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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
$22,425,859
Total expenses
$17,147,552
Contributions and grants received
$1,147,339
Grants paid
$22,500
Program service revenue
$18,980,644
Investment income
$753,348
Other revenue
$1,544,528
Total assets, end of year
$440,836,260
Total liabilities, end of year
$399,334,567
Net assets or fund balances, end of year
$41,501,693
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.

  • 1e · Government grants (contributions)

    $1,147,339

  • 2a · Program service revenue: INTEREST ON LOANS

    total $13,581,765 · related or exempt $13,581,765

  • 2b · Program service revenue: FEE INCOME

    total $2,973,818 · related or exempt $2,973,818

  • 2c · Program service revenue: INTERCHANGE INCOME

    total $1,742,508 · related or exempt $1,742,508

  • 2d · Program service revenue: INSURANCE-RELATED INCOME

    total $682,553 · related or exempt $682,553

  • 3 · Investment income

    total $868,006 · related or exempt $868,006

  • 7a · Gross sales of assets other than inventory

    securities $2,343,018 · other assets $523,635

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

    securities $2,387,550 · other assets $593,761

  • 7c · Gain or loss

    securities -$44,532 · other assets -$70,126

  • 7d · Net gain or loss

    total -$114,658 · related or exempt -$44,532 · excluded -$70,126

  • 11a · Other revenue: PENSION ACTUARIAL GAIN

    total $632,734 · related or exempt $632,734

  • 11b · Other revenue: MISC OPERATING INCOME

    total $426,608 · related or exempt $426,608

  • 11c · Other revenue: IDRIVE ENVISION INCOME

    total $196,118 · unrelated business $196,118

  • 11d · All other revenue

    total $289,068 · related or exempt $220,116 · unrelated business $68,952

  • 11e · Other revenue, total

    $1,544,528

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $22,500

  • 5 · Compensation of officers, directors and key employees

    total $1,480,548

  • 7 · Other salaries and wages

    total $5,059,597

  • 8 · Pension plan contributions

    total $343,200

  • 9 · Other employee benefits

    total $1,172,155

  • 10 · Payroll taxes

    total $435,702

  • 11b · Fees: legal

    total $132,283

  • 11c · Fees: accounting

    total $59,400

  • 11g · Fees: other

    total $427,405

  • 12 · Advertising and promotion

    total $329,392

  • 13 · Office expenses

    total $498,640

  • 14 · Information technology

    total $1,177,395

  • 16 · Occupancy

    total $404,837

  • 17 · Travel

    total $112,915

  • 19 · Conferences, conventions and meetings

    total $10,339

  • 20 · Interest

    total $1,134,059

  • 22 · Depreciation, depletion and amortization

    total $531,341

  • 23 · Insurance

    total $180,962

  • 24a · Other expenses: LOAN SERVICING

    total $1,407,561

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $915,900

  • 24c · Other expenses: DEBIT CARD EXPENSES

    total $662,509

  • 24d · Other expenses: MISCELLANEOUS

    total $339,442

  • 24e · All other expenses

    total $309,470

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,988,184 · end of year $3,114,477

  • 2 · Savings and temporary cash investments

    beginning of year $28,718,321 · end of year $17,876,963

  • 4 · Accounts receivable

    beginning of year $611,121 · end of year $513,788

  • 5 · Loans and receivables from officers and key people

    beginning of year $1,650,000 · end of year $6,790,330

  • 7 · Other notes and loans receivable

    beginning of year $242,320,703 · end of year $340,046,360

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,226,884 · end of year $1,854,355

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

    $21,707,595

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

    $3,845,848

  • 10c · Land, buildings and equipment, net

    beginning of year $18,228,344 · end of year $17,861,747

  • 12 · Investments: other securities

    beginning of year $30,447,592 · end of year $44,441,520

  • 14 · Intangible assets

    beginning of year $16,018 · end of year $241,865

  • 15 · Other assets

    beginning of year $4,236,949 · end of year $8,094,855

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,089,526 · end of year $5,061,917

  • 25 · Other liabilities

    beginning of year $296,301,889 · end of year $394,272,650

  • 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 $32,052,701 · end of year $41,501,693

Mission and programs · 2022

Mission

THE MISSION OF THE FLORIDA STATE UNIVERSITY (FSU) CREDIT UNION IS TO PROMOTE THRIFT, CREATE A SOURCE OF CREDIT AT LEGITIMATE RATES OF INTEREST, AND MAXIMIZE THE FINANCIAL WELL-BEING OF ITS MEMBERS. FSU CREDIT UNION SERVES MORE THAN 33,000 MEMBERS WITH ELEVEN BRANCHES THROUGHOUT TALLAHASSEE AND THE SURROUNDING AREA AS OF 12/31/22 AND TEN BRANCHES AS OF 1/21/23. THE CREDIT UNION PROVIDES SECURE ONLINE BANKING, A CONVENIENT MOBILE APP AND A COMPLETE SUITE OF ACCOUNT TYPES, LOANS, AND SERVICES TO MEET EVERY FINANCIAL NEED.

  • CONSUMER LOANS - LOANS ARE OFFERED AT FAIR INTEREST RATES THAT ALLOW OUR MEMBERS TO SAVE MONEY ON THEIR LOAN PAYMENTS AND USE THOSE FUNDS ELSEWHERE IN THEIR BUDGETS. THRIFT IS ENCOURAGED WHEN THE MEMBER IS DECIDING WHAT TYPE OF PAYMENT IS AFFORDABLE.

