Form 990 for tax year 2024
Filed by STATE CHARTERED CREDIT UNIONS IN FLORIDA.
Totals
- Total revenue
- $49,820,888
- Total expenses
- $52,749,535
- Contributions and grants received
- $0
- Grants paid
- $10,509
- Program service revenue
- $33,132,567
- Investment income
- $7,664,453
- Other revenue
- $9,023,868
- Total assets, end of year
- $744,150,701
- Total liabilities, end of year
- $698,732,655
- Net assets or fund balances, end of year
- $45,418,046
- 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 INCOME
total $33,132,567 · related or exempt $33,132,567
-
3 · Investment income
total $3,915,896 · excluded $3,915,896
-
7a · Gross sales of assets other than inventory
other assets $5,684,056
-
7b · Less cost or other basis and sales expenses
other assets $1,935,499
-
7c · Gain or loss
other assets $3,748,557
-
7d · Net gain or loss
total $3,748,557 · excluded $3,748,557
-
11a · Other revenue: OTHER INCOME
total $9,001,125 · related or exempt $9,001,125
-
11b · Other revenue: NON-MEMBER ATM SURCHARGES
total $22,743 · unrelated business $22,743
-
11e · Other revenue, total
$9,023,868
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $10,509
-
5 · Compensation of officers, directors and key employees
total $1,989,768
-
7 · Other salaries and wages
total $8,686,745
-
8 · Pension plan contributions
total $494,277
-
9 · Other employee benefits
total $1,166,165
-
10 · Payroll taxes
total $741,606
-
11b · Fees: legal
total $416,522
-
11c · Fees: accounting
total $236,196
-
11g · Fees: other
total $669,257
-
12 · Advertising and promotion
total $411
-
13 · Office expenses
total $2,078,562
-
14 · Information technology
total $2,072,477
-
16 · Occupancy
total $1,180,162
-
17 · Travel
total $16,447
-
19 · Conferences, conventions and meetings
total $140,362
-
20 · Interest
total $16,963,272
-
22 · Depreciation, depletion and amortization
total $891,332
-
23 · Insurance
total $204,436
-
24a · Other expenses: PROVISION FOR LOAN LOSS
total $7,659,112
-
24b · Other expenses: LOAN SERVICING
total $1,648,019
-
24c · Other expenses: DEBIT CARD EXPENSE
total $1,325,032
-
24d · Other expenses: DUES AND SUBSCRIPTIONS
total $866,210
-
24e · All other expenses
total $3,292,656
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $53,123,185 · end of year $35,216,374
-
2 · Savings and temporary cash investments
beginning of year $237,513 · end of year $30,799,874
-
4 · Accounts receivable
beginning of year -$570,830 · end of year $2,033,902
-
5 · Loans and receivables from officers and key people
beginning of year $4,101,995 · end of year $4,479,863
-
7 · Other notes and loans receivable
beginning of year $653,349,323 · end of year $559,305,645
-
9 · Prepaid expenses and deferred charges
beginning of year $712,391 · end of year $1,163,321
-
10a · Land, buildings and equipment: cost or other basis
$21,590,873
-
10b · Land, buildings and equipment: accumulated depreciation
$9,076,083
-
10c · Land, buildings and equipment, net
beginning of year $14,030,888 · end of year $12,514,790
-
11 · Investments: publicly traded securities
beginning of year $63,631,099 · end of year $72,222,336
-
12 · Investments: other securities
beginning of year $3,842,930 · end of year $2,927,439
-
15 · Other assets
beginning of year $21,773,944 · end of year $23,487,157
-
17 · Accounts payable and accrued expenses
beginning of year $6,528,291 · end of year $7,491,561
-
25 · Other liabilities
beginning of year $757,421,539 · end of year $691,241,094
-
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 $50,282,608 · end of year $45,418,046
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 REASONABLE RATES OF INTEREST. THE CREDIT UNION SERVES MEMBERS IN 46 COUNTIES IN FLORIDA. THE TOTAL NUMBER OF MEMBERS IS IIN EXCESS OF 44,200.
Activities or mission (Part I)
THE CREDIT UNION IS A COOPERATIVE, NON-PROFIT ASSOCIATION, ORGANIZED UNDER THE LAWS OF THE STATE OF FLORIDA, FOR THE PURPOSE OF ENCOURAGING THRIFT AMONG ITS MEMBERS, CREATING SOURCES OF CREDIT AND CREDIT RELATED PRODUCTS AT FAIR AND REASONABLE RATES AND PROVIDING OTHER OPPORTUNITIES FOR MEMBERS TO USE AND CONTROL THEIR RESOURCES ON A DEMOCRATIC BASIS.
-
THE CREDIT UNION PROVIDES ITS MEMBERS WITH A SELECTION OF INSURED DEPOSIT PRODUCTS THAT ENCOURAGE THRIFT. THE PRODUCTS ARE DESIGNED FOR BOTH SMALL AND MEDIUM SAVERS.
-
THE CREDIT UNION PROVIDES LOW COST LOANS THAT HELP MEMBERS IMPROVE THEIR LIVES. THE PRODUCTS INCLUDE SMALL UNSECURED LOANS UP TO MORTGAGE LOANS.
-
THE CREDIT UNION PROVIDES MEMBERS ACCESS TO BOTH MANUAL CHECK AND CASH TRANSACTION SERVICES ALONG WITH ELECTRONIC TYPE SERVICES, SUCH AS FUNDS TRANSFERS, ACH, DEBIT, ATM, ETC.
