2024-11-15T08:31:10-06:00 2023-12-31 454084437 WARREN AVERETT LLC 350 W CEDAR STREET SUITE 400 PENSACOLA FL 32502 990 2023-01-01 590709646 WE FLORIDA FINANCIAL CITY 9545222705 9560 PINES BLVD PEMBROKE PINES FL 33024 WILLIAM SPEARMAN PRESIDENT/CEO 9545222705 2024-11-14 1 1 CLAIRE C DUREN CPA P01577924 8504357400 2024-11-13 2023 2024-10-15 13:58:12Z X WILLIAM SPEARMAN 9560 PINES BLVD PEMBROKE PINES FL 33024 44325216 0 X WWW.WEFLORIDAFINANCIAL.COM X STATE-CHARTERED CREDIT UNION 1952 FL THE CREDIT UNION IS A COOPERATIVE, NON-PROFIT ASSOCIATION, ORGANIZED UNDER THE LAWS OF THE STATE OF FLORIDA, FOR THE PURPOSE OF ENCOURAGING THRIFT AMONG ITS MEMBERS, CREATING SOURCES OF CREDIT AND CREDIT RELATED PRODUCTS AT FAIR AND REASONABLE RATES AND PROVIDING OTHER OPPORTUNITIES FOR MEMBERS TO USE AND CONTROL THEIR RESOURCES ON A DEMOCRATIC BASIS. 7 7 181 9 26082 0 0 0 20622500 26487613 10812034 4096634 10849180 13740969 42283714 44325216 44954 28386 0 0 14331216 12175741 0 0 0 20567955 32106766 34944125 44310893 7339589 14323 752616950 814232438 699808683 763949830 52808267 50282608 THE CREDIT UNION'S MISSION IS TO PROMOTE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM AT REASONABLE RATES OF INTEREST. THE CREDIT UNION SERVES MEMBERS IN 46 COUNTIES IN FLORIDA. THE TOTAL NUMBER OF MEMBERS IS IN EXCESS OF 47,800. 0 0 THE CREDIT UNION PROVIDES ITS MEMBERS WITH A SELECTION OF INSURED DEPOSIT PRODUCTS THAT ENCOURAGE THRIFT. THE PRODUCTS ARE DESIGNED FOR BOTH SMALL AND MEDIUM SAVERS. THE CREDIT UNION PROVIDES LOW COST LOANS THAT HELP MEMBERS IMPROVE THEIR LIVES. THE PRODUCTS INCLUDE SMALL UNSECURED LOANS UP TO MORTGAGE LOANS. THE CREDIT UNION PROVIDES MEMBERS ACCESS TO BOTH MANUAL CHECK AND CASH TRANSACTION SERVICES ALONG WITH ELECTRONIC TYPE SERVICES, SUCH AS FUNDS TRANSFERS, ACH, DEBIT, ATM, ETC. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 11917 0 1 181 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X JACK KENNEY CFO 9547452332 9560 PINES BLVD PEMBROKE PINES FL 33024 INGRID FILS VICE-CHAIRPERSON 1.00 X X 0 0 0 MARY ANN LAROCK CHAIRPERSON 1.00 X X 0 0 0 MACK MACVICAR DIRECTOR 1.00 X 0 0 0 HENRY PRIOR TREASURER/SECRETARY 1.00 X 0 0 0 BEATRIZ DALE DIRECTOR 1.00 X 0 0 0 MARIE ELIANOR DIRECTOR 1.00 X 0 0 0 JUDY JAMES DIRECTOR 1.00 X 0 0 0 ROBERT RAMIREZ CEO & PRESIDENT 40.00 5.00 X 592678 0 38147 RACHEL SCHAMING CHIEF OF HUMAN RESOURCES 40.00 X 247000 0 19150 JACK KENNEY CHIEF FINANCIAL OFFICER 40.00 X 197669 0 13901 PEDRO DIAZ CHIEF MEMBER EXPERIENCE OFFICER 40.00 X 249463 0 34915 WILLIAM SPEARMAN CHIEF LENDING OFFICER 40.00 X 268669 0 36723 DAN CLEMENS CHIEF STRATEGY OFFICER 40.00 X 252633 0 8637 JEROME RYAN VP OF IT & SECURITY 40.00 X 272341 0 15589 AARON GUTFREUND VP MARKETING 40.00 X 209530 0 29132 BARBARA PAINE VP SUPPORT OPERATIONS 40.00 X 185441 0 19239 DANIEL BASS VP LENDING 40.00 X 197819 0 23490 JARED WRIGHT AVP MEMBER SOLUTIONS 40.00 X 180154 0 25443 2853397 0 264366 22 0 1 0 0 LOAN INTEREST INCOME 522100 26487613 26487613 26487613 4096634 4096634 OTHER INCOME 522100 10791226 10791226 OTHER NONOPERATING INCOME/LOSS 522100 2792000 2792000 GAIN ON INVESTMENTS 522100 131661 131661 26082 26082 13740969 44325216 40070839 26082 4228295 28386 1108547 8780824 591601 1150373 544396 185563 