Civic Intelligence

Launch Credit Union

990 • Fiscal year 2022 • EIN 59-1030268

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 06, 2023

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

51st percentile

0.92x

Higher debt load relative to assets than 51% of similar nonprofits.

2022 filings • 501(c)14 • $1B+ nonprofits • Source year 2022

Liabilities / Revenue

39th percentile

20.32x

Higher debt load relative to revenue than 39% of similar nonprofits.

2022 filings • 501(c)14 • $1B+ nonprofits • Source year 2022

Net Margin

13th percentile

11%

Higher net margin than 13% of similar nonprofits.

2022 filings • 501(c)14 • $1B+ nonprofits • Source year 2022

Top Officer Pay

13th percentile

$575,949

Higher top officer pay than 13% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

2022 filings • 501(c)14 • $1B+ nonprofits • Source year 2022

Asset Growth

96th percentile

28%

Faster asset growth than 96% of similar nonprofits.

2022 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2021 to 2022

Revenue Growth

91st percentile

24%

Faster revenue growth than 91% of similar nonprofits.

2022 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2021 to 2022

Assets

Up

$1,374,535,703

Up $302,896,246 (+28%) from 2021

Net Assets

Up

$114,235,016

Up $6,379,099 (+5.9%) from 2021

Liabilities

Up

$1,260,300,687

Up $296,517,147 (+31%) from 2021

Revenue

Up

$62,026,776

Up $12,071,508 (+24%) from 2021

Expenses

Up

$55,371,601

Up $10,945,054 (+25%) from 2021

Net Income

Up

$6,655,175

Up $1,126,454 (+20%) from 2021

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

2022

Assets$1,374,535,703
Liabilities$1,260,300,687
Net Assets$114,235,016

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

2022

Revenue$62,026,776
Expenses$55,371,601
Net Income$6,655,175
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 6, 2023
Return Version
2022v5.0
Gross Receipts
$62,034,621
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$805,734,055$1,096,225,578▲ $290,491,523
Savings and Temporary Cash Investments$140,789,649$145,410,980▲ $4,621,331
Rtn Earn Endowment Incm Other Fnds$107,855,917$114,235,016▲ $6,379,099
Land, Buildings, and Equipment, Net$35,495,012$37,479,194▲ $1,984,182
Investments Other Securities$20,063,835$22,474,746▲ $2,410,911
Cash and Non-Interest-Bearing Accounts$9,066,410$8,497,812▼ $568,598
Prepaid Expenses and Deferred Charges$2,248,018$2,115,753▼ $132,265
Accounts Receivable$0$17,995▲ $17,995
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,071,639,457$1,374,535,703▲ $302,896,246
Other Assets Total$58,242,478$62,313,645▲ $4,071,167
Liabilities
Other Liabilities$953,678,741$1,085,159,604▲ $131,480,863
Accounts Payable and Accrued Expenses$10,104,799$175,141,083▲ $165,036,284
Total Liabilities$963,783,540$1,260,300,687▲ $296,517,147
Net Assets / Fund Balance
Total Net Assets Fund Balance$107,855,917$114,235,016▲ $6,379,099
Total Liabilities and Net Assets / Fund Balance$1,071,639,457$1,374,535,703▲ $302,896,246

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$27,394,011$27,276,526$54,670,537
Land$10,085,183-$10,085,183
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joseph MirachiPresident & CEOFT$444,121$131,828$575,949
Kevin LebeauEvp CFOFT$235,944$59,901$295,845
Gary LevarEvp COOFT$227,273$47,684$274,957
Mark BrewerSVP CIOFT$220,160$51,025$271,185
Jane SchroppSVP HrFT$195,068$44,788$239,856
MICHAEL D'ACQUISTOAvp Core Application ServicesFT$165,392$21,262$186,654
Angelo CrosbyVP Project Management OfficeFT$148,489$29,569$178,058
Lourdes CamachoVP AuditFT$129,898$25,203$155,101
Carolyn MortonVP Retail Branch OperationFT$129,812$14,262$144,074
Kelly HaskinsVP MarketingFT$129,273$13,919$143,192

