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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
$171,954,625
Total expenses
$165,067,965
Contributions and grants received
$0
Grants paid
$40,000
Program service revenue
$149,872,024
Investment income
$18,584,045
Other revenue
$3,498,556
Total assets, end of year
$2,752,280,661
Total liabilities, end of year
$2,432,435,338
Net assets or fund balances, end of year
$319,845,323
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

    total $111,942,440 · related or exempt $111,942,440

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $20,146,409 · related or exempt $20,146,409

  • 2c · Program service revenue: FEES AND CHARGES

    total $16,296,046 · related or exempt $16,108,262 · unrelated business $187,784

  • 2d · Program service revenue: NON OPERATING INCOME/EXPENSE

    total $1,487,129 · related or exempt $1,487,129

  • 3 · Investment income

    total $18,764,583 · excluded $18,764,583

  • 7a · Gross sales of assets other than inventory

    other assets $2,326,737

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

    other assets $2,507,275

  • 7c · Gain or loss

    other assets -$180,538

  • 7d · Net gain or loss

    total -$180,538 · excluded -$180,538

  • 11a · Other revenue: GAIN ON SERP INVESTMENT

    total $3,498,556 · excluded $3,498,556

  • 11e · Other revenue, total

    $3,498,556

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $40,000

  • 4 · Benefits paid to or for members

    total $39,269,428

  • 5 · Compensation of officers, directors and key employees

    total $4,799,060

  • 7 · Other salaries and wages

    total $28,695,445

  • 8 · Pension plan contributions

    total $820,821

  • 9 · Other employee benefits

    total $4,053,344

  • 10 · Payroll taxes

    total $2,425,030

  • 11b · Fees: legal

    total $352,474

  • 11c · Fees: accounting

    total $124,894

  • 11g · Fees: other

    total $14,486,024

  • 12 · Advertising and promotion

    total $5,678,266

  • 13 · Office expenses

    total $5,343,952

  • 14 · Information technology

    total $452,955

  • 16 · Occupancy

    total $3,533,331

  • 17 · Travel

    total $117,660

  • 19 · Conferences, conventions and meetings

    total $1,241,608

  • 20 · Interest

    total $3,377,111

  • 22 · Depreciation, depletion and amortization

    total $4,332,787

  • 23 · Insurance

    total $484,619

  • 24a · Other expenses: PROVISION FOR CREDIT LO

    total $38,578,474

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $5,474,224

  • 24c · Other expenses: MISCELLANEOUS EXPENSE

    total $725,652

  • 24d · Other expenses: FORGERY, FRAUD & PLASTI

    total $356,268

  • 24e · All other expenses

    total $304,538

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $22,149,339 · end of year $26,788,624

  • 2 · Savings and temporary cash investments

    beginning of year $235,828,336 · end of year $252,176,759

  • 5 · Loans and receivables from officers and key people

    beginning of year $3,520,324 · end of year $3,544,795

  • 7 · Other notes and loans receivable

    beginning of year $1,902,590,330 · end of year $1,991,448,098

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,837,886 · end of year $6,059,189

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

    $109,800,423

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

    $35,400,964

  • 10c · Land, buildings and equipment, net

    beginning of year $59,925,655 · end of year $74,399,459

  • 12 · Investments: other securities

    beginning of year $403,093,916 · end of year $290,159,451

  • 15 · Other assets

    beginning of year $86,081,895 · end of year $107,704,286

  • 17 · Accounts payable and accrued expenses

    beginning of year $38,010,528 · end of year $33,132,897

  • 21 · Escrow or custodial account liability

    beginning of year $769,167 · end of year $995,226

  • 23 · Secured mortgages and notes payable

    beginning of year $150,000,000 · end of year $0

  • 25 · Other liabilities

    beginning of year $2,225,240,938 · end of year $2,398,307,215

  • 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 $306,007,048 · end of year $319,845,323

Mission and programs · 2024

Mission

COMMUNITY FIRST CREDIT UNION OF FLORIDA'S MISSION IS TO PROVIDE THE HIGHEST IN QUALITY FINANCIAL SOLUTIONS FOR EVERY STAGE OF LIFE.

