Launch Credit Union
- Assets
- $1.4b
- Revenue
- $62.0m
- Investments
- $22.5m
- Employees
- 365
- Location
- Merritt Island, FL
- Founding
- Data as of
- 12/2022
- EIN
- 59-1030268
Organization Overview
Launch Credit Union is located in Merritt Island, FL. As of 12/2022, Launch Credit Union employed 365 individuals. Launch 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 12/2022, Launch Credit Union generated $62.0m in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 11.4% each year . All expenses for the organization totaled $55.4m during the year ending 12/2022. While expenses have increased by 11.6% 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
THE CREDIT UNION'S MISSION IS TO PROMOTE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. WE PROVIDE FINANCIAL SERVICES TO THE COMMUNITIES WE SERVE. WE OFFER FINANCIAL PRODUCTS AND SERVICES OUR MEMBERS NEED AND WANT WITH LOWER FEES. WE OFFER LOAN PRODUCTS OUR MEMBERS CAN AFFORD AND HELP BETTER THEM FINANCIALLY.
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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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marilyn Cherubini Secretary | Trustee | 1.12 | $0 |
Dominic Morgese Director | Trustee | 0.91 | $0 |
Percy Cohrs Chair | Trustee | 1.26 | $0 |
Hollimarie Montijo Vice Chair | Trustee | 0.93 | $0 |
Dan Sicchio Director | Trustee | 1.06 | $0 |
Eric Ostarly Treasurer | Trustee | 0.96 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lendkey Technologies Inc Student Loan Servicer | 12/30/22 | $1,021,531 |
Alkami Technology Online Banking Platform | 12/30/22 | $609,542 |
Rhodes Building Co Llc Construction & Building | 12/30/22 | $3,218,745 |
Cathedral Corporation Forms/printing Services | 12/30/22 | $455,030 |
Q2 Software Inc Online Banking Platform | 12/30/22 | $565,997 |
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 | $44,915,282 |
| Investment income | $1,806,651 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,475 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $62,026,776 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $152,364 |
| 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. | $1,657,793 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $16,847,078 |
| Pension plan accruals and contributions | $544,919 |
| Other employee benefits | $4,167,069 |
| Payroll taxes | $1,462,799 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $185,799 |
| Fees for services: Accounting | $142,443 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $839,518 |
| Advertising and promotion | $1,308,399 |
| Office expenses | $1,789,119 |
| Information technology | $3,889,670 |
| Royalties | $0 |
| Occupancy | $1,708,122 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $388,005 |
| Interest | $2,359,795 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,015,506 |
| Insurance | $354,900 |
| All other expenses | $4,726,277 |
| Total functional expenses | $55,371,601 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,497,812 |
| Savings and temporary cash investments | $145,410,980 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,995 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,096,225,578 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,115,753 |
| Net Land, buildings, and equipment | $37,479,194 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $22,474,746 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $62,313,645 |
| Total assets | $1,374,535,703 |
| Accounts payable and accrued expenses | $175,141,083 |
| 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 | $1,085,159,604 |
| Total liabilities | $1,260,300,687 |
| 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 | $114,235,016 |
| Total liabilities and net assets/fund balances | $1,374,535,703 |
Grants Awarded
Over the last fiscal year, Launch Credit Union has awarded $103,641 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
FUTURES FOUNDATION FOR VOLUSIA COUNTY SCHOOLS PURPOSE: SCHOOL/CLASS-ROOM FUNDING ASSISTANCE | $6,000 |
AMERICAN HEART ASSOCIATION PURPOSE: VOLUNTARY TO FIGHT CARDIOVASCULAR DISEASE AND STROKE | $5,000 |
GO BEYOND FOUNDATION INC PURPOSE: CONTINUED SUPPORT OF FOUNDATION | $92,641 |