iThink Financial Credit Union
- Assets
- $1.9b
- Revenue
- $78.7m
- Investments
- $4.3m
- Employees
- 450
- Location
- Delray Beach, FL
- Founding
- Data as of
- 12/2021
- EIN
- 59-1286880
Organization Overview
iThink Financial Credit Union, operating under the name Ithink Financial, is located in Delray Beach, FL. As of 12/2021, Ithink Financial employed 450 individuals. Ithink Financial 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, Ithink Financial generated $78.7m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 23.4% each year . All expenses for the organization totaled $61.2m during the year ending 12/2021. While expenses have increased by 24.4% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO DELIVER SERVICE EXCELLENCE TO THE MEMBERSHIP AND THE COMMUNITIES WE SERVE WHILE ENSURING THE SAFETY AND SOUNDNESS OF THE CREDIT UNION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES DRAFT AND SHARE ACCOUNTS, LOANS, SHARE CERTIFICATES AND OTHER EXEMPT FUNCTION ACTIVITIES TO ITS MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Miller President/ceo | Officer | 40 | $836,425 |
Benjamin Maffett Sba & Commercial Sales Mgr | 40 | $525,023 | |
Jeffrey Kolhagen CFO | Officer | 40 | $257,596 |
Mark Skinner Clo | Officer | 40 | $242,533 |
Christopher Russell Thru 123121 VP Business Lending | 40 | $241,858 | |
Edison Cervantes Cto | Officer | 40 | $226,380 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Att Communications | 12/30/21 | $728,923 |
Dell Usa Lp Computer Hardware | 12/30/21 | $645,048 |
Live Nation Marketing Inc Marketing | 12/30/21 | $469,702 |
Visa Credit Card Processo | 12/30/21 | $703,278 |
Finastra Core Processor | 12/30/21 | $481,454 |
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 | $73,395,185 |
| Investment income | $1,619,771 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,720,491 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $78,735,447 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $40,861 |
| 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. | $2,015,694 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $22,467,965 |
| Pension plan accruals and contributions | $995,473 |
| Other employee benefits | $4,979,348 |
| Payroll taxes | $1,556,077 |
| Fees for services: Management | $704,120 |
| Fees for services: Legal | $104,260 |
| Fees for services: Accounting | $543,330 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $236,520 |
| Advertising and promotion | $3,155,628 |
| Office expenses | $5,888,745 |
| Information technology | $771,099 |
| Royalties | $0 |
| Occupancy | $2,059,554 |
| Travel | $724,153 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,334 |
| Interest | $6,217,102 |
| Payments to affiliates | $145,561 |
| Depreciation, depletion, and amortization | $1,012,094 |
| Insurance | $0 |
| All other expenses | $605,384 |
| Total functional expenses | $61,171,316 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,925,680 |
| Savings and temporary cash investments | $81,381,957 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,273,543 |
| Loans from Officers, Directors, or Controlling Persons | $11,847,688 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,476,928,647 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,972,178 |
| Net Land, buildings, and equipment | $21,631,589 |
| Investments—publicly traded securities | $179,373,598 |
| Investments—other securities | $4,297,722 |
| Investments—program-related | $0 |
| Intangible assets | $14,880,293 |
| Other assets | $58,009,228 |
| Total assets | $1,871,522,123 |
| Accounts payable and accrued expenses | $14,934,693 |
| 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 | $67,984,399 |
| Other liabilities | $1,638,839,685 |
| Total liabilities | $1,721,758,777 |
| 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 | $149,763,346 |
| Total liabilities and net assets/fund balances | $1,871,522,123 |
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