2024-11-22T12:16:41-06:00 2023-12-31 454084437 WARREN AVERETT LLC 350 W CEDAR STREET SUITE 400 PENSACOLA FL 32502 990 2023-01-01 640179401 NAVIGATOR CREDIT UNION NAVI 2287623542 PO BOX 1647 PASCAGOULA MS 395681647 SONYA JARVIS PRESIDENT/CEO 2287623542 2024-11-22 1 1 CLAIRE C DUREN CPA P01577924 8504357400 2024-11-22 2023 2024-10-15 13:58:12Z SONYA JARVIS PO BOX 1647 PASCAGOULA MS 395681647 31083422 0 X WWW.NAVIGATORCU.ORG X STATE-CHARTERED CREDIT UNION 1939 MS MEMBER-OWNED, STATE-CHARTERED CREDIT UNION 7 7 188 12 109775 0 0 0 11398375 14458836 3089164 4312115 11742958 12312471 26230497 31083422 0 0 0 0 8950512 9879534 0 0 0 13017604 15923792 21968116 25803326 4262381 5280096 418420655 378835061 365222948 320467360 53197707 58367701 X 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. THE CREDIT UNION'S MEMBERS INCLUDE EMPLOYEES OF HUNTINGTON INGALLS INDUSTRIES OPERATING DIVISION ENGAGED IN THE SHIPBUILDING INDUSTRY IN JACKSON COUNTY, MISSISSIPPI AND THEIR FAMILIES, AS WELL AS THOSE WHO LIVE, WORK, WORSHIP OR ATTEND SCHOOL IN MOBILE AND BALDWIN COUNTIES, ALABAMA AND A DESINATED PORTION OF GULFPORT, MISSISSIPPI, FEDERAL EMPLOYEES IN JACKSON COUNTY, MISSISSIPPI AS WELL AS FEDERAL GOVERNMENT RETIRES AND THEIR FAMILIES, INDIVIDUALS EMPLOYED AT ANY BUSINESS LOCATED IN JACKSON OR HARRISON COUNTY, MISSISSIPPI WHICH HAS FEWER THAN 500 EMPLOYEES AS WELL AS RETIREES AND FAMILY MEMBERS OF THIS GROUP. THE TOTAL NUMBER OF MEMBERS IS IN EXCESS OF 45,000. 0 0 IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, MONEY MARKET, CERTIFICATES OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS AND CERTIFICATES 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. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 11194 0 1 188 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X THE ORGANIZATION 2287623542 PO BOX 1647 PASCAGOULA MS 395681647 CYNTHIA BOWLES SECRETARY 3.00 X X 0 0 0 CARLOS LETT VICE CHAIRMAN 3.00 X X 0 0 0 TOMMY LEONARD CHAIRMAN 3.00 X X 0 0 0 DOROTHY TODD DIRECTOR 3.00 X 0 0 0 RICHARD SCHENK DIRECTOR 3.00 X 0 0 0 CHRIS HUDSON DIRECTOR 3.00 X 0 0 0 SONYA JARVIS PRESIDENT/CEO 40.00 X 302715 0 94368 WILLIAM MCCOY CHIEF FINANCIAL OFFICER 40.00 X 180168 0 24961 ANDREW WILSON CHIEF LOAN OFFICER 40.00 X 148098 0 22455 SALLY HOFFSTADT CHIEF ADMINISTRATIVE OFFIC 15.00 X 159841 0 6928 HELEN SYLVESTER CHIEF OPERATIONS OFFICER 40.00 X 138580 0 13397 929402 0 162109 11 0 1 0 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 COMPUTER SOFTWARE & SUPPORT 625753 CSPIRE PO BOX 748168 ATLANTA GA 30374 COMMUNICATIONS 537744 DOLPHIN DEBIT ACCESS LLC 1340 RAYFORD PARK RD SPRING TX 77386 ATM SERVICES 323421 QUALITY DATA SYSTEMS 8655 CROWN CRESCENT CT CHARLOTTE NC 28227 CDM/ITM 288715 BANK-TEC SOUTH 4150 VIKING DRIVE BOSSIER CITY LA 71111 BANK EQUIPMENT/SERVICING 223220 10 INTEREST ON LOANS 522100 14458836 14458836 14458836 4312115 4312115 SERVICE FEES AND MISC INCOME 522100 11106791 11106791 EXTRAORDINARY GAIN 522100 906235 906235 NSF INCOME 522100 183167 183167 116278 6503 109775 12312471 31083422 25755297 109775 5218350 1091511 6903154 344606 960884 579379 97638 134803 773709 475221 766603 1329519 717252 187085 202790 1450226 675579 244490 VISA DEBIT AND CREDIT C 3052973 PROVISION FOR LOAN LOSS 3011479 ATM EXPENSES 