Midflorida Credit Union

“The credit union has members.”

“Annual elections are held and all members in good standing are entitled to vote for the slate of volunteers that have been placed on ballots.”

“Members of the credit union have the right to approve the governing body's 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.”

“Annual tax returns are reviewed by certain officers of the credit union and by the board of directors.”

“The enforcement of conflicts of interest are carried out by the organization. Any conflicts of interest related to officers and directors are reported to the state as part of the annual regulatory audit.”

“The salary administrator conducts biennial salary surveys, using financial industry sources, to ensure that salaries and salary ranges reflect current market conditions. The board personnel committee and the board of directors review and approve salary ranges and changes.”

“Financial statements and other documents are available for review upon request.”

“Our wholly owned subsidiary, midflorida insurance, llc ceased operations in december 2024. The activities of midflorida insurance, llc through the date operations ceased are included in the activities of the credit union within form 990.”

“Debit card processing fee 10,332,826. Atm processing fee 2,389,155. Home banking 1,414,569. Debit card preparation 764,975. Member statement production 506,458. Other professional services 2,514,927.”

“Association dues 344,383. Miscellaneous 92,764. Uncollectible processing cost 62,146. Cash over & short 41,352. Annual meeting 1,200.”

“Net change in actuarial gain/(loss) on defined benefit pension plan 13,325,820.”

“A committee exists that assumes responsibility for the oversight of the audit of the annual financial statements and the selection of an independent accountant. The process has not changed from the prior year.”