Form 990 for tax year 2024
Filed by STATE CHARTERED CREDIT UNIONS IN FLORIDA.
Totals
- Total revenue
- $29,049,147
- Total expenses
- $25,999,320
- Contributions and grants received
- $0
- Grants paid
- $15,250
- Program service revenue
- $25,988,509
- Investment income
- $2,142,246
- Other revenue
- $918,392
- Total assets, end of year
- $497,356,628
- Total liabilities, end of year
- $449,251,200
- Net assets or fund balances, end of year
- $48,105,428
- 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: INTEREST ON LOANS
total $20,447,392 · related or exempt $20,447,392
-
2b · Program service revenue: FEE INCOME
total $3,393,533 · related or exempt $3,393,533
-
2c · Program service revenue: INTERCHANGE INCOME
total $1,660,307 · related or exempt $1,660,307
-
2d · Program service revenue: INSURANCE-RELATED INCOME
total $487,277 · related or exempt $487,277
-
3 · Investment income
total $2,226,392 · related or exempt $2,226,392
-
7a · Gross sales of assets other than inventory
other assets $390,826
-
7b · Less cost or other basis and sales expenses
other assets $474,972
-
7c · Gain or loss
other assets -$84,146
-
7d · Net gain or loss
total -$84,146 · related or exempt $1,243 · excluded -$85,389
-
11a · Other revenue: MISC OPERATING INCOME
total $321,494 · related or exempt $321,494
-
11b · Other revenue: IDRIVE ENVISION INCOME
total $220,477 · unrelated business $220,477
-
11c · Other revenue: IMPUTED INTEREST-SPLIT DOLLAR PLA
total $214,725 · related or exempt $214,725
-
11d · All other revenue
total $161,696 · related or exempt $112,077 · unrelated business $49,619
-
11e · Other revenue, total
$918,392
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $15,250
-
5 · Compensation of officers, directors and key employees
total $1,449,953
-
7 · Other salaries and wages
total $5,196,176
-
8 · Pension plan contributions
total $207,945
-
9 · Other employee benefits
total $1,334,928
-
10 · Payroll taxes
total $423,706
-
11b · Fees: legal
total $146,103
-
11c · Fees: accounting
total $114,050
-
11g · Fees: other
total $571,575
-
12 · Advertising and promotion
total $370,128
-
13 · Office expenses
total $477,986
-
14 · Information technology
total $1,306,352
-
16 · Occupancy
total $443,009
-
17 · Travel
total $86,313
-
19 · Conferences, conventions and meetings
total $7,000
-
20 · Interest
total $8,001,460
-
22 · Depreciation, depletion and amortization
total $520,421
-
23 · Insurance
total $196,934
-
24a · Other expenses: LOAN SERVICING
total $1,964,388
-
24b · Other expenses: PROVISION FOR LOAN LOSS
total $1,651,920
-
24c · Other expenses: DEBIT CARD EXPENSES
total $856,089
-
24d · Other expenses: MISCELLANEOUS
total $379,999
-
24e · All other expenses
total $277,635
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,021,443 · end of year $3,379,715
-
2 · Savings and temporary cash investments
beginning of year $37,211,545 · end of year $53,765,227
-
4 · Accounts receivable
beginning of year $830,957 · end of year $1,016,630
-
5 · Loans and receivables from officers and key people
beginning of year $7,092,679 · end of year $7,317,698
-
7 · Other notes and loans receivable
beginning of year $354,158,962 · end of year $374,934,664
-
9 · Prepaid expenses and deferred charges
beginning of year $1,843,955 · end of year $1,768,177
-
10a · Land, buildings and equipment: cost or other basis
$22,525,614
-
10b · Land, buildings and equipment: accumulated depreciation
$4,300,412
-
10c · Land, buildings and equipment, net
beginning of year $17,579,460 · end of year $18,225,202
-
12 · Investments: other securities
beginning of year $38,118,343 · end of year $29,688,455
-
14 · Intangible assets
beginning of year $159,245 · end of year $93,918
-
15 · Other assets
beginning of year $6,887,765 · end of year $7,166,942
-
17 · Accounts payable and accrued expenses
beginning of year $4,841,220 · end of year $4,051,237
-
19 · Deferred revenue
end of year $328,166
-
25 · Other liabilities
beginning of year $417,336,109 · end of year $444,871,797
-
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 $44,727,025 · end of year $48,105,428
Mission and programs · 2024
Mission
THE MISSION OF CHAMPIONS FIRST CREDIT UNION IS TO PROMOTE THRIFT, CREATE A SOURCE OF CREDIT AT LEGITIMATE RATES OF INTEREST, AND MAXIMIZE THE FINANCIAL WELL-BEING OF ITS MEMBERS. CHAMPIONS FIRST CREDIT UNION SERVES MORE THAN 34,000 MEMBERS WITH TEN BRANCHES THROUGHOUT TALLAHASSEE AND THE SURROUNDING AREA AS OF 12/31/24. THE CREDIT UNION PROVIDES SECURE ONLINE BANKING, A CONVENIENT MOBILE APP AND A COMPLETE SUITE OF ACCOUNT TYPES, LOANS, AND SERVICES TO MEET EVERY FINANCIAL NEED.
