Civic Intelligence

State Chartered Credit Unions in Fl

EIN 59-0389335 • 501(c)14 • West Palm Beach, FL

View Organization Page

Profile

Credit Union Programs Programs of credit unions which offer a wide variety of personal financial services exclusively to their members featuring competitive dividend rates on investments, competitive interest rates on loans, and other products services.

1055 S Congress AvenueWest Palm Beach, FL 33406

www.firstchoicecu.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

91st percentile

0.93x

Higher debt load relative to assets than 91% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Source year 2024

Liabilities / Revenue

90th percentile

20.08x

Higher debt load relative to revenue than 90% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Source year 2024

Net Margin

52nd percentile

12%

Higher net margin than 52% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Source year 2024

Top Officer Pay

72nd percentile

$292,248

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 4.4% of source-year revenue.

501(c)14 • $100M-$250M nonprofits • Source year 2024

Asset Growth

51st percentile

2.8%

Faster asset growth than 51% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Revenue Growth

28th percentile

8.6%

Faster revenue growth than 28% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets91st percentile

Assets

Down

$141,168,447

Down $7,204,372 (-4.9%) from 2022

Liabilities

Down

$132,691,101

Down $8,099,205 (-5.8%) from 2022

Net Assets

Up

$8,477,346

Up $894,833 (+12%) from 2022

Operations
Liabilities / Revenue90th percentileNet Margin52nd percentile

Revenue

Up

$6,176,651

Up $1,733,928 (+39%) from 2022

Expenses

Up

$5,009,381

Up $1,838,239 (+58%) from 2022

Net Income

Down

$1,167,270

Down $104,311 (-8.2%) from 2022

Trend Graphs

Balance Sheet Trend

Asset Growth51st percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$200M$150M$100M$50M$0Assets 2010: $106,909,106Liabilities 2010: $99,276,251Net Assets 2010: $7,632,8552010Assets 2011: $101,531,072Liabilities 2011: $94,306,430Net Assets 2011: $7,224,6422011Assets 2012: $99,208,323Liabilities 2012: $91,148,512Net Assets 2012: $8,059,8112012Assets 2013: $94,173,549Liabilities 2013: $86,678,334Net Assets 2013: $7,495,2152013Assets 2014: $94,822,255Liabilities 2014: $86,420,695Net Assets 2014: $8,401,5602014Assets 2015: $100,922,462Liabilities 2015: $92,002,273Net Assets 2015: $8,920,1892015Assets 2016: $104,008,527Liabilities 2016: $94,580,825Net Assets 2016: $9,427,7022016Assets 2017: $109,203,287Liabilities 2017: $99,547,341Net Assets 2017: $9,655,9462017Assets 2018: $109,584,098Liabilities 2018: $99,522,683Net Assets 2018: $10,061,4152018Assets 2019: $113,463,375Liabilities 2019: $101,351,210Net Assets 2019: $12,112,1652019Assets 2020: $128,354,047Liabilities 2020: $115,200,892Net Assets 2020: $13,153,1552020Assets 2021: $152,179,877Liabilities 2021: $139,893,084Net Assets 2021: $12,286,7932021Assets 2022: $148,372,819Liabilities 2022: $140,790,306Net Assets 2022: $7,582,5132022Assets 2023: $141,168,447Liabilities 2023: $132,691,101Net Assets 2023: $8,477,3462023

Highlighted filing

2023

Assets$141,168,447
Liabilities$132,691,101
Net Assets$8,477,346
Open 2023 Filing

Operations Trend

Revenue Growth28th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0Expenses 2010: $7,497,0592010Expenses 2011: $6,541,6502011Revenue 2012: $5,557,786Expenses 2012: $4,955,241Net Income 2012: $602,5452012Revenue 2013: $4,651,328Expenses 2013: $4,152,621Net Income 2013: $498,7072013Revenue 2014: $4,207,951Expenses 2014: $3,753,070Net Income 2014: $454,8812014Revenue 2015: $4,341,659Expenses 2015: $3,638,755Net Income 2015: $702,9042015Revenue 2016: $4,314,031Expenses 2016: $3,754,657Net Income 2016: $559,3742016Revenue 2017: $4,343,634Expenses 2017: $3,966,855Net Income 2017: $376,7792017Revenue 2018: $4,805,109Expenses 2018: $4,010,479Net Income 2018: $794,6302018Revenue 2019: $4,922,904Expenses 2019: $3,811,061Net Income 2019: $1,111,8432019Revenue 2020: $4,197,551Expenses 2020: $3,685,196Net Income 2020: $512,3552020Revenue 2021: $3,866,461Expenses 2021: $3,496,222Net Income 2021: $370,2392021Revenue 2022: $4,442,723Expenses 2022: $3,171,142Net Income 2022: $1,271,5812022Revenue 2023: $6,176,651Expenses 2023: $5,009,381Net Income 2023: $1,167,2702023

Highlighted filing

2023

Revenue$6,176,651
Expenses$5,009,381
Net Income$1,167,270
Open 2023 Filing

Filings

Most recent year

2023 • Form 990Summary only. Only limited summary data is available for this year.

