Civic Intelligence

Launch Credit Union

990 • Fiscal year 2023 • EIN 59-1030268

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 12, 2024

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

54th percentile

0.91x

Higher debt load relative to assets than 54% of similar nonprofits.

2023 filings • 501(c)14 • $1B+ nonprofits • Source year 2023

Liabilities / Revenue

32nd percentile

16.20x

Higher debt load relative to revenue than 32% of similar nonprofits.

2023 filings • 501(c)14 • $1B+ nonprofits • Source year 2023

Net Margin

34th percentile

8.3%

Higher net margin than 34% of similar nonprofits.

2023 filings • 501(c)14 • $1B+ nonprofits • Source year 2023

Top Officer Pay

26th percentile

$725,948

Higher top officer pay than 26% of similar nonprofits.

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

2023 filings • 501(c)14 • $1B+ nonprofits • Source year 2023

Asset Growth

31st percentile

0.8%

Faster asset growth than 31% of similar nonprofits.

2023 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2022 to 2023

Revenue Growth

41st percentile

26%

Faster revenue growth than 41% of similar nonprofits.

2023 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2022 to 2023

Assets

Up

$1,385,231,153

Up $10,695,450 (+0.8%) from 2022

Net Assets

Up

$119,627,132

Up $5,392,116 (+4.7%) from 2022

Liabilities

Up

$1,265,604,021

Up $5,303,334 (+0.4%) from 2022

Revenue

Up

$78,114,648

Up $16,087,872 (+26%) from 2022

Expenses

Up

$71,622,027

Up $16,250,426 (+29%) from 2022

Net Income

Down

$6,492,621

Down $162,554 (-2.4%) from 2022

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 2023: $1,385,231,153Liabilities 2023: $1,265,604,021Net Assets 2023: $119,627,1322023Assets 2024: $1,395,191,746Liabilities 2024: $1,270,747,535Net Assets 2024: $124,444,2112024

Highlighted filing

2023

Assets$1,385,231,153
Liabilities$1,265,604,021
Net Assets$119,627,132

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 2023: $78,114,648Expenses 2023: $71,622,027Net Income 2023: $6,492,6212023Revenue 2024: $85,218,164Expenses 2024: $80,461,174Net Income 2024: $4,756,9902024

Highlighted filing

2023

Revenue$78,114,648
Expenses$71,622,027
Net Income$6,492,621
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 12, 2024
Return Version
2023v5.1
Gross Receipts
$78,124,930
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$1,096,225,578$1,118,749,285▲ $22,523,707
Savings and Temporary Cash Investments$145,410,980$131,622,491▼ $13,788,489
Rtn Earn Endowment Incm Other Fnds$114,235,016$119,627,132▲ $5,392,116
Land, Buildings, and Equipment, Net$37,479,194$35,229,961▼ $2,249,233
Investments Other Securities$22,474,746$29,238,505▲ $6,763,759
Cash and Non-Interest-Bearing Accounts$8,497,812$8,073,999▼ $423,813
Prepaid Expenses and Deferred Charges$2,115,753$2,111,379▼ $4,374
Accounts Receivable$17,995--
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,374,535,703$1,385,231,153▲ $10,695,450
Other Assets Total$62,313,645$60,205,533▼ $2,108,112
Liabilities
Other Liabilities$1,085,159,604$1,132,369,437▲ $47,209,833
Accounts Payable and Accrued Expenses$175,141,083$133,234,584▼ $41,906,499
Total Liabilities$1,260,300,687$1,265,604,021▲ $5,303,334
Net Assets / Fund Balance
Total Net Assets Fund Balance$114,235,016$119,627,132▲ $5,392,116
Total Liabilities and Net Assets / Fund Balance$1,374,535,703$1,385,231,153▲ $10,695,450

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$18,660,106$12,578,156$31,238,262
Other Land Buildings$6,258,165$18,353,226$24,611,391
Land$10,085,183-$10,085,183
Leasehold Improvements$226,507$273,936$500,443
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joseph MirachiPresident & CEOFT$525,625$200,323$725,948
Kevin LebeauEvp CFOFT$251,963$74,636$326,599
Mark BrewerSVP CIOFT$234,194$72,649$306,843
Gary LevarEvp COOFT$240,414$64,102$304,516
Jane SchroppSVP CAOFT$207,136$62,942$270,078
Angela CrosbyVP Project Management OffiFT$167,885$30,278$198,163
MICHAEL D'ACQUISTOAvp Core Application ServiFT$173,557$23,903$197,460
Micah FluhartyCore System Programming ManagerFT$154,689$29,508$184,197
Lourdes CamachoVP AuditFT$136,727$28,055$164,782
Kelly HaskinsVP MarketingFT$134,889$18,570$153,459

