Civic Intelligence

State Chartered Credit Unions in Florida

990 • Fiscal year 2013 • EIN 59-0626648

Jan 01, 2013 to Dec 31, 2013 • Filed on Nov 17, 2014

Organization ProfileWWW.INSIGHTFINANCIALCU.COM

View Organization Page

PO Box 490032082-4900

(407) 659-2740

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

48th percentile

0.89x

Higher debt load relative to assets than 48% of similar nonprofits.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2013

Liabilities / Revenue

26th percentile

15.14x

Higher debt load relative to revenue than 26% of similar nonprofits.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2013

Net Margin

39th percentile

12%

Higher net margin than 39% of similar nonprofits.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2013

Top Officer Pay

32nd percentile

$301,826

Higher top officer pay than 32% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2013

Asset Growth

35th percentile

2.7%

Faster asset growth than 35% of similar nonprofits.

2013 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets48th percentile

Assets

Up

$463,864,396

Up $12,312,191 (+2.7%) from 2012

Net Assets

Up

$48,913,584

Up $78,569 (+0.2%) from 2012

Liabilities

Up

$414,950,812

Up $12,233,622 (+3.0%) from 2012

Revenue And Expenses
Liabilities / Revenue26th percentileNet Margin39th percentile

Revenue

$27,407,116

No earlier filing loaded for comparison.

Expenses

Down

$24,129,604

Down $580,674 (-2.3%) from 2012

Net Income

$3,277,512

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth35th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$800M$600M$400M$200M$0Assets 2010: $447,757,548Liabilities 2010: $404,537,213Net Assets 2010: $43,220,3352010Assets 2011: $435,531,196Liabilities 2011: $390,464,357Net Assets 2011: $45,066,8392011Assets 2012: $451,552,205Liabilities 2012: $402,717,190Net Assets 2012: $48,835,0152012Assets 2013: $463,864,396Liabilities 2013: $414,950,812Net Assets 2013: $48,913,5842013Assets 2014: $504,908,663Liabilities 2014: $450,150,588Net Assets 2014: $54,758,0752014Assets 2015: $554,768,324Liabilities 2015: $502,819,889Net Assets 2015: $51,948,4352015Assets 2016: $562,292,468Liabilities 2016: $512,960,885Net Assets 2016: $49,331,5832016Assets 2017: $562,818,449Liabilities 2017: $511,978,290Net Assets 2017: $50,840,1592017Assets 2018: $551,216,747Liabilities 2018: $501,686,781Net Assets 2018: $49,529,9662018Assets 2019: $553,070,987Liabilities 2019: $497,674,344Net Assets 2019: $55,396,6432019Assets 2020: $623,371,735Liabilities 2020: $564,088,089Net Assets 2020: $59,283,6462020Assets 2021: $694,415,445Liabilities 2021: $640,815,995Net Assets 2021: $53,599,4502021Assets 2022: $687,612,427Liabilities 2022: $661,164,086Net Assets 2022: $26,448,3412022Assets 2023: $670,264,151Liabilities 2023: $643,454,702Net Assets 2023: $26,809,4492023Assets 2024: $685,975,667Liabilities 2024: $655,291,312Net Assets 2024: $30,684,3552024Assets 2025: $659,248,205Liabilities 2025: $620,092,955Net Assets 2025: $39,155,2502025

