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Nonprofiteer
← STATE CHARTERED CREDIT UNIONS IN FLORIDA

Form 990 for tax year 2022

Filed by STATE CHARTERED CREDIT UNIONS IN FLORIDA.

Totals

Total revenue
$645,478,610
Total expenses
$572,131,606
Contributions and grants received
$0
Grants paid
$724,191
Program service revenue
$541,860,360
Investment income
$103,199,107
Other revenue
$419,143
Total assets, end of year
$13,659,535,141
Total liabilities, end of year
$12,916,924,287
Net assets or fund balances, end of year
$742,610,854
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: INTEREST ON LOANS

    total $374,894,447 · related or exempt $374,894,447

  • 2b · Program service revenue: FEES & COMMISSIONS

    total $150,039,082 · related or exempt $145,617,880 · unrelated business $4,421,202

  • 2c · Program service revenue: GAIN ON SALE OF LOANS

    total $3,919,532 · related or exempt $3,919,532

  • 2d · Program service revenue: CR LIFE & DISAB, GAP, VIS, DEBT PROTECTION

    total $13,007,299 · related or exempt $13,007,299

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $98,626,487 · unrelated business -$617,288 · excluded $99,243,775

  • 6a · Gross rents

    real property $3,463,742

  • 6b · Less rental expenses

    real property $3,413,579

  • 6c · Rental income or loss

    real property $50,163 · personal property $0

  • 6d · Net rental income or loss

    total $50,163 · related or exempt -$568,292 · excluded $618,455

  • 7a · Gross sales of assets other than inventory

    other assets $16,839,139

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

    other assets $12,266,519

  • 7c · Gain or loss

    securities $0 · other assets $4,572,620

  • 7d · Net gain or loss

    total $4,572,620 · excluded $4,572,620

  • 11a · Other revenue: PARKING INCOME

    total $332,024 · related or exempt $332,024

  • 11b · Other revenue: COLLECTION ALLOWANCE

    total $36,956 · excluded $36,956

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $368,980

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $724,191

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $7,206,532

  • 7 · Other salaries and wages

    total $157,326,373

  • 8 · Pension plan contributions

    total $6,981,326

  • 9 · Other employee benefits

    total $22,707,302

  • 10 · Payroll taxes

    total $11,647,406

  • 11b · Fees: legal

    total $2,764,882

  • 11c · Fees: accounting

    total $353,653

  • 11d · Fees: lobbying

    total $70,335

  • 11g · Fees: other

    total $14,877,288

  • 12 · Advertising and promotion

    total $15,444,611

  • 13 · Office expenses

    total $108,914,399

  • 14 · Information technology

    total $13,323,629

  • 16 · Occupancy

    total $13,702,386

  • 17 · Travel

    total $588,984

  • 19 · Conferences, conventions and meetings

    total $1,477,214

  • 20 · Interest

    total $67,267,606

  • 22 · Depreciation, depletion and amortization

    total $29,846,454

  • 23 · Insurance

    total $2,667,800

  • 24a · Other expenses: INTEREST PAID TO MEMBERS

    total $49,376,151

  • 24b · Other expenses: PROVISION FOR LOAN LOSSES

    total $20,026,451

  • 24c · Other expenses: LOAN PROGRAMS

    total $9,570,958

  • 24d · Other expenses: ACCRUED INCOME TAXES

    total $804,000

  • 24e · All other expenses

    total $14,461,675

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $78,260,415 · end of year $91,224,703

  • 2 · Savings and temporary cash investments

    beginning of year $657,140,543 · end of year $313,915,674

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $23,792,509 · end of year $29,344,689

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $7,924,844,649 · end of year $9,421,025,926

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

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

    $612,766,241

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

    $152,788,681

  • 10c · Land, buildings and equipment, net

    beginning of year $371,705,867 · end of year $459,977,560

  • 11 · Investments: publicly traded securities

    beginning of year $2,341,954,252 · end of year $3,042,091,436

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $50,357,845 · end of year $42,207,004

  • 14 · Intangible assets

    beginning of year $28,689,001 · end of year $28,587,335

  • 15 · Other assets

    beginning of year $175,380,072 · end of year $231,160,814

  • 17 · Accounts payable and accrued expenses

    beginning of year $96,983,934 · end of year $134,069,907

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $74,323,129 · end of year $2,206,456,522

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $10,544,597,866 · end of year $10,576,397,858

  • 27 · Net assets without donor restrictions

    beginning of year $0 · end of year $0

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

  • 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 $936,220,224 · end of year $742,610,854

Mission and programs · 2022

Mission

VYSTAR CREDIT UNION EXISTS TO SERVE THE FINANCIAL NEEDS OF OUR MEMBERS BY PROVIDING QUALITY PRODUCTS AND SERVICES WHILE MAINTAINING FISCAL SOUNDNESS. OUR PURPOSE IS TO DO GOOD AND OUR CORE VALUE IS TO LEAD BY EXAMPLE IN EVERYTHING WE DO.

