2024-10-17T15:42:06-05:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 590227113 COMMUNITY FIRST CREDIT UNION OF FLORIDA COMM 9043548537 637 NORTH LEE STREET JACKSONVILLE FL 32204 SAM INMAN CFO 9043718080 2024-10-17 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-10-17 2023 2024-10-15 13:58:12Z JOHN HIRABAYASHI 637 NORTH LEE STREET JACKSONVILLE FL 32204 148628613 0 2106 X WWW.COMMUNITYFIRSTFL.ORG X CU 1935 FL PROVIDING FINANCIAL SOLUTIONS FOR EVERY STAGE OF LIFE. 9 9 510 13 153051 0 0 0 111507977 130769255 8649514 14652640 -3273443 3034122 116884048 148456017 25000 25000 8613698 26500209 27484384 37682347 0 0 0 46931159 56927055 83054241 121134611 33829807 27321406 2539695763 2720027681 2274429270 2414020633 265266493 306007048 COMMUNITY FIRST CREDIT UNION OF FLORIDA'S MISSION IS TO PROVIDE THE HIGHEST IN QUALITY FINANCIAL SOLUTIONS FOR EVERY STAGE OF LIFE. 0 0 INCOME FROM THE CREDIT UNION MEMBERSHIP AND FROM THE INVESTMENT OF MEMBERS' FUNDS PROVIDE THE BASIS FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP. THE CREDIT UNION OFFERS A VARIETY OF FINANCIAL PRODUCTS, INCLUDING MORTGAGE, AUTOMOBILE, CREDIT CARDS, AND PERSONAL SIGNATURE LOANS. $550,855,053 IN NEW LOANS WERE ORIGINATED DURING 2023 AND MORE THAN $1,930,617,471 IN LOAN BALANCES WERE SERVICED DURING 2023. MEMBERS MAY CHOOSE FROM A NUMBER OF ACCOUNT TYPES INCLUDING REGULAR SHARES, CHECKING, MONEY MARKET, AND RETIREMENT ACCOUNTS. $2,225,240,938 IN DEPOSIT ACCOUNTS WERE MAINTAINED FOR 172,758 MEMBERS DURING 2023. 0 0 1 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 43987 0 1 510 1 1 1 0 0 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 FL X PAULA BASIHAN 9043717921 637 NORTH LEE STREET JACKSONVILLE FL 32204 MALINDA PRUDENCIO CHAIRMAN 1.00 X X 0 0 0 TED WILLICH VICE CHAIR 1.00 X X 0 0 0 WILLIAM PERMENTER SECRETARY 1.00 X X 0 0 0 BETTIE ADAMS TREASURER 1.00 X X 0 0 0 CHANTELLE SCHART DIRECTOR 1.00 X 0 0 0 BRUCE DOUECK DIRECTOR 1.00 X 0 0 0 JIM FARAH DIRECTOR 1.00 X 0 0 0 BRENDA SIMMONS-HUTCHINS DIRECTOR 1.00 X 0 0 0 ELVIA WILLIAMS DIRECTOR 1.00 X 0 0 0 JOHN HIRABAYASHI CEO/PRESIDENT 40.00 X 1048972 0 15952 SAM INMAN CFO 40.00 X 710343 0 28190 TIM SIMPSON CHIEF INFORMATION OFFICER 40.00 X 298716 0 39085 ROGER RASSMAN CHIEF MARKETING OFFICER 40.00 X 268498 0 23319 JIMMY LOVELACE CHIEF MEMBER EXPERIENCE OFFICER 40.00 X 336531 0 23727 LORI SMITH CHIEF HUMAN RESOURCES OFFICER 40.00 X 246844 0 12562 RYAN OLSON CHIEF LENDING OFFICER 40.00 X 271335 0 40462 MARK FITZMORRIS FINANCIAL ADVISOR 40.00 X 458251 0 41062 MIKE FRANZ VICE PRESIDENT ACCOUNTING & FINANCE 40.00 X 211151 0 20024 ZACHARY TOELLE FINANCIAL ADVISOR 40.00 X 269767 0 2922 MELISSA THOMAS SENIOR VICE PRESIDENT 40.00 X 280455 0 36082 CHRIS CULPEPPER VICE PRESIDENT 40.00 X 180963 0 43497 4581826 0 326884 51 0 1 0 AULD & WHITE CONSTRUCTORS INC 4168 SOUTHPOINT PARKWAY SUITE 101 JACKSONVILLE FL 32216 CONSTRUCTION 5644205 PSCU 560 CARILLION PARKWAY ST PETERSBURG FL 33716 CREDIT, DEBIT & ATM PROCESSOR 5375501 CENLAR 425 PHILLIPS BLVD EWING NJ 08618 MORTGAGE LOAN SUB-SERVICER 