Highlighted filing

2013

Assets$463,864,396
Liabilities$414,950,812
Net Assets$48,913,584
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$40M$30M$20M$10M$0-$10MExpenses 2010: $32,199,3282010Expenses 2011: $28,498,6172011Expenses 2012: $24,710,2782012Revenue 2013: $27,407,116Expenses 2013: $24,129,604Net Income 2013: $3,277,5122013Revenue 2014: $27,253,516Expenses 2014: $23,852,127Net Income 2014: $3,401,3892014Revenue 2015: $27,467,779Expenses 2015: $29,955,150Net Income 2015: -$2,487,3712015Revenue 2016: $27,179,472Expenses 2016: $28,696,664Net Income 2016: -$1,517,1922016Revenue 2017: $27,839,144Expenses 2017: $27,119,570Net Income 2017: $719,5742017Revenue 2018: $27,874,314Expenses 2018: $27,739,674Net Income 2018: $134,6402018Revenue 2019: $27,530,703Expenses 2019: $24,750,028Net Income 2019: $2,780,6752019Revenue 2020: $25,976,857Expenses 2020: $23,698,386Net Income 2020: $2,278,4712020Revenue 2021: $22,918,572Expenses 2021: $20,852,595Net Income 2021: $2,065,9772021Revenue 2022: $24,146,976Expenses 2022: $20,369,837Net Income 2022: $3,777,1392022Revenue 2023: $31,327,804Expenses 2023: $28,712,884Net Income 2023: $2,614,9202023Revenue 2024: $36,815,869Expenses 2024: $33,025,125Net Income 2024: $3,790,7442024Revenue 2025: $33,176,746Expenses 2025: $33,837,460Net Income 2025: -$660,7142025

Highlighted filing

2013

Revenue$27,407,116
Expenses$24,129,604
Net Income$3,277,512
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Nov 17, 2014
Return Version
2013v4.0
Gross Receipts
$27,441,523
Mission and Program Overview

Mission

Insight financial credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to member; at advantageous rates over those generally available from other banking sources.

Insight financial credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to member; at advantages rates over those generally available from other banking sources.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$280,651,739$290,015,305▲ $9,363,566
Investments in Publicly Traded Securities$96,098,416$120,113,429▲ $24,015,013
Rtn Earn Endowment Incm Other Fnds$48,835,010$48,913,584▲ $78,574
Savings and Temporary Cash Investments$41,531,671$21,311,074▼ $20,220,597
Land, Buildings, and Equipment, Net$19,938,879$20,797,575▲ $858,696
Cash and Non-Interest-Bearing Accounts$5,856,695$4,210,013▼ $1,646,682
Total Assets$451,552,205$463,864,396▲ $12,312,191
Other Assets Total$7,474,805$7,417,000▼ $57,805
Liabilities
Other Liabilities$399,614,197$411,062,443▲ $11,448,246
Accounts Payable and Accrued Expenses$3,102,998$3,888,369▲ $785,371
Total Liabilities$402,717,195$414,950,812▲ $12,233,617
Net Assets / Fund Balance
Total Net Assets Fund Balance$48,835,010$48,913,584▲ $78,574
Total Liabilities and Net Assets / Fund Balance$451,552,205$463,864,396▲ $12,312,191

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$11,875,038$4,308,493$16,183,531
Land$5,253,309-$5,253,309
Equipment$3,524,279-$3,524,279
Leasehold Improvements$113,198$17,267$130,465
Other Land Buildings$31,751-$31,751
Compensation and Service Providers
Top Officer Pay32nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
George DavisCEOFT$272,692$29,134$301,826
Cindy MorganCFOFT$135,600$21,946$157,546
Todd MellenberndtVP LendingFT$135,486-$135,486
Lauren JosephSVP OperatioFT$118,586-$118,586
Elenor WoodsVP of FinancFT$106,031$5,043$111,074
Judith Mason1st V.c.FT$85,490$11,946$97,436

