Nonprofit · EIN 59-0706843
INNOVATIONS FINANCIAL CREDIT UNION
Tax-exempt · PANAMA CITY, FL 32408
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $35,305,173 | $32,767,483 | $2,537,690 | $615,037,932 | $573,369,415 | $41,668,517 |
| December 31, 2023 | 990 | $26,668,120 | $22,311,716 | $4,356,404 | $428,396,918 | $388,872,129 | $39,524,789 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $165,855
- of which government grants
- $165,855
- Program service revenue
- $30,936,287
- Investment income
- $4,203,031
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $2,241,393
- Other salaries and wages
- $5,852,866
- Salaries, compensation and benefits (total)
- $10,413,594
- Professional fundraising fees
- $0
- Legal fees
- $63,891
- Accounting fees
- $711,030
- Occupancy
- $441,258
- Travel
- $119,883
- Depreciation
- $918,847
Balance sheet and other
- Total assets, start of year
- $428,396,918
- Total assets, end of year
- $615,037,932
- Total liabilities, end of year
- $573,369,415
- Net assets, end of year
- $41,668,517
- Land, buildings and equipment
- $19,336,368
- Publicly traded securities
- $19,112,240
- Gross unrelated business income
- $129,420
- Gross receipts
- $35,305,173
- Employees
- 112
- Volunteers
- 8
- Year formed
- 1952
- State of legal domicile
- FL
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| DAVID SOUTHALL | PRESIDENT/CEO Officer | 40 | $468,245 | $55,603 |
| MICHAEL GLADDEN | EVP/COO Officer | 40 | $405,544 | $76,869 |
| JEREMY HINTON | SVP/CFO Officer | 40 | $323,155 | $68,758 |
| DANIEL CHAPLIK | DIRECTOR OPERATIONS/LENDING/COLLECTIONS/FACILITIES Key employee | 40 | $241,988 | $52,446 |
| CHARLES POWELL | DIRECTOR BUSINESS & MORTGAGE LENDING Key employee | 40 | $234,987 | $52,998 |
| KENNETH MITCHELL | MARKET LEADER- NORTHERN PANHANDLE REGION Key employee | 40 | $219,158 | $41,642 |
| ANGELIA BURNETT | DIRECTOR PROJECTS Highest-paid employee | 40 | $173,822 | $43,012 |
| ROBERT GUICE | IT DIRECTOR Highest-paid employee | 40 | $150,314 | $25,956 |
| RUTH PARKER | MARKETING DIRECTOR Highest-paid employee | 40 | $145,590 | $27,128 |
| JONATHAN SMILEY | BUSINESS LENDING MANAGER Highest-paid employee | 40 | $133,371 | $33,421 |
| TERESA ALEXANDER | SENIOR ACCOUNTANT Highest-paid employee | 40 | $130,041 | $21,196 |
| CRAIG ELLIS | BOARD CHAIR Trustee or director | 1 | $0 | $0 |
| NANCY LUTHER | BOARD VICE CHAIR Trustee or director | 1 | $0 | $0 |
| JOSHUA SCRIBNER | BOARD SECRETARY Trustee or director | 1 | $0 | $0 |
| KRISTOPHER MCLANE | BOARD TREASURER Trustee or director | 1 | $0 | $0 |
4 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| ROB FERNANDEZ | BOARD DIRECTOR Trustee or director | 1 | $0 |
| KEN WHITE | BOARD DIRECTOR Trustee or director | 1 | $0 |
| ANITA BORUGHTON | BOARD DIRECTOR Trustee or director | 1 | $0 |
| KIM JOHNS | BOARD DIRECTOR Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 15 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| DAVID SOUTHALL | CEO Officer | 40 | $437,176 | $5,058 |
| SCOTT GLADDEN | EVPCOO Officer | 40 | $366,671 | $6,080 |
| JEREMY HINTON | SVPCFO Officer | 40 | $306,697 | $0 |
| DAVID POWELL | DIR OF BUS & MTG LENDING Highest-paid employee | 40 | $218,331 | $0 |
| DAN CHAPLIK | DIR OF BRANCH OPERATION Highest-paid employee | 40 | $218,331 | $0 |
| KENNY RAY MITCHELL | MARKET LEADER Highest-paid employee | 40 | $212,840 | $0 |
| ANGIE BURNETT | DIRECTOR OF PROJECTS Highest-paid employee | 40 | $171,588 | $13,605 |
| ROBERT GUICE | MARKETING DIRECTOR Highest-paid employee | 40 | $147,817 | $0 |
| KRISTOPHER MCLANE | TREASURER Trustee or director | 5 | $0 | $0 |
| NANCY LUTHER | VICE CHAIR Trustee or director | 5 | $0 | $0 |
| CRAIG ELLIS | CHAIRMAN Trustee or director | 5 | $0 | $0 |
| JOSH SCRIBNER | SECRETARY Trustee or director | 5 | $0 | $0 |
| KENNETH WHITE | DIRECTOR Trustee or director | 5 | $0 | $0 |
| ROB FERNANDEZ | DIRECTOR Trustee or director | 5 | $0 | $0 |
| ANITA BROUGHTON | DIRECTOR Trustee or director | 5 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 910 THOMAS DRIVE, PANAMA CITY, FL 32408-7442
- Principal officer (990 for 2024)
- DAVID SOUTHALL, 910 THOMAS DRIVE, PANAMA CITY, FL 32408
- Signed the 990
- JEREMY HINTON, CFO
- Phone
- (850) 249-0620
- Website
- WWW.INNOVATIONSFCU.ORG/
- Return prepared by
- DOEREN MAYHEW
Mission
TO PROVIDE FINANCIAL AND LENDING SERVICES TO INDIVIDUALS AND BUSINESSES LOCATED WITHIN THE COUNTIES OF BAY, HOLMES, WASHINGTON, JACKSON, CALHOUN, GULF, WALTON, OKALOOSA, FRANKLIN & LIBERTY LOCATED IN THE STATE OF FLORIDA.
