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← STATE CHARTERED CREDIT UNIONS IN FLORIDA

Form 990 for tax year 2025

Filed by STATE CHARTERED CREDIT UNIONS IN FLORIDA.

Totals

Total revenue
$32,090,296
Total expenses
$27,448,757
Contributions and grants received
$781,200
Grants paid
$66,831
Program service revenue
$28,305,124
Investment income
$2,106,026
Other revenue
$897,946
Total assets, end of year
$519,379,222
Total liabilities, end of year
$466,193,758
Net assets or fund balances, end of year
$53,185,464
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Listed in Part VII

  • SHENIFA TAITE

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • HUGH FONES

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • JUANITA MOORE

    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

  • J RANDY MCCAUSLAND

    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

  • G STACY SIRMANS

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • L GRANT ABBOTT

    VP OF LENDING AND BUSINESS

    Total calculated
    $299,532
    From this org
    $240,853
    From related orgs
    $0
    Other
    $58,679
    Hours/week
    32 + 8 related

    Schedule J breakdown matched by us

    Base
    $187,980
    Bonus
    $36,822
    Other
    $16,051
    Deferred
    $13,021
    Nontaxable benefits
    $45,658
    Filer's total
    $299,532

  • CHARLES ADCOCK III

    PRESIDENT/CEO

    Total calculated
    $603,016
    From this org
    $539,478
    From related orgs
    $0
    Other
    $63,538
    Hours/week
    39 + 1 related

    Schedule J breakdown matched by us

    Base
    $417,737
    Bonus
    $102,966
    Other
    $18,775
    Deferred
    $17,264
    Nontaxable benefits
    $46,274
    Filer's total
    $603,016

  • JENNIFER DURDEN

    EVP/CFO

    Total calculated
    $379,074
    From this org
    $315,233
    From related orgs
    $0
    Other
    $63,841
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $264,065
    Bonus
    $38,211
    Other
    $12,957
    Deferred
    $17,775
    Nontaxable benefits
    $46,066
    Filer's total
    $379,074

  • CLAYTON SMITH

    SPECIALIZED LENDING DIRECT

    Total calculated
    $166,432
    From this org
    $156,565
    From related orgs
    $0
    Other
    $9,867
    Hours/week
    25 + 15 related

    Schedule J breakdown matched by us

    Base
    $55,039
    Bonus
    $15,329
    Other
    $86,197
    Deferred
    $9,586
    Nontaxable benefits
    $281
    Filer's total
    $166,432

  • KINSLEY GRANT

    AVP FINANCE

    Total calculated
    $144,994
    From this org
    $122,613
    From related orgs
    $0
    Other
    $22,381
    Hours/week
    39 + 1 related

  • DIAMOND POPOUR

    MANAGER, BUS DEV

    Total calculated
    $191,962
    From this org
    $153,630
    From related orgs
    $0
    Other
    $38,332
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $109,020
    Bonus
    $28,749
    Other
    $15,861
    Deferred
    $8,065
    Nontaxable benefits
    $30,267
    Filer's total
    $191,962

  • RUSSELL LEVASSEUR

    IT DIRECTOR

    Total calculated
    $144,109
    From this org
    $137,271
    From related orgs
    $0
    Other
    $6,838
    Hours/week
    40

  • JESSIE WATSON

    AVP OF MARKETING AND MEMBE

    Total calculated
    $167,823
    From this org
    $114,945
    From related orgs
    $0
    Other
    $52,878
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $91,861
    Bonus
    $15,329
    Other
    $7,755
    Deferred
    $6,778
    Nontaxable benefits
    $46,100
    Filer's total
    $167,823

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 1A
THE CREDIT UNION BONUSES TWO EXECS THE TAXABLE IMPLICATION ASSOCIATED WITH THE IMPUTED INTEREST ON THEIR W-2'S. THE CREDIT UNION ALSO GROSSES UP MOVING ALLOWANCE GIVEN TO AT LEAST ONE EMPLOYEE.
PART I, LINE 1B
THE PROVIDER OF THE SPLIT DOLLAR LIFE INSURANCE PLANS PROVIDES THE BONUS TO GIVE EACH EXEC BASED ON TOTAL IMPUTED INTEREST AND TAX RATES. FOR MOVING ALLOWANCE HR USES THE SUGGESTED IRS RATE TO GROSS UP THE AMOUNT.
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 SIX 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 SIX 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 SEVEN 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

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.

  • IDRIVELENDING LLC

    RELATED · INDIRECT LENDING · FL · 50% owned · share of income $21,564 · share of assets $104,527 · general or managing partner

Provenance

Return type
form_990
Tax year
2025
IRS schema version
2025v4.2
Source object
202602229349301855

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