Civic Intelligence

State Chartered Credit Unions in Florida

990 • Fiscal year 2016 • EIN 59-6139444

Jan 01, 2016 to Dec 31, 2016 • Filed on Apr 03, 2017

Organization Profilewww.connectcu.org

View Organization Page

3400 W Commercial BlvdFt Lauderdale, FL 33309

(954) 730-2047

Siviq Scores

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

Liabilities / Assets

59th percentile

0.89x

Higher debt load relative to assets than 59% of similar nonprofits.

2016 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2016

Liabilities / Revenue

42nd percentile

18.03x

Higher debt load relative to revenue than 42% of similar nonprofits.

2016 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2016

Net Margin

37th percentile

5.7%

Higher net margin than 37% of similar nonprofits.

2016 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2016

Top Officer Pay

79th percentile

$179,823

Higher top officer pay than 79% of similar nonprofits.

Top officer pay equals 4.8% of source-year revenue.

2016 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2016

Asset Growth

75th percentile

6.4%

Faster asset growth than 75% of similar nonprofits.

2016 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2015 to 2016

Revenue Growth

85th percentile

12%

Faster revenue growth than 85% of similar nonprofits.

2016 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets59th percentile

Assets

Up

$75,221,977

Up $4,537,714 (+6.4%) from 2015

Net Assets

Up

$7,898,528

Up $105,500 (+1.4%) from 2015

Liabilities

Up

$67,323,449

Up $4,432,214 (+7.0%) from 2015

Revenue And Expenses
Liabilities / Revenue42nd percentileNet Margin37th percentile

Revenue

Up

$3,732,958

Up $385,537 (+12%) from 2015

Expenses

Down

$3,521,435

Down $308,237 (-8.0%) from 2015

Net Income

Up

$211,523

Up $693,774 (+144%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth75th percentile

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

$100M$50M$0Assets 2010: $49,076,969Liabilities 2010: $42,095,810Net Assets 2010: $6,981,1592010Assets 2011: $61,672,063Liabilities 2011: $54,108,987Net Assets 2011: $7,563,0762011Assets 2012: $66,544,633Liabilities 2012: $58,842,239Net Assets 2012: $7,702,3942012Assets 2014: $67,473,397Liabilities 2014: $59,271,288Net Assets 2014: $8,202,1092014Assets 2015: $70,684,263Liabilities 2015: $62,891,235Net Assets 2015: $7,793,0282015Assets 2016: $75,221,977Liabilities 2016: $67,323,449Net Assets 2016: $7,898,5282016Assets 2017: $76,286,963Liabilities 2017: $68,040,588Net Assets 2017: $8,246,3752017Assets 2018: $76,389,696Liabilities 2018: $68,126,009Net Assets 2018: $8,263,6872018Assets 2019: $78,209,506Liabilities 2019: $68,873,566Net Assets 2019: $9,335,9402019Assets 2020: $90,199,063Liabilities 2020: $80,165,999Net Assets 2020: $10,033,0642020Assets 2021: $96,666,256Liabilities 2021: $86,378,284Net Assets 2021: $10,287,9722021Assets 2022: $98,275,599Liabilities 2022: $89,056,424Net Assets 2022: $9,219,1752022

Highlighted filing

2016

Assets$75,221,977
Liabilities$67,323,449
Net Assets$7,898,528
Open 2016 Filing

Operations Trend

Revenue Growth85th percentile

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

$4.0M$2.0M$0-$2.0MExpenses 2010: $2,487,8122010Expenses 2011: $2,514,1972011Expenses 2012: $2,920,4602012Revenue 2014: $3,146,331Expenses 2014: $2,859,900Net Income 2014: $286,4312014Revenue 2015: $3,347,421Expenses 2015: $3,829,672Net Income 2015: -$482,2512015Revenue 2016: $3,732,958Expenses 2016: $3,521,435Net Income 2016: $211,5232016Revenue 2017: $3,636,645Expenses 2017: $3,292,211Net Income 2017: $344,4342017Revenue 2018: $3,854,705Expenses 2018: $3,552,587Net Income 2018: $302,1182018Revenue 2019: $3,951,689Expenses 2019: $3,619,546Net Income 2019: $332,1432019Revenue 2020: $3,836,597Expenses 2020: $3,508,969Net Income 2020: $327,6282020Revenue 2021: $3,880,985Expenses 2021: $3,232,531Net Income 2021: $648,4542021Revenue 2022: $3,899,263Expenses 2022: $3,429,478Net Income 2022: $469,7852022

Highlighted filing

2016

Revenue$3,732,958
Expenses$3,521,435
Net Income$211,523
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Apr 3, 2017
Return Version
2016v3.0
Gross Receipts
$6,964,220
Mission and Program Overview