  • DEPOSIT ACCOUNTS - COMPETITIVE DIVIDEND RATES ARE PAID EVEN TO MEMBERS OF MODEST MEANS. THIS HELPS MEMBERS TO BETTER THEIR ECONOMIC POSITIONS AND SAVE FOR THE FUTURE.

  • ELECTRONIC SERVICES - THE CREDIT UNION OFFERS MANY WAYS TO MAKE CONDUCTING FINANCIAL TRANSACTIONS EASY. THESE OPTIONS AFFECT EVERYONE, FROM THE PERSON STILL USING THE PHONE SYSTEM TO TRANSFER MONEY TO THE HI-TECH MEMBER WHO DOES ALL OF THEIR BANKING CONVENIENTLY ON THEIR SMART PHONE. OUR MEMBERS BENEFIT FROM ONLINE BANKING, BILLPAY, ATMS, PHONE SYSTEM, ACCOUNT AGGREGATION SOFTWARE, E-STATEMENTS, E-LERTS, ETC.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • William Woodyard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Juanita Moore

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Joel Moye

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Phaedra Harris

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Shenifa Taite

    SECRETARY (JUL 2020-PRESEN

    Total calculated
    $0
    Hours/week
    0.5

  • J Randy McCausland

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Hugh Fones

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Wayne Rhodes

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Elaine McCroan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Doug Martin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Dave Oerting

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Brandon Bowden

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Francis J Flynn

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • David White

    TREASURER

    Total calculated
    $0
    Hours/week
    0.75

  • Dave Sagaser

    VICE-CHAIR

    Total calculated
    $0
    Hours/week
    0.75

  • G Stacy Sirmans

    CHAIRMAN (JUL 2020-PRESENT

    Total calculated
    $0
    Hours/week
    1

  • L Grant Abbott

    VP OF LENDING AND ADMINISTRATION

    Total calculated
    $235,417
    From this org
    $192,755
    From related orgs
    $0
    Other
    $42,662
    Hours/week
    35 + 5 related

    Schedule J breakdown matched by us

    Base
    $141,388
    Bonus
    $45,182
    Other
    $6,185
    Deferred
    $10,463
    Nontaxable benefits
    $32,199
    Filer's total
    $235,417

  • Charles Adcock III

    PRESIDENT/CEO

    Total calculated
    $527,743
    From this org
    $476,976
    From related orgs
    $0
    Other
    $50,767
    Hours/week
    39 + 1 related

    Schedule J breakdown matched by us

    Base
    $345,445
    Bonus
    $113,566
    Other
    $17,965
    Deferred
    $18,000
    Nontaxable benefits
    $32,767
    Filer's total
    $527,743

  • Kevin Keith

    EVP

    Total calculated
    $164,780
    From this org
    $136,716
    From related orgs
    $0
    Other
    $28,064
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,349
    Bonus
    $11,100
    Other
    $6,267
    Deferred
    $5,735
    Nontaxable benefits
    $22,329
    Filer's total
    $164,780

  • Jennifer Durden

    EVP/CFO

    Total calculated
    $329,148
    From this org
    $281,341
    From related orgs
    $0
    Other
    $47,807
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $213,925
    Bonus
    $64,460
    Other
    $2,956
    Deferred
    $15,248
    Nontaxable benefits
    $32,559
    Filer's total
    $329,148

  • Landon Gaines Sr

    VP OF OPERATIONS

    Total calculated
    $223,457
    From this org
    $194,309
    From related orgs
    $0
    Other
    $29,148
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,434
    Bonus
    $54,460
    Other
    $1,415
    Deferred
    $1,500
    Nontaxable benefits
    $27,648
    Filer's total
    $223,457

  • Ivy Miles

    HR DIRECTOR

    Total calculated
    $122,835
    From this org
    $100,576
    From related orgs
    $0
    Other
    $22,259
    Hours/week
    40

  • Jessie Watson

    AVP OF MARKETING AND MEMBER EXPERIENCE

    Total calculated
    $117,277
    From this org
    $110,248
    From related orgs
    $0
    Other
    $7,029
    Hours/week
    40

  • Erin Williams

    COMPLIANCE DIRECTOR

    Total calculated
    $124,450
    From this org
    $102,150
    From related orgs
    $0
    Other
    $22,300
    Hours/week
    40

  • Diamond Popour

    MANAGER, BUS DEV

    Total calculated
    $140,313
    From this org
    $108,794
    From related orgs
    $0
    Other
    $31,519
    Hours/week
    40

  • Alisha Blondel

    COLLECTIONS DIRECTOR

    Total calculated
    $131,202
    From this org
    $114,250
    From related orgs
    $0
    Other
    $16,952
    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 · Tax indemnification and gross-up payments
  • 3 · Compensation committee
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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 COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENTS WITH CHARLES ADCOCK, III, PRESIDENT/CEO. THE ANNUAL PREMIUM ON THE POLICY, WHICH WAS PAID IN FULL AS OF APRIL 2017, WAS FUNDED BY THE CREDIT UNION THROUGH A LOAN TO MR. ADCOCK. THE IMPUTED INTEREST IS INCLUDED IN MR. ADCOCK'S GROSS WAGES ON FORM W-2.

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

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.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • IDRIVELENDING LLC

    RELATED · INDIRECT LENDING · FL · 33.3% owned · share of income $24,839 · share of assets $51,651 · general or managing partner

Provenance

Return type
form_990
Tax year
2022
Filed
4 August 2023
IRS schema version
2022v5.0
Source object
202342199349300809

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