Open filing
Assets
$141,168,447
Liabilities
$132,691,101
Net assets
$8,477,346
Revenue
$6,176,651
Expenses
$5,009,381
Net income
$1,167,270
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$141$133$8.48$6.18$5.01$1.17
2022Summary only. Only limited summary data is available for this year.$148$141$7.58$4.44$3.17$1.27
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$152$140$12.3$3.87$3.50$0.37
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$128$115$13.2$4.20$3.69$0.51
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$113$101$12.1$4.92$3.81$1.11
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$110$99.5$10.1$4.81$4.01$0.79
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$109$99.5$9.66$4.34$3.97$0.38
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$104$94.6$9.43$4.31$3.75$0.56
2015Detailed filing. Detailed filing data is available for this year.$101$92.0$8.92$4.34$3.64$0.70
2014Detailed filing. Detailed filing data is available for this year.$94.8$86.4$8.40$4.21$3.75$0.45
2013Detailed filing. Detailed filing data is available for this year.$94.2$86.7$7.50$4.65$4.15$0.50
2012Summary only. Only limited summary data is available for this year.$99.2$91.1$8.06$5.56$4.96$0.60
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$102$94.3$7.22$6.54
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$107$99.3$7.63$7.50
Latest Detailed Filing

The latest 2023 filing currently has summary financial data only. Showing the latest detailed filing from 2015 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
May 2, 2016
Return Version
2015v2.1
Gross Receipts
$6,687,296
Mission and Program Overview

Mission

Credit Union Programs Programs of credit unions which offer a wide variety of personal financial services exclusively to their members featuring competitive dividend rates on investments, competitive interest rates on loans, and other products services.

Credit Union Programs

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$43,098,087$41,871,872▼ $1,226,215
Other Notes and Loans Receivable, Net$38,444,267$39,947,061▲ $1,502,794
Savings and Temporary Cash Investments$5,260,614$12,698,008▲ $7,437,394
Rtn Earn Endowment Incm Other Fnds$8,401,560$8,920,189▲ $518,629
Investments Program Related$2,129,262$2,037,013▼ $92,249
Land, Buildings, and Equipment, Net$1,632,784$1,606,009▼ $26,775
Accounts Receivable$1,409,166$1,316,598▼ $92,568
Cash and Non-Interest-Bearing Accounts$829,637$836,555▲ $6,918
Prepaid Expenses and Deferred Charges$95,779$94,047▼ $1,732
Total Assets$94,822,255$100,922,462▲ $6,100,207
Other Assets Total$1,922,659$515,299▼ $1,407,360
Liabilities
Other Liabilities$81,406,957$87,424,592▲ $6,017,635
Mortgage Notes Payable Secured by Investment Property$4,440,794$3,928,925▼ $511,869
Accounts Payable and Accrued Expenses$572,944$648,756▲ $75,812
Total Liabilities$86,420,695$92,002,273▲ $5,581,578
Net Assets / Fund Balance
Total Net Assets Fund Balance$8,401,560$8,920,189▲ $518,629
Total Liabilities and Net Assets / Fund Balance$94,822,255$100,922,462▲ $6,100,207

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$808,909$689,302$1,498,211
Land$697,483-$880,055
Equipment$99,617$513,824$613,441
Compensation and Service Providers
Top Officer Pay72nd percentile

Board Members and Trustees

NameTitle
Michael WeltePresident/treasurer
Ann VitunicDirector
Anthony MarasciulloDirector
Carlos MegiasDirector
Delores GrayDirector
Nancy RobertsDirector
Robert DelancyDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,661,960
Investment Income
$678,651
Other Revenue
$1,048
Change in Net Assets
$702,904
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,139,931
Salaries, Compensation, and Employee Benefits$1,498,824
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Office Expenses$1,145,220--$1,145,220
Other Salaries and Wages$1,062,271--$1,062,271
Interest$388,821--$388,821
Information Technology$192,847--$192,847
Current Officers, Directors, Trustees, and Key Employees$167,887--$167,887
Other Employee Benefits$133,200--$133,200
Payroll Taxes$110,705--$110,705
Occupancy$107,187--$107,187
Depreciation Depletion$80,236--$80,236
Insurance$46,917--$46,917
Advertising$38,060--$38,060
Fees for Services Legal$34,866--$34,866
Fees for Services Other$31,897--$31,897
Pension Plan Contributions$24,761--$24,761
Travel$15,236--$15,236
Conferences and Meetings$11,996--$11,996
Other Expenses$7,854--$7,854
All Other Expenses$2,152--$2,152
Total Functional Expenses$3,638,755$0$0$3,638,755
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes$87,424,592
Member Deposits-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 12C

“Employees are restricted from processing transactions on their own behalf or for a family member. There are regular reviews of the activity in the accounts of volunteers and employees.”

