Fairwinds Credit Union
- Assets
- $2.7b
- Revenue
- $146.7m
- Investments
- $3.5m
- Employees
- 705
- Location
- Orlando, FL
- Founding
- 02/1972
- Data as of
- 12/2019
- EIN
- 11-1644012
Organization Overview
Fairwinds Credit Union is located in Orlando, FL. The organization was established in 1972. 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 12/2019, Fairwinds Credit Union employed 705 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Fairwinds 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 12/2019, Fairwinds Credit Union generated $146.7m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 9.0% each year. All expenses for the organization totaled $112.8m during the year ending 12/2019. While expenses have increased by 7.2% per year over the past 5 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
THE OBJECT AND PURPOSE OF FAIRWINDS CREDIT UNION IS TO BE A COOPERATIVE, NONPROFIT, ASSOCIATION ORGANIZED UNDER THE LAWS OF THE STATE OF FLORIDA, FOR THE PURPOSE OF ENCOURAGING THRIFT AMOUNG ITS MEMBERS, CREATING SOURCES OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR RESOURCES ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION NATIONAL ASSOCIATION HAS DETERMINED THAT FAIRWINDS CU PROVIDED $10,002,422 IN DIRECT FINANCIAL BENEFITS TO ITS 193,867 MEMBERS DURING THE TWELVE MONTHS ENDING IN DECEMBER 2019. THESE BENEFITS ARE EQUIVALENT TO APPROXIMATELY $108 PER MEMBER HOUSEHOLD.
FAIRWINDS SAVED OUR MEMBERS ABOUT $6.7 MILLION ON THEIR USED CAR LOANS IN 2019. FAIRWINDS SAVED MEMBER MONEY BY OFFERING USED CAR LOAN RATE AT LEAST 2.01% LOWER THAN OTHER FLORIDA BANKS.
FAIRWINDS SAVED OUR MEMBER ABOUT $4.4 MILLION ON THEIR NEW CAR LOANS IN 2019. FAIRWINDS SAVED MEMBER MONEY BY OFFERING NEW CAR LOAN RATE AT LEAST 1.60% LOWER THAN OTHER FLORIDA BANKS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Tobin Ceo/president | Officer | 60 | $1,390,303 |
Kathy Chonody CFO | Officer | 60 | $997,704 |
Phillip Tischer COO | Officer | 60 | $994,712 |
James Adamczyk Exec VP - Lending | Officer | 60 | $517,701 |
Mathy Hogan Exec VP - Eservices | Officer | 60 | $503,788 |
Thomas Howell Vp-Financial Advisor | 60 | $418,791 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Financial Services Inc Debit & Credit Card Processor | 12/30/19 | $6,655,621 |
Albu & Associates Inc Construction Contractor | 12/30/19 | $2,743,205 |
Ncr Corporation Consumer Online Banking, Atm Maintenance | 12/30/19 | $2,370,471 |
Evok Advertising & Design Inc Social And Digital Media Planning | 12/30/19 | $1,704,961 |
Gte Federal Cu Lake Mary Branch Rent And Purchase Of Bu | 12/30/19 | $1,580,289 |
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 | $132,640,536 |
| Investment income | $10,747,202 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $146,664,282 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $153,581 |
| 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. | $7,453,028 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $33,415,608 |
| Pension plan accruals and contributions | $1,877,228 |
| Other employee benefits | $7,451,086 |
| Payroll taxes | $2,434,307 |
| Fees for services: Management | $1,172,454 |
| Fees for services: Legal | $111,174 |
| Fees for services: Accounting | $301,985 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $618,327 |
| Fees for services: Other | $1,254,562 |
| Advertising and promotion | $4,909,577 |
| Office expenses | $2,851,441 |
| Information technology | $8,499,447 |
| Royalties | $0 |
| Occupancy | $3,588,719 |
| Travel | $741,473 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,136 |
| Interest | $12,725,518 |
| Payments to affiliates | $259,349 |
| Depreciation, depletion, and amortization | $3,953,678 |
| Insurance | $559,135 |
| All other expenses | $4,854,113 |
| Total functional expenses | $112,844,613 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,875,371 |
| Savings and temporary cash investments | $149,430,012 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,829,498 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,960,641,719 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,926,199 |
| Net Land, buildings, and equipment | $101,763,026 |
| Investments—publicly traded securities | $348,578,240 |
| Investments—other securities | $3,516,569 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $91,822,686 |
| Total assets | $2,670,383,320 |
| Accounts payable and accrued expenses | $25,374,931 |
| Grants payable | $0 |
| Deferred revenue | $3,097,406 |
| 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 | $2,342,497,511 |
| Total liabilities | $2,370,969,848 |
| 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 | $299,413,472 |
| Total liabilities and net assets/fund balances | $2,670,383,320 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
State Chartered Credit Unions In Florida Jacksonville, FL | $9,117,136,795 | $471,645,316 |
Suncoast Credit Union Tampa, FL | $10,533,714,376 | $521,014,379 |
Delta Community Credit Union Atlanta, GA | $6,051,859,737 | $309,453,420 |
State Chartered Credit Unions In Florida Melbourne, FL | $5,959,003,296 | $246,524,634 |
Midflorida Credit Union Lakeland, FL | $4,422,009,998 | $222,035,479 |
Georgia's Own Credit Union Atlanta, GA | $2,494,603,277 | $142,869,720 |
Fairwinds Credit Union Orlando, FL | $2,670,383,320 | $146,664,282 |
Robins Financial Credit Union Warner Robins, GA | $3,340,269,474 | $144,241,424 |
State Chartered Credit Unions In Florida Jonesville, FL | $2,090,847,610 | $107,037,570 |
State Chartered Credit Unions In Florida Dunedin, FL | $1,780,626,340 | $97,809,233 |
Atlanta Postal Credit Union Atlanta, GA | $2,165,395,511 | $91,838,431 |
State Chartered Credit Unions In Florida Jacksonville, FL | $1,751,936,634 | $89,946,257 |