Civic Intelligence

Launch Credit Union

990 • Fiscal year 2021 • EIN 59-1030268

Jan 01, 2021 to Dec 31, 2021 • Filed on Sep 22, 2022

300 S Plumosa StMerritt Island, FL 32952

(321) 455-9400

Siviq Scores

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

Liabilities / Assets

40th percentile

0.90x

Higher debt load relative to assets than 40% of similar nonprofits.

2021 filings • 501(c)14 • $1B+ nonprofits • Source year 2021

Liabilities / Revenue

24th percentile

19.29x

Higher debt load relative to revenue than 24% of similar nonprofits.

2021 filings • 501(c)14 • $1B+ nonprofits • Source year 2021

Net Margin

8th percentile

11%

Higher net margin than 8% of similar nonprofits.

2021 filings • 501(c)14 • $1B+ nonprofits • Source year 2021

Top Officer Pay

11th percentile

$524,102

Higher top officer pay than 11% of similar nonprofits.

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

2021 filings • 501(c)14 • $1B+ nonprofits • Source year 2021

Asset Growth

Score unavailable

No value available

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

Source year 2021

Revenue Growth

Score unavailable

No value available

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

Source year 2021

Assets

$1,071,639,457

No earlier filing loaded for comparison.

Net Assets

$107,855,917

No earlier filing loaded for comparison.

Liabilities

$963,783,540

No earlier filing loaded for comparison.

Revenue

$49,955,268

No earlier filing loaded for comparison.

Expenses

$44,426,547

No earlier filing loaded for comparison.

Net Income

$5,528,721

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$1.5B$1.0B$500M$0Assets 2021: $1,071,639,457Liabilities 2021: $963,783,540Net Assets 2021: $107,855,9172021Assets 2022: $1,374,535,703Liabilities 2022: $1,260,300,687Net Assets 2022: $114,235,0162022Assets 2024: $1,395,191,746Liabilities 2024: $1,270,747,535Net Assets 2024: $124,444,2112024

Highlighted filing

2021

Assets$1,071,639,457
Liabilities$963,783,540
Net Assets$107,855,917

Operations Trend

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

$100M$50M$0Revenue 2021: $49,955,268Expenses 2021: $44,426,547Net Income 2021: $5,528,7212021Revenue 2022: $62,026,776Expenses 2022: $55,371,601Net Income 2022: $6,655,1752022Revenue 2024: $85,218,164Expenses 2024: $80,461,174Net Income 2024: $4,756,9902024

Highlighted filing

2021

Revenue$49,955,268
Expenses$44,426,547
Net Income$5,528,721
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Sep 22, 2022
Return Version
2021v4.2
Gross Receipts
$62,242,439
Mission and Program Overview

Mission

The credit union's mission is to promote thrift among its members and create a source of credit for them at legitimate rates of interest. The credit union serves members in brevard, volusia, orange, seminole, flagler,and osceola counties in florida. The total number of members is in excess of 80,000 members.

The credit union's mission is to promote thrift among its members and create a source of credit for them at legitimate rates of interest. We provide financial services to the communities we serve. We offer financial products and services our members need and want with lower fees. We offer loan products our members can afford and help better them financially.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$605,965,286$805,734,055▲ $199,768,769
Savings and Temporary Cash Investments$69,996,550$140,789,649▲ $70,793,099
Rtn Earn Endowment Incm Other Fnds$102,418,907$107,855,917▲ $5,437,010
Land, Buildings, and Equipment, Net$36,952,620$35,495,012▼ $1,457,608
Investments Other Securities$136,920,048$20,063,835▼ $116,856,213
Cash and Non-Interest-Bearing Accounts$8,768,203$9,066,410▲ $298,207
Prepaid Expenses and Deferred Charges$2,364,182$2,248,018▼ $116,164
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$924,281,516$1,071,639,457▲ $147,357,941
Other Assets Total$63,314,627$58,242,478▼ $5,072,149
Liabilities
Other Liabilities$814,021,865$953,678,741▲ $139,656,876
Accounts Payable and Accrued Expenses$7,840,744$10,104,799▲ $2,264,055
Total Liabilities$821,862,609$963,783,540▲ $141,920,931
Net Assets / Fund Balance
Total Net Assets Fund Balance$102,418,907$107,855,917▲ $5,437,010
Total Liabilities and Net Assets / Fund Balance$924,281,516$1,071,639,457▲ $147,357,941

