State Chartered Credit Unions In Florida
- Assets
- $152.2m
- Revenue
- $3.9m
- Investments
- $0.0
- Employees
- 35
- Location
- West Palm Beach, FL
- Founding
- 10/1970
- Data as of
- 12/2021
- EIN
- 59-0389335
Organization Overview
State Chartered Credit Unions In Florida, operating under the name First Choice Credit Union, is located in West Palm Beach, FL. The organization was established in 1970. According to its NTEE Classification (W01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, First Choice Credit Union employed 35 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. First Choice 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 12/2021, First Choice Credit Union generated $3.9m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.6%) each year. All expenses for the organization totaled $3.5m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.6%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
CREDIT UNION PROGRAMS
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNION OFFERING PERSONAL FINANCIAL SERVICES TO MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael J Welte CEO | Officer | 40 | $238,887 |
Anthony Marasciullo Director | Trustee | 2 | $0 |
Taryn Guariglia Director | Trustee | 2 | $0 |
Carlos Megias Director | Trustee | 2 | $0 |
Rhonda Diffenbach Director | Trustee | 2 | $0 |
Robert Delancy Director | Trustee | 2 | $0 |
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 | $2,947,973 |
| Investment income | $902,336 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,866,461 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $238,887 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,142,139 |
| Pension plan accruals and contributions | $37,933 |
| Other employee benefits | $136,743 |
| Payroll taxes | $102,988 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $44,996 |
| Fees for services: Accounting | $348,296 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $77,513 |
| Advertising and promotion | $36,864 |
| Office expenses | $948,700 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $129,321 |
| Travel | $20,284 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $228,780 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $84,701 |
| Insurance | $34,441 |
| All other expenses | $6,137 |
| Total functional expenses | $3,496,222 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $701,578 |
| Savings and temporary cash investments | $9,830,389 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $713,666 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $52,856,577 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $179,074 |
| Net Land, buildings, and equipment | $1,791,407 |
| Investments—publicly traded securities | $83,266,179 |
| Investments—other securities | $0 |
| Investments—program-related | $2,259,453 |
| Intangible assets | $0 |
| Other assets | $581,554 |
| Total assets | $152,179,877 |
| Accounts payable and accrued expenses | $666,047 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $139,227,037 |
| Total liabilities | $139,893,084 |
| 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 | $12,286,793 |
| Total liabilities and net assets/fund balances | $152,179,877 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
State Chartered Credit Unions In Florida West Palm Beach, FL | $152,179,877 | $3,866,461 |
Florida International Bankers Association Inc Fiba Miami, FL | $2,194,903 | $3,357,810 |
Protect Our Power Inc Orlando, FL | $44,843 | $1,166,585 |
Foundation For Americas Families Inc West Palm Beach, FL | $432,901 | $1,124,400 |
Coupon Information Corp Naples, FL | $1,362,850 | $708,255 |
Circle Of Brotherhood Miami, FL | $645,949 | $1,115,573 |
Textbook & Academic Authors Association Inc St Petersburg, FL | $1,855,184 | $847,167 |
Florida Alliance For Civic Engagement Inc Homestead, FL | $89,205 | $624,550 |
Second Chance Initiative Inc Boca Raton, FL | $193,054 | $383,123 |
Drum Major Institute Inc Atlanta, GA | $143,782 | $325,500 |
Veterans Resource Group Inc Forest Park, GA | $26,769 | $266,566 |
Florida Consumer Action Network Inc St Petersburg, FL | $87,478 | $0 |