Board Members and Trustees

NameTitle
Dorothy BourlierAudit Chair
Percy CohrsChair
Connie MoriceDirector/audit Chair
Dan SicchioDirector/audit Chair
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
Dominic MorgeseDirector
Marilyn CherubiniDirector
Linda SouthSecretary
Eric OstarlyTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Member Business Financial Services LLCCommercial Loan Servicer2655 INTERPLEX DRIVE SUITE 104, Trevose, PA 19053$1,768,474
Alkami TechnologyOnline Banking Platform5601 GRANITE PARKWAY SUITE 120, Plano, TX 75024$1,049,833
Cathedral CorporationForms/printing Services1500 TRADEPORT DRIVE SUITE B, Orlando, FL 32824$625,679
Rhodes Building Co LLCConstruction & Building2009 LONGWOOD LAKE MARY RD SUITE 1, Longwood, FL 32750$559,923
Millennial Vision INCCheck/document Processor4578 HIGHLAND DR STE A-150, Salt Lake City, UT 84117$469,069
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$56,776,163
Investment Income
$6,256,571
Other Revenue
$15,081,914
Change in Net Assets
$6,492,621
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$42,813,644
Salaries, Compensation, and Employee Benefits$28,577,580
Grants and Similar Amounts Paid$230,803
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$19,139,205
Interest---$9,506,826
Other Employee Benefits---$5,247,888
Information Technology---$4,396,582
Depreciation Depletion---$4,192,068
All Other Expenses---$4,081,185
Other Expenses---$2,767,016
Occupancy---$2,016,496
Current Officers, Directors, Trustees, and Key Employees---$1,933,984
Office Expenses---$1,798,119
Payroll Taxes---$1,645,002
Advertising---$1,189,073
Fees for Services Other---$766,998
Pension Plan Contributions---$611,501
Conferences and Meetings---$558,742
Insurance---$445,168
Fees for Services Accounting---$252,220
Grants to Domestic Orgs---$230,803
Fees for Services Legal---$184,829
Total Functional Expenses$0$0$0$71,622,027
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Go Beyond Foundation IncMerritt Island, FL501(c)(3)Continued Support of Foundation$131,925
Futures Foundation for Volusia County SchoolsDaytona Beach, FL501(c)(3)School/class-room 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$1,132,369,437
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
2024-11-12
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
354
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 XI, LINE 9:

Cecl transitional provision -1,327,736.

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.

Raw XML AppendixShowing 400 of 786 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/PersonNm2CHUCK JENKINS
IRS990/Form990PartVIISectionAGrp/PersonNm3CHRIS WALDEN
IRS990/Form990PartVIISectionAGrp/PersonNm4MICHAEL CADORE
IRS990/Form990PartVIISectionAGrp/PersonNm5CONNIE MORICE
IRS990/Form990PartVIISectionAGrp/PersonNm6DR KEVIN REED
IRS990/Form990PartVIISectionAGrp/PersonNm7LINDA SOUTH
IRS990/Form990PartVIISectionAGrp/PersonNm8ERIC OSTARLY
IRS990/Form990PartVIISectionAGrp/PersonNm9DAN SICCHIO
IRS990/Form990PartVIISectionAGrp/PersonNm10PERCY COHRS
IRS990/Form990PartVIISectionAGrp/PersonNm11DOMINIC MORGESE
IRS990/Form990PartVIISectionAGrp/PersonNm12MARILYN CHERUBINI
IRS990/Form990PartVIISectionAGrp/PersonNm13HOLLIMARIE MONTIJO
IRS990/Form990PartVIISectionAGrp/PersonNm14DOROTHY BOURLIER
IRS990/Form990PartVIISectionAGrp/PersonNm15KEVIN LEBEAU
IRS990/Form990PartVIISectionAGrp/PersonNm16MARK BREWER
IRS990/Form990PartVIISectionAGrp/PersonNm17JANE SCHROPP
IRS990/Form990PartVIISectionAGrp/PersonNm18GARY LEVAR
IRS990/Form990PartVIISectionAGrp/PersonNm19JOSEPH MIRACHI
IRS990/Form990PartVIISectionAGrp/PersonNm20ANGELA CROSBY
IRS990/Form990PartVIISectionAGrp/PersonNm21MICAH FLUHARTY
IRS990/Form990PartVIISectionAGrp/PersonNm22MICHAEL D'ACQUISTO
IRS990/Form990PartVIISectionAGrp/PersonNm23LOURDES CAMACHO
IRS990/Form990PartVIISectionAGrp/PersonNm24KELLY HASKINS
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IRS990/Form990PartVIISectionAGrp/TitleTxt0ASSOCIATE BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt1V - CHAIR AUDIT
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3ASSOCIATE BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt4ASSOCIATE BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR/AUDIT CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt6ASSOCIATE BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt8TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR/AUDIT CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt10CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt14AUDIT CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt15EVP CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt16SVP CIO
IRS990/Form990PartVIISectionAGrp/TitleTxt17SVP CAO
IRS990/Form990PartVIISectionAGrp/TitleTxt18EVP COO
IRS990/Form990PartVIISectionAGrp/TitleTxt19PRESIDENT & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt20VP PROJECT MANAGEMENT OFFI
IRS990/Form990PartVIISectionAGrp/TitleTxt21CORE SYSTEM PROGRAMMING MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt22AVP CORE APPLICATION SERVI
IRS990/Form990PartVIISectionAGrp/TitleTxt23VP AUDIT
IRS990/Form990PartVIISectionAGrp/TitleTxt24VP MARKETING
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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/PrincipalOfficerNm0KEVIN LEBEAU
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IRS990/ProgramServiceRevenueGrp/Desc0INTEREST ON LOANS
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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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