Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $621,371,905 · related or exempt $621,371,905

• 2b · Program service revenue: SERVICE FEES & MISC

  total $159,491,623 · related or exempt $159,491,623

• 3 · Investment income

  total $93,013,359 · related or exempt $93,013,359

• 6a · Gross rents

  real property $228,971

• 6b · Less rental expenses

  real property $132,275

• 6c · Rental income or loss

  real property $96,696

• 6d · Net rental income or loss

  total $96,696 · related or exempt $96,696

• 7a · Gross sales of assets other than inventory

  securities $248,120,738 · other assets $77,661,919

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

  securities $248,054,337 · other assets $78,234,866

• 7c · Gain or loss

  securities $66,401 · other assets -$572,947

• 7d · Net gain or loss

  total -$506,546 · related or exempt -$506,546

• 11a · Other revenue: UNRELATED BUSINESS INC

  total $3,394,032 · unrelated business $3,394,032

• 11b · Other revenue: UNRELATED BUSINESS INC

  total $59,037 · unrelated business $59,037

• 11e · Other revenue, total

  $3,453,069

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $766,319

• 5 · Compensation of officers, directors and key employees

  total $3,732,022

• 7 · Other salaries and wages

  total $162,184,900

• 8 · Pension plan contributions

  total $8,496,256

• 9 · Other employee benefits

  total $26,312,418

• 10 · Payroll taxes

  total $12,053,563

• 11b · Fees: legal

  total $664,549

• 11c · Fees: accounting

  total $1,437,077

• 11g · Fees: other

  total $28,105

• 12 · Advertising and promotion

  total $10,351,082

• 13 · Office expenses

  total $11,234,781

• 14 · Information technology

  total $24,837,878

• 16 · Occupancy

  total $19,624,351

• 17 · Travel

  total $1,288,608

• 19 · Conferences, conventions and meetings

  total $636,192

• 20 · Interest

  total $216,827,386

• 22 · Depreciation, depletion and amortization

  total $17,663,986

• 23 · Insurance

  total $2,103,275

• 24a · Other expenses: LOAN LOSS

  total $145,000,000

• 24b · Other expenses: UBIT (FEDERAL AND STATE

  total $138,500

• 24c · Other expenses: OTHER EXPENSES

  total $33,883,664

• 24d · Other expenses: FRAUD EXPENSE

  total $18,429,346

• 24e · All other expenses

  total $24,638,030

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $216,751,233 · end of year $245,474,357

• 2 · Savings and temporary cash investments

  beginning of year $663,022,093 · end of year $1,532,467,731

• 4 · Accounts receivable

  beginning of year $25,107,472 · end of year $60,693,432

• 5 · Loans and receivables from officers and key people

  beginning of year $18,995,566 · end of year $24,041,924

• 7 · Other notes and loans receivable

  beginning of year $12,005,108,167 · end of year $12,805,745,575

• 9 · Prepaid expenses and deferred charges

  beginning of year $41,308,177 · end of year $44,885,185

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

  $346,445,833

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

  $168,099,996

• 10c · Land, buildings and equipment, net

  beginning of year $172,395,048 · end of year $178,345,837

• 11 · Investments: publicly traded securities

  beginning of year $2,597,101,136 · end of year $1,988,154,978

• 12 · Investments: other securities

  beginning of year $91,286,889 · end of year $161,143,599

• 14 · Intangible assets

  beginning of year $4,135,417 · end of year $4,082,427

• 15 · Other assets

  beginning of year $379,690,746 · end of year $358,641,879

• 17 · Accounts payable and accrued expenses

  beginning of year $170,856,451 · end of year $201,136,821

• 21 · Escrow or custodial account liability

  beginning of year $15,530,066 · end of year $17,305,207

• 23 · Secured mortgages and notes payable

  end of year $1,160,000,000

• 24 · Unsecured notes and loans payable

  beginning of year $175,000,000 · end of year $175,000,000

• 25 · Other liabilities

  beginning of year $14,709,465,484 · end of year $14,566,792,296

• 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 $1,144,049,943 · end of year $1,283,442,600

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS AND SPOUSES: INCLUDES SPOUSE TRAVEL FOR BOARD OF DIRECTORS MEMBERS AND EXECUTIVE LEVEL EMPLOYEES; ALL OF WHICH IS TAXABLE COMPENSATION.

