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← STATE CHARTERED CREDIT UNIONS IN FLORIDA

Form 990 for tax year 2023

Filed by STATE CHARTERED CREDIT UNIONS IN FLORIDA.

Totals

Total revenue
$13,820,741
Total expenses
$12,010,181
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$13,596,743
Investment income
$223,998
Other revenue
$0
Total assets, end of year
$228,698,998
Total liabilities, end of year
$181,393,342
Net assets or fund balances, end of year
$47,305,656
Program services expenses (Part IX)
$12,010,181
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$12,010,181

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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 FROM LOANS

    total $9,047,835 · related or exempt $9,047,835 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: ATM FEES

    total $1,349,833 · related or exempt $1,349,833 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: SHARE DRAFT FEES

    total $926,785 · related or exempt $926,785 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: REBATES & REIMBURSEMENTS

    total $773,147 · related or exempt $773,147 · unrelated business $0 · excluded $0

  • 2e · Program service revenue: LOAN LATE FEES

    total $314,338 · related or exempt $314,338 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $1,184,805 · related or exempt $1,184,805 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $223,998 · related or exempt $223,998 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $0

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 7d · Net gain or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0 · program services $0

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $915,742 · program services $915,742 · management and general $0 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $2,157,436 · program services $2,157,436 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $255,245 · program services $255,245 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $404,877 · program services $404,877 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $225,123 · program services $225,123 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $3,050,302 · program services $3,050,302 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $350,065 · program services $350,065 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $1,058,571 · program services $1,058,571 · management and general $0 · fundraising $0

  • 14 · Information technology

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $542,912 · program services $542,912 · management and general $0 · fundraising $0

  • 17 · Travel

    total $51,228 · program services $51,228 · management and general $0 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $27,809 · program services $27,809 · management and general $0 · fundraising $0

  • 20 · Interest

    total $2,637,635 · program services $2,637,635 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $734,367 · program services $734,367 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total -$401,131 · program services -$401,131 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,996,944 · end of year $6,170,049

  • 2 · Savings and temporary cash investments

    beginning of year $2,445,148 · end of year $858,270

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $156,413,704 · end of year $185,861,677

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year -$264,758 · end of year -$30,541

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

    $16,786,588

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

    $3,707,745

  • 10c · Land, buildings and equipment, net

    beginning of year $11,773,748 · end of year $13,078,843

  • 11 · Investments: publicly traded securities

    beginning of year $18,834,194 · end of year $15,951,223

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $6,233,627 · end of year $6,809,477

  • 17 · Accounts payable and accrued expenses

    beginning of year -$1,389,820 · end of year $1,249,815

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $173,495,588 · end of year $180,143,527

  • 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 $1,254,626 · end of year $1,254,626

  • 31 · Retained earnings, endowment or other funds

    beginning of year $26,072,213 · end of year $46,051,030

Mission and programs · 2023

Mission

Community South is COMMITTED to building better communities by CREATING lifelong relationships and INSPIRING the financial success our of our members.

Activities or mission (Part I)

STATE CHARTERED CREDIT UNION OFFERING SAVINGS, CHECKING, CERTIFICATES OF DEPOSIT AND LOANS TO ITS MEMBERSHIP

  • THE CREDIT UNION OFFERS SHARE SAVINGS, SHARE DRAFT AND SHARE CERTIFICATE ACCOUNTS. THE CREDIT UNION ALSO PROVIDES DEBIT CARDS, HOME AND MOBILE BANKING, BILL PAYER AND REMOTE DEPOSIT SERVICES TO OUR MEMBERS.

    Expenses $5,931,829 · Revenue $4,772,906

  • THE CREDIT UNION OFFERS CONSUMER, REAL ESTATE AND BUSINESS LOANS TO OUR MEMBERS. IT ALSO OFFERS SECURED AND UNSECURED CREDIT CARDS.

    Expenses $2,040,893 · Revenue $9,047,835

  • THE CREDIT UNION MAINTAINS FIVE OFFICES WITH 57 EMPLOYEES TO SERVE OUR MEMBERS.

    Expenses $4,037,459

As filed on the 2023 return.

Listed in Part VII

  • Jan L Page

    PRESIDENT-CEO

    Total calculated
    $273,618
    From this org
    $273,618
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $273,618
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $24,676
    Filer's total
    $298,294

  • Wayland Fulford

    SENIOR VICE PRESIDENT, CLO

    Total calculated
    $173,575
    From this org
    $173,575
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,575
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $15,210
    Filer's total
    $188,785

  • Nina Adams

    SENIOR VICE-PRESIDENT, CFO

    Total calculated
    $143,421
    From this org
    $143,421
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,421
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $12,575
    Filer's total
    $155,996

  • Rebecca Spencer

    SENIOR VICE PRESIDENT OF BRANCH OPERATIONS

    Total calculated
    $116,171
    From this org
    $116,171
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Tracy Newsom

    VP OF OPERATIONS

    Total calculated
    $114,183
    From this org
    $114,183
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Summer Forehand

    AVP, MORTGAGE

    Total calculated
    $94,773
    From this org
    $94,773
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Ira J Carter

    BOARD CHAIRMAN

    Total calculated
    $0
    Hours/week
    0

  • Thomas Cook

    BOARD VICE-CHAIR

    Total calculated
    $0
    Hours/week
    0

  • Fred Buchanan

    SECRETARY-TREASURER

    Total calculated
    $0
    Hours/week
    0

  • Jerry Campbell

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • Steve Whittington

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • Derek Chadwell

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

  • Howard Hodge III

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0

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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a
PER CREDIT UNION POLICY, ANY OFFICER OR DIRECTOR MAY HAVE A TRAVEL COMPANION ACCOMPANY THEM TO A CONFERENCE, CONVENTION, OR MEETING CONDUCTED BY OTHER ORGANIZATIONS.
Schedule J, Part I, Line 3
THE BOARD OF DIRECTORS IS RESONSIBLE FOR DECIDING THE PRESIDENT-CEO'S SALARY, BONUSES AND OTHER BENEFITS. VARIOUS RESOURCES ARE USED TO DETERMINE PEER EQUIVALENT COMPENSATIONS.

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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
15 May 2024
IRS schema version
2023v5.0
Source object
202401369349313845

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