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← STATE CHARTERED CREDIT UNIONS IN FLORIDA

Form 990 for tax year 2022

Filed by STATE CHARTERED CREDIT UNIONS IN FLORIDA.

Totals

Total revenue
$49,452,473
Total expenses
$41,095,263
Contributions and grants received
$0
Grants paid
$25,000
Program service revenue
$45,957,017
Investment income
$3,495,456
Other revenue
$0
Total assets, end of year
$1,014,264,212
Total liabilities, end of year
$942,949,692
Net assets or fund balances, end of year
$71,314,520
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: LOANS TO MEMBERS

    total $30,756,209 · related or exempt $30,756,209

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

    total $15,010,101 · related or exempt $15,010,101

  • 2c · Program service revenue: FINANCE & INSURANCE

    total $190,707 · unrelated business $190,707

  • 3 · Investment income

    total $3,460,957 · related or exempt $3,460,957

  • 7a · Gross sales of assets other than inventory

    securities $228,380

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

    securities $193,881

  • 7c · Gain or loss

    securities $34,499

  • 7d · Net gain or loss

    total $34,499 · related or exempt $34,499

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $25,000

  • 5 · Compensation of officers, directors and key employees

    total $2,441,186

  • 7 · Other salaries and wages

    total $10,642,313

  • 8 · Pension plan contributions

    total $617,286

  • 9 · Other employee benefits

    total $1,699,446

  • 10 · Payroll taxes

    total $932,159

  • 11a · Fees: management

    total $503,661

  • 11b · Fees: legal

    total $173,460

  • 11c · Fees: accounting

    total $176,631

  • 11g · Fees: other

    total $1,357,742

  • 12 · Advertising and promotion

    total $1,646,904

  • 13 · Office expenses

    total $2,455,426

  • 14 · Information technology

    total $550,553

  • 16 · Occupancy

    total $839,375

  • 17 · Travel

    total $160,682

  • 19 · Conferences, conventions and meetings

    total $65,326

  • 20 · Interest

    total $4,758,430

  • 21 · Payments to affiliates

    total $79,898

  • 22 · Depreciation, depletion and amortization

    total $2,730,369

  • 23 · Insurance

    total $318,818

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

    total $3,114,961

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

    total $2,448,016

  • 24c · Other expenses: LOAN SERVICING

    total $1,492,795

  • 24d · Other expenses: BILL PAY/MOBILE BANKING

    total $887,464

  • 24e · All other expenses

    total $977,362

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $21,756,314 · end of year $23,163,269

  • 2 · Savings and temporary cash investments

    beginning of year $124,241,144 · end of year $103,406,746

  • 4 · Accounts receivable

    beginning of year $8,301,789 · end of year $8,572,852

  • 5 · Loans and receivables from officers and key people

    beginning of year $2,145,228 · end of year $2,115,257

  • 7 · Other notes and loans receivable

    beginning of year $647,990,045 · end of year $717,861,979

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,813,235 · end of year $2,158,636

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

    $61,511,674

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

    $25,936,069

  • 10c · Land, buildings and equipment, net

    beginning of year $37,063,131 · end of year $35,575,605

  • 11 · Investments: publicly traded securities

    beginning of year $103,627,731 · end of year $96,110,084

  • 12 · Investments: other securities

    beginning of year $2,560,366 · end of year $659,922

  • 15 · Other assets

    beginning of year $23,159,539 · end of year $24,639,862

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,773,264 · end of year $15,741,549

  • 21 · Escrow or custodial account liability

    beginning of year $470,358 · end of year $311,842

  • 23 · Secured mortgages and notes payable

    beginning of year $5,233,333 · end of year $1,433,333

  • 24 · Unsecured notes and loans payable

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

  • 25 · Other liabilities

    beginning of year $857,956,793 · end of year $910,462,968

  • 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 $83,224,774 · end of year $71,314,520

Mission and programs · 2022

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.

  • FCCU 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 2022 return.

