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← STATE CHARTERED CREDIT UNIONS IN FLORIDA

Form 990 for tax year 2024

Filed by STATE CHARTERED CREDIT UNIONS IN FLORIDA.

Totals

Total revenue
$70,159,818
Total expenses
$65,081,415
Contributions and grants received
$450,000
Grants paid
$0
Program service revenue
$60,727,289
Investment income
$8,006,228
Other revenue
$976,301
Total assets, end of year
$1,096,207,913
Total liabilities, end of year
$1,013,859,315
Net assets or fund balances, end of year
$82,348,598
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)

    $450,000

  • 2a · Program service revenue: LOANS TO MEMBERS

    total $46,820,012 · related or exempt $46,820,012

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

    total $13,782,739 · related or exempt $13,782,739

  • 2c · Program service revenue: FINANCE & INSURANCE

    total $124,538 · unrelated business $124,538

  • 3 · Investment income

    total $7,935,765 · related or exempt $7,935,765

  • 7a · Gross sales of assets other than inventory

    other assets $286,575

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

    other assets $216,112

  • 7c · Gain or loss

    other assets $70,463

  • 7d · Net gain or loss

    total $70,463 · related or exempt $70,463

  • 11a · Other revenue: REDEMPTION OF VISA STOCK

    total $842,104 · related or exempt $842,104

  • 11b · Other revenue: MORTGAGE COMMISSION FEES

    total $134,197 · related or exempt $134,197

  • 11e · Other revenue, total

    $976,301

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $3,035,902

  • 7 · Other salaries and wages

    total $10,825,543

  • 8 · Pension plan contributions

    total $622,279

  • 9 · Other employee benefits

    total $1,884,231

  • 10 · Payroll taxes

    total $979,619

  • 11a · Fees: management

    total $109,018

  • 11b · Fees: legal

    total $216,123

  • 11c · Fees: accounting

    total $292,200

  • 11g · Fees: other

    total $1,434,464

  • 12 · Advertising and promotion

    total $1,949,470

  • 13 · Office expenses

    total $2,245,291

  • 14 · Information technology

    total $465,052

  • 16 · Occupancy

    total $916,799

  • 17 · Travel

    total $220,364

  • 19 · Conferences, conventions and meetings

    total $89,104

  • 20 · Interest

    total $21,691,908

  • 21 · Payments to affiliates

    total $98,682

  • 22 · Depreciation, depletion and amortization

    total $2,581,006

  • 23 · Insurance

    total $330,760

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $4,936,810

  • 24b · Other expenses: DEBIT CARD FEES AND REB

    total $3,710,874

  • 24c · Other expenses: MAINTENANCE/RENTAL/REPA

    total $3,145,220

  • 24d · Other expenses: LOAN SERVICING

    total $1,646,531

  • 24e · All other expenses

    total $1,654,165

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $21,266,241 · end of year $16,021,903

  • 2 · Savings and temporary cash investments

    beginning of year $114,296,517 · end of year $61,239,157

  • 4 · Accounts receivable

    beginning of year $9,158,063 · end of year $12,854,408

  • 5 · Loans and receivables from officers and key people

    beginning of year $1,960,631 · end of year $9,744,788

  • 7 · Other notes and loans receivable

    beginning of year $741,762,853 · end of year $819,084,813

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,912,579 · end of year $3,554,767

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

    $68,496,598

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

    $29,797,969

  • 10c · Land, buildings and equipment, net

    beginning of year $35,812,043 · end of year $38,698,629

  • 11 · Investments: publicly traded securities

    beginning of year $115,333,384 · end of year $105,614,502

  • 12 · Investments: other securities

    beginning of year $875,608 · end of year $1,304,325

  • 14 · Intangible assets

    beginning of year $7,885,943 · end of year $7,885,943

  • 15 · Other assets

    beginning of year $18,361,411 · end of year $20,204,678

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,206,826 · end of year $12,201,724

  • 21 · Escrow or custodial account liability

    beginning of year $420,069 · end of year $630,664

  • 23 · Secured mortgages and notes payable

    beginning of year $55,633,333 · end of year $10,033,333

  • 24 · Unsecured notes and loans payable

    beginning of year $15,000,000 · end of year $15,000,000

  • 25 · Other liabilities

    beginning of year $905,031,510 · end of year $975,993,594

  • 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 $77,333,535 · end of year $82,348,598

Mission and programs · 2024

Mission

TO BE OUR MEMBERS' FINANCIAL PARTNERS FOR LIFE.