Activities or mission (Part I)

PROVIDING FINANCIAL SOLUTIONS FOR EVERY STAGE OF LIFE.

  • INCOME FROM THE CREDIT UNION MEMBERSHIP AND FROM THE INVESTMENT OF MEMBERS' FUNDS PROVIDE THE BASIS FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP.

  • THE CREDIT UNION OFFERS A VARIETY OF FINANCIAL PRODUCTS, INCLUDING MORTGAGE, AUTOMOBILE, CREDIT CARDS, AND PERSONAL SIGNATURE LOANS. $875,481,306 IN NEW LOANS WERE ORIGINATED DURING 2024 AND MORE THAN $2,031,787,750 IN LOAN BALANCES WERE SERVICED DURING 2024.

  • MEMBERS MAY CHOOSE FROM A NUMBER OF ACCOUNT TYPES INCLUDING REGULAR SHARES, CHECKING, MONEY MARKET, AND RETIREMENT ACCOUNTS. $2,398,307,214 IN DEPOSIT ACCOUNTS WERE MAINTAINED FOR 178,430 MEMBERS DURING 2024.

As filed on the 2024 return.

Listed in Part VII

  • Malinda Prudencio

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Ted Willich

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • William Permenter

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Bettie Adams

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Norman Bruce Doucek

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • James Farah

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Eva Chantelle Schart

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brenda Simmons-Hutchins

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Elvia Williams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sam Inman

    CEO/PRESIDENT

    Total calculated
    $1,139,824
    From this org
    $1,100,712
    From related orgs
    $0
    Other
    $39,112
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $977,950
    Bonus
    $69,588
    Other
    $53,174
    Deferred
    $2,116
    Nontaxable benefits
    $36,996
    Filer's total
    $1,139,824

  • John Hirabayashi

    CEO/PRESIDENT

    Total calculated
    $1,989,289
    From this org
    $1,969,852
    From related orgs
    $0
    Other
    $19,437
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,376,447
    Bonus
    $170,866
    Other
    $422,539
    Deferred
    $11,200
    Nontaxable benefits
    $8,237
    Filer's total
    $1,989,289

  • Tim Simpson

    CHIEF INFORMATION OFFICER

    Total calculated
    $348,909
    From this org
    $305,045
    From related orgs
    $0
    Other
    $43,864
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $264,589
    Bonus
    $35,466
    Other
    $4,990
    Deferred
    $11,200
    Nontaxable benefits
    $32,664
    Filer's total
    $348,909

  • Roger Rassman

    CHIEF MARKETING OFFICER

    Total calculated
    $307,629
    From this org
    $282,417
    From related orgs
    $0
    Other
    $25,212
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $241,486
    Bonus
    $30,986
    Other
    $9,945
    Deferred
    $10,225
    Nontaxable benefits
    $14,987
    Filer's total
    $307,629

  • Melissa Thomas

    COO

    Total calculated
    $344,666
    From this org
    $306,969
    From related orgs
    $0
    Other
    $37,697
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $260,143
    Bonus
    $46,688
    Other
    $138
    Deferred
    $3,999
    Nontaxable benefits
    $33,698
    Filer's total
    $344,666

  • Lori Smith

    CHIEF HUMAN RESOURCES OFFI

    Total calculated
    $292,807
    From this org
    $279,937
    From related orgs
    $0
    Other
    $12,870
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $270,889
    Bonus
    $4,824
    Other
    $4,224
    Deferred
    $9,822
    Nontaxable benefits
    $3,048
    Filer's total
    $292,807

  • Jimmy Lovelace

    CHIEF MEMBER EXPERIENCE OF

    Total calculated
    $375,936
    From this org
    $350,263
    From related orgs
    $0
    Other
    $25,673
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $283,780
    Bonus
    $51,729
    Other
    $14,754
    Deferred
    $11,400
    Nontaxable benefits
    $14,273
    Filer's total
    $375,936

  • Zachary Toelle

    FINANCIAL ADVISOR

    Total calculated
    $271,035
    From this org
    $260,614
    From related orgs
    $0
    Other
    $10,421
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $48,000
    Bonus
    $212,525
    Other
    $89
    Deferred
    $10,421
    Nontaxable benefits
    $0
    Filer's total
    $271,035

