Pen Air Credit Union
- Assets
- $3.1b
- Revenue
- $167.7m
- Investments
- $20.2m
- Employees
- 433
- Location
- Pensacola, FL
- Founding
- Data as of
- 12/2023
- EIN
- 59-0642991
Organization Overview
Pen Air Credit Union is located in Pensacola, FL. As of 12/2023, Pen Air Credit Union employed 433 individuals. Pen Air 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 12/2023, Pen Air Credit Union generated $167.7m in total revenue. All expenses for the organization totaled $138.3m during the year ending 12/2023.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE OBJECT AND PURPOSE OF THIS CREDIT UNION IS A MEMBER-OWNED, NOT-FOR-PROFIT, ORGANIZATION, MANAGED BY A VOLUNTEER BOARD OF DIRECTORS AND ORGANIZED UNDER THE LAWS OF THE STATE OF FLORIDA, FOR THE PURPOSES OF ENCOURAGING THRIFT AMONG ITS MEMBERS, CREATING SOURCES OF CREDIT AT A FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR RESOURCES ON A DEMOCRATIC BASIS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, CERTIFICATE OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS AND CERTIFICATE OF DEPOSIT ACCOUNTS.
TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, THE CREDIT UNION PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER AND MORTGAGE LENDING PRODUCTS AT REASONABLE RATES OF INTEREST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Jacobson Board Of Directors, Chair | Trustee | 4 | $0 |
Stephanie Oram Board Of Directors, Vice | Trustee | 4 | $0 |
Randy Roy Board Of Directors, Secret | Trustee | 4 | $0 |
Ruth Ann Mccall Board Of Directors, Treasu | Trustee | 4 | $0 |
Ricky Crews Board Of Directors | Trustee | 4 | $0 |
Donald Bailey Board Of Directors | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hanto Clarke General Contractors Llc General Contractors | 12/30/23 | $1,254,091 |
Layer 3 Communications Llc Digital Professional Services | 12/30/23 | $600,062 |
Hewes And Company Llc General Contractors | 12/30/23 | $487,046 |
Helmsing Leach Herlong Newman & Rouse Legal Services | 12/30/23 | $465,980 |
Appriver Llc Cyber Security | 12/30/23 | $242,121 |
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 | $86,430,609 |
| Investment income | $43,620,178 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$114,227 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $167,698,101 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $260,100 |
| Grants and other assistance to domestic individuals. | $68,750 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,567,877 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $20,404,520 |
| Pension plan accruals and contributions | $1,031,930 |
| Other employee benefits | $4,511,247 |
| Payroll taxes | $1,758,329 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $254,851 |
| Fees for services: Accounting | $373,838 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,870,857 |
| Advertising and promotion | $2,492,322 |
| Office expenses | $3,020,024 |
| Information technology | $1,204,785 |
| Royalties | $0 |
| Occupancy | $771,744 |
| Travel | $490,510 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $62,527 |
| Interest | $53,392,747 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,216,899 |
| Insurance | $625,170 |
| All other expenses | $3,708,616 |
| Total functional expenses | $138,287,668 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,258,338 |
| Savings and temporary cash investments | $794,823,965 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,847,827 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,460,077,561 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,469,648 |
| Net Land, buildings, and equipment | $69,717,910 |
| Investments—publicly traded securities | $632,307,601 |
| Investments—other securities | $20,234,088 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $53,139,874 |
| Total assets | $3,075,876,812 |
| Accounts payable and accrued expenses | $25,657,828 |
| 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 | $2,866,918,271 |
| Total liabilities | $2,892,576,099 |
| 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 | $183,300,713 |
| Total liabilities and net assets/fund balances | $3,075,876,812 |
Grants Awarded
Over the last fiscal year, Pen Air Credit Union has awarded $230,100 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
UWF FOUNDATION PURPOSE: SPONSORSHIP | $130,500 |
MANNA FOOD BANK INC PURPOSE: SPONSORSHIP | $10,000 |
NAVAL AVIATION MUSEUM FOUNDATION STEM CENTER OF EXCELLENCE PURPOSE: SPONSORSHIP | $33,000 |
FRIENDS OF THE NAVY-MARINE CORPS RELIEF SOCIETY PURPOSE: SPONSORSHIP | $24,000 |
PENSACOLA COUNCIL NAVY LEAGUE PURPOSE: SPONSORSHIP | $12,600 |
PRODISEE PANTRY INC PURPOSE: SPONSORSHIP | $10,000 |