2023-09-15T16:55:04-05:00 2022-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2022-01-01 590690962 STATE CHARTERED CREDIT UNIONS IN FLORIDA POWER FINANCIAL CREDIT UNION STAT 9545384400 2020 NW 150TH AVENUE PEMBROKE PINES FL 33028 ALLAN PRINDLE PRESIDENT/CEO 9545386228 2023-09-13 1 ALLAN PRINDLE XXX-XX-XXXX 0 JOHN J MURNANE JR P03021572 3052328272 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z POWER FINANCIAL CREDIT UNION ALLAN PRINDLE 2020 NW 150TH AVE PEMBROKE PINES FL 33028 33421766 0 2106 X WWW.POWERFI.ORG X 1951 FL POWER FINANCIAL CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION ORGANIZED TO PROMOTE THRIFT AND PROVIDE CREDIT TO MEMBERS AT RATES GENERALLY LOWER THAN BANKS. 11 11 170 11 58998 0 0 0 26557701 28096020 1118095 4403523 0 0 27675796 32499543 80990 149000 0 0 11159734 11719433 0 0 0 10503534 12531411 21744258 24399844 5931538 8099699 930426131 892249418 842926822 810338667 87499309 81910751 POWER FINANCIAL CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION ORGANIZED TO PROMOTE THRIFT AND PROVIDE CREDIT TO MEMBERS AT RATES GENERALLY LOWER THAN BANKS. 0 0 INTERESTS AND DIVIDENDS PAID TO MEMBERS ON THEIR SHARE ACCOUNTS, MONEY MARKET ACCOUNTS, AND CERTIFICATES OF DEPOSIT. INTEREST IS PAID AT MARKET RATES. EMPLOYEE LABOR AND BENEFITS COSTS INCURRED TO SUPPORT SAVINGS SERVICES, LOAN ORIGINATIONS, AND SERVICING THE LOAN PORTFOLIO FOR ITS MEMBERS. OFFICE EXPENSES AND DATA PROCESSING EXPENSES NECESSARY TO SUPPORT MEMBER ACCOUNT AND LOAN ACTIVITIES BY PROVIDING MEMBERS ACCESS TO THEIR ACCOUNTS AND SERVICES PROVIDED BY THE CREDIT UNION. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 12372 0 1 170 1 1 1 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X WANDA S FERRER 9545384446 2020 NW 150 AVE PEMBROKE PINES FL 33028 LEMAN MURRAY CHAIRPERSON OF BOARD 5.00 X 2425 0 0 WENDEL SAUER SECRETARY OF BOARD 5.00 X 0 0 0 TERRY KEITH TREASURER OF BOARD 5.00 X 0 0 0 JOHN BRESLIN VICE CHAIRPERSON OF BOARD 5.00 X 2425 0 0 PAT CARNEVALE DIRECTOR/AUDIT COMMITTEE M 5.00 X 0 0 0 TONY CUBA DIRECTOR/AUDIT COMMITTEE C 5.00 X 0 0 0 STEPHEN KNIGHT DIRECTOR 5.00 X 0 0 0 LESLIE MCCONACHIE DIRECTOR 5.00 X 0 0 0 JACK E PATTERSON DIRECTOR/AUDIT COMMITTEE M 5.00 X 0 0 0 GEORGE SKILLAS DIRECTOR 5.00 X 6037 0 0 GENE SEVILLA DIRECTOR 5.00 X 9782 0 0 ALLAN PRINDLE PRESIDENT/CEO 40.00 X 1006386 0 27360 WANDA FERRER CHIEF FINANCIAL OFFICER 40.00 X 237989 0 31911 MICHELLE DIAZ CHIEF INFORMATION OFFICER 40.00 X 252317 0 23882 CLAIRE BERGGUIST CHIEF TALENT & KNOWLEDGE OFFICER 40.00 X 196640 0 35789 LESLEY GARCIA SUAREZ CHIEF LENDING OFFICER 40.00 X 192925 0 32844 ALICIA QUEVEDO CHIEF MEMBERSHIP OFFICER 40.00 X 178882 0 22964 PING LUO VP CONTROLLER 40.00 X 166761 0 19655 DAVID ESQUIVEL VP NETWORK SERVICES 40.00 X 151369 0 19707 LISA KATZ VP COMMERCIAL PORTFOLIO 40.00 X 154216 0 26398 MARK MATTOZZI VP, COMMERCIAL LENDER 40.00 X 245906 0 17654 VINCENZO FIORDELISI VP, MARKETING 40.00 X 129465 0 28149 2933525 0 286313 17 0 1 0 JACK HENRY AND ASSOCIATES INC PO BOX 609 MONETT MO 65708 FINANCIAL SERVICES 637725 VISA USA INC PO BOX 742233 LOS