STATE CHARTERED CREDIT UNIONS IN FLORIDA: Form 990, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- STATE CHARTERED CREDIT UNIONS IN FLORIDA (EIN 59-0637653)
- Tax period
- 2023-01-01 to 2023-12-31
- Filed
- 2024-10-11
- IRS object ID
- 202402859349302000
- Schema version
- 2023v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-10-11T14:29:06-05:00 | ReturnTs |
| Tax Period End | 2023-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 420714325 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RSM US LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4650 EAST 53RD STREET | AddressLine1Txt |
| City | DAVENPORT | CityNm |
| State Abbreviation | IA | StateAbbreviationCd |
| ZIP | 528073479 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 590637653 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | TROPICAL FINANCIAL CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | TROP | BusinessNameControlTxt |
| Phone | 8882618328 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 3050 CORPORATE WAY | AddressLine1Txt |
| City | MIRAMAR | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 33025 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | RICHARD SHAW | PersonNm |
| Person Title | PRESIDENT/CEO | PersonTitleTxt |
| Phone | 8882618328 | PhoneNum |
| Signature | 2024-09-23 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (1) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | JENIFER L CHASE | PreparerPersonNm |
| PTIN | P01306883 | PTIN |
| Phone | 5638884000 | PhoneNum |
| Preparation | 2024-09-23 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-10-15 13:58:12Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | RICHARD SHAW | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 3050 CORPORATE WAY | AddressLine1Txt |
| City | MIRAMAR | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 33025 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $72,417,653 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Group Exemption | 2106 | GroupExemptionNum |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.TROPICALFCU.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Other Organization Dsc | CREDIT UNION | OtherOrganizationDsc |
| Formation | 1935 | FormationYr |
| Legal Domicile State | FL | LegalDomicileStateCd |
| Activity Or Mission | TROPICAL FINANCIAL CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING MEMBER OWNERS WITH VALUABLE PRODUCTS, SERVICES & EDUCATION TO HELP THEM ACHIEVE THEIR GOALS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 9 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 9 | VotingMembersIndependentCnt |
| Total Employee | 228 | TotalEmployeeCnt |
| Total Volunteers | 9 | TotalVolunteersCnt |
| Total Gross UBI | $42,465 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $43,507,348 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $50,509,019 | CYProgramServiceRevenueAmt |
| PY Investment Income | $2,437,787 | PYInvestmentIncomeAmt |
| CY Investment Income | $6,539,612 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $45,945,135 | PYTotalRevenueAmt |
| CY Total Revenue | $57,048,631 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $56,491 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $45,478 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $16,991,629 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $17,922,845 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $22,049,794 | PYOtherExpensesAmt |
| CY Other Expenses | $38,278,702 | CYOtherExpensesAmt |
| PY Total Expenses | $39,097,914 | PYTotalExpensesAmt |
| CY Total Expenses | $56,247,025 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $6,847,221 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $801,606 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $988,133,882 | TotalAssetsBOYAmt |
