2024-11-01T09:03:15-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 590291451 SUNCOAST CREDIT UNION SUNC 8009995887 PO BOX 11904 TAMPA FL 336801904 BEN LEMOINE SVP/CFO 8009995887 2024-10-30 1 0 ROBERT PARKS CPA P00740435 2482443000 2024-10-30 2023 2024-10-15 13:58:12Z KEVIN JOHNSON PO BOX 11904 TAMPA FL 336801904 1203341584 0 X WWW.SUNCOASTCREDITUNION.COM X 1934 FL TO IMPROVE THE QUALITY OF OUR MEMBERS' LIVES THROUGH STRENGTH, SECURITY, AND INNOVATION. 11 11 2864 11 3453069 516732 0 0 572321151 780863528 48660417 92506813 3916043 3549765 624897611 876920106 1325983 766319 0 0 184444409 212779159 0 0 0 277200376 528786810 462970768 742332288 161926843 134587818 16214901944 17403676924 15070852001 16120234324 1144049943 1283442600 THE CREDIT UNION'S MISSION IS TO IMPROVE THE QUALITY OF OUR MEMBERS' LIVES BY MAINTAINING A STRONG, SECURE, AND INNOVATIVE CREDIT UNION THAT BUILDS TRUST, SHOWS RESPECT, AND MAXIMIZES EFFICIENCY. 0 0 THE CREDIT UNION OFFERS OUR MEMBERS A SOURCE OF CREDIT THROUGH VARIOUS TYPES OF LOANS, INCLUDING MORTGAGE, AUTO, AND PERSONAL. INTEREST RATES FOR OUR LOANS ARE COMPETITIVE IN OUR LOCAL MARKETS. THE CREDIT UNION OFFERS COMPETITIVE SAVINGS PRODUCTS TO OUR MEMBERS WITH INTEREST RATES THAT ARE MORE FAVORABLE THAN OUR LOCAL COMPETITION ON OUR INTEREST BEARING ACCOUNTS AND CERTIFICATES OF DEPOSIT. SERVICE FEES CHARGED BY THE CREDIT UNION FOR OUR PRODUCTS ARE GENERALLY LOWER THAN OUR LOCAL COMPETITION OR HAVE BEEN ELIMINATED. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 0 0 1 353902 0 1 2864 1 1 1 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X X SHEILA CLINE SVP OF FINANCE AND ACCOUNTING 8009995887 PO BOX 11904 TAMPA FL 336801904 ANTHONY SACHEL DIRECTOR 2.00 X 6470 0 0 ZAMIR L ODE IMMEDIATE POST CHAIR OF THE BOARD 2.00 1.00 X 6148 0 0 JOUNICE NEALY-BROWN VICE CHAIR OF THE BOARD 2.00 1.00 X 3274 0 0 GARY C GRESHAM CHAIR OF THE BOARD 2.00 1.00 X 8654 0 0 VICTOR ARIAS DIRECTOR 2.00 X 4014 0 0 ANDREA FALVEY TREASURER OF THE BOARD 2.00 1.00 X 5343 0 0 MARC JOHNSON DIRECTOR 2.00 X 1895 0 0 MANUEL LOPEZ DIRECTOR 2.00 X 4146 0 0 STEPHANIE MATHEWS DIRECTOR 2.00 X 3235 0 0 ROBERT JONES SECRETARY OF THE BOARD 2.00 X 5486 0 0 LORRAINE FERNANDEZ DIRECTOR 2.00 X 4405 0 0 KEVIN JOHNSON PRESIDENT/CEO 50.00 1.00 X 978444 0 53175 JULIE A RENDEROS EVP/CFO 50.00 X 549985 0 42435 VICTORIA LOVETT EVP COO 50.00 X 126198 0 10476 DARLENE JOHNSON EVP CGO 50.00 1.00 X 578544 0 50642 MELVA MCKAY-BASS SVP CHIEF BUS DEV OFFICER 50.00 X 385811 0 59082 MICHAEL PARKS SVP CIO 50.00 X 373139 0 48273 JACQULYNE GILBERT SVP CRO 50.00 X 400325 0 22423 AILEEN RODRIGUEZ RETAIL MLO 50.00 X 388287 0 34249 CAROLYN BARE WEALTH ADVISOR 40.00 X 311111 0 37336 JENNIFER M BOLIVAR SVP SERVICE CENTER OPERATIONS 40.00 X 308652 0 31574 OKSANA SHERMAN RETAIL MLO 40.00 X 454652 0 42711 KAREN KOUNDOURAKIS SVP MEMBER EXP 40.00 X 319501 0 14871 