Sunstate Federal Credit Union
- Assets
- $703.3m
- Revenue
- $32.7m
- Investments
- $171.6m
- Employees
- 206
- Location
- Gainesville, FL
- Founding
- Data as of
- 12/2021
- EIN
- 59-0808589
Organization Overview
Sunstate Federal Credit Union is located in Gainesville, FL. 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, Sunstate Federal Credit Union employed 206 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sunstate Federal Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ORGANIZATION IS A NOT-FOR-PROFIT CREDIT UNION THAT OFFERS MEMBERS LOAN AND DEPOSIT SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE'RE A CREDIT UNION, A NOT-FOR-PROFIT FINANCIAL INSTITUTION PROUDLY SERVING OUR COMMUNITY AND WE RETURN OUR PROFITS TO OUR MEMBER-OWNERS IN THE FORM OF BETTER RATES, LOWER FEES, A HIGHER RETURN ON DEPOSITS, AND PERSONALIZED SERVICE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Barnard President/ceo | Officer | 40 | $419,810 |
Kelly Chesser COO | Officer | 40 | $214,177 |
Brandon Love Cto | Officer | 40 | $192,609 |
Joseph Akins Former CEO | 40 | $191,986 | |
Suzanne Friis Former VP Of Operations | 40 | $163,356 | |
John Power Director | Trustee | 1 | $2,240 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sorenson Vanleuven Pllc Legal Fees | 12/30/21 | $182,207 |
Itsavvy Llc Information Technology | 12/30/21 | $152,551 |
Pk 5 Llc Rent | 12/30/21 | $128,860 |
Wittenbach Business Systems Llc Security | 12/30/21 | $211,693 |
Avtex Solutions Llc Consulting | 12/30/21 | $184,594 |
View All Vendors
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 | $23,050,906 |
| Investment income | $884,082 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$701,950 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $32,731,636 |
| 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. | $1,261,800 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,315,796 |
| Pension plan accruals and contributions | $578,381 |
| Other employee benefits | $2,093,805 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $160,901 |
| Fees for services: Accounting | $73,616 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $482,207 |
| Advertising and promotion | $1,449,124 |
| Office expenses | $1,063,038 |
| Information technology | $2,065,116 |
| Royalties | $0 |
| Occupancy | $1,058,848 |
| Travel | $156,058 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,000 |
| Interest | $1,111,503 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $873,323 |
| Insurance | $162,997 |
| All other expenses | $742,471 |
| Total functional expenses | $27,893,079 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,710,925 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,939,112 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $498,562,126 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,296,293 |
| Net Land, buildings, and equipment | $17,583,085 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $171,612,654 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,606,410 |
| Total assets | $703,310,605 |
| Accounts payable and accrued expenses | $3,035,129 |
| Grants payable | $0 |
| Deferred revenue | $504,314 |
| 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 | $40,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,077,081 |
| Total liabilities | $44,616,524 |
| 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 | $658,694,081 |
| Total liabilities and net assets/fund balances | $703,310,605 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Georgia's Own Credit Union Atlanta, GA | $3,419,402,865 | $147,500,350 |
Fairwinds Credit Union Orlando, FL | $4,043,048,917 | $164,616,807 |
Robins Financial Credit Union Warner Robins, GA | $3,880,052,195 | $147,788,018 |
State Chartered Credit Unions In Florida Jonesville, FL | $2,692,290,378 | $122,435,815 |
Florida Credit Union Gainesville, FL | $1,449,934,229 | $94,300,981 |
Atlanta Postal Credit Union Atlanta, GA | $2,565,202,791 | $86,141,254 |
Georgia United Credit Union Duluth, GA | $1,880,574,240 | $80,835,681 |
State Chartered Credit Unions In Florida Dunedin, FL | $2,485,154,200 | $95,219,795 |
State Chartered Credit Unions In Florida Jacksonville, FL | $2,430,634,345 | $94,716,587 |
Lge Community Credit Union Atlanta, GA | $1,989,595,139 | $81,568,561 |
Associated Credit Union Norcross, GA | $2,094,343,004 | $74,274,351 |
Max Credit Union Montgomery, AL | $2,021,706,470 | $76,797,432 |