Addition Financial Credit Union, operating under the name Qing Lu Cfo, is located in Lake Mary, FL. 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, Qing Lu Cfo employed 803 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Qing Lu Cfo 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, Qing Lu Cfo generated $126.5m in total revenue. This represents relatively stable growth, over the past 2 years the organization has increased revenue by an average of 7.3% each year. All expenses for the organization totaled $103.6m during the year ending 12/2022. While expenses have increased by 10.8% per year over the past 2 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ADDITION FINANCIAL CREDIT UNION IS COMMITTED TO HELPING MEMBERS ACHIEVE THEIR MONEY MANAGEMENT GOALS
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXPENSES INCURRED FOR CREDT UNION OPERATIONS AND MEMBERS
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Kevin Miller President & CEO | Officer | 50 | $827,367 |
Kevin J Dougherty COO | 50 | $365,947 | |
Jim Rychlicki CFO | 50 | $366,627 | |
Samuel M Nelson Caogeneral Counsel | 50 | $327,512 | |
Kevin S Wright Cio | 50 | $331,154 | |
Linh Dang Chief Dev Officer | 50 | $299,344 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Jack Henry Associates Inc Data Processing | 12/30/22 | $1,999,796 |
Chlic-chattanooga Easc-cigna Medical Insurance | 12/30/22 | $6,466,987 |
Backbase Use Inc Online Banking | 12/30/22 | $1,774,537 |
Ncua Regulatory | 12/30/22 | $1,316,404 |
Greenhouse Inc Maeketing | 12/30/22 | $896,113 |
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 | $82,655,221 |
Investment income | $10,668,145 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | -$309,122 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $126,516,804 |
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. | $2,591,466 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $33,032,575 |
Pension plan accruals and contributions | $1,249,967 |
Other employee benefits | $5,210,472 |
Payroll taxes | $2,416,092 |
Fees for services: Management | $0 |
Fees for services: Legal | $447,221 |
Fees for services: Accounting | $276,748 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $5,909,582 |
Office expenses | $0 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $4,134,923 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $804,549 |
Interest | $2,177,786 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $5,513,463 |
Insurance | $122,279 |
All other expenses | $39,671,486 |
Total functional expenses | $103,558,609 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $159,727,123 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $398,438 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $2,006,007,543 |
Inventories for sale or use | $6,650 |
Prepaid expenses and deferred charges | $2,952,517 |
Net Land, buildings, and equipment | $72,865,806 |
Investments—publicly traded securities | $0 |
Investments—other securities | $436,009,396 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $86,204,401 |
Total assets | $2,764,171,874 |
Accounts payable and accrued expenses | $22,178,627 |
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 | $152,500,000 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $2,367,703,123 |
Total liabilities | $2,542,381,750 |
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 | $221,790,124 |
Total liabilities and net assets/fund balances | $2,764,171,874 |