| Total Assets EOY | $966,643,260 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $899,462,575 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $878,502,134 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $88,671,307 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $88,141,126 | NetAssetsOrFundBalancesEOYAmt |
| Mission | TROPICAL FINANCIAL CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING MEMBER OWNERS WITH VALUABLE PRODUCTS, SERVICES AND EDUCATION TO HELP THEM ACHIEVE THEIR GOALS. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | TROPICAL FINANCIAL CREDIT UNION (THE CREDIT UNION) USES INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS TO PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED FIELD OF MEMBERSHIP (PERSONS WHO LIVE OR WORK IN MIAMI-DADE, BROWARD, PALM BEACH, SARASOTA, ST LUCIE, MARTIN, HENDRY, COLLIER, AND LEE COUNTIES). THE CREDIT UNION OFFERS CHECKING/SAVINGS ACCOUNTS, CDS, AUTO LOANS, HOME LOANS, PERSONAL LOANS, AND DIGITAL BANKING SERVICES TO ITS MEMBERSHIP. | Desc |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | Yes (1) | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 15620 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 228 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 9 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 9 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | 0 | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | 0 | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RICHARD SHAW | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 8882618328 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 3050 CORPORATE WAY | AddressLine1Txt |
| City | MIRAMAR | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 33025 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (22 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd |
|---|---|---|---|---|---|---|---|---|
| RICHARD SHAW | ||||||||
| CEO | 40.00 | Yes (X) | $456,911 | $0 | $34,848 | |||
| RICHARD HELBER | ||||||||
| FORMER CEO | 40.00 | Yes (X) | $446,368 | $0 | $2,472 | |||
| BRIAN BURRESS | ||||||||
| VP OF MEMBER RELATIONS | 40.00 | $197,337 | $0 | $23,287 | Yes (X) | |||
| ELIZABETH JIMENEZ | ||||||||
| VP OF HUMAN RESOURCES | 40.00 | $179,712 | $0 | $24,670 | Yes (X) | |||
| ROBERTO SALAMANCA | ||||||||
| VP OF IT | 40.00 | $181,297 | $0 | $22,568 | Yes (X) | |||
| ALFREDO GOENAGA | ||||||||
| VP OF ADMIN | 40.00 | $177,862 | $0 | $24,007 | Yes (X) | |||
| AMY MCGRAW | ||||||||
| VP OF MARKETING | 40.00 | $181,527 | $0 | $18,077 | Yes (X) | |||
| JENNIFER FARRINGTON | ||||||||
| CONTROLLER/VP OF FINANCE | 40.00 | Yes (X) | $179,146 | $0 | $16,776 | |||
| ROBERT SMITH | ||||||||
| INFORMATION SECURITY OFFICER | 40.00 | $145,785 | $0 | $15,014 | Yes (X) | |||
| DIANE MASTAY | ||||||||
| MORTGAGE DIRECTOR | 40.00 | $144,653 | $0 | $14,319 | Yes (X) | |||
| SARA P MONROY | ||||||||
| CONSUMER LENDING MANAGER | 40.00 | $133,861 | $0 | $18,396 | Yes (X) | |||
| LAURA CAUSEY | ||||||||
| BUSINESS APPLICATION MANAGER | 40.00 | $139,571 | $0 | $10,347 | Yes (X) | |||
| JOE PARDO | ||||||||
| RISK & FRAUD INVESTIGATION MANAGER | 40.00 | $130,436 | $0 | $6,447 | Yes (X) | |||
| MC MARTINEZ | ||||||||
| DIRECTOR | 1.00 | $9,781 | $0 | $0 | Yes (X) | |||
| JM DOHOHUE | ||||||||
| DIRECTOR | 1.00 | $8,821 | $0 | $0 | Yes (X) | |||
| ML REYES | ||||||||
| DIRECTOR | 1.00 | $7,327 | $0 | $0 | Yes (X) | |||
| JL BELAUSTEGUI | ||||||||
| DIRECTOR | 1.00 | $7,017 | $0 | $0 | Yes (X) | |||
| ME PEREZ | ||||||||
| VICE CHAIR | 1.00 | Yes (X) | $6,628 | $0 | $0 | Yes (X) | ||
| RP WISNIEWKI | ||||||||
| SECRETARY/TREASURER | 1.00 | Yes (X) | $3,292 | $0 | $0 | Yes (X) | ||
| BK CRUIT | ||||||||