Activities or mission (Part I)

TO PROVIDE SERVICES AND EDUCATION TO MEMBERS IN THE FRAMEWORK OF A FINANCIAL COOPERATIVE.

  • TALLAHASSEE'S #1 AUTO LENDING PROGRAM FOR OVER A DECADE. FIRST COMMERCE HAS EARNED THE TITLE OF TALLAHASSEE'S NUMBER ONE AUTO LENDER YEAR AFTER YEAR. THIS TITLE HAS BEEN CONSISTENTLY EARNED BECAUSE THE CREDIT UNION OFFERS A RANGE OF AUTO LOAN CHOICES FOR ALMOST EVERY BUDGET AND CREDIT LEVEL. FIRST COMMERCE'S FLEXIBLE TERMS AND COMPETITIVE RATES ALLOW MEMBERS TO PURCHASE THE VEHICLE THEY NEED AT A MONTHLY PAYMENT THEY CAN AFFORD.

  • FIRST COMMERCE OFFERS A FULL RANGE OF FINANCIAL PRODUCTS FOR BUSINESSES. THEY INCLUDE LENDING FOR OPERATING EXPENSES, EQUIPMENT, INVENTORY, REAL ESTATE, AND OTHER NEEDS AS WELL AS BUSINESS CREDIT CARD OFFERINGS. DEPOSIT PRODUCTS FROM BASIC BUSINESS CHECKING TO A FULL SUITE OF TREASURY SERVICES ARE ALSO AVAILABLE. FCCU INCORPORATES INTEREST BEARING ACCOUNTS, TIME DEPOSITS, FUNDS TRANSFER, AND DIGITAL AND REMOTE BUSINESS SERVICES.

  • FIRST COMMERCE CREDIT UNION OFFERS A WIDE ARRAY OF ELECTRONIC SERVICES TO MEMBERS. ALMOST 46,000 MEMBERS UTILIZE DIGITAL BANKING TO KEEP TRACK OF THEIR ACCOUNTS, MAKE TRANSFERS, MAKE MOBILE DEPOSITS AND PAY BILLS. FCCU'S BILL PAY OFFERS SAME DAY BILL PAY AND OVERNIGHT CHECK OPTIONS TO PROVIDE MEMBERS FLEXIBILITY IN HOW THEY MAKE THEIR PAYMENTS. ACCOUNT-TO-ACCOUNT TRANSFERS PROVIDE MEMBERS CONVENIENT OPTIONS IN MOVING THEIR FUNDS. OVER HALF OF OUR ACTIVE ONLINE BANKING USERS HAVE ENROLLED IN MOBILE BANKING. FCCU PRESENTS MEMBERS AND NON-MEMBERS WITH ONLINE OPTIONS TO OPEN AN ACCOUNT; APPLY FOR AUTO OR PERSONAL LOANS; AND APPLY FOR A MORTGAGE.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Alan Neubauer

    BOD CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Kathy Arrant

    BOD TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Shonda Knight

    BOD DIRECTOR

    Total calculated
    $1,648
    From this org
    $1,648
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • John Grayson

    BOD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Jared Ross

    BOD DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Canita Peterson

    BOD VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Casey Stoutamire

    BOD DIRECTOR

    Total calculated
    $1,240
    From this org
    $1,240
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Cecilia D Homison

    CEO

    Total calculated
    $1,222,123
    From this org
    $1,193,923
    From related orgs
    $0
    Other
    $28,200
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $553,486
    Bonus
    $610,624
    Other
    $29,813
    Deferred
    $23,000
    Nontaxable benefits
    $5,200
    Filer's total
    $1,222,123

  • Dennis G Adams

    SENIOR EXECUTIVE VICE PRESIDENT

    Total calculated
    $463,936
    From this org
    $445,037
    From related orgs
    $0
    Other
    $18,899
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $335,004
    Bonus
    $78,124
    Other
    $31,909
    Deferred
    $14,579
    Nontaxable benefits
    $4,320
    Filer's total
    $463,936

  • Angela Terhune

    CFO

    Total calculated
    $283,007
    From this org
    $251,944
    From related orgs
    $0
    Other
    $31,063
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $220,208
    Bonus
    $30,596
    Other
    $1,140
    Deferred
    $10,414
    Nontaxable benefits
    $20,649
    Filer's total
    $283,007