PART I, LINE 4B

457(B) NON-QUALIFIED DEFERRED-COMPENSATION PLAN - SUNCOAST CREDIT UNION ALLOWS ELIGIBLE HIGHLY COMPENSATED EMPLOYEES TO DEFER A SPECIFIC AMOUNT OF EARNED AND PAID WAGES; ALL OF WHICH IS UNDER PRE-TAX INCOME FOR INVESTMENT TOWARDS RETIREMENT. PARTICIPATING EMPLOYEES DO NOT PAY CURRENT FEDERAL INCOME TAXES ON THE AMOUNTS DEFERRED. THE DEFERRED AMOUNTS, PLUS EARNINGS, ARE PAID TO THE EXECUTIVE AT A LATER DATE, USUALLY WHEN THEY RETIRE AND ARE POSSIBLY IN A LOWER TAX BRACKET. THE CREDIT UNION DOES NOT CONTRIBUTE TO THIS BENEFIT PLAN AT THIS TIME. THE EMPLOYER OWNS THE FUNDING ACCOUNT WITH AN AGREEMENT TO PAY THE PROCEEDS TO THE EMPLOYEE WHEN THEY LEAVE THE COMPANY. PARTICIPANTS ARE 100% VESTED AT ALL TIMES. THE AGGREGATE BENEFIT PAYABLE TO ALL PARTICIPATING EMPLOYEES APPROXIMATED $2,219,00 AS OF DECEMBER 31, 2023. PARTICIPANTS INCLUDED KEVIN JOHNSON (CEO) AND JULIE RENDEROS (CFO). COLLATERAL ASSIGNMENT SPLIT DOLLAR AGREEMENT - THE CREDIT UNION ESTABLISHED POST-RETIREMENT BENEFIT PLANS FOR THE CEO, EVP/CFO, AND EVP/CGO KNOWN AS COLLATERAL ASSIGNMENT SPLIT DOLLAR AGREEMENTS. TO FACILITATE THE BENEFIT PLAN, THE CREDIT UNION ISSUED EACH EXECUTIVE A PROMISSORY NOTE FOR THE PURPOSE OF PURCHASING TWO LIFE INSURANCE POLICIES. THE PURPOSE OF THE FIRST POLICY IS TO REPAY THE EXECUTIVE'S LOAN BALANCE, PLUS ACCRUED INTEREST, UPON EACH EXECUTIVE'S DEATH. THE SECOND POLICY PROVIDES FOR FUTURE POLICY LOANS AND DEATH BENEFIT PROTECTION FOR THE EXECUTIVES. THAT IS, PER THE CONTRACTUAL AGREEMENT, THE EXECUTIVES MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE BENEFIT POLICY TO SUPPLEMENT RETIREMENT INCOME. THE AGGREGATE OUTSTANDING LOANS RECEIVABLE APPROXIMATED $24,042,000 AS OF DECEMBER 31, 2023.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• MEMBERS TITLE AGENCY LLC

  TITLE INSURANCE · FL · income $1,836,461 · assets $24,695,515

  Directly controlled by SUNCOAST CREDIT UNION

• MEMBERS INSURANCE CENTER LLC

  INSURANCE · FL · income $14,628,613 · assets $86,831,795

  Directly controlled by SUNCOAST CREDIT UNION

• SUNCOAST REALTY SOLUTION LLC

  REAL ESTATE · FL · income $342,994 · assets $754,252

  Directly controlled by SUNCOAST CREDIT UNION

• SUNCOAST REALTY SOLUTIONS REFERRAL LLC

  REAL ESTATE REFFERRAL SERVICE · FL · income $1,262 · assets $10,787

  Directly controlled by SUNCOAST CREDIT UNION