592519 ONLINE BANKING EXPENSE 535549 1676357 25803326 9513530 9000598 90860581 19655323 2174203 2245010 226751294 264966028 3755339 1904334 21996344 12627099 8734710 9369245 59634413 59579443 8516734 3773826 8479851 8341254 418420655 378835061 6268525 4353648 412208 475592 358542215 315638120 365222948 320467360 X 0 0 0 0 53197707 58367701 53197707 58367701 418420655 378835061 X 5280096 -110102 X X 0 1 X 1 0 0 1 X 2923146 2923146 10526070 5685014 4841056 171485 165496 5989 8375643 6776589 1599054 9369245 MEMBERS' SHARE AND SAVINGS ACCOUNTS 315638120 315638120 X 31083422 0 31083422 0 31083422 25803326 0 25803326 0 25803326 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. 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 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, THE CREDIT UNION HAD 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, STATE, AND LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2020. X 1 1 X X 0 0 0 SONYA JARVIS PRESIDENT/CEO 280215 0 22500 0 0 0 82210 0 12158 0 397083 0 0 0 WILLIAM MCCOY CHIEF FINANCIAL OFFICER 170906 0 9262 0 0 0 7410 0 17551 0 205129 0 0 0 ANDREW WILSON CHIEF LOAN OFFICER 140396 0 7702 0 0 0 6183 0 16272 0 170553 0 0 0 SALLY HOFFSTADT CHIEF ADMINISTRATIVE OFFIC 152826 0 7015 0 0 0 5308 0 1620 0 166769 0 0 0 HELEN SYLVESTER CHIEF OPERATIONS OFFICER 133180 0 5400 0 0 0 5400 0 7997 0 151977 0 0 0 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 BOARD OF DIRECTORS ARE ELECTED TO THREE-YEAR TERMS BY THE CREDIT UNION'S MEMBERSHIP. THE BOARD OF DIRECTORS APPOINTS A NOMINATING COMMITTEE COMPRISED OF BOARD MEMBERS WHOSE SEATS ARE NOT UP FOR REELECTION TO PROPOSE NOMINEES FOR OPEN SEATS. THERE IS A PROVISION FOR NOMINATION BY PETITION BY QUALIFIED MEMBERS. IF ANY SEAT IS CONTESTED, THE ELECTION IS CONDUCTED VIA A MAIL-IN BALLOT SENT TO ALL MEMBERS IN GOOD STANDING WITH THE RESULTS TABULATED BY AN OUTSIDE CPA FIRM. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE 990 IS REVIEWED AND APPROVED BY THE CFO PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANY ITEM THAT APPEARS TO BE A CONFLICT OF INTEREST IS SENT TO SUPERVISORS, MANAGEMENT, AND HUMAN RESOURCES TO BE REVIEWED. IF THE ITEM IS DEEMED TO BE A CONFLICT OF INTEREST, THE ITEM IS NOT CARRIED FORWARD WITH. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE PRESIDENT/CEO'S COMPENSATION. THE PRESIDENT/CEO REVIEWS AND APPROVES THE COMPENSATION OF ALL OFFICERS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CECL ADJUSTMENT -110,102. THE ORGANIZATION, NAVIGATOR CREDIT UNION, ATTEMPTED TO FILE THE COMPLETED RETURN IN A TIMELY MANNER AND EXPORTED THE RETURN FOR ELECTRONIC FILING IN ADVANCE OF THE EXTENDED DEADLINE ON NOVEMBER 15, 2024. THE RETURN WAS REJECTED FOR ELECTRONIC FILING DUE TO MIS-MATCH OF YEAR-END IN THE IRS SYSTEM. WE CONTACTED THE E-FILE SYSTEM HELP DESK IMMEDIATELY, AND WERE TOLD THAT THE ISSUE WOULD HAVE TO BE ESCALATED. WE RECEIVED A CALL FROM A REPRESENTATIVE OF THE E-FILE HELP DESK AFTER BUSINESS HOURS ON NOVEMBER 21, 2024. OUR FIRST OPPORTUNITY TO RE-EXPORT THE RETURN WAS ON NOVEMBER 22, 2024, AND CARE WAS TAKEN TO FILE THE RETURN AS SOON AS POSSIBLE ON THAT DATE. DUE TO THESE FACTS AND CIRCUMSTANCES OUTSIDE OUR OUR CONTROL, WE REQUEST THAT ANY LATE FILING PENALTIES BE ABATED.