISCHER - SR EVP- COO $2,158,539 MATHY HOGAN - EXECUTIVE VICE PRESIDENT -ESERVICES $132,073 DIANNE OWEN - EXECUTIVE VICE PRESIDENT -MARKETING $315,410 CHARLES LAI - CIO $425,558 JAMES ADAMCZYK- EXECUTIVE VICE PRESIDENT -LENDING $1,023,845 CATHY HERTZ - EXECUTIVE VICE PRESIDENT -HUMAN RESOURCES $210,852 JORGE M. FONT - SENIOR VICE PRESIDENT - BUSINESS SERVICES $223,595 JAMES THORNBERRY - SVP MEMBER EXPERIENCE - $83,117 BRYAN MEIZINGER - SVP RETAIL LENDING - $229,546 THOMAS BALDWIN III - SVP RETAIL BANKING & WEALTH MANAGEMENT - $48,000 THE FOLLOWING EMPLOYEES RECEIVED A PAYOUT DURING 2021: JAMES ADAMCZYK: $250,000 (SERP) THOMAS BALDWIN III: $50,000 (SERP)

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

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.

  • FAIRWINDS FOUNDATION INC

    501(C)(3) · CHARITABLE AND EDUCATIONAL PURPOSES · FL · controlled entity

    Directly controlled by FAIRWINDS CREDIT UNION

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.

  • FAIRWINDS FINANCIAL SERVICES LLC

    INACTIVE - NO BUSINESS HAS BEEN PROCESSED · FL · income -$539 · assets $57,638

    Directly controlled by FAIRWINDS CREDIT UNION

  • FAIRWINDS INSURANCE SERVICES LLC

    PROVIDING INSURANCE SERVICES · FL · income $40,721 · assets $476,136

    Directly controlled by FAIRWINDS CREDIT UNION

Provenance

Return type
form_990
Tax year
2022
Filed
2 November 2023
IRS schema version
2022v5.0
Source object
202313129349304161

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