Civic Intelligence

Florida Credit Union

990 • Fiscal year 2014 • EIN 59-0773154

Jan 01, 2014 to Dec 31, 2014 • Filed on Mar 31, 2015

PO Box 5549Gainesville, FL 32627-5549

(352) 377-4141

Siviq Scores

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

Liabilities / Assets

53rd percentile

0.90x

Higher debt load relative to assets than 53% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Liabilities / Revenue

10th percentile

13.01x

Higher debt load relative to revenue than 10% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Net Margin

65th percentile

18%

Higher net margin than 65% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Top Officer Pay

68th percentile

$455,291

Higher top officer pay than 68% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Asset Growth

93rd percentile

17%

Faster asset growth than 93% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2013 to 2014

Revenue Growth

83rd percentile

8.6%

Faster revenue growth than 83% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2013 to 2014

Assets

Up

$654,949,421

Up $95,810,713 (+17%) from 2013

Net Assets

Up

$67,906,684

Up $7,931,049 (+13%) from 2013

Liabilities

Up

$587,042,737

Up $87,879,664 (+18%) from 2013

Revenue

Up

$45,105,672

Up $3,588,673 (+8.6%) from 2013

Expenses

Up

$37,174,623

Up $2,241,300 (+6.4%) from 2013

Net Income

Up

$7,931,049

Up $1,347,373 (+20%) from 2013

Historical Trend

Balance Sheet Trend

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

$3.0B$2.0B$1.0B$0Assets 2010: $429,610,815Liabilities 2010: $385,575,014Net Assets 2010: $44,035,8012010Assets 2011: $459,526,614Liabilities 2011: $411,775,750Net Assets 2011: $47,750,8642011Assets 2012: $492,383,357Liabilities 2012: $438,991,398Net Assets 2012: $53,391,9592012Assets 2013: $559,138,708Liabilities 2013: $499,163,073Net Assets 2013: $59,975,6352013Assets 2014: $654,949,421Liabilities 2014: $587,042,737Net Assets 2014: $67,906,6842014Assets 2015: $746,396,242Liabilities 2015: $670,067,867Net Assets 2015: $76,328,3752015Assets 2016: $862,575,324Liabilities 2016: $776,191,714Net Assets 2016: $86,383,6102016Assets 2017: $975,234,572Liabilities 2017: $876,114,677Net Assets 2017: $99,119,8952017Assets 2018: $1,110,685,305Liabilities 2018: $995,926,966Net Assets 2018: $114,758,3392018Assets 2019: $1,266,313,564Liabilities 2019: $1,131,972,740Net Assets 2019: $134,340,8242019Assets 2020: $1,449,934,229Liabilities 2020: $1,297,184,248Net Assets 2020: $152,749,9812020Assets 2021: $1,753,770,979Liabilities 2021: $1,564,008,364Net Assets 2021: $189,762,6152021Assets 2022: $1,967,340,964Liabilities 2022: $1,742,592,206Net Assets 2022: $224,748,7582022Assets 2023: $2,105,555,808Liabilities 2023: $1,843,893,829Net Assets 2023: $261,661,9792023Assets 2024: $2,290,696,172Liabilities 2024: $1,993,879,951Net Assets 2024: $296,816,2212024

Highlighted filing

2014

Assets$654,949,421
Liabilities$587,042,737
Net Assets$67,906,684

Operations Trend

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

$200M$150M$100M$50M$0Expenses 2010: $37,005,9022010Expenses 2011: $34,131,2942011Expenses 2012: $34,597,9992012Revenue 2013: $41,516,999Expenses 2013: $34,933,323Net Income 2013: $6,583,6762013Revenue 2014: $45,105,672Expenses 2014: $37,174,623Net Income 2014: $7,931,0492014Revenue 2015: $50,018,214Expenses 2015: $41,596,522Net Income 2015: $8,421,6922015Revenue 2016: $56,667,292Expenses 2016: $46,612,057Net Income 2016: $10,055,2352016Revenue 2017: $63,778,931Expenses 2017: $51,042,646Net Income 2017: $12,736,2852017Revenue 2018: $74,227,381Expenses 2018: $58,588,938Net Income 2018: $15,638,4432018Revenue 2019: $85,476,711Expenses 2019: $65,894,226Net Income 2019: $19,582,4852019Revenue 2020: $94,300,981Expenses 2020: $75,891,825Net Income 2020: $18,409,1562020Revenue 2021: $101,413,872Expenses 2021: $64,401,235Net Income 2021: $37,012,6372021Revenue 2022: $110,107,505Expenses 2022: $75,117,641Net Income 2022: $34,989,8642022Revenue 2023: $143,282,205Expenses 2023: $106,325,959Net Income 2023: $36,956,2462023Revenue 2024: $169,400,383Expenses 2024: $134,246,141Net Income 2024: $35,154,2422024