| DIRECTOR | 1.00 | $0 | $0 | $0 | Yes (X) | |||
| BN DIAMOND | ||||||||
| DIRECTOR | 1.00 | $0 | $0 | $0 | Yes (X) | |||
| HP GEER | ||||||||
| CHAIR | 1.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $2,737,332 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $231,228 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 33 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| FISERV SOLUTIONS | |||||
| 4575 SW RESEARCH WAY | CORVALLIS | OR | 97339 | CORE SYSTEM/SOFTWARE | $1,928,980 |
| FUSION AUTO FINANCE | |||||
| 1320 TENNIS DR | BEDFORD | TX | 76022 | AUTO LOAN 3RD PARTY VENDOR | $1,497,658 |
| NCR CORPORATION | |||||
| PO BOX 740641 | LOS ANGELES | CA | 90074 | ELECTRONIC BANKING SERVICE PROVIDER | $987,100 |
| SUNBEAM DEVELOPMENT CORP | |||||
| 1401 79TH ST CAUSEWAY | MIAMI | FL | 33141 | PROPERTY RENTAL SERVICE | $833,578 |
| BIT- DMS | |||||
| 710 SW 34TH STREET | RENTON | WA | 98057 | MAIL SERVICE | $523,129 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 35 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| INCOME ON LOANS | 522100 | $40,674,818 | $40,674,818 | |
| CHARGES/FEES/OTHER | 522100 | $9,834,201 | $9,791,736 | $42,465 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $50,509,019 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $6,548,966 | TotalRevenueColumnAmt |
| Exclusion | $6,548,966 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $15,359,668 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $15,369,022 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | -$9,354 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$9,354 | TotalRevenueColumnAmt |
| Exclusion | -$9,354 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $57,048,631 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $50,466,554 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $42,465 | UnrelatedBusinessRevenueAmt |
| Exclusion | $6,539,612 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $45,478 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,209,732 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $11,907,419 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $589,768 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,132,933 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,082,993 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $299,017 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $108,000 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,217,419 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,470,675 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $510,973 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,881,736 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $552,135 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $115,145 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,766,029 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $190,494 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| CREDIT LOSS EXPENSE | $11,526,286 |
| DIVIDENDS PAID TO MEMBE | $7,811,714 |
| MORTGAGE LOAN SERVICING | $2,122,437 |
| SWITCH EXP | $2,084,307 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,622,335 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $56,247,025 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $34,850,242 | BOYAmt |
| EOY | $20,078,606 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $80,929,862 | BOYAmt |
| EOY | $125,519,584 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,663,424 | BOYAmt |
| EOY | $3,317,090 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $826,208,576 | BOYAmt |
| EOY | $778,479,488 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,110,901 | BOYAmt |
