Community First Credit Union of Florida

“The credit union has members. Membership in the credit union is composed of those who live, work, or have an association with the educational community in baker, brevard, broward, clay, duval, flagler, indian river, lake, martin, nassau, orange, palm beach, putnam, seminole, st johns, st lucie and volusia counties in florida, and other select employee groups who have petitioned for membership. In addition to a regularly qualified member, the spouse of a member, the blood or adoptive relatives of either of them and their spouses may be members.”

“The credit union membership may participate in the election of officials.”

“The following governance decisions require member approval: voluntary liquidation - majority vote of members voting following board majority approval and federal and state regulators' approval; merger with another credit union - majority vote of members voting following board majority approval and federal and state regulators' approval; conversion from state credit union charter to federal credit union charter - majority vote of members voting following board majority approval and federal and state regulators' approval; conversion to another financial institution type charter - majority vote of all members eligible to vote following board majority approval and federal and state regulators' approval; merger with a bank - majority vote of members voting (with 20% minimum eligible member voting requirement) following board majority approval and federal and state regulators' approval; election of board - majority vote of members voting. For all of the above decisions, there is a single class of members with each member entitled to a single vote regardless of the number of shares in the credit union.”

“The vice president of accounting and finance is responsible for the preparation of the return. Upon completion, the return is reviewed by the ceo and cfo. Once all parties have completed their review and any necessary corrections have been made, the return is filed and a copy of the return will be made available upon request. The executive committee of the board of directors shall review the form 990 prior to filing.”

“The board of directors, management and staff are covered by the conflicts of interest policy. It is reviewed annually. Actual or potential conflicts of interest would be investigated by internal audit or loss prevention departments. Appropriate actions up to and including limiting transaction capabilities or prohibiting persons with a conflict to participate in governing activities such as deliberations or votes where conflicts exist would be imposed.”

“The review of the ceo's compensation is a function of the board of directors. Annually, the board uses an executive compensation survey from an independent third party to determine the ceo's compensation. For all other positions in the organization, pay ranges are reviewed on an annual basis utilizing data from an independent compensation consultant. The process described here was last completed in 2022”

“Governing documents, the conflict of interest policy and financial statements will be made available to the public upon request. The credit union's quarterly financial statements are available for public viewing on the ncua.gov website via the 5300 filing. Additionally, the credit union's annual report is available for public viewing via the credit union's website.”

“Atm related expenses 1,682,380. Visa check cards and gift cards 2,874,205. Rewards program 1,327,049. Statement/notice processing 730,648. Bill payment processing 269,622. Misc professional services 5,091,298. Armored car 76,428. Document shred service 16,168. Courier service 182,241. Security 337,648. Asset liability management 130,116. Investment services 3,000. Recruiting & personnel 252,154.”

“The process used by the committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant has not changed since last year.”