Form 990, Part VI, Section B, Line 15A

“Credit union industry salary surveys are used as a guide by the board to set salaries”

Form 990, Part VI, Section C, Line 19

“Financial statements are posted in the lobby and other items that are required to be disclosed are available upon request”

Filing and Contact Details

Filer

Filer Name
State Chartered Credit Unions in Fl
EIN
59-0389335
Phone
5616410100
Address
1055 S CONGRESS AVENUE, WEST PALM BEACH, FL 33406
Doing Business As
First Choice Credit Union

Signing Officer

Name
Michael Welte
Title
CEO
Signed
2016-05-02
Discuss with paid preparer
Yes

Organization Details

Formed
1929
Legal Domicile
Fl
Voting Board Members
7
Independent Board Members
6
Employees
32
Volunteers
12

Preparer

Firm
Edwin W Ewart Jr CPA
Address
7480 FAIRWAY DR 207, MIAMI LAKES, FL 33014
Preparer
Edwin W Ewart Jr CPA
Phone
3052136453
Raw XML Appendix388 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0133200
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IRS990/OtherExpensesGrp/Desc0ASSOCIATION REGULATOR FEES
IRS990/OtherExpensesGrp/Desc1OREO EXPENSES
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IRS990/OtherExpensesGrp/ProgramServicesAmt17854
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IRS990/OtherExpensesGrp/TotalAmt17854
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IRS990/ProgramServiceRevenueGrp/Desc3ATM / DEBIT / CREDIT CARD INTERCHANGE
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IRS990ScheduleD/TotalLiabilityAmt087424592
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IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompensationSurveyInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0MICHAEL WELTE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT/TREASURER
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990ScheduleJ/WrittenEmploymentContractInd0X
IRS990/ScheduleORequiredInd0true
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1CREDIT UNION INDUSTRY SALARY SURVEYS ARE USED AS A GUIDE BY THE BOARD TO SET SALARIES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY AND OTHER ITEMS THAT ARE REQUIRED TO BE DISCLOSED ARE AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, Line 19
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IRS990/TerminateOperationsInd0false
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IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalEmployeeCnt032
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IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt048418
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt048418
IRS990/TotalProgramServiceExpensesAmt03638755
IRS990/TotalProgramServiceRevenueAmt03661960
IRS990/TotalReportableCompFromOrgAmt0167887
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt04287538
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04341659
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt058998
IRS990/TotalVolunteersCnt012
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IRS990/TravelGrp/ProgramServicesAmt015236
IRS990/TravelGrp/TotalAmt015236
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd0true
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01055 S CONGRESS AVENUE
IRS990/USAddress/CityNm0WEST PALM BEACH
IRS990/USAddress/StateAbbreviationCd0FL
IRS990/USAddress/ZIPCd033406
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0WWW.FIRSTCHOICECU.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02016-09-27 15:27:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHAEL WELTE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-05-02
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0STATE CHARTERED CREDIT UNIONS IN FL
ReturnHeader/Filer/BusinessNameControlTxt0STAT
ReturnHeader/Filer/EIN0590389335
ReturnHeader/Filer/PhoneNum05616410100
ReturnHeader/Filer/USAddress/AddressLine1Txt01055 S CONGRESS AVENUE
ReturnHeader/Filer/USAddress/CityNm0WEST PALM BEACH
ReturnHeader/Filer/USAddress/StateAbbreviationCd0FL
ReturnHeader/Filer/USAddress/ZIPCd033406
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0EDWIN W EWART JR CPA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt07480 FAIRWAY DR 207
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MIAMI LAKES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd033014
ReturnHeader/PreparerPersonGrp/PhoneNum03052136453
ReturnHeader/PreparerPersonGrp/PreparationDt02016-05-02
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0EDWIN W EWART JR CPA
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02016-05-02T01:52:16-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-01-01
ReturnHeader/TaxPeriodEndDt02015-12-31
ReturnHeader/TaxYr02015

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