| EOY | $6,620,600 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $28,204,861 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $20,349,251 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,034,789 | BOYAmt |
| EOY | $7,855,610 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,805,704 | BOYAmt |
| EOY | $4,098,417 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,076,983 | BOYAmt |
| EOY | $1,076,983 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $173,700 | BOYAmt |
| EOY | $108,562 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $25,279,701 | BOYAmt |
| EOY | $19,488,320 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $988,133,882 | BOYAmt |
| EOY | $966,643,260 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,082,382 | BOYAmt |
| EOY | $4,836,127 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,494,966 | BOYAmt |
| EOY | $4,185,045 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $888,885,227 | BOYAmt |
| EOY | $869,480,962 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $899,462,575 | BOYAmt |
| EOY | $878,502,134 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $88,671,307 | BOYAmt |
| EOY | $88,141,126 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $88,671,307 | BOYAmt |
| EOY | $88,141,126 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $988,133,882 | BOYAmt |
| EOY | $966,643,260 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $801,606 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $37,022 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$1,368,809 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Agent Trustee Etc | 0 | AgentTrusteeEtcInd |
| Incl Escrow Custodial Acct Liab | Yes (1) | InclEscrowCustodialAcctLiabInd |
| Explanation Provided | Yes (X) | ExplanationProvidedInd |
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $3,385,335 | OtherCostOrOtherBasisAmt |
| Book Value | $3,385,335 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $6,706,832 | OtherCostOrOtherBasisAmt |
| Depreciation | $3,521,738 | DepreciationAmt |
| Book Value | $3,185,094 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $4,326,897 | OtherCostOrOtherBasisAmt |
| Depreciation | $4,256,372 | DepreciationAmt |
| Book Value | $70,525 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $13,716,608 | OtherCostOrOtherBasisAmt |
| Depreciation | $12,501,952 | DepreciationAmt |
| Book Value | $1,214,656 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $69,189 | OtherCostOrOtherBasisAmt |
| Depreciation | $69,189 | DepreciationAmt |
| Book Value | $0 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $7,855,610 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (7 entries)
| DescDesc | AmtAmt |
|---|---|
| MEMBER DEPOSITS - SHARE DRAFTS | $197,564,896 |
| MEMBER DEPOSITS - PREMIER 1 CHECKING | $8,447,462 |
| MEMBER DEPOSITS - MONEY MARKET ACCOUNT | $81,688,757 |
| MEMBER DEPOSITS - SHARES | $353,782,799 |
| MEMBER DEPOSITS - IRA SHARES | $9,386,614 |
| MEMBER DEPOSITS - SHARE & IRA CERTIFICATES | $216,147,038 |
| LEASE LIABILITY FOR OPERATING LEASES | $2,463,396 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $869,480,962 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $57,189,066 | TotalRevEtcAuditedFinclStmtAmt |
| Other Revenue | $140,435 | OtherRevenueAmt |
| Revenue Not Reported | $140,435 | RevenueNotReportedAmt |
| Revenue Subtotal | $57,048,631 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $57,048,631 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $56,387,460 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | $140,435 | OtherExpensesIncludedAmt |
| Expenses Not Reported | $140,435 | ExpensesNotReportedAmt |
| Expenses Subtotal | $56,247,025 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $56,247,025 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (4 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART IV, LINE 2B: | TROPICAL FINANCIAL CREDIT UNION MAINTAINS CUSTODIAL ESCROW BALANCES TO PAY REAL ESTATE TAXES AND HOME OWNERS INSURANCE ON BEHALF OF MORTGAGE HOLDERS. |
