Priority Credit Union
- Assets
- $64.9m
- Revenue
- $3.8m
- Investments
- $0.0
- Employees
- 18
- Location
- Orlando, FL
- Founding
- 10/1970
- Data as of
- 12/2022
- EIN
- 59-0385610
Organization Overview
Priority Credit Union is located in Orlando, FL. The organization was established in 1970. 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 12/2022, Priority Credit Union employed 18 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Priority 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 12/2022, Priority Credit Union generated $3.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.9%) each year. All expenses for the organization totaled $3.6m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (4.3%) per year over the past 7 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CARING ABOUT PEOPLE; CONNECTING MEMBERS WITH THEIR FINANCIAL DREAMS; CONFIDENT IN MAKING A DIFFERENCE IN THE LIVES OF MEMBERS. PRIORITY CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION OWNED BY THE MEMBERS OF THE CREDIT UNION. IT IS A NON-PROFIT FINANCIAL INSTITUTION ORGANIZED TO PROMOTE THRIFT AND PROVIDE CREDIT TO MEMBERS AT LOWER RATES THAN IS AVAILABLE FROM OTHER SOURCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INCOME FROM THE CREDIT UNION MEMBERSHIP AND INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS' RESTRICTED MEMBERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alan Rowe Cso | Officer | 40 | $116,134 |
Maria Oshea COO | Officer | 40 | $83,399 |
Steve Hooks Board Chairman | Trustee | 20 | $0 |
Ray Muse Board Vice Chairman | Trustee | 20 | $0 |
Sherrie Tomlinson Board Secretary | Trustee | 20 | $0 |
Jerry Morey Board Treasurer | Trustee | 20 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Company Core Processor | 12/30/18 | $553,714 |
Tech Hero Tech Support | 12/30/18 | $141,772 |
Allied Solutions Collateral Protection Insurance | 12/30/18 | $225,404 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $208,331 |
| 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 | $208,331 |
| Total Program Service Revenue | $3,422,266 |
| Investment income | $167,108 |
| 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 | $3,797,705 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $199,533 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $747,086 |
| Pension plan accruals and contributions | $28,682 |
| Other employee benefits | $87,326 |
| Payroll taxes | $75,683 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $22,032 |
| Fees for services: Accounting | $172,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $56,236 |
| Office expenses | $717,463 |
| Information technology | $155,562 |
| Royalties | $0 |
| Occupancy | $153,295 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,166 |
| Interest | $15,247 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $73,209 |
| Insurance | $60,461 |
| All other expenses | $445,394 |
| Total functional expenses | $3,619,968 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $507,915 |
| Savings and temporary cash investments | $10,757,838 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,457,360 |
| Loans from Officers, Directors, or Controlling Persons | $17,479 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $50,494,228 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $245,221 |
| Net Land, buildings, and equipment | $675,955 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $572,269 |
| Intangible assets | $0 |
| Other assets | $174,038 |
| Total assets | $64,902,303 |
| Accounts payable and accrued expenses | $2,721,279 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $57,273,634 |
| Total liabilities | $59,994,913 |
| 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 | $4,907,390 |
| Total liabilities and net assets/fund balances | $64,902,303 |