5227719 0 447247 237 0 1 0 SG360 PO BOX 26704 OVERLAND PARK KS 66225 JANITORIAL SERVICES 1636633 KASS SHULER PA 1505 N FLORIDA AVE TAMPA FL 33602 LEGAL SERVICE ATTORNEY 1304227 DENT ENTERPRISES LLC 812 S CROWLEY ROAD STE A DEWITT TX 76036 LAWN MAINTENANCE 1079221 STEEMOLOGY LLC BRADLEY NEAL 10610 SWEET SAPLING ST RIVERVIEW FL 33578 BUILDING MAINTENANCE 1068271 WETHERINGTON HAMILTON & HARRISON PA 812 W DR MLK JR BLVD - SUITE 101 TAMPA FL 33603 COLLECTIONS ATTORNEY 474320 124 INTEREST ON LOANS 522100 621371905 621371905 SERVICE FEES & MISC 522100 159491623 159491623 780863528 93013359 93013359 228971 132275 96696 96696 96696 248120738 77661919 248054337 78234866 66401 -572947 -506546 -506546 UNRELATED BUSINESS INC 520000 3394032 3394032 UNRELATED BUSINESS INC 530000 59037 59037 3453069 876920106 873467037 3453069 0 X 766319 3732022 162184900 8496256 26312418 12053563 664549 1437077 28105 10351082 11234781 24837878 19624351 1288608 636192 216827386 17663986 2103275 LOAN LOSS 145000000 UBIT (FEDERAL AND STATE 138500 OTHER EXPENSES 33883664 FRAUD EXPENSE 18429346 24638030 742332288 216751233 245474357 663022093 1532467731 25107472 60693432 18995566 24041924 12005108167 12805745575 41308177 44885185 346445833 168099996 172395048 178345837 2597101136 1988154978 91286889 161143599 4135417 4082427 379690746 358641879 16214901944 17403676924 170856451 201136821 15530066 17305207 1160000000 175000000 175000000 14709465484 14566792296 15070852001 16120234324 X 0 0 0 0 1144049943 1283442600 1144049943 1283442600 16214901944 17403676924 X 134587818 55804839 -51000000 X X 0 1 X 1 0 0 1 X 38238366 38238366 190718154 80008237 110709917 9333403 7699311 1634092 108155910 80392448 27763462 178345837 MEMBER DEPOSITS 14545370764 DIVIDENDS PAYABLE 2979838 OTHER LIABILITIES 18441694 14566792296 X PART IV, LINE 2B: THE CREDIT UNION HOLDS ESCROWED FUNDS FOR THE PAYMENT OF PROPERTY TAXES AND HOMEOWNERS' INSURANCE AS A SERVICE TO OUR MEMBERS WHO HAVE MORTGAGES WITH THE CREDIT UNION OR HAVE MORTGAGES SERVICED BY THE CREDIT UNION. PART X, LINE 2: INCOME TAXES THE CREDIT UNION IS EXEMPT BY STATUTE FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14). ACCORDINGLY, A PROVISION FOR INCOME TAXES HAS NOT BEEN MADE. THE CREDIT UNION ALSO WHOLLY OWNS MEMBERS TITLE AGENCY, LLC; MEMBERS INSURANCE CENTER, LLC; AND SUNCOAST REALTY SOLUTIONS, LLC (AND ITS WHOLLY-OWNED SUBSIDIARY SUNCOAST REALTY SOLUTIONS REFERRAL, LLC). UNDER CURRENT INTERNAL REVENUE SERVICE (IRS) REGULATIONS, THE INCOME OF THE LLC ACCRUES TO THE OWNER, SUNCOAST CREDIT UNION, AND IS THEREFORE NOT SUBJECT TO INCOME TAX. HOWEVER, WITH THE CONVERSION TO STATE CHARTER FROM FEDERAL CHARTER EFFECTIVE DECEMBER 31, 2013, THE CREDIT UNION IS SUBJECT TO THE PROVISIONS OF THE FEDERAL INCOME TAX CODE AND THE STATE OF FLORIDA'S DEPARTMENT OF REVENUE RELATED TO UNRELATED BUSINESS INCOME TAX. IN ACCORDANCE WITH