86105 556365 212398 1469843 1087273 937869 26277 348722 12030783 854740 171492 PROVISION FOR LOAN LOSS 5973691 OTHER OUTSIDE EXPENSE 1878937 LOAN SERVICING 1791080 DEBIT CARD EXPENSE 1125398 3370230 44310893 58966377 53123185 185126 237513 1041014 -570830 4225229 4101995 577204647 653349323 822875 712391 27518191 13487303 12305276 14030888 70863650 63631099 3799593 3842930 23203163 21773944 752616950 814232438 7330198 6528291 692478485 757421539 699808683 763949830 X 0 0 0 0 52808267 50282608 52808267 50282608 752616950 814232438 X 14323 1845824 -4385806 X X 0 1 X 1 0 1000 1000 1000 1 FLORIDA CREDIT UNION POLITICAL ACTION COMMITTEE (CUPAC) 3773 COMMONWEALTH BLVD TALLAHASSEE FL 32303 591889104 1000 PART I-A, LINE 1: THE CREDIT UNION DONATED FUNDS TO THE FLORIDA CREDIT UNION POLITICAL ACTION COMMITTEE - LEAGUE OF SOUTHEASTERN CREDIT UNIONS. 4760142 4760142 13797356 7515565 6281791 2259776 2259776 0 6700917 3711962 2988955 14030888 MEMBER DEPOSIT ACCOUNTS 671288539 BORROWED FUNDS 86133000 757421539 X PART X, LINE 2: EFFECTIVE JANUARY 1, 2009, THE CREDIT UNION IMPLEMENTED THE NEW ACCOUNTING REQUIREMENTS ASSOCIATED WITH UNCERTAINTY IN INCOME TAXES USING THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ASC 740, INCOME TAXES. USING THAT GUIDANCE, TAX POSITIONS INITIALLY NEED TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS WHEN IT IS MORE LIKELY-THAN-NOT THE POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY TAX AUTHORITIES. IT ALSO PROVIDES GUIDANCE FOR DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. AS OF DECEMBER 31, 2023, THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, THE CREDIT UNION HAD NO INTEREST AND PENALTIES RELATED TO INCOME TAXES. WITH FEW EXCEPTIONS, THE CREDIT UNION IS NO LONGER SUBJECT TO U.S. FEDERAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR CALENDAR YEARS BEFORE 2020. 1 WE GIVE BACK FOUNDATION INC 9560 PINES BLVD PEMBROKE PINES FL 33024 871934137 501(C)(3) 0 28386 CONTRIBUTION TO SUPPORT COMMUNITY ORGANIZATIONS 1 PART I, LINE 2: GRANTS ARE CONTRIBUTED TO A GENERAL FUNDS ACCOUNT FOR USE AT THE DONEE ORGANIZATION'S DISCRETION. ADDITIONAL PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS ARE AVAILABLE UPON REQUEST. X X 1 1 X X X X 0 1 0 ROBERT RAMIREZ CEO & PRESIDENT 492634 0 72000 0 28044 0 11740 0 26407 0 630825 0 0 0 WILLIAM SPEARMAN CHIEF LENDING OFFICER 240000 0 28669 0 0 0 7054 0 29669 0 305392 0 0 0 JEROME RYAN VP OF IT & SECURITY 200002 0 49262 0 23077 0 6131 0 9458 0 287930 0 0 0 PEDRO DIAZ CHIEF MEMBER EXPERIENCE OFFICER 230000 0 19463 0 0 0 8209 0 26706 0 284378 0 0 0 RACHEL SCHAMING CHIEF OF HUMAN RESOURCES 215000 0 32000 0 0 0 9152 0 9998 0 266150 0 0 0 DAN CLEMENS CHIEF STRATEGY OFFICER 240000 0 12633 0 0 0 6413 0 2224 0 261270 0 0 0 AARON GUTFREUND VP MARKETING 192500 0 17030 0 0 0 8085 0 21047 0 238662 0 0 0 DANIEL BASS VP LENDING 182000 0 15819 0 0 0 7913 0 15577 0 221309 0 0 0 JACK KENNEY CHIEF FINANCIAL OFFICER 197269 0 400 0 0 0 6385 0 7516 0 211570 0 0 0 JARED WRIGHT AVP MEMBER SOLUTIONS 175005 0 5149 0 0 0 5456 0 19987 0 205597 0 0 0 BARBARA PAINE VP SUPPORT OPERATIONS 140009 0 34662 0 10770 0 6892 0 12347 0 204680 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS 457(F) NON-QUALIFIED DEFERRED