-
CONSUMER LOANS - LOANS ARE OFFERED AT FAIR INTEREST RATES THAT ALLOW OUR MEMBERS TO SAVE MONEY ON THEIR LOAN PAYMENTS AND USE THOSE FUNDS ELSEWHERE IN THEIR BUDGETS. THRIFT IS ENCOURAGED WHEN THE MEMBER IS DECIDING WHAT TYPE OF PAYMENT IS AFFORDABLE.
-
DEPOSIT ACCOUNTS - COMPETITIVE DIVIDEND RATES ARE PAID EVEN TO MEMBERS OF MODEST MEANS. THIS HELPS MEMBERS TO BETTER THEIR ECONOMIC POSITIONS AND SAVE FOR THE FUTURE.
-
ELECTRONIC SERVICES - THE CREDIT UNION OFFERS MANY WAYS TO MAKE CONDUCTING FINANCIAL TRANSACTIONS EASY. THESE OPTIONS AFFECT EVERYONE, FROM THE PERSON STILL USING THE PHONE SYSTEM TO TRANSFER MONEY TO THE HI-TECH MEMBER WHO DOES ALL OF THEIR BANKING CONVENIENTLY ON THEIR SMART PHONE. OUR MEMBERS BENEFIT FROM ONLINE BANKING, BILLPAY, ATMS, PHONE SYSTEM, ACCOUNT AGGREGATION SOFTWARE, E-STATEMENTS, E-LERTS, ETC.
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
JUANITA MOORE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
FRANCIS J FLYNN
DIRECTOR THROUGH 4/2024
- Total calculated
- $0
- Hours/week
- 0.5
-
J RANDY MCCAUSLAND
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
PHAEDRA HARRIS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
JOEL MOYE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
HUGH FONES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
DAVID WHITE
TREASURER
- Total calculated
- $0
- Hours/week
- 0.75
-
DAVE SAGASER
VICE-CHAIR
- Total calculated
- $0
- Hours/week
- 0.75
-
SHENIFA TAITE
SECRETARY
- Total calculated
- $0
- Hours/week
- 0.5
-
G STACY SIRMANS
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
MICHAEL POUCHER
VP OF OPERATIONS TO 11/1/2024
- Total calculated
- $189,512
- From this org
- $149,118
- From related orgs
- $0
- Other
- $40,394
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $118,074
- Bonus
- $20,540
- Other
- $10,504
- Deferred
- $6,828
- Nontaxable benefits
- $33,566
- Filer's total
- $189,512
-
L GRANT ABBOTT
VP OF LENDING AND BUSINESS DEVELOPMENT
- Total calculated
- $291,956
- From this org
- $236,281
- From related orgs
- $0
- Other
- $55,675
- Hours/week
- 32 + 8 related
Schedule J breakdown matched by us
- Base
- $181,005
- Bonus
- $37,091
- Other
- $18,185
- Deferred
- $13,571
- Nontaxable benefits
- $42,104
- Filer's total
- $291,956
-
CHARLES ADCOCK III
PRESIDENT/CEO
- Total calculated
- $602,716
- From this org
- $542,682
- From related orgs
- $0
- Other
- $60,034
- Hours/week
- 39 + 1 related
Schedule J breakdown matched by us
- Base
- $427,138
- Bonus
- $94,761
- Other
- $20,783
- Deferred
- $17,143
- Nontaxable benefits
- $42,891
- Filer's total
- $602,716
-
JENNIFER DURDEN
EVP/CFO
- Total calculated
- $365,768
- From this org
- $305,000
- From related orgs
- $0
- Other
- $60,768
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $255,108
- Bonus
- $35,211
- Other
- $14,681
- Deferred
- $18,146
- Nontaxable benefits
- $42,622
- Filer's total
- $365,768
-
DIAMOND POPOUR
MANAGER, BUS DEV
- Total calculated
- $158,968
- From this org
- $125,500
- From related orgs
- $0
- Other
- $33,468
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $87,877
- Bonus
- $15,845
- Other
- $21,778
- Deferred
- $7,646
- Nontaxable benefits
- $25,822
- Filer's total
- $158,968
-
JESSIE WATSON
AVP OF MARKETING AND MEMBE
- Total calculated
- $166,021
- From this org
- $117,366
- From related orgs
- $0
- Other
- $48,655
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $92,246
- Bonus
- $15,845
- Other
- $9,275
- Deferred
- $6,942
- Nontaxable benefits
- $41,713
- Filer's total
- $166,021
-
RUSSELL LEVASSEUR
IT DIRECTOR
- Total calculated
- $140,708
- From this org
- $135,444
- From related orgs
- $0
- Other
- $5,264
