Suncoast Credit Union
- Assets
- $16.2b
- Revenue
- $624.9m
- Investments
- $91.3m
- Employees
- 2,815
- Location
- Tampa, FL
- Founding
- 03/2016
- Data as of
- 12/2022
- EIN
- 59-0291451
Organization Overview
Suncoast Credit Union is located in Tampa, FL. The organization was established in 2016. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Suncoast Credit Union employed 2,815 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Suncoast Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, Suncoast Credit Union generated $624.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.5% each year. All expenses for the organization totaled $463.0m during the year ending 12/2022. While expenses have increased by 9.1% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Suncoast Credit Union has awarded 98 individual grants totaling $6,697,889. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE QUALITY OF OUR MEMBERS' LIVES THROUGH STRENGTH, SECURITY, AND INNOVATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION OFFERS OUR MEMBERS A SOURCE OF CREDIT THROUGH VARIOUS TYPES OF LOANS, INCLUDING MORTGAGE, AUTO, AND PERSONAL. INTEREST RATES FOR OUR LOANS ARE COMPETITIVE IN OUR LOCAL MARKETS.
THE CREDIT UNION OFFERS COMPETITIVE SAVINGS PRODUCTS TO OUR MEMBERS WITH INTEREST RATES THAT ARE MORE FAVORABLE THAN OUR LOCAL COMPETITION ON OUR INTEREST BEARING ACCOUNTS AND CERTIFICATES OF DEPOSIT.
SERVICE FEES CHARGED BY THE CREDIT UNION FOR OUR PRODUCTS ARE GENERALLY LOWER THAN OUR LOCAL COMPETITION OR HAVE BEEN ELIMINATED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony Sachel Director | Trustee | 2 | $6,114 |
Zamir L Ode Chair Of The Board | Trustee | 2 | $7,625 |
Jounice Nealy-Brown Treasurer Of The Board | Trustee | 2 | $0 |
Gary C Gresham Vice Chair Of The Board | Trustee | 2 | $2,792 |
Victor Arias Director | Trustee | 2 | $4,787 |
Andrea Falvey Secretary Of The Board | Trustee | 2 | $5,065 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sg360 Janitorial Services | 12/30/22 | $2,056,043 |
Steemology Llc Bradley Neal Building Maintenance | 12/30/22 | $1,044,802 |
Dent Enterprises Llc Lawn Maintenance | 12/30/22 | $1,009,287 |
Kass Shuler Pa Legal Service Attorney | 12/30/22 | $825,839 |
Wetherington Hamilton & Harrison Pa Collections Attorney | 12/30/22 | $259,486 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $572,321,151 |
| Investment income | $48,772,323 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $100,138 |
| Net Gain/Loss on Asset Sales | -$111,906 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $624,897,611 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,325,983 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,254,058 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $141,806,870 |
| Pension plan accruals and contributions | $7,289,086 |
| Other employee benefits | $20,536,820 |
| Payroll taxes | $10,557,575 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $429,662 |
| Fees for services: Accounting | $691,323 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $41,733 |
| Advertising and promotion | $7,659,490 |
| Office expenses | $10,003,933 |
| Information technology | $19,203,630 |
| Royalties | $0 |
| Occupancy | $17,867,922 |
| Travel | $819,384 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $500,151 |
| Interest | $82,155,546 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,717,868 |
| Insurance | $1,950,082 |
| All other expenses | $10,404,780 |
| Total functional expenses | $462,970,768 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $216,751,233 |
| Savings and temporary cash investments | $663,022,093 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $25,107,472 |
| Loans from Officers, Directors, or Controlling Persons | $18,995,566 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $12,005,108,167 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $41,308,177 |
| Net Land, buildings, and equipment | $172,395,048 |
| Investments—publicly traded securities | $2,597,101,136 |
| Investments—other securities | $91,286,889 |
| Investments—program-related | $0 |
| Intangible assets | $4,135,417 |
| Other assets | $379,690,746 |
| Total assets | $16,214,901,944 |
| Accounts payable and accrued expenses | $170,856,451 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $15,530,066 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $175,000,000 |
| Other liabilities | $14,709,465,484 |
| Total liabilities | $15,070,852,001 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $1,144,049,943 |
| Total liabilities and net assets/fund balances | $16,214,901,944 |
Grants Awarded
Over the last fiscal year, Suncoast Credit Union has awarded $1,309,301 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
SUNCOAST CU FOUNDATION PURPOSE: FUNDING EDUCATION & MEDICAL NEEDS OF CHILDREN IN FLORIDA | $266,128 |
NATIONAL CREDIT UNION FOUNDATION PURPOSE: TO FUND PROGRAMS THAT HELP IMPROVE CONSUMER'S FINANCIAL LIVES & SUNCOAST GAC ATTENDEES ATTENDED DINNER TO SUPPORT HERB WAGNER AWARD WINNERS | $133,064 |
TAMPA BAY AREA CREDIT UNION FOR KIDS INC PURPOSE: TO RAISE FUNDS FOR THE AUTISM CENTER AT ALL CHILDREN'S HOSPITAL | $50,000 |
LEAGUE OF SOUTHEASTERN CU PURPOSE: TO PROVIDE ASSISTANCE TO SMALLER CREDIT UNIONS | $65,794 |
WORLD WIDE FOUNDATION FOR CU PURPOSE: TO CREATE LONG LASTING OPPORTUNITIES FOR THE WORLD'S WORKING POOR | $15,000 |
TAMPA BAY ECONOMIC PROSPERITY FOUNDATION PURPOSE: TO ASSIST ECONOMICALLY DISTRESSED COMMUNITIES IN HILLSBOROUGH COUNTY | $29,315 |