Ithink Financial Credit Union
- Assets
- $2.2b
- Revenue
- $86.4m
- Investments
- $11.1m
- Employees
- 469
- Location
- Delray Beach, FL
- Founding
- Data as of
- 12/2022
- EIN
- 59-1286880
Organization Overview
Ithink Financial Credit Union, operating under the name iTHINK Financial, is located in Delray Beach, 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, iTHINK Financial employed 469 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. iTHINK Financial 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, iTHINK Financial generated $86.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 21.4% each year . All expenses for the organization totaled $67.2m during the year ending 12/2022. While expenses have increased by 22.2% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO DELIVER SERVICE EXCELLENCE TO THE MEMBERSHIP AND THE COMMUNITIES WE SERVE WHILE ENSURING THE SAFETY AND SOUNDNESS OF THE CREDIT UNION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES DRAFT AND SHARE ACCOUNTS, LOANS, SHARE CERTIFICATES AND OTHER EXEMPT FUNCTION ACTIVITIES TO ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Miller President/ceo | Officer | 40 | $952,768 |
Jeffrey Kolhagen CFO | Officer | 40 | $301,596 |
Mark Skinner Clo | Officer | 40 | $289,986 |
Nicole Heffelfinger Cro | Officer | 40 | $271,638 |
David Lyons Cao | Officer | 40 | $263,838 |
Edison Cervantes Cto | Officer | 40 | $263,838 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Att Communications | 12/30/22 | $665,584 |
Finastra Core Processor | 12/30/22 | $646,120 |
Corelation Core Processor | 12/30/22 | $3,466,158 |
United Healthcare Insurance | 12/30/22 | $1,817,971 |
Cubus Solutions Web Design | 12/30/22 | $606,685 |
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 | $81,246,392 |
| Investment income | $3,482,711 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,697,335 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $86,426,438 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $46,196 |
| 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. | $2,343,664 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $24,948,351 |
| Pension plan accruals and contributions | $856,398 |
| Other employee benefits | $5,092,333 |
| Payroll taxes | $1,851,785 |
| Fees for services: Management | $1,537,432 |
| Fees for services: Legal | $36,394 |
| Fees for services: Accounting | $568,270 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $381,793 |
| Advertising and promotion | $3,363,728 |
| Office expenses | $5,918,813 |
| Information technology | $720,543 |
| Royalties | $0 |
| Occupancy | $2,175,833 |
| Travel | $891,447 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,000 |
| Interest | $9,359,281 |
| Payments to affiliates | $141,258 |
| Depreciation, depletion, and amortization | $983,275 |
| Insurance | $0 |
| All other expenses | $1,234,362 |
| Total functional expenses | $67,193,462 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,287,039 |
| Savings and temporary cash investments | $127,557,425 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,398,016 |
| Loans from Officers, Directors, or Controlling Persons | $11,651,862 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,775,355,823 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,619,579 |
| Net Land, buildings, and equipment | $23,738,524 |
| Investments—publicly traded securities | $131,579,830 |
| Investments—other securities | $11,137,791 |
| Investments—program-related | $0 |
| Intangible assets | $14,416,894 |
| Other assets | $65,958,078 |
| Total assets | $2,178,700,861 |
| Accounts payable and accrued expenses | $21,756,562 |
| 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 | $225,163,606 |
| Other liabilities | $1,782,015,983 |
| Total liabilities | $2,028,936,151 |
| 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 | $149,764,710 |
| Total liabilities and net assets/fund balances | $2,178,700,861 |