State Chartered Credit Unions In Florida
- Assets
- $11.7b
- Revenue
- $555.0m
- Investments
- $0.0
- Employees
- 2,709
- Location
- Jacksonville, FL
- Founding
- 02/1972
- Data as of
- 12/2021
- EIN
- 59-0690965
Organization Overview
State Chartered Credit Unions In Florida is located in Jacksonville, FL. The organization was established in 1972. 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 12/2021, State Chartered Credit Unions In Florida employed 2,709 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 12/2021, State Chartered Credit Unions In Florida generated $555.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.0% each year . All expenses for the organization totaled $447.9m during the year ending 12/2021. While expenses have increased by 11.4% per year over the past 7 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 2018, State Chartered Credit Unions In Florida has awarded 83 individual grants totaling $3,485,154. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
VYSTAR CREDIT UNION EXISTS TO SERVE THE FINANCIAL NEEDS OF OUR MEMBERS BY PROVIDING QUALITY PRODUCTS AND SERVICES WHILE MAINTAINING FISCAL SOUNDNESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE CONSUMER AND BUSINESS LOAN PRODUCTS TO MEMBERS AT COMPETITIVE RATES WITH MINIMUAL OR NO FEES.
PROVIDE DEPOSIT PRODUCTS TO INDIVIDUAL MEMBERS AND BUSINESS MEMBERS AT COMPETITIVE RATES WITH MINIMUAL OR NO FEES.
PROVIDE INVESTMENT, INSURANCE, AND TITLE AGENCY SERVICES TO MEMBERS WITH MINIMAL FEES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian E Wolfburg President/ceo | Officer | 40 | $1,775,069 |
Chad Meadows COO | Officer | 40 | $831,625 |
John H Turpish Evp/cfo | Officer | 40 | $646,407 |
Jenny H Vipperman Chief Lending Officer | Officer | 40 | $609,314 |
Joel R Swanson Chief Mbrshp Experience Ofcr | Officer | 40 | $593,159 |
Robert L Davis Term 621 Chief Human Resources Officer | Officer | 40 | $579,783 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Card Services | 12/30/21 | $10,836,507 |
Fiserv Solutions Banking And Payment | 12/30/21 | $9,946,507 |
Fiserv Banking And Payment | 12/30/21 | $10,250,979 |
Visa Usa Inc Debit Card Network | 12/30/21 | $8,521,523 |
Fidelity National Information Servi Core Processing | 12/30/21 | $6,421,221 |
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 | $503,866,094 |
| Investment income | $25,298,396 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $97,065 |
| Net Gain/Loss on Asset Sales | $21,546,570 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $554,973,970 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,971,741 |
| 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. | $6,362,088 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $144,739,775 |
| Pension plan accruals and contributions | $6,129,262 |
| Other employee benefits | $20,581,798 |
| Payroll taxes | $10,819,217 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $856,997 |
| Fees for services: Accounting | $162,334 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $11,542,630 |
| Advertising and promotion | $11,695,879 |
| Office expenses | $95,975,215 |
| Information technology | $10,786,366 |
| Royalties | $0 |
| Occupancy | $10,753,095 |
| Travel | $367,621 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $818,835 |
| Interest | $5,371,047 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,480,672 |
| Insurance | $2,053,732 |
| All other expenses | $4,405,204 |
| Total functional expenses | $447,918,678 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $78,260,415 |
| Savings and temporary cash investments | $657,140,543 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $23,792,509 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,924,844,649 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $371,705,867 |
| Investments—publicly traded securities | $2,341,954,252 |
| Investments—other securities | $0 |
| Investments—program-related | $50,357,845 |
| Intangible assets | $28,689,001 |
| Other assets | $175,380,072 |
| Total assets | $11,652,125,153 |
| Accounts payable and accrued expenses | $96,983,934 |
| 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 | $74,323,129 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,544,597,866 |
| Total liabilities | $10,715,904,929 |
| 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 | $936,220,224 |
| Total liabilities and net assets/fund balances | $11,652,125,153 |
Grants Awarded
Over the last fiscal year, State Chartered Credit Unions In Florida has awarded $1,920,141 in support to 39 organizations.
| Grant Recipient | Amount |
|---|---|
Jacksonville, FL PURPOSE: PROGRAM SUPPORT | $365,000 |
CECIL FIELD POWMIS MEMORIAL PURPOSE: PROGRAM SUPPORT | $300,000 |
Jacksonville, FL PURPOSE: PROGRAM SUPPORT | $125,000 |
JASMYN INC PURPOSE: PROGRAM SUPPORT | $116,343 |
Gainesville, FL PURPOSE: PROGRAM SUPPORT | $100,000 |
Jacksonville, FL PURPOSE: PROGRAM SUPPORT | $100,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that State Chartered Credit Unions In Florida has recieved totaling $17,450.
| Awarding Organization | Amount |
|---|---|
Southeastern Credit Union Foundation Inc Tallahassee, FL PURPOSE: COMMUNITY SUPPORT | $17,450 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
State Chartered Credit Unions In Florida Jacksonville, FL | $11,652,125,153 | $554,973,970 |
Suncoast Credit Union Tampa, FL | $14,872,600,852 | $553,636,360 |
Delta Community Credit Union Atlanta, GA | $9,023,056,278 | $296,340,741 |
State Chartered Credit Unions In Florida Melbourne, FL | $6,746,004,503 | $248,524,436 |
Midflorida Credit Union Lakeland, FL | $6,049,933,825 | $278,382,544 |
Georgia's Own Credit Union Atlanta, GA | $3,419,402,865 | $147,500,350 |
Fairwinds Credit Union Orlando, FL | $4,043,048,917 | $164,616,807 |
Robins Financial Credit Union Warner Robins, GA | $3,880,052,195 | $147,788,018 |
State Chartered Credit Unions In Florida Jonesville, FL | $2,692,290,378 | $122,435,815 |
Florida Credit Union Gainesville, FL | $1,449,934,229 | $94,300,981 |
Atlanta Postal Credit Union Atlanta, GA | $2,565,202,791 | $86,141,254 |
Georgia United Credit Union Duluth, GA | $1,880,574,240 | $80,835,681 |