Highlighted filing

2014

Revenue$45,105,672
Expenses$37,174,623
Net Income$7,931,049
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Mar 31, 2015
Return Version
2014v5.0
Gross Receipts
$47,888,352
Mission and Program Overview

Mission

Income from credit union membership and from investement of member funds provide the foundation from which the organization can function and provide service to its restricted membership.

Credit Union with income from credit union membership and from investments of members funds provide the foundation from which the organization can function and provide service to its restricted membership.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$451,905,149$532,315,460▲ $80,410,311
Savings and Temporary Cash Investments$71,972,962$82,400,349▲ $10,427,387
Rtn Earn Endowment Incm Other Fnds$59,975,635$67,906,684▲ $7,931,049
Land, Buildings, and Equipment, Net$14,746,421$15,075,258▲ $328,837
Prepaid Expenses and Deferred Charges$3,534,485$5,756,940▲ $2,222,455
Accounts Receivable$3,259,514$4,546,112▲ $1,286,598
Cash and Non-Interest-Bearing Accounts$3,400,425$4,500,297▲ $1,099,872
Investments Other Securities$1,040,900$953,300▼ $87,600
Receivables From Officers Etc$301,231$176,597▼ $124,634
Total Assets$559,138,708$654,949,421▲ $95,810,713
Other Assets Total$8,977,621$9,225,108▲ $247,487
Liabilities
Other Liabilities$480,428,666$566,661,926▲ $86,233,260
Mortgage Notes Payable Secured by Investment Property$10,000,000$10,000,000→ $0
Accounts Payable and Accrued Expenses$7,825,562$9,464,736▲ $1,639,174
Escrow Account Liability$908,845$916,075▲ $7,230
Total Liabilities$499,163,073$587,042,737▲ $87,879,664
Net Assets / Fund Balance
Total Net Assets Fund Balance$59,975,635$67,906,684▲ $7,931,049
Total Liabilities and Net Assets / Fund Balance$559,138,708$654,949,421▲ $95,810,713

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,812,334$2,516,978-
Other Land Buildings$59,816$504,256-
Land$4,468,638--
Equipment$3,376,685$14,566,277-
Leasehold Improvements$357,785$1,065,026-
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mark Starr--$455,291$69,040$508,848
Mark StarrPresident/CEOFT$455,291-$455,291
David Eckhardt--$175,270$56,067$235,537
Karen Rose--$175,288$28,756$202,061
David EckhardtSVP Operations/COOFT$193,697-$193,697
Wendy Koford--$136,260$56,881$190,197
Chris Clore--$145,580$40,282$189,141
Lavaugn FrasierDirector-$186,305-$186,305
Kirk Becker--$139,759$45,619$185,309
Chris CloreSVP MarketingFT$159,876-$159,876
Kirk BeckerSVP Information Systems/CTOFT$153,986-$153,986
Christine Suarez-jenkins--$113,945$26,228$153,173
Wendy KofordSVP Finance/CFOFT$151,743-$151,743
Christine Suarez-jenkinsSVP Lending/CLOFT$126,945-$126,945
Laudelino ArnaldiVP Commercial LendingFT$122,973-$122,973
Chessie FlandersVP MortgageFT$103,619-$103,619

Board Members and Trustees

NameTitle
Dr Jacquiline HartChairperson
Dr John RawlsVice-Chairman
Judy JohnsonBoard Secretary
Alfred PeoplesDirector
Lynn JonesDirector
Ronald KnowlesDirector
Dr Barbara BuysTreasurer
Karen RoseVP of HR

Highest Paid Contractors

ContractorServicesLocationCompensation
Williams Gautier Gwynn & DeloachAttorneysPO Box 4128, Tallahassee, FL 32315$1,017,618
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$45,505,505
Investment Income
$-452,352
Other Revenue
$52,519
Change in Net Assets
$7,931,049
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$23,116,017
Salaries, Compensation, and Employee Benefits$14,058,606
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$9,587,335
Office Expenses---$4,450,084
Other Expenses---$3,445,000
Interest---$2,992,742
Advertising---$2,885,102
Depreciation Depletion---$1,797,989
Current Officers, Directors, Trustees, and Key Employees---$1,468,129
Other Employee Benefits---$1,168,246
Occupancy---$1,028,709
Pension Plan Contributions---$957,834
Payroll Taxes---$877,062
Fees for Services Legal---$548,858
Conferences and Meetings---$520,819
All Other Expenses---$147,220
Fees for Services Accounting---$68,911
Total Functional Expenses$0$0$0$37,174,623
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
Yes
Lobbying activity
No
Subject to proxy tax
No

