Civic Intelligence

State Chartered Credit Unions of Florida

990 • Fiscal year 2013 • EIN 59-6139848

Jan 01, 2013 to Dec 31, 2013 • Filed on Aug 05, 2014

Organization Profile
PO Box 459013Sunrise, FL 33345-9013

(954) 335-5100

Siviq Scores

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

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on this filing.

Source year 2013

Liabilities / Revenue

59th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2013 filings • <$500k nonprofits • Source year 2013

Net Margin

3rd percentile

-303%

Higher net margin than 3% of similar nonprofits.

2013 filings • <$500k nonprofits • Source year 2013

Top Officer Pay

91st percentile

$36,729

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 124.2% of source-year revenue.

2013 filings • <$500k nonprofits • Source year 2013

Asset Growth

1st percentile

-100%

Faster asset growth than 1% of similar nonprofits.

2013 filings • <$500k nonprofits • Annualized from 2012 to 2013

Revenue Growth

18th percentile

-26%

Faster revenue growth than 18% of similar nonprofits.

2013 filings • <$500k nonprofits • Annualized from 2012 to 2013

Balance Sheet
Liabilities / AssetsScore unavailable

Assets

Down

$0

Down $862,825 (-100%) from 2012

Net Assets

Down

$0

Down $253,317 (-100%) from 2012

Liabilities

Down

$0

Down $609,508 (-100%) from 2012

Revenue And Expenses
Liabilities / Revenue59th percentileNet Margin3rd percentile

Revenue

Down

$29,569

Down $10,195 (-26%) from 2012

Expenses

Up

$119,260

Up $84,205 (+240%) from 2012

Net Income

Down

-$89,691

Down $94,400 (-2005%) from 2012

Historical Trend

Balance Sheet Trend

Asset Growth1st percentile

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

$1.0M$500K$0Assets 2011: $930,415Liabilities 2011: $681,807Net Assets 2011: $248,6082011Assets 2012: $862,825Liabilities 2012: $609,508Net Assets 2012: $253,3172012Assets 2013: $0Liabilities 2013: $0Net Assets 2013: $02013

Highlighted filing

2013

Assets$0
Liabilities$0
Net Assets$0
Open 2013 Filing

Operations Trend

Revenue Growth18th percentile

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

$200K$100K$0-$100KRevenue 2011: $43,472Expenses 2011: $41,448Net Income 2011: $2,0242011Revenue 2012: $39,764Expenses 2012: $35,055Net Income 2012: $4,7092012Revenue 2013: $29,569Expenses 2013: $119,260Net Income 2013: -$89,6912013

Highlighted filing

2013

Revenue$29,569
Expenses$119,260
Net Income-$89,691
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Aug 5, 2014
Return Version
2013v3.1
Gross Receipts
$29,569
Mission and Program Overview

Mission

To provide financial solutions andcompetitive rates while maintaining financial safety and soundness of this cooperative.

To provide financial solutions, competitive rates, and convenience. To promote the financial safety of this cooperative. Also, to assist members in saving money.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$482,357--
Savings and Temporary Cash Investments$345,185--
Rtn Earn Endowment Incm Other Fnds$253,317--
Prepaid Expenses and Deferred Charges$28,696--
Cash and Non-Interest-Bearing Accounts$6,587--
Total Assets$862,825$0▼ $862,825
Liabilities
Accounts Payable and Accrued Expenses$609,508--
Total Liabilities$609,508$0▼ $609,508
Net Assets / Fund Balance
Total Net Assets Fund Balance$253,317$0▼ $253,317
Total Liabilities and Net Assets / Fund Balance$862,825$0▼ $862,825
Compensation and Service Providers
Top Officer Pay91st percentile

Employees

NameTitleFull / Part TimeBaseTotal
Caridad GarcellTreasurerPT$36,729$36,729

Board Members and Trustees

NameTitle
Vincent CalabresePresident
Jane M FoaelVice President
Agnes GrimonpontAssistant Treasurer
Jean M SmithSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$28,707
Investment Income
$862
Other Revenue
$0
Change in Net Assets
$-89,691

Audited Revenue Reconciliation

Revenue per Audited Statements
$29,569
Total Revenue per Audited Statements
$29,569
Total Revenue per Form 990
$29,569
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$82,531
Salaries, Compensation, and Employee Benefits$36,729
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$69,654--$69,654
Current Officers, Directors, Trustees, and Key Employees$36,729--$36,729
Fees for Services Other$3,555--$3,555
Insurance$3,006--$3,006
Office Expenses$2,001--$2,001
Depreciation Depletion$571--$571
Conferences and Meetings$296--$296
Other Expenses$195--$195
Total Functional Expenses$119,260$0$0$119,260

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$119,260
Total Expenses per Audited Statements$119,260
Total Expenses per Form 990$119,260
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-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
Yes
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 organization has members.”

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

“The credit union membership may participate in the election of the board of directors.”

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

“Members of the credit union have the right to approve the governing bodys election and removal of members of the governing body, as well as other matters that are subject to the approval of members of the credit union as they occur.”