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$25,922,712$23,328,683$49,251,395
Land$9,572,300-$9,572,300
Other Assets Org$1,257,139--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joseph MirachiPresident & CEOFT$452,456$71,646$524,102
Kevin LebeauEvp CFOFT$198,734$46,415$245,149
Gary LevarEvp COOFT$205,439$17,384$222,823
Mark BrewerSVP CIOFT$197,860$18,699$216,559
Jane SchroppSVP HrFT$165,254$20,022$185,276
MICHAEL D'ACQUISTOAvp Core Application ServiFT$144,845$14,642$159,487
Cathleen RussoVP ComptrollerFT$124,518$14,036$138,554
Lourdes CamachoVP AuditFT$115,706$19,709$135,415
Carolyn MortonVP Retail Branch OperationsFT$120,038$13,802$133,840
Kelly HaskinsVP MarketingFT$116,391$13,280$129,671

Board Members and Trustees

NameTitle
Percy CohrsChair
Connie MoriceChair Audit Committee
Hollimarie MontijoVice Chair
Dr Kevin ReedAssociate Board Member
Stuart DawleyAssociate Board Member
Tabitha AbrahamAssociate Board Member
Tommy ReedAssociate Board Member
Chuck JenkinsDirector
Dan SicchioDirector
Dominic MorgeseDirector
Linda SouthDirector
Lonnie BlockerDirector
Jennifer EllmerAudit Member
Marilyn CherubiniSecretary
Eric OstarlyTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Engage Fi LLCConsulting5550 W EXECUTIVE DRIVE SUITE 540, Tampa, FL 33609$1,592,149
Redzone Technologies LLCSoftware Support1750 FOREST DRIVE SUITE 100, Annapolis, MD 21401$270,616
Member Business Financial Services LLCCredit Union Service Organization2655 INTERPLEX DRIVE SUITE 104, Trevose, PA 19053$143,737
Rush Marshall Jones And Kelly PaLegal ServicesPO BOX 3146, Orlando, FL 32802$123,824
Ice Mortgage - Ellie MaeMortgage Application ProcessingPO BOX 7410442, Chicago, IL 60674$100,564
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$34,837,622
Investment Income
$575,195
Other Revenue
$14,542,451
Change in Net Assets
$5,528,721
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$23,346,666
Salaries, Compensation, and Employee Benefits$20,986,135
Grants and Similar Amounts Paid$93,746
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$13,942,351
Depreciation Depletion---$3,981,919
Other Employee Benefits---$3,897,414
Information Technology---$3,862,987
Occupancy---$1,598,426
Office Expenses---$1,580,590
Current Officers, Directors, Trustees, and Key Employees---$1,393,909
Payroll Taxes---$1,204,086
Interest---$1,192,479
Advertising---$1,179,456
All Other Expenses---$921,788
Other Expenses---$785,549
Fees for Services Other---$714,577
Pension Plan Contributions---$548,375
Insurance---$313,690
Conferences and Meetings---$234,985
Fees for Services Legal---$181,708
Fees for Services Accounting---$141,119
Grants to Domestic Orgs---$93,746
Total Functional Expenses$0$0$0$44,426,547
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Futures Foundation for Volusia County SchoolsDaytona Beach, FL501(c)(3)School/classroom Funding Assistance$6,000
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 Deposits$953,678,741
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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
No
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, Part VI, Section A, Line 6

The credit union is owned by its members.

Form 990, Part VI, Section A, Line 7A

There are nine board members that serve three-year terms. The terms expire every year. In september a call for nominations is sent out in the quarterly newsletter. All nominations are reviewed by the nominating committee, and they will pick the three candidates for the three open positions. Members not nominated can run by filing a petition and fulfilling the requirements. If more than three are running for the three open positions, then an election will be held where all eligible-to-vote members will be allowed to vote for the board members.

Form 990, Part VI, Section A, Line 7B

Approval is required for a change in charter or an election of board members if the number of members running exceeds the number of open seats.