Program accomplishments
- PROVIDE 26,310 MEMBERS WITH REGULAR SAVINGS, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, IRA, AND MONEY MARKET ACCOUNTS WITH AGGREGATE DEPOSIT BALANCES THAT APPROXIMATED $554,884,000 AS OF DECEMBER 31, 2024.
- PROVIDE 16,356 LOANS INCLUDING MORTGAGES, BUSINESS, HOME EQUITY, CREDIT CARDS, SHARE SECURED, VEHICLE, AND LINE OF CREDIT LOANS WITH AGGREGATE LOAN BALANCES THAT APPROXIMATED $448,771,000 AS OF DECEMBER 31, 2024.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 59-0706843
- Tax-exempt status
- 501(c)(14): State-chartered credit union
- Donations deductible
- No
- Exempt since
- 2023
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Public and societal benefit (W61)
- Assets (IRS master file)
- $615,037,932
- Income (IRS master file)
- $35,305,173
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $35,305,173 | $32,767,483 | $615,037,932 | XML |
| 990 | December 2023 | $26,668,120 | $22,311,716 | $428,396,918 | XML |
| 990 | December 2022 | $22,495,868 | $15,947,213 | $367,562,433 | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 59-0706843).
Questions about INNOVATIONS FINANCIAL CREDIT UNION
- What is the EIN of INNOVATIONS FINANCIAL CREDIT UNION?
- The employer identification number (EIN) of INNOVATIONS FINANCIAL CREDIT UNION is 59-0706843.
- Is INNOVATIONS FINANCIAL CREDIT UNION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 2023.
- Are donations to INNOVATIONS FINANCIAL CREDIT UNION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does INNOVATIONS FINANCIAL CREDIT UNION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of INNOVATIONS FINANCIAL CREDIT UNION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did INNOVATIONS FINANCIAL CREDIT UNION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of INNOVATIONS FINANCIAL CREDIT UNION?
- The 990 for the year ended December 31, 2024 names DAVID SOUTHALL.
- Who are the officers and directors of INNOVATIONS FINANCIAL CREDIT UNION?
- The 990 for the year ended December 31, 2024 lists 19 people; 11 received compensation from the organization, the highest $468,245 (DAVID SOUTHALL, PRESIDENT/CEO).
- How much revenue does INNOVATIONS FINANCIAL CREDIT UNION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $35,305,173, expenses of $32,767,483 and total assets of $615,037,932 at year end.
Other nonprofits in PANAMA CITY
- KODY FOUNDATION INC EIN 82-2407490 · last filed 990 for 2025
- EASTERN SHIPBUILDING CHARITIES INC EIN 88-0932683 · last filed 990 for 2024
- AMVETS DEPARTMENT OF FLORIDA SERVICE FOUNDATION INC EIN 47-1424265 · last filed 990-PF for 2025
- GULF COAST LGBTQ CENTER EIN 88-3397358 · last filed 990 for 2024
- BAY COUNTY CHAMBER FOUNDATION INC EIN 59-3479027 · last filed 990-EZ for 2024
- CLUB 360 EIN 84-2966557 · last filed 990-EZ for 2025
- COMBAT VETERANS MOTORCYCLE ASSOCIATION 20-9 EIN 47-1711852 · last filed 990-N for 2025
- SONS OF CONFEDERATE VETERANS INC EIN 59-3405289 · last filed 990-N for 2023
All nonprofits in PANAMA CITY · Florida · Public and societal benefit