1804899 Q2 SOFTWARE PO BOX 5205970 DALLAS TX 753205970 ONLINE BANKING 1570502 WAHL 580 PACKETTS LANDING FAIRPORT NY 14450 MARKETING AGENCY 1450504 85 LOAN INTEREST 522100 95218492 95218492 OTHER OPERATING INCOME 900001 21332674 21332674 FEES AND CHARGES 522100 14218089 14065038 153051 130769255 14675744 14675744 149492 172596 -23104 -23104 -23104 NET GAIN ON SERP INVESTMENTS 522100 3034122 3034122 3034122 148456017 130616204 153051 17686762 X 25000 26500209 3364536 27869863 633541 3579845 2234562 257034 93872 14219819 5137909 4429610 334782 3011785 110219 1117460 3611754 3320863 440826 PROVISION FOR CREDIT LO 14840656 LOAN SERVICING EXPENSE 5070096 MISCELLANEOUS EXPENSE 527322 OPERATING FEES 296829 106219 121134611 22826889 22149339 101244629 235828336 3483204 3520324 1780661407 1902590330 5343051 6837886 91312104 31386449 47073156 59925655 502262134 403093916 76801293 86081895 2539695763 2720027681 28678443 38010528 845908 769167 150000000 2244904919 2225240938 2274429270 2414020633 X 0 0 0 0 265266493 306007048 265266493 306007048 2539695763 2720027681 X 27321406 14357307 -938158 X X 0 1 X 1 0 0 0 0 0 FLORIDA CREDIT UNION POLITICAL ACTION COMMITTEE PO BOX 3108 TALLAHASSEE FL 32315 591889104 14095 384 PART I-A, LINE 1: ALL POLITICAL CONTRIBUTIONS WERE MADE TO THE FLORIDA CREDIT UNION POLITICAL ACTION COMMITTEE (CUPAC) AND TOTALED $14,095. 0 1 X 23988825 23988825 38491850 13508070 24983780 2580665 1152806 1427859 21286676 16725573 4561103 4964088 4964088 59925655 SECURITIES - AFS 399305740 F OTHER INVESTMENTS 3788176 C 403093916 MEMBERS SHARE AND SAVINGS ACCOUNTS 2225240938 2225240938 X PART IV, LINE 2B: FANNIE MAE CUSTODIAL ACCOUNTS - THE CREDIT UNION HAS MAINTAINED SERVICING FOR LOANS SOLD IN THE SECONDARY MARKET. THE CREDIT UNION COLLECTS PRINCIPAL, INTEREST AND ESCROW PAYMENTS FOR SOLD MORTGAGE LOANS. PAYMENTS ARE PASSED THROUGH TO FANNIE MAE AT CERTAIN INTERVALS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501 (C) (14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AS UNRELATED BUSINESS INCOME AND HAS A NET OPERATING LOSS CARRYFORWARD. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2022. THE CREDIT UNION'S 2020 THROUGH 2022 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. 1 COMMUNITY FIRST CARES FOUNDATION 637 NORTH LEE STREET JACKSONVILLE FL 32204 461535651 501(C)(3) 25000 0 TO PROVIDE FINANCIAL SUPPORT TO THE FOUNDATION TO FULFILL ITS EXEMPT PURPOSE TO PROMOTE AND PROVIDE CHARITABLE GIVING AND COMMUNITY INVESTMENT IN THE AREAS SERVED BY THE CREDIT UNION. 1 PART I, LINE 2: THE CEO AND CFO OF THE CREDIT UNION ARE ALSO ON THE BOARD OF THE FOUNDATION AND MONITOR THE USE OF GRANT FUNDS. X 1 1 X X X X X 0 1 0 JOHN HIRABAYASHI CEO/PRESIDENT 827890 0 142388 0 78694 0 1397 0 14555 0 1064924 0 0 0 SAM INMAN CFO 602671 0 66275 0 41397 0 11200 0 16990 0 738533 0 0 0 MARK FITZMORRIS FINANCIAL ADVISOR 25592 0 432450 0 209 0 1333 0 39729 0 499313 0 0 0 JIMMY LOVELACE CHIEF MEMBER EXPERIENCE OFFICER 265134 0 40671 0 30726 0 10747 0 12980 0 360258 0 0 0 TIM SIMPSON CHIEF INFORMATION OFFICER 