| PART X, LINE 2: | TROPICAL FINANCIAL CREDIT UNION (THE CREDIT UNION) IS EXEMPT FROM MOST FEDERAL AND STATE INCOME TAXES. THE INCOME TAXES TOPIC OF THE ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE MORE-LIKELY-THAN-NOT STANDARD FOR SUSTAINABILITY UPON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATECHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UNRELATED BUSINESS INCOME MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. MANAGEMENT HAS ASSESSED THE CREDIT UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2022, 2021 AND 2020 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. |
| PART XI, LINE 2D - OTHER ADJUSTMENTS: | LOSS ON DISPOSAL OF ASSETS RECLASS 140,435. |
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | LOSS ON DISPOSAL OF ASSETS RECLASS 140,435. |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | 0 | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (2 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceAmt | Purpose Of GrantPurposeOfGrantTxt |
|---|---|---|---|---|---|---|---|---|
| AMERICAN RED CROSS | ||||||||
| 431 18TH STREET NW | WASHINGTON | DC | 20006 | 530196605 | 501(C)(3) | $10,135 | $0 | PROGRAM SUPPORT |
| TEAM FOOTWORKS | ||||||||
| 5724 SUNSET DR | SOUTH MIAMI | FL | 33143 | 650455073 | 501(C)(3) | $5,256 | $0 | PROGRAM SUPPORT |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 2 | Total501c3OrgCnt |
| Total Other Org | 0 | TotalOtherOrgCnt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2 | FormAndLineReferenceDesc |
| Explanation | TROPICAL FINANCIAL CREDIT UNION DOES NOT MONITOR THE USE OF GRANTS FUNDS ONCE DISBURSED TO PUBLIC CHARITIES. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | Yes (1) | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (11 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RICHARD SHAW | ||||||||||||||
| CEO | $454,535 | $0 | $0 | $0 | $2,376 | $0 | $11,010 | $0 | $23,838 | $0 | $491,759 | $0 | $0 | $0 |
| RICHARD HELBER | ||||||||||||||
| FORMER CEO | $84,705 | $0 | $0 | $0 | $361,663 | $0 | $2,041 | $0 | $431 | $0 | $448,840 | $0 | $0 | $0 |
| BRIAN BURRESS | ||||||||||||||
| VP OF MEMBER RELATIONS | $194,965 | $0 | $0 | $0 | $2,372 | $0 | $8,030 | $0 | $15,257 | $0 | $220,624 | $0 | $0 | $0 |
| ELIZABETH JIMENEZ | ||||||||||||||
| VP OF HUMAN RESOURCES | $178,183 | $0 | $0 | $0 | $1,529 | $0 | $7,327 | $0 | $17,343 | $0 | $204,382 | $0 | $0 | $0 |
| ROBERTO SALAMANCA | ||||||||||||||
| VP OF IT | $180,506 | $0 | $0 | $0 | $791 | $0 | $7,575 | $0 | $14,993 | $0 | $203,865 | $0 | $0 | $0 |
| ALFREDO GOENAGA | ||||||||||||||
| VP OF ADMIN | $173,948 | $0 | $0 | $0 | $3,914 | $0 | $7,237 | $0 | $16,770 | $0 | $201,869 | $0 | $0 | $0 |
| AMY MCGRAW | ||||||||||||||
| VP OF MARKETING | $180,023 | $0 | $0 | $0 | $1,504 | $0 | $3,706 | $0 | $14,371 | $0 | $199,604 | $0 | $0 | $0 |
| JENNIFER FARRINGTON | ||||||||||||||
| CONTROLLER/VP OF FINANCE | $178,633 | $0 | $0 | $0 | $513 | $0 | $7,327 | $0 | $9,449 | $0 | $195,922 | $0 | $0 | $0 |
| ROBERT SMITH | ||||||||||||||
| INFORMATION SECURITY OFFICER | $145,131 | $0 | $0 | $0 | $654 | $0 | $5,910 | $0 | $9,104 | $0 | $160,799 | $0 | $0 | $0 |
| DIANE MASTAY | ||||||||||||||
| MORTGAGE DIRECTOR | $142,787 | $0 | $0 | $0 | $1,866 | $0 | $5,832 | $0 | $8,487 | $0 | $158,972 | $0 | $0 | $0 |
| SARA P MONROY | ||||||||||||||
| CONSUMER LENDING MANAGER | $133,635 | $0 | $0 | $0 | $226 | $0 | $5,543 | $0 | $12,853 | $0 | $152,257 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINES 4A-B | TROPICAL FINANCIAL CREDIT UNION PAID RICHARD HELBER, FORMER CHIEF EXECUTIVE OFFICER, $361,136 IN SEVERANCE PAYMENTS DURING CALENDAR YEAR 2023. THIS AMOUNT IS REPORTED ON FORM 990, PART VII AND SCHEDULE J, PART II AS OTHER REPORTABLE COMPENSATION. |
