Innovations Financial Credit Union
- Assets
- $428.4m
- Revenue
- $26.7m
- Investments
- $0.0
- Employees
- 86
- Location
- Panama City, FL
- Founding
- Data as of
- 12/2023
- EIN
- 59-0706843
Organization Overview
Innovations Financial Credit Union is located in Panama City, 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 12/2023, Innovations Financial Credit Union employed 86 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovations Financial 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, Innovations Financial Credit Union generated $26.7m in total revenue. This represents relatively stable growth, over the past 2 years the organization has increased revenue by an average of 8.9% each year. All expenses for the organization totaled $22.3m during the year ending 12/2023. While expenses have increased by 18.3% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL AND LENDING SERVICES TO INDIVIDUALS AND BUSINESSES LOCATED WITHIN THE COUNTIES OF BAY, HOLMES, WASHINGTON, JACKSON, CALHOUN, GULF, WALTON,OKALOOSA, FRANKLIN & LIBERTY LOCATED IN THE STATE OF FLORIDA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SINCE 1952 THE CREDIT UNION HAS ACHIEVED ITS GOAL OF PEOPLE HELPING PEOPLE BY ALWAYS PROVIDING SERVICE THAT EXCEEDS OUR MEMBERS EXPECTATIONS THROUGH EACH STAGE OF THEIR LIVES
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Southall CEO | Officer | 40 | $437,176 |
Scott Gladden Evpcoo | Officer | 40 | $366,671 |
Jeremy Hinton Svpcfo | Officer | 40 | $306,697 |
David Powell Dir Of Bus & Mtg Lending | 40 | $218,331 | |
Dan Chaplik Dir Of Branch Operation | 40 | $218,331 | |
Kenny Ray Mitchell Market Leader | 40 | $212,840 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry And Associates Inc Core & Card Proces | 12/30/23 | $561,588 |
Access Softek Inc Online Banking | 12/30/23 | $314,904 |
Doxim Inc Statements | 12/30/23 | $185,833 |
Jm Web Services Marketing | 12/30/23 | $133,648 |
Wow Internet Services | 12/30/23 | $121,403 |
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 | $18,759,233 |
| Investment income | $725,113 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $45,238 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $26,668,120 |
| 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. | $1,110,544 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,319,212 |
| Pension plan accruals and contributions | $906,673 |
| Other employee benefits | $585,670 |
| Payroll taxes | $425,210 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $53,951 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $368,143 |
| Travel | $189,653 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $219,909 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $871,777 |
| Insurance | $0 |
| All other expenses | $12,260,974 |
| Total functional expenses | $22,311,716 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,230,331 |
| Savings and temporary cash investments | $27,803,256 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,327,230 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $369,778,044 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $615,471 |
| Net Land, buildings, and equipment | $11,855,483 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,787,103 |
| Total assets | $428,396,918 |
| Accounts payable and accrued expenses | $6,300,854 |
| 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 | $382,571,275 |
| Total liabilities | $388,872,129 |
| 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 | $39,524,789 |
| Total liabilities and net assets/fund balances | $428,396,918 |