2024-11-08T17:35:11-06:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 111644012 FAIRWINDS CREDIT UNION FAIR 4072776030 135 W CENTRAL BLVD 1220 ORLANDO FL 32801 KIMBERLY WIGHTMAN EVP FINANCE 4072775045 2024-11-08 1 0 ROBERT PARKS CPA P00740435 2482443000 2024-11-07 2023 2024-10-15 13:58:12Z LARRY F TOBIN 135 W CENTRAL BLVD ORLANDO FL 32801 214504612 0 2106 X WWW.FAIRWINDS.ORG X 1949 FL THE OBJECT AND PURPOSE OF FAIRWINDS CREDIT UNION IS TO BE A COOPERATIVE, NONPROFIT, ASSOCIATION ORGANIZED UNDER THE LAWS OF THE STATE OF FLORIDA, FOR THE PURPOSE OF ENCOURAGING THRIFT AMONG ITS MEMBERS, CREATING SOURCES OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR RESOURCES ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. 7 7 720 10 5079297 0 0 0 134571271 177962125 31803205 31463190 6014329 5079297 172388805 214504612 48757 328653 0 0 64982437 63136545 0 0 0 71098488 105722663 136129682 169187861 36259123 45316751 4460813071 4424198635 4235461416 4126222940 225351655 297975695 CHANGING MEMBERS' LIVES ON THE JOURNEY TO FINANCIAL FREEDOM 0 0 THE CREDIT UNION NATIONAL ASSOCIATION DETERMINED THAT FAIRWINDS PROVIDED $15,238,553 IN DIRECT FINANCIAL BENEFITS TO ITS 225,811 MEMBERS DURING THE TWELVE MONTHS ENDED DECEMBER 2023. THESE BENEFITS ARE EQUIVALENT TO APPROXIMATELY $386 PER MEMBER HOUSEHOLD. FAIRWINDS SAVED OUR MEMBERS APPROXIMATELY $2.8 MILLION ON THEIR 15-YEAR MORTGAGES IN 2023 BY OFFERING 15-YEAR MORTGAGE LOAN RATES THAT WERE AT LEAST 0.57% LOWER THAN THAT WHICH OTHER FLORIDA BANKS OFFERED. FAIRWINDS SAVED OUR MEMBERS APPROXIMATELY $3.3 MILLION ON THEIR 30-YEAR MORTGAGES IN 2023 BY OFFERING 30-YEAR MORTGAGE LOAN RATES THAT WERE AT LEAST 0.44% LOWER THAN THAT WHICH OTHER FLORIDA BANKS OFFERED. 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 145634 0 1 720 1 1 1 0 0 0 0 0 1 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X LARRY F TOBIN 4072776030 135 W CENTRAL BLVD 1220 ORLANDO FL 32801 CAROL DENTON BOARD MEMBER 0.50 X 0 0 0 JOHN MAHONY BOARD MEMBER 0.50 X 0 0 0 ELIZABETH KRAHMER VICE CHAIRPERSON 0.50 X 0 0 0 MACK PERRY BOARD MEMBER 0.50 X 0 0 0 RICHARD LEIGH SECRETARY 0.50 X 0 0 0 LISA SNEAD CHAIRPERSON 0.50 X 0 0 0 JASON ALBU TREASURER 0.50 X 0 0 0 LARRY TOBIN CEO/PRESIDENT 60.00 X 4142737 0 1113978 KATHY CHONODY SR EVP-CFO 60.00 X 5799938 0 528951 PHILLIP TISCHER SR EVP-COO 60.00 X 1030000 0 576250 JAMES ADAMCZYK SR EVP-CSO 60.00 X 678529 0 420115 CHARLES LAI EXEC VP-CIO 60.00 X 515892 0 120854 MATHY HOGAN EXEC VP-PAYMENTS & DIGITAL BANKING 60.00 X 522336 0 71247 DIANNE OWEN EXEC VP-SALES & MARKETING 60.00 X 478757 0 96861 CATHY HERTZ EXEC VP-HUMAN RESOURCES 60.00 X 522529 0 48130 THOMAS HOWELL VP-FINANCIAL ADVISOR 60.00 X 844469 0 40200 THOMAS BALDWIN III SVP-RETAIL BANKING & WEALTH MANAGEMENT 60.00 X 340162 0 55277 JORGE M FONT SVP-BUSINESS SERVICES 60.00 X 374142 0 68980 KIMBERLY WIGHTMAN SVP-FINANCE/CONTROLLER 60.00 X 494999 0 28888 BRYAN MEIZINGER SVP-LENDING 60.00 X 368930 0 36860 16113420 0 3206591 123 0 1 0 PSCU FINANCIAL SERVICES INC 560 CARILLON PARKWAY ST PETERSBURG FL 33716 DEBIT & CREDIT CARD PROCESSOR 5538832 VISA USA INC 1655 GRANT STREET CONCORD CA 94520 CREDIT CARD SETTLEMENT 4504564 WATAUGA GRP 37 N ORANGE AVE SUITE 400B ORLANDO FL 32801 MARKETING/ADVERTISING 2346500 