Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INCOME ON LOANS

  total $41,449,590 · related or exempt $41,449,590

• 2b · Program service revenue: CHARGES/FEES/OTHER

  total $8,945,809 · related or exempt $8,888,720 · unrelated business $57,089

• 3 · Investment income

  total $8,822,614 · excluded $8,822,614

• 7a · Gross sales of assets other than inventory

  other assets $11,985,873

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

  other assets $11,294,448

• 7c · Gain or loss

  other assets $691,425

• 7d · Net gain or loss

  total $691,425 · excluded $691,425

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $49,103

• 5 · Compensation of officers, directors and key employees

  total $1,763,343

• 7 · Other salaries and wages

  total $12,636,086

• 8 · Pension plan contributions

  total $589,885

• 9 · Other employee benefits

  total $1,974,626

• 10 · Payroll taxes

  total $1,075,175

• 11b · Fees: legal

  total $494,408

• 11c · Fees: accounting

  total $120,000

• 11g · Fees: other

  total $4,281,268

• 12 · Advertising and promotion

  total $1,279,089

• 13 · Office expenses

  total $459,765

• 16 · Occupancy

  total $2,785,639

• 17 · Travel

  total $416,237

• 19 · Conferences, conventions and meetings

  total $100,557

• 22 · Depreciation, depletion and amortization

  total $2,007,016

• 23 · Insurance

  total $214,354

• 24a · Other expenses: CREDIT LOSS EXPENSE

  total $13,357,315

• 24b · Other expenses: DIVIDENDS PAID TO MEMBE

  total $12,530,934

• 24c · Other expenses: MORTGAGE LOAN SERVICING

  total $1,952,848

• 24d · Other expenses: SWITCH EXP

  total $1,945,109

• 24e · All other expenses

  total $2,476,636

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $20,078,606 · end of year $42,432,523

• 2 · Savings and temporary cash investments

  beginning of year $125,519,584 · end of year $105,509,593

• 4 · Accounts receivable

  beginning of year $3,317,090 · end of year $3,341,190

• 7 · Other notes and loans receivable

  beginning of year $778,479,488 · end of year $773,558,577

• 9 · Prepaid expenses and deferred charges

  beginning of year $6,620,600 · end of year $6,463,050

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

  $27,576,732

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

  $19,859,582

• 10c · Land, buildings and equipment, net

  beginning of year $7,855,610 · end of year $7,717,150

• 11 · Investments: publicly traded securities

  beginning of year $4,098,417 · end of year $23,385,505

• 12 · Investments: other securities

  beginning of year $1,076,983 · end of year $1,076,983

• 14 · Intangible assets

  beginning of year $108,562 · end of year $43,425

• 15 · Other assets

  beginning of year $19,488,320 · end of year $20,404,612

• 17 · Accounts payable and accrued expenses

  beginning of year $4,836,127 · end of year $6,647,660

• 21 · Escrow or custodial account liability

  beginning of year $4,185,045 · end of year $4,579,888

• 25 · Other liabilities

  beginning of year $869,480,962 · end of year $886,590,654

• 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 $88,141,126 · end of year $86,114,406

The filer's explanations (Part III)

PART I, LINE 1A

TROPICAL FINANCIAL CREDIT UNION (THE CREDIT UNION) PROVIDED TRAVEL FOR COMPANION BENEFITS DURING THE TAX YEAR. AUTHORIZED EXPENSES INCURRED FOR ATTENDING CONFERENCES, MEETINGS, AND/OR FUNCTIONS FOR DIRECTORS AND COMPANIONS ARE ELIGIBLE FOR REIMBURSEMENT FROM THE CREDIT UNION. COMPANION TRAVEL EXPENSES PAID BY THE CREDIT UNION WILL BE REPORTED AS INCOME TO THE DIRECTOR IF THE TOTAL EXPENSES PAID ARE $600 OR GREATER IN ANY ONE CALENDAR YEAR. THE CREDIT UNION REPORTED SUCH PAYMENTS ON FORM 1099-MISC FOR THE FOLLOWING DIRECTORS: JOSE BELAUSTEGUI, JAMES DONOHUE, MARIO MARTINEZ, MIKE PEREZ, MARIA REYES, AND RICK WISNIEWSKI ALL UTILIZED THIS BENEFIT.

PART I, LINE 4A

TROPICAL FINANCIAL CREDIT UNION PAID AMY MCGRAW, FORMER VP OF MARKETING, $72,877 IN SEVERANCE PAYMENTS DURING CALENDAR YEAR 2024. THIS AMOUNT IS REPORTED ON FORM 990, PART VII AND SCHEDULE J, PART II AS OTHER REPORTABLE COMPENSATION.