State Chartered Credit Unions In Florida
- Assets
- $259.4m
- Revenue
- $7.6m
- Investments
- $9.6m
- Employees
- 69
- Location
- Miami, FL
- Founding
- 10/1970
- Data as of
- 12/2021
- EIN
- 59-0747276
Organization Overview
State Chartered Credit Unions In Florida is located in Miami, 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 12/2021, State Chartered Credit Unions In Florida employed 69 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. State Chartered Credit Unions In Florida 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 12/2021, State Chartered Credit Unions In Florida generated $7.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $6.7m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF UNIVERSITY CREDIT UNION IS TO PROVIDE A VARIETY OF QUALITY FINANCIAL SERVICES FOR OUR MEMBERS TO IMPROVE THEIR FINANCIAL STATUS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE CREDIT UNION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael J Welch Sr President/ceo | Officer | 40 | $808,087 |
Albert E Rose Evp/coo | Officer | 40 | $168,069 |
Eric J Hoskins Svp-Cio | Officer | 40 | $119,463 |
Thomas Smith Vp/controller | Officer | 40 | $113,735 |
Dr Scott Ingold Secretary | Trustee | 5 | $0 |
Bob Burns Board Member | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Core Processor, Home Banking, Bill Payer | 12/30/21 | $590,970 |
At&t Phone/internet Services | 12/30/21 | $111,978 |
Pscu Credit Card Processing | 12/30/21 | $258,167 |
Miami Dade Tax Collector Property Taxes | 12/30/21 | $130,292 |
Q2 Software Inc Software | 12/30/21 | $225,819 |
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 | $5,593,549 |
| Investment income | $2,029,999 |
| 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 | $7,623,548 |
| 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. | $937,709 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,501,639 |
| Pension plan accruals and contributions | $72,522 |
| Other employee benefits | $298,481 |
| Payroll taxes | $192,479 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,235 |
| Fees for services: Accounting | $51,972 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $273,148 |
| Advertising and promotion | $112,136 |
| Office expenses | $256,453 |
| Information technology | $409,798 |
| Royalties | $0 |
| Occupancy | $273,372 |
| Travel | $2,518 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,178 |
| Interest | $264,818 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $234,476 |
| Insurance | $181,244 |
| All other expenses | $305,807 |
| Total functional expenses | $6,728,018 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $890,399 |
| Savings and temporary cash investments | $34,151,921 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,180,077 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $96,255,616 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $292,791 |
| Net Land, buildings, and equipment | $9,611,914 |
| Investments—publicly traded securities | $101,717,396 |
| Investments—other securities | $9,642,336 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,692,357 |
| Total assets | $259,434,807 |
| Accounts payable and accrued expenses | $2,962,144 |
| 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 | $236,327,618 |
| Total liabilities | $239,289,762 |
| 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 | $20,145,045 |
| Total liabilities and net assets/fund balances | $259,434,807 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
State Chartered Credit Unions In Florida Tampa, FL | $620,353,009 | $19,516,716 |
Alabama State Employees Credit Union Montgomery, AL | $434,037,642 | $19,973,256 |
Credit Union Of Georgia Kennesaw, GA | $568,450,220 | $21,135,096 |
Alabama Teachers Credit Union Gadsden, AL | $477,477,278 | $19,350,763 |
Credit Unions In The State Of Alabama Gadsden, AL | $384,172,678 | $21,033,823 |
State Chartered Credit Unions In Florida Tallahassee, FL | $332,444,116 | $17,853,427 |
Interstate Paper Federal Credit Union Jesup, GA | $308,641,899 | $18,616,471 |
Membersfirst Credit Union 2050 Lawrenceville Hwy Ste C-40 Decatur, GA | $348,729,006 | $15,204,020 |
Southeastern Federal Credit Union Valdosta, GA | $334,399,365 | $14,490,315 |
Guardians Credit Union West Palm Beach, FL | $295,864,483 | $15,445,719 |
State Chartered Credit Unions In Florida Pensacola, FL | $298,562,888 | $12,861,025 |
Mutual Savings Birmingham, AL | $217,478,712 | $10,770,188 |