Gulf Winds Credit Union
- Assets
- $1.0b
- Revenue
- $45.3m
- Investments
- $331.1m
- Employees
- 295
- Location
- Pensacola, FL
- Founding
- 12/2019
- Data as of
- 12/2021
- EIN
- 59-6143861
Organization Overview
Gulf Winds Credit Union is located in Pensacola, FL. The organization was established in 2019. 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, Gulf Winds Credit Union employed 295 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gulf Winds 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 12/2021, Gulf Winds Credit Union generated $45.3m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 63.3% each year . All expenses for the organization totaled $39.3m during the year ending 12/2021. While expenses have increased by 55.9% per year over the past 4 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 2019, Gulf Winds Credit Union has awarded 35 individual grants totaling $2,604,735. 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
THE ORGANIZATION OFFERS A SUITE OF FINANCIAL SERVICES TO MEMBERS IN FLORIDA, ALABAMA, AND GEORGIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN EFFORTS TO PROMOTE THRIFT AMONG ITS MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, CERTIFICATE OF DEPOSIT ACCOUNTS, AND IRA SAVINGS ACCOUNTS.
TO MEET THE FINANCIAL NEEDS OF ITS 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 |
|---|---|---|---|
Christopher Rutledge CEO | Officer | 45 | $886,880 |
Kurt Stenerson Evp Of Digital Innovation | Officer | 45 | $238,757 |
Ashley Jansky Evp Member Experience | Officer | 45 | $216,908 |
Robert Alft Former Financial Advisor | 45 | $200,608 | |
Terry Johnson Evp Of Strategy And Perfomance | Officer | 45 | $192,309 |
Marci Watters Former Financial Advisor | 45 | $190,943 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ncua Payment Processing Payments | 12/30/21 | $1,204,134 |
Q2 Software Online Banking | 12/30/21 | $1,024,994 |
Fiserv Payments | 12/30/21 | $703,792 |
Duncan Mccall Advertising Advertising | 12/30/21 | $614,920 |
Jack Henry & Associates Inc Software | 12/30/21 | $578,821 |
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 | $20,681,189 |
| Investment income | $8,834,225 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$72,739 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $45,342,070 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,222,500 |
| 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. | $1,818,331 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,729,557 |
| Pension plan accruals and contributions | $689,124 |
| Other employee benefits | $2,254,036 |
| Payroll taxes | $946,812 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $70,130 |
| Fees for services: Accounting | $99,940 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $865,523 |
| Advertising and promotion | $1,425,993 |
| Office expenses | $778,933 |
| Information technology | $2,901,616 |
| Royalties | $0 |
| Occupancy | $318,294 |
| Travel | $107,164 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $203,025 |
| Interest | $3,318,337 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,609,519 |
| Insurance | $435,597 |
| All other expenses | $3,731,242 |
| Total functional expenses | $39,287,810 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,080,265 |
| Savings and temporary cash investments | $82,063,701 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $561,406,105 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,453,058 |
| Net Land, buildings, and equipment | $17,401,739 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $331,107,515 |
| Investments—program-related | $0 |
| Intangible assets | $743,111 |
| Other assets | $10,527,840 |
| Total assets | $1,014,783,334 |
| Accounts payable and accrued expenses | $10,763,877 |
| 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 | $914,771,630 |
| Total liabilities | $925,535,507 |
| 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 | $89,247,827 |
| Total liabilities and net assets/fund balances | $1,014,783,334 |
Grants Awarded
Over the last fiscal year, Gulf Winds Credit Union has awarded $2,212,500 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
Pensacola, FL PURPOSE: FUNDING FOR COMMUNITY ORGANIZATIONS | $2,175,000 |
Pensacola, FL PURPOSE: DONATION FOR AUCTION - FISHING CAMP | $13,000 |
Pensacola, FL PURPOSE: MAJOR CORPORATE SPONSOR | $12,500 |
ADX COMMUNICATIONSCAT COUNTRY 987 PURPOSE: MIRACLE ON PALAFOX 2021 | $12,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
State Chartered Credit Unions In Florida Dunedin, FL | $2,485,154,200 | $95,219,795 |
State Chartered Credit Unions In Florida Jacksonville, FL | $2,430,634,345 | $94,716,587 |
Lge Community Credit Union Atlanta, GA | $1,989,595,139 | $81,568,561 |
Associated Credit Union Norcross, GA | $2,094,343,004 | $74,274,351 |
Max Credit Union Montgomery, AL | $2,021,706,470 | $76,797,432 |