  • Ryan Olson

    CHIEF LENDING OFFICER (THRU 11/24)

    Total calculated
    $362,528
    From this org
    $317,289
    From related orgs
    $0
    Other
    $45,239
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,550
    Bonus
    $35,123
    Other
    $28,616
    Deferred
    $9,538
    Nontaxable benefits
    $35,701
    Filer's total
    $362,528

  • Mark Fitzmorris

    FINANCIAL ADVISOR

    Total calculated
    $571,886
    From this org
    $514,855
    From related orgs
    $0
    Other
    $57,031
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $48,336
    Bonus
    $466,349
    Other
    $170
    Deferred
    $11,200
    Nontaxable benefits
    $45,831
    Filer's total
    $571,886

  • Edwin Reynolds

    FINANCIAL ADVISOR

    Total calculated
    $246,596
    From this org
    $243,660
    From related orgs
    $0
    Other
    $2,936
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $46,801
    Bonus
    $196,064
    Other
    $795
    Deferred
    $0
    Nontaxable benefits
    $2,936
    Filer's total
    $246,596

  • Michael Young

    FINANCIAL ADVISOR

    Total calculated
    $264,745
    From this org
    $228,271
    From related orgs
    $0
    Other
    $36,474
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $48,000
    Bonus
    $180,105
    Other
    $166
    Deferred
    $14,543
    Nontaxable benefits
    $21,931
    Filer's total
    $264,745

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
  • 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 · Compensation survey or study
  • 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 1A
WILLIAM PERMENTER TRAVEL FOR COMPANION $539 ELVIA WILLIAMS TRAVEL FOR COMPANION $1,782 BRENDA SIMMONS-HUTCHINS TRAVEL FOR COMPANION $1,826 CHANTELLE SCHART TRAVEL FOR COMPANION $1,285 JIM FARAH TRAVEL FOR COMPANION $2,056 BRUCE DOUECK TRAVEL FOR COMPANION $1,072 DAVID PAULINO $835
PART I, LINE 1B
WE ISSUE 1099S FOR COMPANION /GUEST TRAVEL.
PART I, LINE 4B
NAME: SAM INMAN, DESCRIPTION: SERP PARTICIPANT, CURRENT YEAR AMOUNT: $500,000. PLAN DESCRIPTION: SERP PAYOUT NAME: JOHN HIRABAYASHI, DESCRIPTION: SERP PARTICIPANT, CURRENT YEAR AMOUNT: $850,811. PLAN DESCRIPTION: SERP PAYOUT NAME: JIMMY LOVELACE, DESCRIPTION: SERP PARTICIPANT, $30,000 DISTRIBUTION NAME: ROGER RASSMAN, DESCRIPTION: SERP PARTICIPANT, NO DISTRIBUTION NAME: TIM SIMPSON, DESCRIPTION: SERP PARTICIPANT, NO DISTRIBUTION NAME: RYAN OLSON, DESCRIPTION: SERP PARTICIPANT, NO DISTRIBUTION

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

  • COMMUNITY FIRST CARES FOUNDATION

    $40,000

    TO PROVIDE FINANCIAL SUPPORT TO THE FOUNDATION TO FULFILL ITS EXEMPT PURPOSE TO PROMOTE AND PROVIDE CHARITABLE GIVING AND COMMUNITY INVESTMENT IN THE AREAS SERVED BY THE CREDIT UNION.

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.

  • COMMUNITY FIRST CARES FOUNDATION

    501(C)(3) · IMPROVE THE QUALITY OF LIFE IN NORTHEAST FLORIDA. · FL · controlled entity

    Directly controlled by COMMUNITY FIRST CREDIT UNION OF FLORIDA

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 corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • EDCO FINANCIAL SERVICES INC

    C · FINANCIAL SERVICES - INACTIVE · FL · 100% owned · share of assets $1,000 · controlled entity

    Directly controlled by COMMUNITY FIRST CREDIT UNION OF FLORIDA

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.2
Source object
202513219349315211

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