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
    $0
    Hours/week
    1

  • John Grayson

    BOD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Jerry Osteryoung

    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
    $0
    Hours/week
    1

  • Cecilia D Homison

    CEO

    Total calculated
    $670,590
    From this org
    $581,104
    From related orgs
    $0
    Other
    $89,486
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $426,618
    Bonus
    $125,000
    Other
    $29,486
    Deferred
    $55,576
    Nontaxable benefits
    $33,910
    Filer's total
    $670,590

  • Dennis G Adams

    SENIOR EXECUTIVE VICE PRESIDENT

    Total calculated
    $442,585
    From this org
    $376,890
    From related orgs
    $0
    Other
    $65,695
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $274,476
    Bonus
    $72,500
    Other
    $29,914
    Deferred
    $49,429
    Nontaxable benefits
    $16,266
    Filer's total
    $442,585

  • Angela Terhune

    CFO

    Total calculated
    $206,681
    From this org
    $166,423
    From related orgs
    $0
    Other
    $40,258
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,380
    Bonus
    $0
    Other
    $15,043
    Deferred
    $20,822
    Nontaxable benefits
    $19,436
    Filer's total
    $206,681

  • Mary B Estes

    EXECUTIVE VICE PRESIDENT

    Total calculated
    $516,094
    From this org
    $441,630
    From related orgs
    $0
    Other
    $74,464
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $252,756
    Bonus
    $59,280
    Other
    $129,594
    Deferred
    $48,132
    Nontaxable benefits
    $26,332
    Filer's total
    $516,094

  • Kimberly S Howes

    COO

    Total calculated
    $295,465
    From this org
    $259,562
    From related orgs
    $0
    Other
    $35,903
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $216,422
    Bonus
    $42,000
    Other
    $1,140
    Deferred
    $31,222
    Nontaxable benefits
    $4,681
    Filer's total
    $295,465

  • Justin Hof

    CHIEF INFORMATION OFFICER

    Total calculated
    $309,771
    From this org
    $253,733
    From related orgs
    $0
    Other
    $56,038
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $215,757
    Bonus
    $33,463
    Other
    $4,513
    Deferred
    $32,897
    Nontaxable benefits
    $23,141
    Filer's total
    $309,771

  • Steven Reynolds

    VICE PRESIDENT OF BUSINESS SERVICES

    Total calculated
    $218,473
    From this org
    $194,247
    From related orgs
    $0
    Other
    $24,226
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,841
    Bonus
    $44,901
    Other
    $4,505
    Deferred
    $18,064
    Nontaxable benefits
    $6,162
    Filer's total
    $218,473

  • Barbara Williams-Anderson

    MARKET EXECUTIVE

    Total calculated
    $205,114
    From this org
    $167,161
    From related orgs
    $0
    Other
    $37,953
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $61,481
    Bonus
    $103,575
    Other
    $2,105
    Deferred
    $20,649
    Nontaxable benefits
    $17,304
    Filer's total
    $205,114

  • Wilma T Wooten

    CONTROLLER

    Total calculated
    $192,608
    From this org
    $160,871
    From related orgs
    $0
    Other
    $31,737
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,743
    Bonus
    $0
    Other
    $16,128
    Deferred
    $23,977
    Nontaxable benefits
    $7,760
    Filer's total
    $192,608

  • Warren Sumner

    DIRECTOR OF LENDING

    Total calculated
    $184,299
    From this org
    $150,068
    From related orgs
    $0
    Other
    $34,231
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,232
    Bonus
    $0
    Other
    $12,836
    Deferred
    $28,954
    Nontaxable benefits
    $5,277
    Filer's total
    $184,299

  • Joy Sanders

    VICE PRESIDENT OF MEMBER SERVICES

    Total calculated
    $193,143
    From this org
    $149,405
    From related orgs
    $0
    Other
    $43,738
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,324
    Bonus
    $0
    Other
    $23,081
    Deferred
    $21,285
    Nontaxable benefits
    $22,453
    Filer's total
    $193,143

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
  • 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 4B
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

  • FCCU FOUNDATION INC

    $25,000

    TO ASSIST FCCU FOUNDATION INC. IN CARRYING OUT ITS PRIMARY FUNCTION OF CONDUCTING VIRTUAL AND IN-PERSON WORKSHOPS TO PROMOTE FINANCIAL LITERACY AMONG THE MEMBERS OF THE COMMUNITY AND LOCAL AREA COLLEGE STUDENTS

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.

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 $289,303 · assets $162,341

    Directly controlled by FIRST COMMERCE CREDIT UNION

Provenance

Return type
form_990
Tax year
2022
Filed
9 November 2023
IRS schema version
2022v5.0
Source object
202333149349306228

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