264681 0 33777 0 258 0 11200 0 27885 0 337801 0 0 0 MELISSA THOMAS SENIOR VICE PRESIDENT 247032 0 33333 0 90 0 6492 0 29590 0 316537 0 0 0 RYAN OLSON CHIEF LENDING OFFICER 233165 0 38080 0 90 0 9484 0 30978 0 311797 0 0 0 ROGER RASSMAN CHIEF MARKETING OFFICER 231680 0 27240 0 9578 0 9814 0 13505 0 291817 0 0 0 ZACHARY TOELLE FINANCIAL ADVISOR 48001 0 221654 0 112 0 2922 0 0 0 272689 0 0 0 LORI SMITH CHIEF HUMAN RESOURCES OFFICER 221638 0 24948 0 258 0 8908 0 3654 0 259406 0 0 0 MIKE FRANZ VICE PRESIDENT ACCOUNTING & FINANCE 179413 0 23035 0 8703 0 5836 0 14188 0 231175 0 0 0 CHRIS CULPEPPER VICE PRESIDENT 139382 0 16012 0 25569 0 3750 0 39747 0 224460 0 0 0 PART I, LINE 1A BETTIE ADAMS TRAVEL FOR COMPANION $1,716 WILLIAM PERMENTER TRAVEL FOR COMPANION $575 ELVIA WILLIAMS TRAVEL FOR COMPANION $2,864 BRENDA SIMMONS-HUTCHINS TRAVEL FOR COMPANION $1,792 CHANTELLE SCHART TRAVEL FOR COMPANION $1,558 JIM FARAH TRAVEL FOR COMPANION $1,788 TED WILLICH TRAVEL FOR COMPANION $2,775 BRUCE DOUECK TRAVEL FOR COMPANION $1,924 PART I, LINE 1B WE ISSUE 1099S FOR COMPANION / GUEST TRAVEL. PART I, LINE 4B NAME: SAM INMAN, DESCRIPTION: SERP PARTICIPANT, CURRENT YEAR AMOUNT: $250,000. PLAN DESCRIPTION: SERP PAYOUT NAME: JOHN HIRABAYASHI, DESCRIPTION: SERP PARTICIPANT, CURRENT YEAR AMOUNT: $128,000. PLAN DESCRIPTION: SERP PAYOUT NAME: JIMMY LOVELACE, DESCRIPTION: SERP PARTICIPANT, NO DISTRIBUTION NAME: ROGER RASSMAN, DESCRIPTION: SERP PARTICIPANT, NO DISTRIBUTION NAME: TIM SIMPSON, DESCRIPTION: SERP PARTICIPANT, NO DISTRIBUTION NAME: RYAN OLSON, DESCRIPTION: SERP PARTICIPANT, NO DISTRIBUTION JIMMY LOVELACE CHIEF MEMBER EXPERIENCE OFFICER SPLIT DOLLAR LOAN X 4008000 3520324 0 1 1 3520324 SCHEDULE L, PART II NOTED THIS TO BE NON-RECOURSE PLAN THAT IS RECORDED ON THE BALANCE SHEET AT THE LOWER OF LOAN BALANCE OR CASH SURRENDER VALUE. BECAUSE THE CASH SURRENDER VALUE WAS LOWER, WE REPORTED THAT AMOUNT FOR BALANCE SHEET PURPOSES. HOWEVER, THE ACTUAL LOAN BALANCE IS AS FOLLOWS:JIMMY LOVELACE - $4,228,834 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. MEMBERSHIP IN THE CREDIT UNION IS COMPOSED OF THOSE WHO LIVE, WORK, OR HAVE AN ASSOCIATION WITH THE EDUCATIONAL COMMUNITY IN BAKER, BREVARD, BROWARD, CLAY, DUVAL, FLAGLER, INDIAN RIVER, LAKE, MARTIN, NASSAU, ORANGE, PALM BEACH, PUTNAM, SEMINOLE, ST JOHNS, ST LUCIE AND VOLUSIA COUNTIES IN FLORIDA, AND OTHER SELECT EMPLOYEE GROUPS WHO HAVE PETITIONED FOR MEMBERSHIP. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM AND THEIR SPOUSES MAY BE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. FORM 990, PART VI, SECTION A, LINE 7B THE FOLLOWING GOVERNANCE DECISIONS REQUIRE MEMBER APPROVAL: VOLUNTARY LIQUIDATION - MAJORITY VOTE OF MEMBERS VOTING FOLLOWING BOARD MAJORITY APPROVAL AND FEDERAL AND STATE REGULATORS' APPROVAL; MERGER WITH ANOTHER CREDIT UNION - MAJORITY VOTE OF MEMBERS VOTING FOLLOWING BOARD MAJORITY APPROVAL AND FEDERAL AND STATE REGULATORS' APPROVAL; CONVERSION FROM STATE CREDIT UNION CHARTER TO FEDERAL CREDIT UNION CHARTER - MAJORITY VOTE OF MEMBERS VOTING