Board Members and Trustees

NameTitle
Percy CohrsChair
Connie MoriceChair Audit Committee
Doris PundersonV - Chair Audit
Hollimarie MontijoVice Chair
Chris WaldenAssociate Board Member
Dr Kevin ReedAssociate Board Member
Michael CadoreAssociate Board Member
Stuart DawleyAssociate Board Member
Chuck JenkinsDirector
Dan SicchioDirector
Dominic MorgeseDirector
Linda SouthDirector
Marilyn CherubiniSecretary
Eric OstarlyTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Rhodes Building Co LLCConstruction & Building2009 LONGWOOD LAKE MARY RD SUITE 1, Longwood, FL 32750$3,218,745
Lendkey Technologies INCStudent Loan Servicer9999 CARVER ROAD SUITE 400, Blue Ash, OH 45242$1,021,531
Alkami TechnologyOnline Banking Platform5601 GRANITE PARKWAY SUITE 120, Plano, TX 75024$609,542
Q2 Software INCOnline Banking Platform10355 PECAN PARK BLVD SUITE 100, Austin, TX 78729$565,997
Cathedral CorporationForms/printing Services1500 TRADEPORT DRIVE SUITE B, Orlando, FL 32824$455,030
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$44,915,282
Investment Income
$1,804,176
Other Revenue
$15,307,318
Change in Net Assets
$6,655,175
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$30,539,579
Salaries, Compensation, and Employee Benefits$24,679,658
Grants and Similar Amounts Paid$152,364
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$16,847,078
All Other Expenses---$4,726,277
Other Employee Benefits---$4,167,069
Depreciation Depletion---$4,015,506
Information Technology---$3,889,670
Interest---$2,359,795
Office Expenses---$1,789,119
Other Expenses---$1,780,868
Occupancy---$1,708,122
Current Officers, Directors, Trustees, and Key Employees---$1,657,793
Payroll Taxes---$1,462,799
Advertising---$1,308,399
Fees for Services Other---$839,518
Pension Plan Contributions---$544,919
Conferences and Meetings---$388,005
Insurance---$354,900
Fees for Services Legal---$185,799
Grants to Domestic Orgs---$152,364
Fees for Services Accounting---$142,443
Total Functional Expenses$0$0$0$55,371,601
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Go Beyond Foundation IncMerritt Island, FL501(c)(3)Continued Support of Foundation$92,641
Futures Foundation for Volusia County SchoolsDaytona Beach, FL501(c)(3)School/class-room Funding Assistance$6,000
American Heart AssociationDes Moines, IA501(c)(3)Voluntary to Fight Cardiovascular Disease and Stroke$5,000
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$1,085,159,604
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
2023-11-06
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
365
Volunteers
14

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/PersonNm11CHUCK JENKINS
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IRS990/Form990PartVIISectionAGrp/PersonNm22ANGELO CROSBY
IRS990/Form990PartVIISectionAGrp/PersonNm23CAROLYN MORTON
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IRS990/Form990PartVIISectionAGrp/TitleTxt3VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt8CHAIR AUDIT COMMITTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt9ASSOCIATE BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10ASSOCIATE BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt12V - CHAIR AUDIT
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IRS990/Form990PartVIISectionAGrp/TitleTxt14EVP CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt15PRESIDENT & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt16EVP COO
IRS990/Form990PartVIISectionAGrp/TitleTxt17SVP CIO
IRS990/Form990PartVIISectionAGrp/TitleTxt18SVP HR
IRS990/Form990PartVIISectionAGrp/TitleTxt19VP MARKETING
IRS990/Form990PartVIISectionAGrp/TitleTxt20VP AUDIT
IRS990/Form990PartVIISectionAGrp/TitleTxt21AVP CORE APPLICATION SERVICES
IRS990/Form990PartVIISectionAGrp/TitleTxt22VP PROJECT MANAGEMENT OFFICE
IRS990/Form990PartVIISectionAGrp/TitleTxt23VP RETAIL BRANCH OPERATION
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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 80,000 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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