Activities or mission (Part I)

VYSTAR CREDIT UNION EXISTS TO SERVE THE FINANCIAL NEEDS OF OUR MEMBERS BY PROVIDING QUALITY PRODUCTS AND SERVICES WHILE MAINTAINING FISCAL SOUNDNESS.

  • PROVIDE CONSUMER AND BUSINESS LOAN PRODUCTS TO MEMBERS AT COMPETITIVE RATES WITH MINIMUAL OR NO FEES.

  • PROVIDE DEPOSIT PRODUCTS TO INDIVIDUAL MEMBERS AND BUSINESS MEMBERS AT COMPETITIVE RATES WITH MINIMUAL OR NO FEES.

  • PROVIDE INVESTMENT, INSURANCE, AND TITLE AGENCY SERVICES TO MEMBERS WITH MINIMAL FEES.

As filed on the 2022 return.

Listed in Part VII

  • Diane R Fears

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • Eric Hatfield

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Phillip K Siddons

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    5

  • William Vivian

    VICE CHAIRMAN

    Total calculated
    $3,217
    From this org
    $3,217
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • George R Berry

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Jennifer Lusk

    BOARD MEMBER

    Total calculated
    $1,409
    From this org
    $1,409
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jonathan Hogan

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Larry Myers

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Victor Blackshear

    BOARD MEMBER

    Total calculated
    $2,711
    From this org
    $2,711
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brian E Wolfburg

    PRESIDENT/CEO

    Total calculated
    $2,144,114
    From this org
    $2,098,523
    From related orgs
    $0
    Other
    $45,591
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,616,431
    Bonus
    $448,500
    Other
    $33,592
    Deferred
    $15,250
    Nontaxable benefits
    $30,341
    Filer's total
    $2,144,114

  • Chad Meadows

    COO

    Total calculated
    $981,949
    From this org
    $937,088
    From related orgs
    $0
    Other
    $44,861
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $723,245
    Bonus
    $178,981
    Other
    $34,862
    Deferred
    $15,250
    Nontaxable benefits
    $29,611
    Filer's total
    $981,949

  • James Edwards

    CFO

    Total calculated
    $220,227
    From this org
    $211,510
    From related orgs
    $0
    Other
    $8,717
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $51,233
    Bonus
    $50,000
    Other
    $110,277
    Deferred
    $5,096
    Nontaxable benefits
    $3,621
    Filer's total
    $220,227

  • John H Turpish

    EVP/CFO

    Total calculated
    $716,099
    From this org
    $691,859
    From related orgs
    $0
    Other
    $24,240
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,134
    Bonus
    $136,573
    Other
    $379,152
    Deferred
    $15,250
    Nontaxable benefits
    $8,990
    Filer's total
    $716,099

  • Jenny H Vipperman

    CHIEF LENDING OFFICER

    Total calculated
    $780,461
    From this org
    $733,331
    From related orgs
    $0
    Other
    $47,130
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $591,476
    Bonus
    $130,010
    Other
    $11,845
    Deferred
    $15,250
    Nontaxable benefits
    $31,880
    Filer's total
    $780,461

  • Joel R Swanson

    CHIEF MBRSHP EXPERIENCE OFCR

    Total calculated
    $720,634
    From this org
    $674,596
    From related orgs
    $0
    Other
    $46,038
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $523,246
    Bonus
    $130,010
    Other
    $21,340
    Deferred
    $15,250
    Nontaxable benefits
    $30,788
    Filer's total
    $720,634

  • Kawanza Humphrey

    Chief Human Resource Officer

    Total calculated
    $467,430
    From this org
    $435,899
    From related orgs
    $0
    Other
    $31,531
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $390,608
    Bonus
    $37,040
    Other
    $8,251
    Deferred
    $15,250
    Nontaxable benefits
    $16,281
    Filer's total
    $467,430