Form 990, Part VI, Section B, Line 11

“The return will be prepared by an independent cpa firm. The controller and ceo of priority one credit union of florida will review the final form 990 filing for macneill employees credit union prior to filing.”

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

“The officers of the credit union signed a written conflict of interest agreement annually.”

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

“The treasurers compensation was determined by the other members of the board of directors.”

Form 990, Part VI, Section C, Line 19

“Governing documents and conflict of interest policies are not made available to the public. Financial statements were made available on the ncua website via the 5300 call report filing.”

Form 990, Part VI, Section A, Line 4

“The organization ceased operations as macneill employees credit union on october 1, 2013 upon merging into priority one credit union of florida.”

Form 990, Part VI, Section A, Line 5

“All assets, liabilities and equity of macneill employees credit union was transferred to priority one credit union of florida on october 1, 2013.”

Filing and Contact Details

Filer

EIN
59-6139848
Phone
9543355100

Signing Officer

Name
Nancy Rappaport
Title
CEO Priority One Cu of Fl
Signed
2014-08-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Caridad Garcell
Formed
1959
Legal Domicile
Fl
Voting Board Members
5
Independent Board Members
4
Employees
1
Volunteers
4

Preparer

Preparer
Douglas Orth
Phone
3052328272
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 3

“On october 1, 2013, the credit union merged its assets into priority one credit union of florida.”

Form 990, Part XI, Line 9

“Equity transferred in merger.”

Financial Statement Notes

X 2

“The credit union is exempt by statute from federal and most state and local taxes under the provisions of the federal credit union act, the internal revenue code, and state tax laws.”

Raw XML Appendix345 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/TitleTxt0TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt1PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4ASSISTANT TREASURER
IRS990/Form990ProvidedToGvrnBodyInd0false
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IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd0true
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IRS990/InformationTechnologyGrp/TotalAmt00
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IRS990/InvestmentInJointVentureInd0false
IRS990/IRPDocumentCnt0135
IRS990/IRPDocumentW2GCnt00
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IRS990/LoanOutstandingInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0true
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IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
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IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION IS EXEMPT BY STATUTE FROM FEDERAL AND MOST STATE AND LOCAL TAXES UNDER THE PROVISIONS OF THE FEDERAL CREDIT UNION ACT, THE INTERNAL REVENUE CODE, AND STATE TAX LAWS.
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IRS990ScheduleN/SupplementalInformationDetail/ExplanationTxt0CARIDAD GARCELL BECAME AN EMPLOYEE OF PRIORITY ONE CREDIT UNION OF FLORIDA FROM THE TIME OF THE MERGER TO DECEMBER 31, 2013. SUBSEQUENT TO DECEMBER 31, 2013, SHE BECAME A MEMBER OF THE BOARD OF DIRECTORS FOR PRIORITY ONE CREDIT UNION OF FLORIDA.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ON OCTOBER 1, 2013, THE CREDIT UNION MERGED ITS ASSETS INTO PRIORITY ONE CREDIT UNION OF FLORIDA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION HAS MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODYS ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE RETURN WILL BE PREPARED BY AN INDEPENDENT CPA FIRM. THE CONTROLLER AND CEO OF PRIORITY ONE CREDIT UNION OF FLORIDA WILL REVIEW THE FINAL FORM 990 FILING FOR MACNEILL EMPLOYEES CREDIT UNION PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE OFFICERS OF THE CREDIT UNION SIGNED A WRITTEN CONFLICT OF INTEREST AGREEMENT ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE TREASURERS COMPENSATION WAS DETERMINED BY THE OTHER MEMBERS OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS WERE MADE AVAILABLE ON THE NCUA WEBSITE VIA THE 5300 CALL REPORT FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8THE ORGANIZATION CEASED OPERATIONS AS MACNEILL EMPLOYEES CREDIT UNION ON OCTOBER 1, 2013 UPON MERGING INTO PRIORITY ONE CREDIT UNION OF FLORIDA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9ALL ASSETS, LIABILITIES AND EQUITY OF MACNEILL EMPLOYEES CREDIT UNION WAS TRANSFERRED TO PRIORITY ONE CREDIT UNION OF FLORIDA ON OCTOBER 1, 2013.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10EQUITY TRANSFERRED IN MERGER.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part III, Line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, Line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section A, Line 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section A, Line 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, Line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section B, Line 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Section B, Line 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Form 990, Part VI, Section A, Line 4
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9Form 990, Part VI, Section A, Line 5
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc10Form 990, Part XI, Line 9
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ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO PRIORITY ONE CU OF FL
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ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DOUGLAS ORTH
ReturnHeader/ReturnTs02014-08-05T09:44:54-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02013-01-01
ReturnHeader/TaxPeriodEndDt02013-12-31
ReturnHeader/TaxYr02013

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$0
Liabilities
$0
Net assets
$0
Revenue
$29,569
Expenses
$119,260
Net income
-$89,691
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2013Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.30$1.19$0.90
2012Summary only. Only limited summary data is available for this year.$8.63$6.10$2.53$0.40$0.35$0.05
2011Summary only. Only limited summary data is available for this year.$9.30$6.82$2.49$0.43$0.41$0.02