ANGELES CA 900742233 CREDIT/DEBIT SERVICES 434831 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 900740641 IT SERVICES 420321 PSCU-FS 560 CARILLON PARKWAY ST PETERBURG FL 33716 FINANCIAL SERVICES 236763 KRCX WRI HOLDINGS LLC 500 NORTH BROADWAY STE 201 JERICHO NY 11753 RENT 215387 10 INTEREST ON LOANS 522100 23478605 23478605 FEE INCOME & OTHER OPERATING INCO 522100 4558417 4558417 FINANCE & INSURANCE 520000 58998 58998 28096020 4202420 4202420 674672 448654 754593 167630 -79921 281024 201103 201103 32499543 32440545 58998 0 X 149000 2260558 7786023 -36713 998689 710876 55680 194929 137662 521613 809795 850391 300250 276114 26713 2490472 1257194 153064 PROVISION FOR LOAN LOSS 1978763 MAINTENANCE & REPAIRS 1618137 ATM EXPENSE 473905 DEBIT/CREDIT EXPENSE 456787 929942 24399844 4486037 4940848 173044332 100677617 1302796 5392801 564243697 607594880 4347765 4633799 30101658 16424060 14386225 13677598 118270148 103812549 2327975 1832675 15650931 15541510 32366225 34145141 930426131 892249418 6413263 8885929 3624301 4663125 40028801 23012492 792860457 773777121 842926822 810338667 X 0 0 0 0 87499309 81910751 87499309 81910751 930426131 892249418 X 8099699 -13349788 -338469 X X 0 1 X 1 0 0 1 X 3086421 3086421 15986745 5701540 10285205 404257 375003 29254 10570588 10293870 276718 53647 53647 0 13677598 SHARE DEPOSITS 773777121 773777121 X 32278867 -220676 -220676 32499543 0 32499543 24399844 0 24399844 0 24399844 PART IV, LINE 2B: THE CREDIT UNION COLLECTS (ON A MONTHLY BASIS) PAYMENT FROM MEMBERS WITH MORTGAGE LOANS OUTSTANDING. AS STIPULATED BY THE AGREEMENT SIGNED BY BOTH PARTIES, THE MONTHLY PAYMENT FOR EACH MEMBER INLCUDES PRINCIPAL, INTEREST, AND ESCROWS. ESCROWS ARE USED TO PAY TAXES AND INSURANCE ON THE PROPERTY. PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE TAX LAWS. HOWEVER, THE CREDIT UNION IS SUBJECT TO UNRELATED BUSINESS INCOME TAX. THE INCOME TAXES TOPIC OF THE FASB 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 ON EXAMINATION BY TAX AUTHORITIES. MANAGEMENT HAS DETERMINED THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. 1 BIG BROTHERS BIG SISTERS OF MIAMI 550 NW 42ND AVENUE MIAMI FL 33126 475086692 501(C)(3) 143000 0 TO SUPPORT THE ORGANIZATION'S MISSION TO INSPIRE CHILDREN'S PASSIONS AND ENCOURAGE THEM TO ACHIEVE SUCCESS IN LIFE. MARIAN CENTER SCHOOL 15701 NW 37TH AVE OPA LOCKA FL 33054 650341008 501(C)(3) 6000 0 TO SUPPORT THE SCHOOL'S MISSION IN SERVING CHILDREN, STUDENTS, AND ADULTS FROM ALL INCOME LEVELS. 2 0 PART I, LINE 2: THESE ARE CHARITABLE CONTRIBUTIONS, NOT A GRANTS. THEREFORE THERE IS NO MONITORING OF THE USE OF FUNDS SUBSEQUENT TO THE CONTRIBUTIONS BEING FUNDED. X X 1 1 X X X 0 1 0 ALLAN PRINDLE PRESIDENT/CEO 429817 0 102300 0 474269 0 13725 0 13635 0 1033746 0 0 0 MICHELLE DIAZ CHIEF INFORMATION OFFICER 212039 0 39196 0 1082 0 9112 0 14770 0 276199 0 0 0 WANDA FERRER CHIEF FINANCIAL OFFICER 201328 0 36371 0 290 0 11087 0 20824 0 269900 0 0 0 MARK MATTOZZI VP, COMMERCIAL LENDER 118574 0 123175 0 4157 0 10977 0 6677 0 263560 0 0 0 CLAIRE BERGGUIST CHIEF TALENT & KNOWLEDGE OFFICER 165089 