State Chartered Credit Unions In Florida
- Assets
- $966.6m
- Revenue
- $57.0m
- Investments
- $1.1m
- Employees
- 228
- Location
- Miramar, FL
- Founding
- 10/1970
- Data as of
- 12/2023
- EIN
- 59-0637653
Organization Overview
State Chartered Credit Unions In Florida is located in Miramar, FL. The organization was established in 1970. 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 12/2023, State Chartered Credit Unions In Florida employed 228 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. State Chartered Credit Unions In Florida 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 12/2023, State Chartered Credit Unions In Florida generated $57.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.5% each year. All expenses for the organization totaled $56.2m during the year ending 12/2023. While expenses have increased by 9.0% per year over the past 9 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TROPICAL FINANCIAL CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING MEMBER OWNERS WITH VALUABLE PRODUCTS, SERVICES & EDUCATION TO HELP THEM ACHIEVE THEIR GOALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TROPICAL FINANCIAL CREDIT UNION (THE CREDIT UNION) USES INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS TO PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED FIELD OF MEMBERSHIP (PERSONS WHO LIVE OR WORK IN MIAMI-DADE, BROWARD, PALM BEACH, SARASOTA, ST LUCIE, MARTIN, HENDRY, COLLIER, AND LEE COUNTIES). THE CREDIT UNION OFFERS CHECKING/SAVINGS ACCOUNTS, CDS, AUTO LOANS, HOME LOANS, PERSONAL LOANS, AND DIGITAL BANKING SERVICES TO ITS MEMBERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Shaw CEO | Officer | 40 | $456,911 |
Richard Helber Former CEO | Officer | 40 | $446,368 |
Brian Burress VP Of Member Relations | Officer | 40 | $197,337 |
Elizabeth Jimenez VP Of Human Resources | Officer | 40 | $179,712 |
Roberto Salamanca VP Of It | Officer | 40 | $181,297 |
Alfredo Goenaga VP Of Admin | Officer | 40 | $177,862 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Solutions Core System/software | 12/30/23 | $1,928,980 |
Ncr Corporation Electronic Banking Service Provider | 12/30/23 | $987,100 |
Sunbeam Development Corp Property Rental Service | 12/30/23 | $833,578 |
Bit- Dms Mail Service | 12/30/23 | $523,129 |
Fusion Auto Finance Auto Loan 3rd Party Vendor | 12/30/23 | $1,497,658 |
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 | $50,509,019 |
| Investment income | $6,548,966 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$9,354 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $57,048,631 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $45,478 |
| 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. | $2,209,732 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,907,419 |
| Pension plan accruals and contributions | $589,768 |
| Other employee benefits | $2,132,933 |
| Payroll taxes | $1,082,993 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $299,017 |
| Fees for services: Accounting | $108,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,217,419 |
| Advertising and promotion | $1,470,675 |
| Office expenses | $510,973 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,881,736 |
| Travel | $552,135 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $115,145 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,766,029 |
| Insurance | $190,494 |
| All other expenses | $2,622,335 |
| Total functional expenses | $56,247,025 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20,078,606 |
| Savings and temporary cash investments | $125,519,584 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,317,090 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $778,479,488 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,620,600 |
| Net Land, buildings, and equipment | $7,855,610 |
| Investments—publicly traded securities | $4,098,417 |
| Investments—other securities | $1,076,983 |
| Investments—program-related | $0 |
| Intangible assets | $108,562 |
| Other assets | $19,488,320 |
| Total assets | $966,643,260 |
| Accounts payable and accrued expenses | $4,836,127 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $4,185,045 |
| 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 | $869,480,962 |
| Total liabilities | $878,502,134 |
| 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 | $88,141,126 |
| Total liabilities and net assets/fund balances | $966,643,260 |
Grants Awarded
Over the last fiscal year, State Chartered Credit Unions In Florida has awarded $15,391 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
AMERICAN RED CROSS PURPOSE: PROGRAM SUPPORT | $10,135 |
TEAM FOOTWORKS PURPOSE: PROGRAM SUPPORT | $5,256 |