FASB ASC 740, INCOME TAXES, TAX POSITIONS INITIALLY NEED TO BE RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS WHEN IT IS MORE LIKELY THAN NOT THAT THE POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE TAX AUTHORITIES. SUCH TAX POSITIONS INITIALLY AND SUBSEQUENTLY NEED TO BE MEASURED AS THE LARGEST AMOUNT OF TAX BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT WITH THE TAX AUTHORITY ASSUMING FULL KNOWLEDGE OF THE POSITION AND RELEVANT FACTS. AS OF DECEMBER 31, 2023 AND 2022, MANAGEMENT HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. 1 NATIONAL CREDIT UNION FOUNDATION 5710 MINERAL POINT ROAD MADISON WI 53705 391383650 501(C)(3) 132478 0 TO FUND PROGRAMS THAT HELP IMPROVE CONSUMER'S FINANCIAL LIVES & SUNCOAST GAC ATTENDEES ATTENDED DINNER TO SUPPORT HERB WAGNER AWARD WINNERS SUNCOAST CU FOUNDATION 6801 E HILLSBOROUGH AVE TAMPA FL 33610 593037324 501(C)(3) 243957 0 FUNDING EDUCATION & MEDICAL NEEDS OF CHILDREN IN FLORIDA TAMPA BAY AREA CREDIT UNION FOR KIDS INC 6801 E HILLSBOROUGH AVE TAMPA FL 33610 203068168 501(C)(3) 49868 0 TO RAISE FUNDS FOR THE AUTISM CENTER AT ALL CHILDREN'S HOSPITAL LEAGUE OF SOUTHEASTERN CU 3692 COOLIDGE COURT TALLAHASSEE FL 32311 592252733 501(C)(3) 118159 0 TO PROVIDE ASSISTANCE TO SMALLER CREDIT UNIONS WORLD WIDE FOUNDATION FOR CU PO BOX 2982 MADISON WI 53701 396093210 501(C)(3) 15000 0 TO CREATE LONG LASTING OPPORTUNITIES FOR THE WORLD'S WORKING POOR TAMPA BAY ECONOMIC PROSPERITY FOUNDATION 101 E KENNEDY BLVD STE 1750 TAMPA FL 33602 832026345 501(C)(3) 50000 0 TO ASSIST ECONOMICALLY DISTRESSED COMMUNITIES IN HILLSBOROUGH COUNTY CU AWARENESS LLC 5710 MINERAL POINT ROAD MADISON WI 53705 842635576 501(C)(6) 85000 0 TO PROVIDE ASSISTANCE TO CREDIT UNIONS TO GET THE ATTENTION AND CONSIDERATION THEY DESERVE. CREDIT UNION NATIONAL ASSOCIATION 5710 MINERAL POINT ROAD MADISON WI 53705 237065623 501(C)(3) 15000 0 TO PROVIDE ASSISTANCE TO CREDIT UNIONS THROUGH ISSUE ADVOCACY ARBOR DAY FOUNDATION 211 N 12TH ST LINCOLN NE 68505 237169265 501(C)(3) 25000 0 TO INSPIRE PEOPLE TO PLANT, CELEBRATE AND NURTURE STRESS HILLSBOROUGH ORGANIZATION FOR PROGRESS AND EQUALITY 5103 N CENTRAL AVE TAMPA FL 33603 592914463 501(C)(3) 10000 0 TO PROVIDE ASSISTANCE TO EDUCATE CONSUMERS ON AFFORDABLE HOUSING, ACCESS TO MENTAL HEALTH, REDUCE ARRESTS OF CHILDREN AND ENVIRONMENTAL SUSTAINABILITY TO LOW INCOME FAMILIES ALL HANDS AND HEARTS SMART RESPONSE INC 6 COUNTY ROAD STE 6 MATTAPOSIETT MA 02379 203414952 501(C)(3) 10000 0 TO PROVIDE ASSISTANCE TO THE COMMUNITY FOR NATURAL DISASTERS 10 1 PART I, LINE 2: CONTRIBUTIONS ARE CHARITABLE IN NATURE, NOT GRANTS. X 1 1 X X 0 1 0 KEVIN JOHNSON PRESIDENT/CEO 742722 0 169102 0 66620 0 24280 0 28895 0 1031619 0 0 0 DARLENE JOHNSON EVP CGO 405788 0 89265 0 83491 0 20203 0 30439 0 629186 0 0 0 JULIE A RENDEROS EVP/CFO 427498 0 95148 0 27339 0 17314 0 25121 0 592420 0 0 