  • Kimberly S Howes

    CHIEF VISIONARY OFFICER

    Total calculated
    $326,292
    From this org
    $310,682
    From related orgs
    $0
    Other
    $15,610
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $259,215
    Bonus
    $46,324
    Other
    $5,143
    Deferred
    $12,398
    Nontaxable benefits
    $3,212
    Filer's total
    $326,292

  • Justin Hof

    CHIEF INFORMATION & LENDING OFFICER

    Total calculated
    $309,967
    From this org
    $286,053
    From related orgs
    $0
    Other
    $23,914
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $237,767
    Bonus
    $45,206
    Other
    $3,080
    Deferred
    $10,341
    Nontaxable benefits
    $13,573
    Filer's total
    $309,967

  • Amy K Groff

    CHIEF PEOPLE OFFICER

    Total calculated
    $204,844
    From this org
    $202,910
    From related orgs
    $0
    Other
    $1,934
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $127,659
    Bonus
    $36,013
    Other
    $39,238
    Deferred
    $1,888
    Nontaxable benefits
    $46
    Filer's total
    $204,844

  • Joy Sanders

    COO

    Total calculated
    $222,845
    From this org
    $177,268
    From related orgs
    $0
    Other
    $45,577
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,284
    Bonus
    $14,116
    Other
    $10,868
    Deferred
    $7,759
    Nontaxable benefits
    $37,818
    Filer's total
    $222,845

  • Barbara Williams-Anderson

    THOMAS COUNTY MARKET EXECUTIVE

    Total calculated
    $245,711
    From this org
    $221,039
    From related orgs
    $0
    Other
    $24,672
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $59,837
    Bonus
    $157,510
    Other
    $3,692
    Deferred
    $9,077
    Nontaxable benefits
    $15,595
    Filer's total
    $245,711

  • Steven Reynolds

    VICE PRESIDENT OF BUSINESS SERVICES

    Total calculated
    $179,333
    From this org
    $167,223
    From related orgs
    $0
    Other
    $12,110
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $157,085
    Bonus
    $4,601
    Other
    $5,537
    Deferred
    $6,828
    Nontaxable benefits
    $5,282
    Filer's total
    $179,333

  • Warren Sumner

    DIRECTOR OF LENDING

    Total calculated
    $176,089
    From this org
    $163,951
    From related orgs
    $0
    Other
    $12,138
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,530
    Bonus
    $18,895
    Other
    $14,526
    Deferred
    $6,565
    Nontaxable benefits
    $5,573
    Filer's total
    $176,089

  • Christopher Eppes

    DIRECTOR OF IT

    Total calculated
    $167,390
    From this org
    $147,373
    From related orgs
    $0
    Other
    $20,017
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,584
    Bonus
    $0
    Other
    $4,789
    Deferred
    $6,211
    Nontaxable benefits
    $13,806
    Filer's total
    $167,390

  • Allen Burkes

    DIRECTOR OF RISK MANAGEMENT

    Total calculated
    $155,665
    From this org
    $140,713
    From related orgs
    $0
    Other
    $14,952
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,213
    Bonus
    $650
    Other
    $9,850
    Deferred
    $0
    Nontaxable benefits
    $14,952
    Filer's total
    $155,665

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 · Travel for companions
  • 1a · Tax indemnification and gross-up payments
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINES 4A-B
AMY GROFF: $38,500 CECILIA HOMISON PARTICIPATES IN A SECURED SPLIT DOLLAR PROGRAM WHEREBY FCCU LOANS THE OFFICER FUNDS FOR THE PURCHASE OF TWO LIFE INSURANCE POLICIES. THE FIRST POLICY IS KNOWN AS THE REPAYMENT POLICY AND IS SPECIFICALLY DESIGNED TO REPAY THE CREDIT UNION THE AMOUNT OF THE LOAN PLUS INTEREST UPON THE DEATH OF THE INSURED. THE SECOND POLICY IS THE ACCUMULATION POLICY AND IT IS DESIGNED TO PROVIDE FOR FUTURE POLICY LOANS AND DEATH BENEFIT PROTECTION FOR THE OFFICER.

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.

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.

  • FFCU FOUNDATION

    501(C)(3) · WORKSHOPS TO PROMOTE FINANCIAL LITERACY · FL · controlled entity

    Directly controlled by FIRST COMMERCE 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.

  • SIX PILLARS FINANCIAL ADVISORS LLC

    FINANCIAL ADVISORS · FL · income $297,130 · assets $242,415

    Directly controlled by FIRST COMMERCE CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.2
Source object
202543219349328709

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