State Chartered Credit Unions In Florida
- Assets
- $332.4m
- Revenue
- $17.9m
- Investments
- $30.4m
- Employees
- 117
- Location
- Tallahassee, FL
- Founding
- 10/1970
- Data as of
- 12/2021
- EIN
- 59-0806310
Organization Overview
State Chartered Credit Unions In Florida is located in Tallahassee, 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 12/2021, State Chartered Credit Unions In Florida employed 117 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 $17.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.6% each year. All expenses for the organization totaled $14.2m during the year ending 12/2021. While expenses have increased by 5.1% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE FLORIDA STATE UNIVERSITY (FSU) CREDIT UNION IS TO PROMOTE THRIFT, CREATE A SOURCE OF CREDIT AT LEGITIMATE RATES OF INTEREST, AND MAXIMIZE THE FINANCIAL WELL-BEING OF ITS MEMBERS. FSU CREDIT UNION SERVES MORE THAN 29,000 MEMBERS WITH NINE BRANCHES THROUGHOUT TALLAHASSEE AND THE SURROUNDING AREA. THE CREDIT UNION PROVIDES SECURE ONLINE BANKING, A CONVENIENT MOBILE APP AND A COMPLETE SUITE OF ACCOUNT TYPES, LOANS, AND SERVICES TO MEET EVERY FINANCIAL NEED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONSUMER LOANS - LOANS ARE OFFERED AT FAIR INTEREST RATES THAT ALLOW OUR MEMBERS TO SAVE MONEY ON THEIR LOAN PAYMENTS AND USE THOSE FUNDS ELSEWHERE IN THEIR BUDGETS. THRIFT IS ENCOURAGED WHEN THE MEMBER IS DECIDING WHAT TYPE OF PAYMENT IS AFFORDABLE.
DEPOSIT ACCOUNTS - COMPETITIVE DIVIDEND RATES ARE PAID EVENLY TO MEMBERS OF MODEST MEANS. THIS HELPS MEMBERS TO BETTER THEIR ECONOMIC POSITIONS AND SAVE FOR THE FUTURE.
ELECTRONIC SERVICES - THE CREDIT UNION OFFERS MANY WAYS TO MAKE CONDUCTING FINANCIAL TRANSACTIONS EASY. THESE OPTIONS AFFECT EVERYONE, FROM THE PERSON STILL USING THE PHONE SYSTEM TO TRANSFER MONEY TO THE HI-TECH MEMBER WHO DOES ALL OF THEIR BANKING CONVENIENTLY ON THEIR SMART PHONE. OUR MEMBERS BENEFIT FROM ONLINE BANKING, BILLPAY, ATMS, PHONE SYSTEM, ACCOUNT AGGREGATION SOFTWARE, E-STATEMENTS, E-LERTS, ETC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Adcock III President/ceo | Officer | 39 | $406,341 |
Jennifer Durden CFO | Officer | 40 | $190,551 |
Landon Gaines Sr VP Of Operations | Officer | 40 | $145,319 |
L Grant Abbott Director, Lending/bus Dev | 35 | $137,966 | |
Wendi Cannon It Director | 40 | $121,910 | |
Diamond Popour Manager, Bus Dev | 40 | $100,348 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Data Processing | 12/30/21 | $649,639 |
Sorensen Van Leuven Law Firm Legal Services | 12/30/21 | $163,373 |
Viceroy Inc Recovery Services | 12/30/21 | $163,264 |
Jeter Construction Llc Contractor | 12/30/21 | $139,575 |
Williams Gautier Gwynn Deloach And Ki Legal Services | 12/30/21 | $133,730 |
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 | $886,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $886,000 |
| Total Program Service Revenue | $16,136,091 |
| Investment income | $404,759 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$19,186 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,853,427 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $15,000 |
| 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. | $857,312 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,360,611 |
| Pension plan accruals and contributions | $149,362 |
| Other employee benefits | $1,002,338 |
| Payroll taxes | $325,299 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $109,078 |
| Fees for services: Accounting | $60,191 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $378,936 |
| Advertising and promotion | $118,584 |
| Office expenses | $464,322 |
| Information technology | $1,196,893 |
| Royalties | $0 |
| Occupancy | $369,010 |
| Travel | $63,093 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $903,175 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $468,637 |
| Insurance | $141,769 |
| All other expenses | $313,855 |
| Total functional expenses | $14,203,540 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,988,184 |
| Savings and temporary cash investments | $28,718,321 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $611,121 |
| Loans from Officers, Directors, or Controlling Persons | $1,650,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $242,320,703 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,226,884 |
| Net Land, buildings, and equipment | $18,228,344 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $30,447,592 |
| Investments—program-related | $0 |
| Intangible assets | $16,018 |
| Other assets | $4,236,949 |
| Total assets | $332,444,116 |
| Accounts payable and accrued expenses | $4,089,526 |
| 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 | $296,301,889 |
| Total liabilities | $300,391,415 |
| 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 | $32,052,701 |
| Total liabilities and net assets/fund balances | $332,444,116 |
Grants Awarded
Over the last fiscal year, State Chartered Credit Unions In Florida has awarded $33,170 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
College Station, TX PURPOSE: TO PROVIDE RESEARCH MONEY FOR THE PREVENTION AND CURE OF FANCONI ANEMIA. | $18,170 |
Tallahassee, FL PURPOSE: TO PROVIDE FUNDING FOR SCHOLARSHIPS FOR STUDENT ATHLETES. | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Credit Unions Of Alabama Tuscaloosa, AL | $1,400,922,106 | $57,798,045 |
Guardian Credit Union Montgomery, AL | $763,618,487 | $55,701,810 |
Avadian Credit Union Birmingham, AL | $1,107,599,442 | $50,956,352 |
State Chartered Credit Unions In Florida Tallahassee, FL | $809,997,626 | $45,725,908 |
First Commerce Credit Union Tallahassee, FL | $972,658,522 | $46,857,921 |
Gulf Winds Credit Union Pensacola, FL | $1,014,783,334 | $45,342,070 |
Credit Unions In The State Of Alabama Rainbow City, AL | $666,462,536 | $43,280,897 |
State Chartered Credit Unions In Florida Jacksonville, FL | $1,319,070,045 | $41,838,326 |
State Chartered Credit Unions In Florida Miramar, FL | $964,049,184 | $39,741,302 |
State Chartered Credit Unions In Florida Rockledge, FL | $1,021,969,331 | $43,006,441 |
121 Financial Credit Union Jacksonville, FL | $664,348,175 | $33,183,095 |
Sunstate Federal Credit Union Gainesville, FL | $703,310,605 | $32,731,636 |