Board Members and Trustees

NameTitle
Stephen HoeltkeChairman
Charles ArnettFormer Chair
Jerry LockeFormer Chairman
Karen JohnsonDirector
Mark ZickefooseDirector
Norma HortonDirector
Susan StuckerDirector
Jerry Locke-
A Floyd Bradley2nd V.c.
Linda ShortSecretary
Deborah CollinsSupervisory
Michele HoppenstedtSupervisory
Danny GrantTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Granger ConstructionConstruction-$322,535
Harland Financial SolutionsChecks-$251,760
Cuna Mutual GroupInsurance-$222,964
EquifaxCredit-$207,129
WkmgAdvertising-$193,220
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$25,807,864
Investment Income
$1,599,252
Other Revenue
$0
Change in Net Assets
$3,277,512
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$14,830,650
Salaries, Compensation, and Employee Benefits$9,298,954
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$6,629,645--$6,629,645
Occupancy$1,890,590--$1,890,590
Other Employee Benefits$1,789,323--$1,789,323
Other Expenses$1,756,999--$1,756,999
All Other Expenses$1,520,303--$1,520,303
Interest$1,474,699--$1,474,699
Current Officers, Directors, Trustees, and Key Employees$879,986--$879,986
Insurance$325,477--$325,477
Conferences and Meetings$155,101--$155,101
Total Functional Expenses$24,129,604$0$0$24,129,604
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
Member Share Accounts$411,062,443
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“Credit union has members. Membership is available to anyone that meets the field of membership qualifications per the governing documents.”

Form 990, Page 6, Part VI, Line 7A

“Yes- the credit union's board of directors are elected by members.”

Form 990, Page 6, Part VI, Line 7B

“Yes, certain decisions would be approved by membership.”

Form 990, Page 6, Part VI, Line 9

“Jerry locke po box 4900 orlando, fl 32802”

Form 990, Page 6, Part VI, Line 11B

“Board of directors reviews form 990 at regularly scheduled meeting.”

Form 990, Page 6, Part VI, Line 12C

“Yes, a conflicts of interest policy is actively enforced.”

Form 990, Page 6, Part VI, Line 15A

“Compensation for ceo, directors, and top management officials is subject to review and approval by board of directors.”

Form 990, Page 6, Part VI, Line 15B

“Yes, other officers and key employees compensation is subject to review by ceo within guidelines approved by board of directors.”

Form 990, Page 6, Part VI, Line 19

“Bylaws and governing documents are made available to all members upon request. Financial information is available to the public from ncua.”

Filing and Contact Details

Filer

EIN
59-0626648
Phone
4076592740

Signing Officer

Name
Cindy Morgan
Title
CFO
Phone
4076592740
Signed
2014-11-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
George Davis
Formed
1935
Legal Domicile
Fl
Voting Board Members
9
Independent Board Members
9
Employees
195
Volunteers
5

Preparer

Preparer
Daniel J Cole
Phone
9547551760
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Item B

“Prior return did not contain all income and expenses in error. This return corrects that error.”

Form 990

“The credit union does offer discounted loans to employees. Upon completion an employees probationary 90 day period, they can receive a 1% discounted loan rate off of prevailing market interest rates on all mortgage and consumer loans. Upon termination/resignation the loan reverts to normal market rates without the discount.”

Form 990, Part XI

“The adjustment to net fixed assets was from fasb 115 adjustments to unrealized gains and losses of securities held by the credit union”

Form 990, Part XI, Line 9

“Consolidation adjustment 23,015 fasb 115 adjustment 3,221,953”