Reported Spending and Taxes

Line ItemAmount
Political Expenditures$4,061

Section 527 Organizations

OrganizationLocationAmount
59-1889104Birmingham, AL$4,061
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$301,231$176,597▼ $124,634
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Deposits$541,267,926
Non-Member Share Accounts$25,394,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Florida Credit Union
EIN
59-0773154
Phone
3523774141
Address
PO Box 5549, Gainesville, FL 32627-5549

Signing Officer

Name
Mark Starr
Title
President/CEO
Phone
3523774141
Signed
2015-03-31
Discuss with paid preparer
Yes

Organization Details

Formed
1950
Legal Domicile
Fl
Voting Board Members
7
Independent Board Members
7
Employees
248
Volunteers
7

Preparer

Firm
Florida Credit Union
Address
PO BOX 5549, GAINESVILLE, FL 32627-5549
Preparer
Mark Starr
Phone
3523774141
Supplemental Narrative

Additional Explanations

Pt VI, Line 6

Anyone doing business with the credit union is a member.

Pt VI, Line 7A

An annual election is held for open spots on the board of

Pt VI, Line 7A

directors and we are regulated by the Florida Division of

Pt VI, Line 7A

Financial Institutions and the National Credit Union

Pt VI, Line 7A

Administration.

Pt VI, Line 11B

Auditors and Examiners review the report and give a report

Pt VI, Line 11B

to the board of directors.

Pt VI, Line 19

F/S are available in branch lobbies. Call Reports on web.

Pt VI, Line 15A

Florida Credit Union purchases 3rd party salary surveys of

Pt VI, Line 15A

competitive industries based on asset size.

Pt VI, Line 12C

Directors and employees are required to avoid conflicts

Pt VI, Line 12C

of interest by Federal and State Banking laws. Staff and

Pt VI, Line 12C

board are questioned by auditors as part of the AICPA

Pt VI, Line 12C

opinion audit.

Pt VI, Line 7B

There are some decisions that require a member vote based

Pt VI, Line 7B

on bylaws and we are regulated by the Florida Division of

Pt VI, Line 7B

Financial Institutions and the National Credit Union

Pt VI, Line 7B

Administration. We also submit detailed financial data

Pt VI, Line 7B

quarterly to them.

Pt VI, Line 15B

Florida Credit Union purchases 3rd party salary surveys of competitive industries based on asset size.

Form 990, Part IX, Line 24F

Association dues 81044. Miscellaous expenses 55406. Annual meeting 10770.

Financial Statement Notes

Pt IV, Line 2B

Escrow for Tax and Insurance on Members Mortgage and Commercial Loans.

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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2,291$1,994$297$169$134$35.2
2023Detailed filing. Detailed filing data is available for this year.$2,106$1,844$262$143$106$37.0
2022Detailed filing. Detailed filing data is available for this year.$1,967$1,743$225$110$75.1$35.0
2021Detailed filing. Detailed filing data is available for this year.$1,754$1,564$190$101$64.4$37.0
2020Detailed filing. Detailed filing data is available for this year.$1,450$1,297$153$94.3$75.9$18.4
2019Detailed filing. Detailed filing data is available for this year.$1,266$1,132$134$85.5$65.9$19.6
2018Detailed filing. Detailed filing data is available for this year.$1,111$996$115$74.2$58.6$15.6
2017Detailed filing. Detailed filing data is available for this year.$975$876$99.1$63.8$51.0$12.7
2016Detailed filing. Detailed filing data is available for this year.$863$776$86.4$56.7$46.6$10.1
2015Detailed filing. Detailed filing data is available for this year.$746$670$76.3$50.0$41.6$8.42
2014Detailed filing. Detailed filing data is available for this year.$655$587$67.9$45.1$37.2$7.93
2013Detailed filing. Detailed filing data is available for this year.$559$499$60.0$41.5$34.9$6.58
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$492$439$53.4$34.6
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$460$412$47.8$34.1
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$430$386$44.0$37.0