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90074 CONSUMER ONLINE BANKING, ATM MAINTENANCE 2273062 GOOGLE PO BOX 33654 SAN FRANCISCO CA 94139 MARKETING/ADVERTISING 1898852 98 INTEREST INCOME ON LOANS 522100 120805625 120805625 FEES, CHARGES, & OTHER 522100 57156500 57156500 177962125 31463190 31463190 FINANCE & INSURANCE 520000 5079297 5079297 5079297 214504612 177962125 5079297 31463190 X 328653 16667104 29898836 2222830 10982106 3365669 773256 230130 231602 899195 1469809 6462634 3145393 11121407 3853130 930865 58243 49034345 183322 3617992 621905 VISA CREDIT EXPENSES 7389164 DEBIT EXPENSES 4997911 LOAN SERVICING EXPENSE 3710226 MAINTENANCE 2659453 4332681 169187861 6172134 11086451 329757852 16754392 3963836 9537530 2608161383 2909575981 1895863 3818678 154570226 56943443 101331702 97626783 1180440686 1133240461 2315100 3122600 226774515 239435759 4460813071 4424198635 49639669 48081530 15699605 15773679 55000000 4170122142 4007367731 4235461416 4126222940 X 0 0 0 0 225351655 297975695 225351655 297975695 4460813071 4424198635 X 45316751 28341240 -1033951 X X 0 1 X 1 0 28514392 28514392 83678196 21004014 62674182 9996168 7528914 2467254 32381470 28410515 3970955 97626783 ACCRUED INCOME 9897057 ACCRUED INTEREST ON INVESTMENTS 14334463 ASSETS FROM LIQUIDATION LOANS 165876 CORPORATE ONE CAPITAL SHARES 1300534 DEPOSIT - NCUSIF 37178820 INVESTMENTS IN CUSO 1729926 MORTGAGE SERVICING RIGHTS 8792516 OTHER ASSETS 74425799 SERP PLANS 73149371 ROU ASSETS 12264576 CITIZENS CASH SURRENDER 6196821 239435759 MEMBER SHARES 4007367731 4007367731 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 FAIRWINDS FOUNDATION INC 135 W CENRAL BLVD SUITE 1230 ORLANDO FL 32801 320510999 501(C)(3) 328653 0 TO PROMOTE FINANCIAL LITERACY AND EDUCATION 1 0 PART I, LINE 2: FAIRWINDS CREDIT UNION SPONSORS FAIRWINDS FOUNDATION, INC. DONATIONS TO THE ORGANIZATION ARE USED TO PROMOTE FINANCIAL LITERACY. THE FOUNDATION'S BOARD IS COMPRISED OF EMPLOYEES OF THE CREDIT UNION WHO ENSURE FUNDS ARE USED APPROPRIATELY. X X X X 1 1 X X X 0 1 0 KATHY CHONODY SR EVP-CFO 627533 0 438663 0 4733742 0 520593 0 8358 0 6328889 0 4596408 0 LARRY TOBIN CEO/PRESIDENT 1116102 0 960254 0 2066381 0 1069569 0 44409 0 5256715 0 2000000 0 PHILLIP TISCHER SR EVP-COO 672824 0 316423 0 40753 0 566643 0 9607 0 1606250 0 107992 0 JAMES ADAMCZYK SR EVP-CSO 442976 0 188850 0 46703 0 399769 0 20346 0 1098644 0 0 0 THOMAS HOWELL VP-FINANCIAL ADVISOR 836835 0 0 0 7634 0 19800 0 20400 0 884669 0 0 0 CHARLES LAI EXEC VP-CIO 385717 0 107973 0 22202 0 112496 0 8358 0 636746 0 0 0 MATHY HOGAN EXEC VP-PAYMENTS & DIGITAL BANKING 367732 0 103608 0 50996 0 56700 0 14547 0 593583 0 0 0 DIANNE OWEN EXEC VP-SALES & MARKETING 363629 0 103335 0 11793 0 82314 0 14547 0 575618 0 0 0 CATHY HERTZ EXEC VP-HUMAN RESOURCES 142283 0 98554 0 281692 0 48130 0 0 0 570659 0 225000 0 KIMBERLY WIGHTMAN SVP-FINANCE/CONTROLLER 254933 0 54000 0 186066 0 16204 0 12684 0 523887 0 150000 0 JORGE M FONT SVP-BUSINESS SERVICES 292973 0 62432 0 18737 0 55181 0 13799 0 443122 0 0 0 BRYAN MEIZINGER SVP-LENDING 286056 0 59544 0 23330 0 17262 0 19598 0 405790 0 0 0 THOMAS BALDWIN III SVP-RETAIL BANKING & WEALTH MANAGEME 222657 0 57892 0 59613 0 35800 0 19477 0 395439 0 0 0 PART I, LINE 1A PROVIDES HOME SECURITY SYSTEMS