Mission

Credit union providing competitiive rates on loans and investments

Credit Union Programs Programs of credit unions which offer a wide variety of personal financial services exclusively to their members

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$33,127,610$37,707,668▲ $4,580,058
Savings and Temporary Cash Investments$23,261,231$21,964,319▼ $1,296,912
Investments in Publicly Traded Securities$11,395,123$12,142,923▲ $747,800
Rtn Earn Endowment Incm Other Fnds$7,793,028$7,898,528▲ $105,500
Accounts Receivable$484,304$1,166,946▲ $682,642
Investments Program Related$1,070,547$1,092,677▲ $22,130
Cash and Non-Interest-Bearing Accounts$651,940$545,079▼ $106,861
Land, Buildings, and Equipment, Net$584,539$534,850▼ $49,689
Prepaid Expenses and Deferred Charges$108,969$67,515▼ $41,454
Total Assets$70,684,263$75,221,977▲ $4,537,714
Liabilities
Other Liabilities$61,907,503$66,086,482▲ $4,178,979
Accounts Payable and Accrued Expenses$983,732$1,236,967▲ $253,235
Total Liabilities$62,891,235$67,323,449▲ $4,432,214
Net Assets / Fund Balance
Total Net Assets Fund Balance$7,793,028$7,898,528▲ $105,500
Total Liabilities and Net Assets / Fund Balance$70,684,263$75,221,977▲ $4,537,714

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$496,879$792,012$1,288,891
Equipment$37,971$497,692$535,663
Compensation and Service Providers
Top Officer Pay79th percentile

Board Members and Trustees

NameTitle
Scott MeyerPresident CEO
Anthony StevensDirector
Barbara KelleherDirector
Cleo MarshDirector
Dawn RaduanoDirector
Howard WebbDirector
Jose QuintanaDirector
Maria ConnollyDirector
Richard MitingerDirector
Willa GoyneDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,320,275
Investment Income
$412,683
Other Revenue
$0
Change in Net Assets
$211,523
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,046,536
Salaries, Compensation, and Employee Benefits$1,474,899
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,005,838--$1,005,838
Office Expenses$652,961--$652,961
Other Expenses$600,000--$600,000
Current Officers, Directors, Trustees, and Key Employees$179,823--$179,823
Interest$160,443--$160,443
Other Employee Benefits$144,316--$144,316
Occupancy$121,600--$121,600
Fees for Services Accounting$114,601--$114,601
Payroll Taxes$96,394--$96,394
Depreciation Depletion$93,226--$93,226
Fees for Services Other$68,548--$68,548
Advertising$61,222--$61,222
Fees for Services Legal$48,908--$48,908
Pension Plan Contributions$48,528--$48,528
Travel$39,203--$39,203
Insurance$32,921--$32,921
Conferences and Meetings$13,232--$13,232
Total Functional Expenses$3,521,435$0$0$3,521,435
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
Federal income taxes$66,086,482
Member Deposit Accounts-
Governance and Compliance

Governance Checklist

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

Governance Explanations

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

“Employees are restricted from processing transactions on their own behalf or for a family member. There are regular reviews of the activity in the accounts of volunteers and employees.”

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

“Credit union industry salary surveys are used as a guide by the board to set salaries”

Form 990, Part VI, Section C, Line 19

“Financial statements are posted in the lobby and other items that are required to be disclosed are available upon request”

Filing and Contact Details

Filer

Filer Name
State Chartered Credit Unions in FL
EIN
59-6139444
Phone
9547302047
Address
3400 W Commercial Blvd, Ft Lauderdale, FL 33309
Doing Business As
Connect Credit Union

Signing Officer

Name
Scott Meyer
Title
CEO
Signed
2017-04-03
Discuss with paid preparer
Yes

Organization Details

Formed
1962
Legal Domicile
Fl
Voting Board Members
9
Independent Board Members
9
Employees
32
Volunteers
12