Raw XML AppendixShowing 400 of 495 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/Form990PartVIISectionAGrp/TitleTxt8CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt9VP LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt10SVP OPERATIO
IRS990/Form990PartVIISectionAGrp/TitleTxt11VP OF FINANC
IRS990/Form990PartVIISectionAGrp/TitleTxt121ST V.C.
IRS990/Form990PartVIISectionAGrp/TitleTxt132ND V.C.
IRS990/Form990PartVIISectionAGrp/TitleTxt14SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt15CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt16FORMER CHAIR
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IRS990/MissionDesc0INSIGHT FINANCIAL CREDIT UNION IS A COOPERATIVE, NOT-FOR-PROFIT FINANCIAL INSTITUTION ORGANIZED TO PROMOTE THRIFT AND PROVIDE CREDIT TO MEMBER; AT ADVANTAGES RATES OVER THOSE GENERALLY AVAILABLE FROM OTHER BANKING SOURCES.
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IRS990/OccupancyGrp/TotalAmt01890590
IRS990/OfficerMailingAddressInd0true
IRS990/OperateHospitalInd0false
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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt01789323
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IRS990/OtherExpensesGrp/Desc0PROVISION FOR LOAN LOSSES
IRS990/OtherExpensesGrp/Desc1PROFESSIONAL FEES
IRS990/OtherExpensesGrp/Desc2OFFICE OPERATIONS
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IRS990/PoliciesReferenceChaptersInd0true
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0GEORGE DAVIS
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0INTEREST ON LOANS
IRS990/ProgramServiceRevenueGrp/Desc1MISC OPERATING INCOME
IRS990/ProgramServiceRevenueGrp/Desc2FEE INCOME
IRS990/ProgramServiceRevenueGrp/Desc3OTHER OPERATING INCOME
IRS990/ProgramServiceRevenueGrp/Desc4OTHER NON OPERATING GAINS
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt14275172
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt23998067
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IRS990/ProgSrvcAccomActy2Grp/Desc0FEES AND CHARGES ARE ASSESSED TO MEMBERS FOR FINANCIAL SERVICES. THESE FEES GENERATE THE REVENUE NECESSARY TO PAY THE COSTS TO PROVIDE THESE SERVICES
IRS990/ProgSrvcAccomActy3Grp/Desc0EARNINGS FROM THE INVESTMENTS. THE EXCESS OF FUNDS RECEIVED FROM MEMBERS, OVER THE AMOUNT LOANDED TO MEMBERS, AS WELL AS ACCUMULATED SURPLUSE, IS INVESTED IN SECURITIES ALLOWED BY THE NCUA, AND THE CREDIT UNION'S GOVERNING DOCUMENTS.
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0GEORGE DAVIS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1CINDY MORGAN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2JERRY LOCKE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1CFO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2FORMER CHAIRMAN
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0PRIOR RETURN DID NOT CONTAIN ALL INCOME AND EXPENSES IN ERROR. THIS RETURN CORRECTS THAT ERROR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CREDIT UNION DOES OFFER DISCOUNTED LOANS TO EMPLOYEES. UPON COMPLETION AN EMPLOYEES PROBATIONARY 90 DAY PERIOD, THEY CAN RECEIVE A 1% DISCOUNTED LOAN RATE OFF OF PREVAILING MARKET INTEREST RATES ON ALL MORTGAGE AND CONSUMER LOANS. UPON TERMINATION/RESIGNATION THE LOAN REVERTS TO NORMAL MARKET RATES WITHOUT THE DISCOUNT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2CREDIT UNION HAS MEMBERS. MEMBERSHIP IS AVAILABLE TO ANYONE THAT MEETS THE FIELD OF MEMBERSHIP QUALIFICATIONS PER THE GOVERNING DOCUMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3YES- THE CREDIT UNION'S BOARD OF DIRECTORS ARE ELECTED BY MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4YES, CERTAIN DECISIONS WOULD BE APPROVED BY MEMBERSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5JERRY LOCKE PO BOX 4900 ORLANDO, FL 32802

Document Assets

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Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$463,864,396
Liabilities
$414,950,812
Net assets
$48,913,584
Revenue
$27,407,116
Expenses
$24,129,604
Net income
$3,277,512
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$659$620$39.2$33.2$33.8$0.66
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$686$655$30.7$36.8$33.0$3.79
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$670$643$26.8$31.3$28.7$2.61
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$688$661$26.4$24.1$20.4$3.78
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$694$641$53.6$22.9$20.9$2.07
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$623$564$59.3$26.0$23.7$2.28
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$553$498$55.4$27.5$24.8$2.78
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$551$502$49.5$27.9$27.7$0.13
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$563$512$50.8$27.8$27.1$0.72
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$562$513$49.3$27.2$28.7$1.52
2015Detailed filing. Detailed filing data is available for this year.$555$503$51.9$27.5$30.0$2.49
2014Detailed filing. Detailed filing data is available for this year.$505$450$54.8$27.3$23.9$3.40
2013Detailed filing. Detailed filing data is available for this year.$464$415$48.9$27.4$24.1$3.28
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$452$403$48.8$24.7
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$436$390$45.1$28.5
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$448$405$43.2$32.2
Peer Organizations

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