0 OKSANA SHERMAN RETAIL MLO 26944 0 0 0 427708 0 12056 0 30655 0 497363 0 0 0 MELVA MCKAY-BASS SVP CHIEF BUS DEV OFFICER 306979 0 68909 0 9923 0 22656 0 36426 0 444893 0 0 0 JACQULYNE GILBERT SVP CRO 312313 0 67908 0 20104 0 12004 0 10419 0 422748 0 0 0 AILEEN RODRIGUEZ RETAIL MLO 29056 0 0 0 359231 0 13845 0 20404 0 422536 0 0 0 MICHAEL PARKS SVP CIO 290308 0 62448 0 20383 0 17439 0 30834 0 421412 0 0 0 CAROLYN BARE WEALTH ADVISOR 88747 0 219681 0 2683 0 18911 0 18425 0 348447 0 0 0 JENNIFER M BOLIVAR SVP SERVICE CENTER OPERATIONS 245870 0 53545 0 9237 0 13238 0 18336 0 340226 0 0 0 KAREN KOUNDOURAKIS SVP MEMBER EXP 251581 0 54917 0 13003 0 13922 0 949 0 334372 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS AND SPOUSES: INCLUDES SPOUSE TRAVEL FOR BOARD OF DIRECTORS MEMBERS AND EXECUTIVE LEVEL EMPLOYEES; ALL OF WHICH IS TAXABLE COMPENSATION. PART I, LINE 4B 457(B) NON-QUALIFIED DEFERRED-COMPENSATION PLAN - SUNCOAST CREDIT UNION ALLOWS ELIGIBLE HIGHLY COMPENSATED EMPLOYEES TO DEFER A SPECIFIC AMOUNT OF EARNED AND PAID WAGES; ALL OF WHICH IS UNDER PRE-TAX INCOME FOR INVESTMENT TOWARDS RETIREMENT. PARTICIPATING EMPLOYEES DO NOT PAY CURRENT FEDERAL INCOME TAXES ON THE AMOUNTS DEFERRED. THE DEFERRED AMOUNTS, PLUS EARNINGS, ARE PAID TO THE EXECUTIVE AT A LATER DATE, USUALLY WHEN THEY RETIRE AND ARE POSSIBLY IN A LOWER TAX BRACKET. THE CREDIT UNION DOES NOT CONTRIBUTE TO THIS BENEFIT PLAN AT THIS TIME. THE EMPLOYER OWNS THE FUNDING ACCOUNT WITH AN AGREEMENT TO PAY THE PROCEEDS TO THE EMPLOYEE WHEN THEY LEAVE THE COMPANY. PARTICIPANTS ARE 100% VESTED AT ALL TIMES. THE AGGREGATE BENEFIT PAYABLE TO ALL PARTICIPATING EMPLOYEES APPROXIMATED $2,219,00 AS OF DECEMBER 31, 2023. PARTICIPANTS INCLUDED KEVIN JOHNSON (CEO) AND JULIE RENDEROS (CFO). COLLATERAL ASSIGNMENT SPLIT DOLLAR AGREEMENT - THE CREDIT UNION ESTABLISHED POST-RETIREMENT BENEFIT PLANS FOR THE CEO, EVP/CFO, AND EVP/CGO KNOWN AS COLLATERAL ASSIGNMENT SPLIT DOLLAR AGREEMENTS. TO FACILITATE THE BENEFIT PLAN, THE CREDIT UNION ISSUED EACH EXECUTIVE A PROMISSORY NOTE FOR THE PURPOSE OF PURCHASING TWO LIFE INSURANCE POLICIES. THE PURPOSE OF THE FIRST POLICY IS TO REPAY THE EXECUTIVE'S LOAN BALANCE, PLUS ACCRUED INTEREST, UPON EACH EXECUTIVE'S DEATH. THE SECOND POLICY PROVIDES FOR FUTURE POLICY LOANS AND DEATH BENEFIT PROTECTION FOR THE EXECUTIVES. THAT IS, PER THE CONTRACTUAL AGREEMENT, THE EXECUTIVES MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE BENEFIT POLICY TO SUPPLEMENT RETIREMENT INCOME. THE AGGREGATE OUTSTANDING LOANS RECEIVABLE APPROXIMATED $24,042,000 AS OF DECEMBER 31, 2023. KEVIN JOHNSON CEO TO FUND LIFE INSURANCE PREMIUMS ASSOCIATED WITH CASD X 14200000 15937921 0 1 1 JULIE RENDEROS EVP/CFO TO FUND LIFE INSURANCE PREMIUMS ASSOCIATED WITH CASD X 3304562 3434185 0 1 1 DARLENE JOHNSON EVP/CGO TO FUND LIFE INSURANCE PREMIUMS ASSOCIATED WITH CASD X 4600000 4669818 0 1 1 24041924 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS OWNED BY ITS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A ALL MEMBERS HAVE THE RIGHT TO VOTE TO ELECT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B A VOTE BY THE MEMBERS IS REQUIRED FOR CHANGES TO THE CREDIT UNION'S CHARTER. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY SENIOR STAFF AND BY THE BOARD OF DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS DISCLOSES ANNUALLY ANY INTERESTS THAT COULD BE CONSIDERED CONFLICTS AND ARE REQUIRED TO MAKE UPDATES IF THERE ARE ANY CHANGES TO THE ANNUAL STATEMENT. FORM 990, PART VI, SECTION B, LINE 15 A COMPARATIVE REVIEW OF THE CEO'S SALARY IS PERFORMED USING THE CUNA CEO SALARY SURVEY AND MCLAGAN SALARY SURVEY DATA AND IS THEN REVIEWED AND APPROVED BY THE SUNCOAST EXECUTIVE BOARD AND FULL BOARD. THE CEO APPROVES ALL OFFICERS AND KEY EMPLOYEE SALARIES. COMPARABLE SALARY DATA FOR EMPLOYEES IS PROVIDED BY PAYFACTORS AND MCLAGAN SALARY SURVEY DATA AND IS REVIEWED BY SENIOR STAFF. MERIT INCREASES ARE BASED ON PERFORMANCE RATINGS. MARKET SALARY ADJUSTMENTS ARE BASED ON MARKET CONDITIONS, USING COMPA RATIO, TIME WITH SUNCOAST CREDIT UNION AND TIME IN THE ROLE. FORM 990, PART VI, SECTION C, LINE 18 FORM 990 IS AVAILABLE THROUGH PUBLIC WEBSITES SUCH AS GUIDESTAR. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE UPDATED MONTHLY AND DISPLAYED ON THE LOBBY MONITORS IN ALL BRANCHES, WITH AN ANNUAL REPORT AVAILABLE AT THE ANNUAL MEMBER MEETING AND ON THE SUNCOAST CREDIT UNION WEBSITE. QUARTERLY FINANCIAL DATA IS ALSO AVAILABLE ON THE NCUA'S WEBSITE. THE ORGANIZATION DOES NOT DISCLOSE THEIR GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY. FORM 990, PART IX, LINE 24E CREDIT CARD & REWARD FEES 15,370,168. ATM FEES 5,974,914. MORTGAGE FEES 3,079,523. MISC EXPENSE 213,425. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -51,000,000. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. MEMBERS TITLE AGENCY LLC 6810 E HILLSBOROUGH AVE TAMPA FL 33610 593673450 TITLE INSURANCE FL 1836461 24695515 SUNCOAST CREDIT UNION MEMBERS INSURANCE CENTER LLC 6810 E HILLSBOROUGH AVE TAMPA FL 33610 201399753 INSURANCE FL 14628613 86831795 SUNCOAST CREDIT UNION SUNCOAST REALTY SOLUTION LLC 6810 E HILLSBOROUGH AVE TAMPA FL 33610 475609072 REAL ESTATE FL 342994 754252 SUNCOAST CREDIT UNION SUNCOAST REALTY SOLUTIONS REFERRAL LLC 6810 E HILLSBOROUGH AVE TAMPA FL 33610 831075751 REAL ESTATE REFFERRAL SERVICE FL 1262 10787 SUNCOAST CREDIT UNION SUNCOAST CREDIT UNION FOUNDATION 6801 E HILLSBOROUGH AVE TAMPA FL 33610 593037324 FUNDRAISING, CHARITABLE CONTRIBUTIONS, AND AWARDING SCHOARSHIPS FL 501(C)(3) LINE 10 SUNCOAST CREDIT UNION 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 SUNCOAST CREDIT UNION FOUNDATION B 243957 ACTUAL CASH CONTRIBUTION SUNCOAST CREDIT UNION FOUNDATION O 174550 ACTUAL COMPENSATION