Suncoast Credit Union
- Assets
- $10.5b
- Revenue
- $521.0m
- Investments
- $118.7m
- Employees
- 2,082
- Location
- Tampa, FL
- Founding
- 03/2016
- Data as of
- 12/2019
- EIN
- 59-0291451
Organization Overview
Suncoast Credit Union is located in Tampa, FL. The organization was established in 2016. 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, Suncoast Credit Union employed 2,082 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Suncoast 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, Suncoast Credit Union generated $521.0m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 11.4% each year . All expenses for the organization totaled $406.4m during the year ending 12/2019. While expenses have increased by 12.1% 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.
Since 2015, Suncoast Credit Union has awarded 45 individual grants totaling $2,798,406. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE QUALITY OF OUR MEMBERS' LIVES THROUGH STRENGTH, SECURITY, AND INNOVATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Johnson President/ceo | Officer | 50 | $722,455 |
Julie A Renderos Executive Vp/cfo | Officer | 50 | $505,151 |
Donald D Burt Wealth Advisor | 50 | $316,212 | |
Victoria Lovett Chief Lending Officer | Officer | 50 | $295,070 |
Harold Hassenfelt Chief Digital Officer | Officer | 50 | $275,453 |
Gary J Vien Chief Administrative Officer | Officer | 50 | $273,910 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kass Shuler Pa Legal Service Attorney | 12/30/19 | $943,616 |
Wetherington Hamilton & Harrison Pa Attorney | 12/30/19 | $312,291 |
Hepner Architects Architects | 12/30/19 | $331,040 |
Tcs Corp Janitorial Services | 12/30/19 | $799,998 |
Law Offices Of Daniel Consuegra Collections Attorney | 12/30/19 | $211,362 |
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 | $480,661,406 |
| Investment income | $35,870,971 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,468,228 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $521,014,379 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $509,004 |
| 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. | $2,853,978 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $95,069,516 |
| Pension plan accruals and contributions | $5,064,066 |
| Other employee benefits | $17,484,824 |
| Payroll taxes | $7,090,255 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $394,341 |
| Fees for services: Accounting | $318,825 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,000 |
| Advertising and promotion | $7,311,385 |
| Office expenses | $8,073,308 |
| Information technology | $11,380,129 |
| Royalties | $0 |
| Occupancy | $13,348,954 |
| Travel | $857,727 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $387,781 |
| Interest | $101,789,160 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,349,619 |
| Insurance | $1,833,495 |
| All other expenses | $8,849,490 |
| Total functional expenses | $406,443,368 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $203,302,611 |
| Savings and temporary cash investments | $389,685,985 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,321,417 |
| Loans from Officers, Directors, or Controlling Persons | $14,626,468 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $8,296,822,578 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $22,110,677 |
| Net Land, buildings, and equipment | $178,774,318 |
| Investments—publicly traded securities | $1,162,150,322 |
| Investments—other securities | $118,707,209 |
| Investments—program-related | $0 |
| Intangible assets | $4,510,417 |
| Other assets | $124,702,374 |
| Total assets | $10,533,714,376 |
| Accounts payable and accrued expenses | $89,432,146 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $16,000,967 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $100,000,000 |
| Unsecured mortgages and notes payable | $400,000 |
| Other liabilities | $9,339,874,249 |
| Total liabilities | $9,545,707,362 |
| 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 | $988,007,014 |
| Total liabilities and net assets/fund balances | $10,533,714,376 |
Grants Awarded
Over the last fiscal year, Suncoast Credit Union has awarded $488,331 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
Tampa, FL PURPOSE: FUNDING EDUCATION & MEDICAL NEEDS OF CHILDREN IN FLORIDA | $208,399 |
Madison, WI PURPOSE: TO FUND PROGRAMS THAT HELP IMPROVE CONSUMER'S FINANCIAL LIVES & SUNCOAST GAC ATTENDEES ATTENDED DINNER TO SUPPORT HERB WAGNER AWARD WINNERS | $119,199 |
Tampa, FL PURPOSE: TO RAISE FUNDS FOR THE AUTISM CENTER AT ALL CHILDREN'S HOSPITAL | $50,000 |
Tallahassee, FL PURPOSE: TO PROVIDE ASSISTANCE TO SMALLER CREDIT UNIONS | $34,733 |
Lincoln, NE PURPOSE: FUNDS TO PLANT TREES TO REDUCE CARBON EMISSIONS | $25,000 |
Atlanta, GA PURPOSE: TO RAISE FUNDS FOR CANCER RESEARCH | $16,000 |
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 |