FOR THE CEO AND CFO. PAYS FOR THE SECURITY MONITORING FOR THE CEO. PART I, LINE 4B THE BELOW-LISTED EXECUTIVES PARTICIPATE IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP). THE PLAN GUARANTEES SPECIFIC PAYMENTS WILL BE MADE TO THE EXECUTIVES ONCE ELIGIBILITY REQUIREMENTS ARE MET. THE BALANCE REPORTED BELOW REPRESENTS THE SERP BENEFIT LIABILITY AS OF DECEMBER 31, 2023. LARRY TOBIN - CEO/PRESIDENT $6,718,326 KATHY CHONODY - SR EVP-CFO $990,913 PHILLIP TISCHER - SR EVP-COO $2,705,382 MATHY HOGAN - EXEC VP-PAYMENTS & DIGITAL BANKING $168,974 DIANNE OWEN - EXEC VP-SALES & MARKETING $378,353 CHARLES LAI - EXEC VP-CIO $518,254 JAMES ADAMCZYK- SR EVP-CSO $1,403,814 CATHY HERTZ - EXEC VP-HUMAN RESOURCES $33,982 JORGE M. FONT - SVP-BUSINESS SERVICES $261,798 KIMBERLY WRIGHTMAN - SVP-FINANCE/CONTROLLER $142,909 BRYAN MEIZINGER - SVP-LENDING $306,062 THOMAS BALDWIN III - SVP-RETAIL BANKING & WEALTH MANAGEMENT $64,000 THE FOLLOWING EMPLOYEES RECEIVED A PAYOUT DURING 2023: KATHY CHONODY: $4,596,408 (SERP) CATHERINE HERTZ: $225,000 (SERP) PHILLIP TISCHER: $107,992 (SERP) LARRY TOBIN: $2,000,000 (SERP) KIMBERLY WIGHTMAN: $150,000 (SERP) FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERSHIP ELECTS THE BOARD OF DIRECTORS WHICH GOVERN THE OPERATIONS OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS RECONCILED WITH THE FINANCIAL STATEMENTS AND RESPONSES ARE REVIEWED BY THE CFO AND CONTROLLER. FORM 990, PART VI, SECTION B, LINE 12C COMPLIANCE WITH POLICY IS MONITORED BY OUR INTERNAL AUDIT DEPARTMENT, ANNUALLY WITH LAW REVIEW AND MONTHLY REPORTING. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS REVIEWED AND APPROVED BY THE MEMBERSHIP APPOINTED BOARD OF DIRECTORS USING AN INDEPENDENT CONSULTANT'S COMPARATIVE MARKET DATA AND INDUSTRY RECOMMENDATION. A COMPENSATION COMMITTEE CONSISTING OF BOARD MEMBERS AND OTHER VOLUNTEERS MAKE A RECOMMENDATION FOR A COMPENSATION PACKAGE AND PRESENT TO THE BOARD OF DIRECTORS FOR APPROVAL AND IMPLEMENTATION. ALL OTHER MANAGEMENT COMPENSATION IS DETERMINED BY THE CEO USING THE SIMILAR COMPARATIVE MARKET DATA AS APPLIED TO THE COMPANY'S EXISTING COMPENSATION POLICY. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE FOR PUBLIC VIEWING. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 1,469,809. FORM 990, PART IX, LINE 24E ATM EXPENSES 2,528,043. MISCELLANEOUS EXPENSES 957,492. PROVISION FOR LOAN LOSSES 716,515. TRAINING/DEVELOPMENT/EDUCATION 130,631. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -1,033,951. FORM 990, PART XI, LINE 2B: AUDITED FINANCIAL STATEMENTS ARE PREPARED ON A FISCAL YEAR BASIS BUT TAX REPORTING IS REQUIRED ON A CALENDAR YEAR-END. FORM 990, PART XI, LINE 2C: THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. FAIRWINDS FINANCIAL SERVICES LLC 135 W CENTRAL BLVD ORLANDO FL 32801 593107994 INACTIVE - NO BUSINESS HAS BEEN PROCESSED FL 139 57500 FAIRWINDS CREDIT UNION FAIRWINDS INSURANCE SERVICES LLC 135 W CENTRAL BLVD ORLANDO FL 32801 452718103 PROVIDING INSURANCE SERVICES FL 33962 510098 FAIRWINDS CREDIT UNION FAIRWINDS FOUNDATION INC 135 W CENRAL BLVD SUITE 1230 ORLANDO FL 32801 320510999 CHARITABLE AND EDUCATIONAL PURPOSES FL 501(C)(3) PF FAIRWINDS CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FAIRWINDS FOUNDATION INC B 328653 ACTUAL