- Hours/week
- 40
-
CLAYTON SMITH
SPECIALIZED LENDING DIRECT
- Total calculated
- $172,497
- From this org
- $166,350
- From related orgs
- $0
- Other
- $6,147
- Hours/week
- 25 + 15 related
Schedule J breakdown matched by us
- Base
- $74,449
- Bonus
- $9,243
- Other
- $82,658
- Deferred
- $6,101
- Nontaxable benefits
- $46
- Filer's total
- $172,497
-
KINSLEY GRANT
AVP FINANCE
- Total calculated
- $136,660
- From this org
- $116,061
- From related orgs
- $0
- Other
- $20,599
- Hours/week
- 39 + 1 related
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 · Tax indemnification and gross-up payments
- 3 · Written employment contract
- 3 · Approval by the board or compensation committee
- 4b · Supplemental nonqualified retirement plan
Answered no
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 4a · Severance or change-of-control payment
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- PART I, LINE 4B
- THE CREDIT UNION HAS A COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT WITH J. BRADLEY BLAKE, FORMER CEO. THE ANNUAL PREMIUM ON THE POLICY, WHICH WAS PAID IN FULL AS OF APRIL 2017, WAS FUNDED BY THE CREDIT UNION THROUGH A LOAN TO MR. BLAKE. THE IMPUTED INTEREST IS REPORTED ON A FORM 1099 ISSUED TO MR. BLAKE. THE CREDIT UNION HAS A COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT WITH CHARLES ADCOCK, III, PRESIDENT/CEO. THE ANNUAL PREMIUM ON THE POLICY, WHICH WAS PAID IN FULL AS OF APRIL 2017, WAS FUNDED BY THE CREDIT UNION THROUGH A LOAN TO MR. ADCOCK. THE IMPUTED INTEREST IS INCLUDED IN MR. ADCOCK'S GROSS WAGES ON FORM W-2. THE CREDIT UNION HAS AN ADDITIONAL COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT WITH CHARLES ADCOCK, III, PRESIDENT/CEO. THE ANNUAL PREMIUM ON THE POLICY IS FUNDED BY THE CREDIT UNION THROUGH A LOAN TO MR. ADCOCK. A LOAN WAS MADE FOR THE ENTIRE AMOUNT AS THE FUNDS ARE HELD WITH THE INSURANCE COMPANY AND ANNUAL PREMIUMS ARE TAKEN FROM THE ACCOUNT AND POSTED TO THE ACTUAL INSURANCE POLICY. THE FIRST ANNUAL PREMIUM WAS PAID IN 2022, WITH EIGHT ANNUAL PREMIUMS CURRENTLY REMAINING. ANY TAXABLE INCOME ASSOCIATED WITH THE PLAN IS REPORTED ON FORM 1099-R. THE CREDIT UNION HAS A COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT WITH JENNIFER DURDEN, EVP/CFO. THE ANNUAL PREMIUM ON THE POLICY IS FUNDED BY THE CREDIT UNION THROUGH A LOAN TO MS. DURDEN. A LOAN WAS MADE FOR THE ENTIRE AMOUNT AS THE FUNDS ARE HELD WITH THE INSURANCE COMPANY AND ANNUAL PREMIUMS ARE TAKEN FROM THE ACCOUNT AND POSTED TO THE ACTUAL INSURANCE POLICY. THE FIRST ANNUAL PREMIUM WAS PAID IN 2022, WITH EIGHT ANNUAL PREMIUMS CURRENTLY REMAINING. ANY TAXABLE INCOME ASSOCIATED WTH THE PLAN IS REPORTED ON FORM 1099-R. THE CREDIT UNION HAS A COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT WITH LEWIS GRANT ABBOTT, VP OF LENDING AND ADMINISTRATION. THE ANNUAL PREMIUM ON THE POLICY IS FUNDED BY THE CREDIT UNION THROUGH A LOAN TO MR. ABBOTT. THE FIRST ANNUAL PREMIUM WAS PAID IN 2023, WITH NINE ANNUAL PREMIUMS CURRENTLY REMAINING. THE IMPUTED INTEREST IS INCLUDED IN MR. ABBOTT'S GROSS WAGES ON FORM W-2.
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
-
$15,250
TO PROVIDE FUNDING FOR SCHOLARSHIPS FOR STUDENT ATHLETES
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 partnerships
Part III: related organizations taxable as a partnership, with the filer's share.
-
RELATED · INDIRECT LENDING · FL · 33.3% owned · share of income -$18,292 · share of assets $55,205 · general or managing partner
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 7 October 2025
- IRS schema version
- 2024v5.2
- Source object
- 202522879349301732
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