2023-11-14T13:42:33-06:00 2022-12-31 FORVIS LLP 201 N Illinois Street Indianapolis IN 46204 990 2022-01-01 591286880 iTHINK Financial Credit Union % ITHINK FINANCIAL CREDIT UNIO ITHI 5619824700 1000 NW 17 AVE Delray Beach FL 334452555 MICHAEL MILLER CEO 5619824700 2023-11-15 true MICHAEL MILLER 999009999 MICHAEL J SUMMERS P00838533 3173834000 2023-11-15 2 2022 2023-04-26 12:10:37Z iTHINK Financial MICHAEL L MILLER 1000 NW 17TH AVE DELRAY BEACH FL 334452555 86426438 false X ITHINKFI.ORG X 1969 FL TO DELIVER SERVICE EXCELLENCE TO THE MEMBERSHIP AND THE COMMUNITIES WE SERVE WHILE ENSURING THE SAFETY AND SOUNDNESS OF THE CREDIT UNION. 9 8 469 14 156368 0 0 0 73395185 81246392 5340262 5180046 0 0 78735447 86426438 40861 46196 0 0 32014557 35092531 0 0 0 29115898 32054735 61171316 67193462 17564131 19232976 1871522123 2178700861 1721758777 2028936151 149763346 149764710 TO DELIVER SERVICE EXCELLENCE TO THE MEMBERSHIP AND THE COMMUNITIES WE SERVE WHILE ENSURING THE SAFETY AND SOUNDNESS OF THE CREDIT UNION. false false THE CREDIT UNION PROVIDES DRAFT AND SHARE ACCOUNTS, LOANS, SHARE CERTIFICATES AND OTHER EXEMPT FUNCTION ACTIVITIES TO ITS MEMBERS. false false false false false false false false false true false false false true true false true false false false false false false false false false true false true false true false false false false false false false false true true true false false true 29151 0 true 469 true true true false false false false false false false false false false false X 9 8 false false true false true true true true true false true true false true true true false false true false false FL GA X ITHINK FINANCIAL CREDIT UNIO 5619824700 1000 NW 17TH AVE DELRAY BEACH FL 334452555 MICHAEL MILLER PRESIDENT/CEO 40.0 1.0 X 952768 0 146240 JEFFREY KOLHAGEN CFO 40.0 0.0 X 301596 0 77911 MARK SKINNER CLO 40.0 0.0 X 289986 0 63594 NICOLE HEFFELFINGER CRO 40.0 0.0 X 271638 0 45895 DAVID LYONS CAO 40.0 0.0 X 263838 0 28986 EDISON CERVANTES CTO 40.0 0.0 X 263838 0 28894 ANTHONY FURINO AVP OF COMMERCIAL LENDING 40.0 0.0 X 165796 0 34148 DIANA CRULL DIRECTOR OF FINANCE 40.0 0.0 X 161315 0 20790 BRADLEY STEWART AVP of RISK MANAGEMENT 40.0 0.0 X 144315 0 36031 CAROL FOXWELL AVP of PROJECT MANAGEMENT 40.0 0.0 X 146449 0 20697 STEPHEN JOHNSON AVP ADMINISTRATION & MARKETING 40.0 0.0 X 131815 0 33165 JUANA KRAUSE VICE CHAIRPERSON 1.0 0.0 X 11052 0 0 MARIE MASCARO DIRECTOR 1.0 0.0 X 8263 0 0 MICHAEL W TOWNSEND CHAIRPERSON 1.0 1.0 X 5477 0 0 DONALD L LEE DIRECTOR 1.0 0.0 X 4164 0 0 JOHNNY BENNETT DIRECTOR 1.0 1.0 X 2070 0 0 BRAD J DEBAUCHE DIRECTOR 1.0 0.0 X 2008 0 0 PETER BLACKLOCK DIRECTOR 1.0 0.0 X 1684 0 0 STEPHANIE M FORSTER SECRETARY 1.0 0.0 X 162 0 0 THOMAS E BRAWLEY DIRECTOR 1.0 0.0 X 0 0 0 3128234 0 536351 35 false true false ATT PO BOX 5019 CAROL STREAMS IL 601975019 COMMUNICATIONS 665584 FINASTRA PO BOX 535120 ATLANTA GA 303535120 CORE PROCESSOR 646120 CORELATION 2305 HISTORIC DECATUR RD STE 300 SAN DIEGO CA 92106 CORE PROCESSOR 3466158 UNITED HEALTHCARE 500 ROSS STREET PITTSBURGH PA 15262 INSURANCE 1817971 CUBUS SOLUTIONS 1530 SUN CITY BLVD STE 120-127 GEORGETOWN TX 78633 WEB DESIGN 606685 