  • Lisa Cochran

    CHIEF INFORMATION OFFICER

    Total calculated
    $873,840
    From this org
    $831,317
    From related orgs
    $0
    Other
    $42,523
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $628,315
    Bonus
    $180,570
    Other
    $22,432
    Deferred
    $15,250
    Nontaxable benefits
    $27,273
    Filer's total
    $873,840

  • Ryan McIntyre

    CHIEF STRATEGY OFFICER

    Total calculated
    $576,570
    From this org
    $528,969
    From related orgs
    $0
    Other
    $47,601
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $390,974
    Bonus
    $111,120
    Other
    $26,875
    Deferred
    $15,250
    Nontaxable benefits
    $32,351
    Filer's total
    $576,570

  • Dana Karzan

    CHIEF MARKETING OFFICER

    Total calculated
    $552,688
    From this org
    $521,107
    From related orgs
    $0
    Other
    $31,581
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $414,125
    Bonus
    $104,896
    Other
    $2,086
    Deferred
    $15,250
    Nontaxable benefits
    $16,331
    Filer's total
    $552,688

  • Jennifer Kouchis

    SENIOR VP REAL ESTATE LENDING

    Total calculated
    $380,499
    From this org
    $337,468
    From related orgs
    $0
    Other
    $43,031
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $284,903
    Bonus
    $51,402
    Other
    $1,163
    Deferred
    $15,250
    Nontaxable benefits
    $27,781
    Filer's total
    $380,499

  • Joseph Colca

    SVP Digital Experience

    Total calculated
    $417,024
    From this org
    $373,362
    From related orgs
    $0
    Other
    $43,662
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $288,445
    Bonus
    $56,811
    Other
    $28,106
    Deferred
    $13,031
    Nontaxable benefits
    $30,631
    Filer's total
    $417,024

  • Lance Davies

    CHIEF RISK OFFICER & GENERAL C

    Total calculated
    $547,227
    From this org
    $508,462
    From related orgs
    $0
    Other
    $38,765
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $392,046
    Bonus
    $93,876
    Other
    $22,540
    Deferred
    $14,875
    Nontaxable benefits
    $23,890
    Filer's total
    $547,227

  • Matthew Burgess

    Chief Internal Auditor

    Total calculated
    $387,264
    From this org
    $351,024
    From related orgs
    $0
    Other
    $36,240
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $254,980
    Bonus
    $70,218
    Other
    $25,826
    Deferred
    $12,524
    Nontaxable benefits
    $23,716
    Filer's total
    $387,264

  • Robert L Davis

    CHIEF HUMAN RESOURCES OFFICER

    Total calculated
    $493,539
    From this org
    $493,539
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $107,300
    Other
    $386,239
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $493,539

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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a First-class or charter travel
CERTAIN EXECUTIVES MAY TRAVEL FIRST-CLASS AS BUSINESS NEED DICTATES. THESE INSTANCES ARE CONSIDERED NECESSARY BUSINESS EXPENSES.
Schedule J, Part I, Line 1a Travel for companions
TRAVEL FOR COMPANION IS AVAILABLE TO ALL 11 VOLUNTEERS, EXECUTIVE TEAM, AND KEY EMPLOYEES AND IS INCLUDED IN TAXABLE INCOME.
Schedule J, Part I, Line 1a Health or social club dues or initiation fees
HEALTH CLUB DUES ARE AVAILABLE TO ALL VYSTAR EMPLOYEES AND IS INCLUDED IN TAXABLE INCOME.
Schedule J, Part I, Line 4a Severance or change-of-control payment
ROBERT DAVIS WAS AWARDED SEVERANCE IN CONNECTION WITH HIS SEPARATION FROM EMPLOYMENT IN THE AMOUNT OF $386,250. JOHN TURPISH WAS AWARDED SEVERANCE IN CONNECTION WITH HIS SEPARATION FROM EMPLOYMENT IN THE AMOUNT OF $332,698.

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

  • VYSTAR FINANCIAL GROUP LLC

    HOLDNG COMPANY · FL · income $93,843 · assets $14,817,729

    Directly controlled by VYSTAR CU

  • VYSTAR INSURANCE AGENCY LLC

    INSURANCE · FL · income $2,135,866 · assets $5,341,060

    Directly controlled by VFG

  • VYSTAR TITLE AGENCY LLC

    TITLE AGENCY · FL · income $4,847,551 · assets $8,145,755

    Directly controlled by VFG

  • VYSTAR NML LLC

    NON-MEM LOANS · FL · income $2,299,929 · assets $21,508,977

    Directly controlled by VFG

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202333189349319443

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