| PART I, LINE 4B: | RICHARD HELBER, FORMER CHIEF EXECUTIVE OFFICER, BEGAN PARTICIPATING IN A NONQUALIFIED DEFERRED COMPENSATION PLAN UNDER SECTION 457(F) IN 2019. THERE WERE NO CONTRIBUTIONS IN OR DISTRIBUTIONS FROM THE PLAN IN 2023. |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | TROPICAL FINANCIAL CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. |
| FORM 990, PART VI, SECTION A, LINE 7A | TROPICAL FINANCIAL CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. |
| FORM 990, PART VI, SECTION A, LINE 8B | TROPICAL FINANCIAL CREDIT UNION DOES NOT HAVE ANY COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE FORM 990 WILL BE REVIEWED BY THE VICE PRESIDENT OF FINANCE AND CHIEF FINANCIAL OFFICER. IF ANY QUESTIONS ARISE, THE VICE PRESIDENT OF FINANCE/CHIEF FINANCIAL OFFICER WILL DISCUSS WITH THE CPA FIRM. THE FORM 990 WILL BE PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. THE FORM 990 WILL BE PRESENTED TO THE BOARD OF DIRECTORS FOR INFORMATIONAL PURPOSES ONLY SUBSEQUENT TO THE FORM BEING FILED WITH THE INTERNAL REVENUE SERVICE. THIS WILL BE RECORDED IN THE BOARD MINUTES. |
| FORM 990, PART VI, SECTION B, LINE 12C | BOARD MEMBERS, EMPLOYEES, AND COMMITTEES OF TROPICAL FINANCIAL CREDIT UNION ARE SUBJECT TO A CONFLICT-OF-INTEREST POLICY. THE CONFLICT-OF-INTEREST POLICY IS TO BE REVIEWED AND REAFFIRMED ANNUALLY BY THE BOARD OF DIRECTORS. EVIDENCE OF THE REVIEW AND AFFIRMATION WILL BE ENTERED IN THE MINUTES OF THE BOARD MEETING FOR THE DATE OF THE REVIEW. ADDITIONALLY, EACH MEMBER OF THE BOARD WILL, ON AN ANNUAL BASIS, EXECUTE A CODE OF CONDUCT AND ETHICS AFFIRMATION FORM WHICH WILL BE KEPT ON FILE IN THE CREDIT UNION EXECUTIVE OFFICES. THE BOARD OF DIRECTORS WILL REVIEW THE AFFIRMATION FORMS FOR ANY CONFLICT OF INTEREST. THE BOARD OF DIRECTORS, TO INCLUDE THE AUDIT COMMITTEE, WILL CONSIDER ANY POTENTIAL CONFLICT OF INTEREST. A QUORUM OF DIRECTORS WHO HAVE NO DIRECT OR INDIRECT INTEREST IN THE MATTER MUST VOTE ON THE ACTION TO BE TAKEN. THERE MAY BE SITUATIONS THAT, DUE TO THE UNIQUE NATURE OF THE EVENT, WOULD ALLOW THE CONFLICT AFTER FULL DISCLOSURE AND REQUIRE A HIGHER LEVEL OF APPROVAL AND MONITORING TO INSURE COMPLIANCE. EACH SITUATION MUST BE HANDLED ON A CASE BY CASE BASIS BY THE BOARD, CHIEF EXECUTIVE OFFICER OR HIS DESIGNEE, AND LEGAL COUNSEL AS APPROPRIATE. |
| FORM 990, PART VI, SECTION B, LINE 15A | THE REVIEW OF THE CHIEF EXECUTIVE OFFICER'S COMPENSATION IS A FUNCTION OF THE BOARD OF DIRECTORS, WITH THE ASSISTANCE OF THE VICE PRESIDENT OF HUMAN RESOURCES AND ORGANIZATION DEVELOPMENT. THE BOARD USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY ON A PERIODIC BASIS TO DETERMINE THE CHIEF EXECUTIVE OFFICER'S COMPENSATION AND A SEPARATE THIRD-PARTY STUDY IS USED FOR ALL OTHER POSITIONS IN THE ORGANIZATION. JOB GRADES AND PAY RANGES ARE ESTABLISHED THROUGH THE ASSISTANCE OF AN EXTERNAL THIRD-PARTY VENDOR WITH SPECIALIZED EXPERTISE IN THIS AREA AND MAINTAINED BY THE OFFICE OF HUMAN RESOURCES. THIS COMPENSATION SYSTEM IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS CONTEMPORANEOUSLY DOCUMENTS THEIR DECISION ON THE CHIEF EXECUTIVE OFFICER'S COMPENSATION. THE LAST TIME THIS PROCESS OCCURRED WAS IN MARCH 2024. |
| FORM 990, PART VI, SECTION C, LINE 19 | TROPICAL FINANCIAL CREDIT UNION'S (THE CREDIT UNION) GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIALS ARE AVAILABLE FOR PUBLIC VIEWING ON THE NCUA.GOV VIA THE QUARTERLY 5300 FILING. |
| FORM 990, PART XI, LINE 9: | PENSION PLAN GAINS 725,881. POSTRETIREMENT PLAN GAINS 89,133. ADOPTION OF ACCOUNTING STANDARDS CODIFICATION SECTION 326 -2,183,823. |