As filed on the 2024 return.
Listed in Part VII
-
Mary Ann LarockMARY ANN LAROCK
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Ingrid FilsINGRID FILS
VICE-CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Henry PriorHENRY PRIOR
TREASURER/SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Mack MacvicarMACK MACVICAR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Judy JamesJUDY JAMES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Beatriz DaleBEATRIZ DALE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Ed VerretED VERRET
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Rachel SchamingRACHEL SCHAMING
CHIEF OF HUMAN RESOURCES
- Total calculated
- $255,183
- From this org
- $236,500
- From related orgs
- $0
- Other
- $18,683
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $236,500
- Bonus
- $0
- Other
- $0
- Deferred
- $9,460
- Nontaxable benefits
- $9,223
- Filer's total
- $255,183
-
William SpearmanWILLIAM SPEARMAN
PRESIDENT & CEO
- Total calculated
- $378,399
- From this org
- $338,569
- From related orgs
- $0
- Other
- $39,830
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $332,523
- Bonus
- $0
- Other
- $6,046
- Deferred
- $7,154
- Nontaxable benefits
- $32,676
- Filer's total
- $378,399
-
Dan ClemensDAN CLEMENS
CHIEF OPERATIONS OFFICER
- Total calculated
- $283,528
- From this org
- $274,662
- From related orgs
- $0
- Other
- $8,866
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $274,662
- Bonus
- $0
- Other
- $0
- Deferred
- $6,905
- Nontaxable benefits
- $1,961
- Filer's total
- $283,528
-
Jack KenneyJACK KENNEY
CHIEF FINANCIAL OFFICER
- Total calculated
- $260,105
- From this org
- $238,050
- From related orgs
- $0
- Other
- $22,055
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $232,477
- Bonus
- $0
- Other
- $5,573
- Deferred
- $9,522
- Nontaxable benefits
- $12,533
- Filer's total
- $260,105
-
Jerome RyanJEROME RYAN
VP OF IT & SECURITY
- Total calculated
- $233,308
- From this org
- $215,002
- From related orgs
- $0
- Other
- $18,306
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $215,002
- Bonus
- $0
- Other
- $0
- Deferred
- $6,285
- Nontaxable benefits
- $12,021
- Filer's total
- $233,308
-
Aaron GutfreundAARON GUTFREUND
VP MARKETING
- Total calculated
- $260,219
- From this org
- $223,750
- From related orgs
- $0
- Other
- $36,469
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $223,750
- Bonus
- $0
- Other
- $0
- Deferred
- $7,219
- Nontaxable benefits
- $29,250
- Filer's total
- $260,219
-
Daniel BassDANIEL BASS
VP LENDING
- Total calculated
- $217,744
- From this org
- $193,370
- From related orgs
- $0
- Other
- $24,374
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $192,920
- Bonus
- $450
- Other
- $0
- Deferred
- $7,250
- Nontaxable benefits
- $17,124
- Filer's total
- $217,744
-
Jared WrightJARED WRIGHT
AVP MEMBER SOLUTIONS
- Total calculated
- $201,311
- From this org
- $184,105
- From related orgs
- $0
- Other
- $17,206
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $184,105
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $17,206
- Filer's total
- $201,311
-
Thomas SmithTHOMAS SMITH
VP ACCOUNTING & CONTROLLER
- Total calculated
- $202,797
- From this org
- $183,750
- From related orgs
- $0
- Other
- $19,047
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $183,750
- Bonus
- $0
- Other
- $0
- Deferred
- $6,219
- Nontaxable benefits
- $12,828
- Filer's total
- $202,797
-
Robert RamirezROBERT RAMIREZ
FORMER CEO & PRESIDENT
- Total calculated
- $812,552
- From this org
- $785,539
- From related orgs
- $0
- Other
- $27,013
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $250,000
- Bonus
- $0
- Other
- $535,539
- Deferred
- $10,000
- Nontaxable benefits
- $17,013
- Filer's total
- $812,552
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
- 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 · 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
- THE CREDIT UNION HAS 457(F) NON-QUALIFIED DEFERRED COMPENSATION ARRANGEMENTS FOR LLOYD GILL. THE PLAN IS DESIGNED TO PROVIDE POST-RETIREMENT BENEFITS TO THE COVERED EMPLOYEE. THE CREDIT UNION ENTERED INTO A COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT WITH LLOYD GILL, FORMER PRESIDENT/CEO IN 2017. THE PREMIUMS ON THE POLICIES WERE FUNDED BY THE CREDIT UNION THROUGH A LOAN TO THE FORMER PRESIDENT/CEO FOR $5,800,000. INTEREST WILL ACCRUE TO THE LOAN ANNUALLY. THE CREDIT UNION ALSO HAS A 457(F) FOR CURRENT PRESIDENT/CEO ROBERT RAMIREZ. THIS PLAN WAS LIQUIDATED IN CONNECTION WITH THE CEO DEPARTURE DURING 2024.
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
-
CONTRIBUTION TO SUPPORT COMMUNITY ORGANIZATIONS
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.
-
501(C)(3) · FUNDING FOR COMMUNITY ORGANIZATIONS · FL
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 30 October 2025
- IRS schema version
- 2024v5.2
- Source object
- 202503039349301445
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