0 30949 0 602 0 9288 0 26501 0 232429 0 0 0 LESLEY GARCIA SUAREZ CHIEF LENDING OFFICER 162629 0 30006 0 290 0 9147 0 23697 0 225769 0 0 0 ALICIA QUEVEDO CHIEF MEMBERSHIP OFFICER 147387 0 28493 0 3002 0 8230 0 14734 0 201846 0 0 0 PING LUO VP CONTROLLER 150525 0 15144 0 1092 0 5682 0 13973 0 186416 0 0 0 LISA KATZ VP COMMERCIAL PORTFOLIO 138546 0 15260 0 410 0 4868 0 21530 0 180614 0 0 0 DAVID ESQUIVEL VP NETWORK SERVICES 135655 0 15112 0 602 0 4740 0 14967 0 171076 0 0 0 VINCENZO FIORDELISI VP, MARKETING 116831 0 12224 0 410 0 6220 0 21929 0 157614 0 0 0 PART I, LINE 4B ALLAN PRINDLE, THE CEO, PARTICIPATES IN A NON-QUALIFIED RETENTION PAYMENT PLAN. DURING 2022, $424,888 OF THE TOTAL BENEFIT VESTED. THIS VESTED BENEFIT WAS REPORTED AS COMPENSATION ON HIS 2022 FORM W-2. AS OF DECEMBER 31, 2022, THE BENEFIT LIABILITY APPROXIMATED $723,000. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. MEMBERS ARE THOSE WHO QUALIFY UNDER THE FIELD OF MEMBERSHIP CRITERIA AND CHOOSE TO JOIN. FORM 990, PART VI, SECTION A, LINE 7A THERE IS A PRE-QUALIFICATION FOR NOMINEES TO THE BOARD OF DIRECTORS. A NOMINATING COMMITTEE INTERVIEWS EACH POTENTIAL BOARD MEMBER AND MAKES RECOMMENDATIONS ON WHETHER THE APPLICANT WILL BE NOMINATED TO THE VOTING BALLOT. ONCE THE BALLOT IS FINAL, THE MEMBERS OF THE CREDIT UNION VOTE ON THE ELECTION OF THE BOARD MEMBERS. 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 THE MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B A CPA FIRM PREPARES FORM 990. A COMPLETED DRAFT OF FORM 990 IS REVIEWED BY MANAGEMENT. ONCE THE FINAL DRAFT IS APPROVED, THE FORM IS FILED. SUBSSEQUENT TO FILING THE RETURN IS PRESENTED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES ARE REQUIRED TO DISCLOSE ANY KNOWN CONFLICTS WHEN HIRED TO WORK AT POWER FINANCIAL CREDIT UNION. THEY ARE ALSO REQUIRED TO INFORM HUMAN RESOURCES DEPARTMENT OF ANY CHANGES. OUR "CONFLICTS OF INTEREST" POLICY STATES THAT THE CREDIT UNION RESERVES THE RIGHT TO TAKE APPROPRIATE ACTION FOR NOT TIMELY REPORTING CHANGES. THE HUMAN RESOURCES DEPARTMENT KEEPS ALL EMPLOYEES' "ANNUAL DISCLOSURE STATEMENTS." FORM 990, PART VI, SECTION B, LINE 15 FOR THE CEO, WE USE A COMPENSATION SURVEY PUBLISHED BY A THIRD PARTY. THE CEO HAS A WRITTEN EMPLOYMENT CONTRACT AND CHANGES TO HIS COMPENSATION REQUIRE APPROVAL BY THE BOARD OF DIRECTORS. FOR OTHER OFFICERS AND KEY EMPLOYEES, WE REVIEW OUR BUDGET FOR THE POSITION, AND THEN USE COMPENSATION SURVEYS TO DETERMINE APPRORIATE COMPENSATION. COMPENSATION LEVELS ARE APPROVED BY THE CEO. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE MADE AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 137,662. FORM 990, PART IX, LINE 24E LOAN SERVICING 397,068. FRAUD LOSSES 329,525. SHARED FACILITIES EXPENSE 163,002. MISCELLANEOUS 40,347. FORM 990, PART XI, LINE 9: NET PENSION LOSSES -338,469. FORM 990, PART XII, 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. SOUTH FLORIDA ACCEPTANCE COMPANY LLC 2020 NW 150TH AVE PEMBROKE PINES FL 33028 542089475 LEASING FL RELATED 65105 0 1 0.50000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0