Form 990, Part VI, Section B, Line 11B

Management will review before the form is filed.

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

Annually all board members and employees, to include officers and key employees are required to acknowledge the conflict of interest policy housed in the employee handbook which affirms their obligation to disclose any real or perceived conflicts of interest. Board members, officers and key employees are required to disclose the conflict immediately at the time it transpires.

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

Compensation survey data , comprised of like-sized credit unions in the south, is reviewed by the svp hr. Information is provided to the chairman of the board as well as the annual report generated by the cu's comp management vendor, which details market conditions and trends. Based on information and ceo performance, the chairman recommends merit increases and bonuses to the executive committee, which then has to have board approval. Other key employees and officers compensation are based on compensation information that is aggregated based on a number of compensation surveys managed by a vendor.

Form 990, Part VI, Section C, Line 19

Monthly financial statements are displayed in each branch once approved by the board of directors. The annual report is available on our website.

Filing and Contact Details

Filer

Filer Name
Launch Credit Union
EIN
59-1030268
Phone
3214559400
Address
300 S PLUMOSA ST, MERRITT ISLAND, FL 32952

Signing Officer

Name
Kevin Lebeau
Title
CFO
Phone
3214559400
Signed
2022-09-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kevin Lebeau
Formed
1963
Legal Domicile
Fl
Voting Board Members
9
Independent Board Members
9
Employees
378
Volunteers
15

Preparer

Firm
Warren Averett LLC
Address
350 W CEDAR STREET SUITE 400, PENSACOLA, FL 32502
Preparer
Claire C Duren CPA
Phone
8504357400
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2:

On a yearly basis, the national credit union association examines the financial statements of the credit union. An annual audited financial statement is prepared in accordance with gaap by an independent cpa on a fiscal year-end of june 30th.

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IRS990/Form990PartVIISectionAGrp/PersonNm17GARY LEVAR
IRS990/Form990PartVIISectionAGrp/PersonNm18MARK BREWER
IRS990/Form990PartVIISectionAGrp/PersonNm19JANE SCHROPP
IRS990/Form990PartVIISectionAGrp/PersonNm20KELLY HASKINS
IRS990/Form990PartVIISectionAGrp/PersonNm21LOURDES CAMACHO
IRS990/Form990PartVIISectionAGrp/PersonNm22MICHAEL D'ACQUISTO
IRS990/Form990PartVIISectionAGrp/PersonNm23CATHLEEN RUSSO
IRS990/Form990PartVIISectionAGrp/PersonNm24CAROLYN MORTON
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IRS990/Form990PartVIISectionAGrp/TitleTxt0SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt3VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7ASSOCIATE BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8ASSOCIATE BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9CHAIR AUDIT COMMITTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10AUDIT MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11ASSOCIATE BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14ASSOCIATE BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt15EVP CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt16PRESIDENT & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt17EVP COO
IRS990/Form990PartVIISectionAGrp/TitleTxt18SVP CIO
IRS990/Form990PartVIISectionAGrp/TitleTxt19SVP HR
IRS990/Form990PartVIISectionAGrp/TitleTxt20VP MARKETING
IRS990/Form990PartVIISectionAGrp/TitleTxt21VP AUDIT
IRS990/Form990PartVIISectionAGrp/TitleTxt22AVP CORE APPLICATION SERVI
IRS990/Form990PartVIISectionAGrp/TitleTxt23VP COMPTROLLER
IRS990/Form990PartVIISectionAGrp/TitleTxt24VP RETAIL BRANCH OPERATIONS
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IRS990/MissionDesc0THE CREDIT UNION'S MISSION IS TO PROMOTE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. THE CREDIT UNION SERVES MEMBERS IN BREVARD, VOLUSIA, ORANGE, SEMINOLE, FLAGLER,AND OSCEOLA COUNTIES IN FLORIDA. THE TOTAL NUMBER OF MEMBERS IS IN EXCESS OF 70,000 MEMBERS.
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IRS990/ProgSrvcAccomActy2Grp/Desc0TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, THE CREDIT UNION PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER AND MORTGAGE LENDING PRODUCTS AT REASONABLE RATES OF INTEREST.
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