FOLLOWING BOARD MAJORITY APPROVAL AND FEDERAL AND STATE REGULATORS' APPROVAL; CONVERSION TO ANOTHER FINANCIAL INSTITUTION TYPE CHARTER - MAJORITY VOTE OF ALL MEMBERS ELIGIBLE TO VOTE FOLLOWING BOARD MAJORITY APPROVAL AND FEDERAL AND STATE REGULATORS' APPROVAL; MERGER WITH A BANK - MAJORITY VOTE OF MEMBERS VOTING (WITH 20% MINIMUM ELIGIBLE MEMBER VOTING REQUIREMENT) FOLLOWING BOARD MAJORITY APPROVAL AND FEDERAL AND STATE REGULATORS' APPROVAL; ELECTION OF BOARD - MAJORITY VOTE OF MEMBERS VOTING. FOR ALL OF THE ABOVE DECISIONS, THERE IS A SINGLE CLASS OF MEMBERS WITH EACH MEMBER ENTITLED TO A SINGLE VOTE REGARDLESS OF THE NUMBER OF SHARES IN THE CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED WITH THE BOARD OF DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS, MANAGEMENT AND STAFF ARE COVERED BY THE CONFLICTS OF INTEREST POLICY. IT IS REVIEWED ANNUALLY. ACTUAL OR POTENTIAL CONFLICTS OF INTEREST WOULD BE INVESTIGATED BY INTERNAL AUDIT OR LOSS PREVENTION DEPARTMENTS. APPROPRIATE ACTIONS UP TO AND INCLUDING LIMITING TRANSACTION CAPABILITIES OR PROHIBITING PERSONS WITH A CONFLICT TO PARTICIPATE IN GOVERNING ACTIVITIES SUCH AS DELIBERATIONS OR VOTES WHERE CONFLICTS EXIST WOULD BE IMPOSED. FORM 990, PART VI, SECTION B, LINE 15 THE REVIEW OF THE CEO'S COMPENSATION IS A FUNCTION OF THE BOARD OF DIRECTORS. ANNUALLY, THE BOARD USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY TO DETERMINE THE CEO'S COMPENSATION. FOR ALL OTHER POSITIONS IN THE ORGANIZATION, PAY RANGES ARE REVIEWED ON AN ANNUAL BASIS UTILIZING DATA FROM AN INDEPENDENT COMPENSATION CONSULTANT. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, THE CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS WILL BE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. THE CREDIT UNION'S QUARTERLY FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON THE NCUA.GOV WEBSITE VIA THE 5300 FILING. ADDITIONALLY, THE CREDIT UNION'S ANNUAL REPORT IS AVAILABLE FOR PUBLIC VIEWING VIA THE CREDIT UNION'S WEBSITE. FORM 990, PART IX, LINE 11G ATM RELATED EXPENSES 1,944,643. VISA CHECK CARDS AND GIFT CARDS 3,302,204. REWARDS PROGRAM 1,510,513. STATEMENT/NOTICE PROCESSING 847,298. BILL PAYMENT PROCESSING 262,560. MISC PROFESSIONAL SERVICES 5,075,876. ARMORED CAR 96,892. DOCUMENT SHRED SERVICE 17,889. COURIER SERVICE 196,855. SECURITY 394,803. ASSET LIABILITY MANAGEMENT 180,693. INVESTMENT SERVICES 4,150. RECRUITING & PERSONNEL 385,443. FORM 990, PART XI, LINE 9: CECL ADOPTION -938,158. FORM 990, PART XII, LINE 2C THE PROCESS USED BY THE COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED SINCE LAST YEAR. COMMUNITY FIRST CARES FOUNDATION 637 NORTH LEE STREET JACKSONVILLE FL 32204 461535651 IMPROVE THE QUALITY OF LIFE IN NORTHEAST FLORIDA. FL 501(C)(3) LINE 7 COMMUNITY FIRST CREDIT UNION OF FLORIDA 1 EDCO FINANCIAL SERVICES INC 637 NORTH LEE STREET JACKSONVILLE FL 32204 593282020 FINANCIAL SERVICES - INACTIVE FL COMMUNITY FIRST CREDIT UNION OF FLORIDA C 1000 1.00000 1 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 NO TRANSACTIONS OVER 50000