COMPENSATION ARRANGEMENTS FOR LLOYD GILL. THE PLAN IS DESIGNED TO PROVIDE POST-RETIREMENT BENEFITS TO THE COVERED EMPLOYEE. THE CREDIT UNION ENTERED INTO A COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT WITH LLOYD GILL, FORMER PRESIDENT/CEO IN 2017. THE PREMIUMS ON THE POLICIES WERE FUNDED BY THE CREDIT UNION THROUGH A LOAN TO THE FORMER PRESIDENT/CEO FOR $5,800,000. INTEREST WILL ACCRUE TO THE LOAN ANNUALLY. THE CREDIT UNION ALSO HAS A 457(F) FOR CURRENT PRESIDENT/CEO ROBERT RAMIREZ. LLOYD GILL FORMER PRESIDENT/CEO TO PAY THE PREMIUMS OF COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE X 5800000 4101995 0 1 1 4101995 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS OWNED BY ITS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS ELECT THE BOARD OF DIRECTORS. THE BOARD MEMBERS SERVE THREE-YEAR TERMS. THERE IS NO LIMIT ON THE NUMBER OF TERMS BOARD MEMBERS CAN BE ELECTED. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS MUST VOTE ON THE DISSOLUTION OF THE CREDIT UNION OR THE MERGER WITH ANOTHER CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY EXTERNAL CPA'S AND REVIEWED BY THE SVP/CFO PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION HAS A CONFLICT OF INTEREST POLICY APPROVED BY THE BOARD AND ADMINISTERED BY THE PRESIDENT/CEO. EMPLOYEES, DIRECTORS, AND OFFICERS WHO RECEIVE ANYTHING OF VALUE MUST REPORT IT TO THE PRESIDENT/CEO, WHO THEN ENSURES THE POLICY AND BANKING RULES ARE FOLLOWED. THE PRESIDENT/CEO MAINTAINS RECORDS OF ALL ACTIONS. THE SUPERVISORY COMMITTEE REVIEWS MANAGEMENT ACTIONS RELATED TO ALL POLICY AND LEGAL COMPLIANCE ISSUES. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION ENGAGES AN INDEPENDENT THIRD PARTY THAT SPECIALIZES IN CREDIT UNION COMPENSATION EVERY 2 TO 3 YEARS. THEY DO A COMPENSATION STUDY OF ALL LEVELS AND MAKE A RECOMMENDATION FOR RANGE ADJUSTMENTS IF NECESSARY. THE BOARD OF DIRECTORS REVIEWS AND APPROVES ALL RANGE ADJUSTMENTS. ALL POSITIONS EXCEPT THE PRESIDENT/CEO RECEIVE AN ANNUAL REVIEW AND PERFORMANCE-BASED INCREASE. THE PERCENTAGE INCREASE RANGE IS THE SAME FOR STAFF AND OFFICERS. THE PRESIDENT/CEO'S COMPENSATION IS REVIEWED ANNUALLY BY THE BOARD AND ADJUSTED AS APPROVED BY THE BOARD WITHIN THE APPROVED RANGE. FORM 990, PART VI, SECTION C, LINE 19 STATEMENTS OF FINANCIAL CONDITION ARE AVAILABLE VIA INTERNET. AUDITED FINANCIAL STATEMENTS ARE AVAILABLE AT THE ANNUAL MEMBERSHIP MEETING AND UPON REQUEST. ALL OF THE CREDIT UNION'S POLICIES ARE AVAILABLE UPON REQUEST ALONG WITH ITS BYLAWS. FORM 990, PART XI, LINE 9: CECL TRANSITION PROVISION ADJUSTMENT -4,385,806. FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2(B) THE CREDIT UNION RECEIVES AN ANNUAL FINANCIAL STATEMENT AUDIT FROM INDEPENDENT ACCOUNTANTS. HOWEVER, THE AUDIT PERIOD IS FROM JULY 1 TO JUNE 30. THE MOST RECENT AUDITED FINANCIALS AS OF DECEMBER 31, 2023, ARE FOR THE YEAR ENDED JUNE 30, 2024. FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2(C) THE CREDIT UNION HAS A SUPERVISORY COMMITTEE WHO IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT ACCOUNTANTS. WE GIVE BACK FOUNDATION INC 9560 PINES BLVD PEMBROKE PINES FL 33024 871934137 FUNDING FOR COMMUNITY ORGANIZATIONS FL 501(C)(3) PF 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0