Preparer

Firm
Edwin W Ewart Jr CPA
Address
7480 FAIRWAY DR 207, MIAMI LAKES, FL 33014
Preparer
Edwin W Ewart Jr CPA
Phone
3052136453
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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/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt02408985
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1472163
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2239100
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt3159889
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt02408985
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1477769
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2239100
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt3165439
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt05606
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt15550
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYInvestmentIncomeAmt0371569
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt02524710
IRS990/PYProgramServiceRevenueAmt02975852
IRS990/PYRevenuesLessExpensesAmt0-482251
IRS990/PYSalariesCompEmpBnftPaidAmt01304962
IRS990/PYTotalExpensesAmt03829672
IRS990/PYTotalRevenueAmt03347421
IRS990/ReconcilationRevenueExpnssAmt0211523
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt03732958
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt07793028
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt07898528
IRS990/SavingsAndTempCashInvstGrp/BOYAmt023261231
IRS990/SavingsAndTempCashInvstGrp/EOYAmt021964319
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/EquipmentGrp/BookValueAmt037971
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0497692
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0535663
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0496879
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0792012
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt01288891
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt066086482
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Member Deposit Accounts
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0534850
IRS990ScheduleD/TotalLiabilityAmt066086482
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompensationSurveyInd0X
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0SCOTT MEYER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT CEO
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/WrittenEmploymentContractInd0X
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0EMPLOYEES ARE RESTRICTED FROM PROCESSING TRANSACTIONS ON THEIR OWN BEHALF OR FOR A FAMILY MEMBER. THERE ARE REGULAR REVIEWS OF THE ACTIVITY IN THE ACCOUNTS OF VOLUNTEERS AND EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1CREDIT UNION INDUSTRY SALARY SURVEYS ARE USED AS A GUIDE BY THE BOARD TO SET SALARIES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY AND OTHER ITEMS THAT ARE REQUIRED TO BE DISCLOSED ARE AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, Line 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt070684263
IRS990/TotalAssetsEOYAmt075221977
IRS990/TotalAssetsGrp/BOYAmt070684263
IRS990/TotalAssetsGrp/EOYAmt075221977
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalEmployeeCnt032
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03521435
IRS990/TotalFunctionalExpensesGrp/TotalAmt03521435
IRS990/TotalGrossUBIAmt011156
IRS990/TotalLiabilitiesBOYAmt062891235
IRS990/TotalLiabilitiesEOYAmt067323449
IRS990/TotalLiabilitiesGrp/BOYAmt062891235
IRS990/TotalLiabilitiesGrp/EOYAmt067323449
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt07793028
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt07898528
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt028982
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt028982
IRS990/TotalProgramServiceExpensesAmt03521435
IRS990/TotalProgramServiceRevenueAmt03320275
IRS990/TotalReportableCompFromOrgAmt0179823
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt03690452
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03732958
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt011156
IRS990/TotalVolunteersCnt012
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt070684263
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt075221977
IRS990/TravelGrp/ProgramServicesAmt039203
IRS990/TravelGrp/TotalAmt039203
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd0true
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt03400 W Commercial Blvd
IRS990/USAddress/CityNm0Fort Lauderdale
IRS990/USAddress/StateAbbreviationCd0FL
IRS990/USAddress/ZIPCd033309
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0www.connectcu.org
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0SCOTT MEYER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-04-03
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0State Chartered Credit Unions in FL
ReturnHeader/Filer/BusinessNameControlTxt0STAT
ReturnHeader/Filer/EIN0596139444
ReturnHeader/Filer/PhoneNum09547302047
ReturnHeader/Filer/USAddress/AddressLine1Txt03400 W Commercial Blvd
ReturnHeader/Filer/USAddress/CityNm0Ft Lauderdale
ReturnHeader/Filer/USAddress/StateAbbreviationCd0FL
ReturnHeader/Filer/USAddress/ZIPCd033309
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0CFD72DE24C102B2D66C9DA36A8C21D4A48686104
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0CFD72DE24C102B2D66C9DA36A8C21D4A48686104
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0208.115.41.3
ReturnHeader/FilingSecurityInformation/IPDt02017-04-02
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ED
ReturnHeader/FilingSecurityInformation/IPTm019:13:21
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0EDWIN W EWART JR CPA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt07480 FAIRWAY DR 207
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MIAMI LAKES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd033014
ReturnHeader/PreparerPersonGrp/PhoneNum03052136453
ReturnHeader/PreparerPersonGrp/PreparationDt02017-04-03
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0EDWIN W EWART JR CPA
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02017-04-03T09:57:20-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-01-01

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$75,221,977
Liabilities
$67,323,449
Net assets
$7,898,528
Revenue
$3,732,958
Expenses
$3,521,435
Net income
$211,523
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$98.3$89.1$9.22$3.90$3.43$0.47
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$96.7$86.4$10.3$3.88$3.23$0.65
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$90.2$80.2$10.0$3.84$3.51$0.33
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$78.2$68.9$9.34$3.95$3.62$0.33
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$76.4$68.1$8.26$3.85$3.55$0.30
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$76.3$68.0$8.25$3.64$3.29$0.34
2016Detailed filing. Detailed filing data is available for this year.$75.2$67.3$7.90$3.73$3.52$0.21
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$70.7$62.9$7.79$3.35$3.83$0.48
2014Detailed filing. Detailed filing data is available for this year.$67.5$59.3$8.20$3.15$2.86$0.29
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$66.5$58.8$7.70$2.92
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$61.7$54.1$7.56$2.51
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$49.1$42.1$6.98$2.49