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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
$5,882,262
Total expenses
$5,351,782
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$5,566,023
Investment income
$316,239
Other revenue
$0
Total assets, end of year
$139,468,454
Total liabilities, end of year
$128,762,193
Net assets or fund balances, end of year
$10,706,261
Program services expenses (Part IX)
$5,351,782
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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: INCOME FROM LOANS

    total $3,870,848 · related or exempt $3,870,848

  • 2b · Program service revenue: FEE INCOME

    total $750,012 · related or exempt $739,188 · unrelated business $10,824

  • 2c · Program service revenue: INSURANCE RELATED

    total $97,221 · related or exempt $88,901 · unrelated business $8,320

  • 2d · Program service revenue: CARD INCOME

    total $679,000 · related or exempt $679,000

  • 2f · All other program service revenue

    total $168,942 · related or exempt $168,942

  • 3 · Investment income

    total $316,239 · related or exempt $316,239

  • 8c · Net income from fundraising events

    total $0

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $154,507 · program services $154,507

  • 7 · Other salaries and wages

    total $1,843,948 · program services $1,843,948

  • 8 · Pension plan contributions

    total $43,156 · program services $43,156

  • 9 · Other employee benefits

    total $134,128 · program services $134,128

  • 10 · Payroll taxes

    total $214,334 · program services $214,334

  • 11b · Fees: legal

    total $27,352 · program services $27,352

  • 11c · Fees: accounting

    total $409,818 · program services $409,818

  • 11g · Fees: other

    total $515,421 · program services $515,421

  • 12 · Advertising and promotion

    total $83,615 · program services $83,615

  • 13 · Office expenses

    total $886,725 · program services $886,725

  • 16 · Occupancy

    total $241,603 · program services $241,603

  • 17 · Travel

    total $55,511 · program services $55,511

  • 19 · Conferences, conventions and meetings

    total $1,799 · program services $1,799

  • 20 · Interest

    total $200,852 · program services $200,852

  • 22 · Depreciation, depletion and amortization

    total $100,274 · program services $100,274

  • 23 · Insurance

    total $44,399 · program services $44,399

  • 24a · Other expenses: FLORIDA REGULATORY ASSESSMEN

    total $39,809 · program services $39,809

  • 24b · Other expenses: ASSOCIATION DUES

    total $22,080 · program services $22,080

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $271,478 · program services $271,478

  • 24e · All other expenses

    total $60,973 · program services $60,973

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $613,435 · end of year $2,217,622

  • 2 · Savings and temporary cash investments

    beginning of year $6,554,906 · end of year $10,301,895

  • 4 · Accounts receivable

    beginning of year $63,757 · end of year $346,472

  • 7 · Other notes and loans receivable

    beginning of year $79,152,101 · end of year $102,776,748

  • 9 · Prepaid expenses and deferred charges

    beginning of year $121,063 · end of year $155,082

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

    $4,444,134

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

    $2,931,879

  • 10c · Land, buildings and equipment, net

    beginning of year $1,572,962 · end of year $1,512,255

  • 11 · Investments: publicly traded securities

    beginning of year $4,113,511 · end of year $19,628,976

  • 12 · Investments: other securities

    beginning of year $39,515,656

  • 13 · Investments: program-related

    end of year $1,683,464

  • 15 · Other assets

    beginning of year $2,103,253 · end of year $845,940

  • 17 · Accounts payable and accrued expenses

    beginning of year $996,428 · end of year $5,469,212

  • 25 · Other liabilities

    beginning of year $121,517,449 · end of year $123,292,981

  • 31 · Retained earnings, endowment or other funds

    beginning of year $11,296,767 · end of year $10,706,261

Mission and programs · 2022

Mission

ENHANCING THE FINANCIAL LIVES OF OUR MEMBERS THROUGH CONSISTENT SERVICE

  • PRIORITY ONE SERVES BROWARD, MIAMI-DADE AND PALM BEACH COUNTIES AND OFFERS A FULL ARRAY OF PRODUCTS AND SERVICES INCLUDING DEPOSITORY AND LOAN PRODUCTS, ATM/DEBIT PROGRAM, CAR BUYING PROGRAM AND ONLINE BANKING. WE ENDED THE YEAR WITH 9,583 MEMBERS. THERE WERE 1,449 LOANS GRANTED TOTALING $37,859,515. PRIORITY ONE HAS TWO BRANCH LOCATIONS AND A WIDE ARRAY OF REMOTE OPTIONS THROUGH OUR COOPERATION WITH VARIOUS ATM NETWORKS AND SHARED SERVICE CENTERS

As filed on the 2022 return.

Listed in Part VII

  • Deana Hennessy

    CEO

    Total calculated
    $167,224
    From this org
    $154,507
    From related orgs
    $0
    Other
    $12,717
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,507
    Bonus
    not reported
    Other
    not reported
    Deferred
    $12,717
    Nontaxable benefits
    not reported
    Filer's total
    $167,224

  • Jerome Schwab

    Board Member

    Total calculated
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported

  • Levora Holt

    Vice Chairperson

    Total calculated
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported

  • Barry Ekle

    Chairperson

    Total calculated
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported

  • Alana Ragoonan

    Board Member

    Total calculated
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported

  • Gil Amara

    Board Member

    Total calculated
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported

  • Destiny D Dejesus

    Board Member

    Total calculated
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    not reported

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

  • 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

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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
2022
Filed
10 November 2023
IRS schema version
2022v5.0
Source object
202333149349302038

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