48 0 INCOME ON LOANS 522100 65093702 65093702 FEES/CHARGES/OTHER 522100 6043045 6043045 INTERCHANGE INCOME 522100 6251543 6251543 FNMA SERVICING 522100 770379 770379 GAP INSURANCE 522100 409090 409090 2678633 2522265 156368 81246392 3482711 3482711 0 0 0 0 0 35963 1661372 0 0 35963 1661372 1697335 1697335 0 0 0 0 0 0 0 0 0 0 0 86426438 82787359 156368 3482711 46196 0 0 0 2343664 0 24948351 856398 5092333 1851785 1537432 36394 568270 0 0 0 381793 3363728 5918813 720543 0 2175833 891447 0 10000 9359281 141258 983275 0 PROVISION FOR LOAN LOSS 1123777 VISA FEES/CHARGES 1522875 LOAN SERVICING 1899270 SHARED BRANCHING 186384 1234362 67193462 17925680 11287039 81381957 127557425 0 0 2273543 3398016 11847688 11651862 0 0 1476928647 1775355823 0 0 2972178 2619579 42646289 18907765 21631589 23738524 179373598 131579830 4297722 11137791 0 0 14880293 14416894 58009228 65958078 1871522123 2178700861 14934693 21756562 0 0 0 0 0 0 0 0 0 0 0 0 67984399 225163606 1638839685 1782015983 1721758777 2028936151 X 0 0 0 0 149763346 149764710 149763346 149764710 1871522123 2178700861 X 19232976 -20419826 1188214 X false true X true false 0 7966552 7966552 0 16934943 6050019 10884924 0 1749138 1314524 434614 0 15845403 11402044 4443359 0 150253 141178 9075 23738524 0 SHARE DRAFTS 493508513 MONEY MARKET 399268496 SHARES 507482721 CERTIFICATES 374350871 RIGHT OF USE LEASE LIABILITY 7405382 1782015983 X 68317497 -18108941 -18108941 86426438 86426438 67193462 67193462 67193462 SCHEDULE D, 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. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE CONSOLIDATED 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 SUBSTAINABILITY 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. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UBIT 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 CONSOLIDATED FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. true ITHINK COMMUNITY FOUNDATION INC 1000 NW 17th Ave Delray Beach FL 334452555 352550107 501(C)(3) 46196 general support 1 SCHEDULE I, PART I, LINE 2 MONITORING THE USE OF GRANT FUNDS: ITHINK COMMUNITY FOUNDATION INC IS THE ONLY RECIPIENT OF GRANT FUNDS. THE FUNDS ARE PROVIDED TO SUPPORT THE MISSION AND PROGRAMS OF THE ORGANIZATION. X true true X X X false true false MICHAEL MILLER PRESIDENT/CEO 650000 0 293849 0 8919 0 127751 0 18489 0 1099008 0 150000 DAVID LYONS CAO 226200 0 37638 0 0 0 21547 0 7439 0 292824 0 MARK SKINNER CLO 249600 0 40386 0 0 0 45146 0 18448 0 353580 0 JEFFREY KOLHAGEN CFO 258700 0 42896 0 0 0 56542 0 21369 0 379507 0 EDISON CERVANTES CTO 226200 0 37638 0 0 0 22417 0 6477 0 292732 0 NICOLE HEFFELFINGER CRO 234000 0 37638 0 0 0 24526 0 21369 0 317533 0 DIANA CRULL DIRECTOR OF FINANCE 154500 0 6815 0 0 0 14313 0 6477 0 182105 0 ANTHONY FURINO AVP OF COMMERCIAL LENDING 141749 0 24047 0 0 0 12779 0 21369 0 199944 0 BRADLEY STEWART AVP of RISK MANAGEMENT 137500 0 6815 0 0 0 14662 0 21369 0 180346 0 CAROL FOXWELL AVP of PROJECT MANAGEMENT 125209 0 21240 0 0 0 13257 0 7440 0 167146 0 STEPHEN JOHNSON AVP ADMINISTRATION & MARKETING 125000 0 6815 0 0 0 11796 0 21369 0 164980 0 SCHEDULE J, PART I, LINE 1a CERTAIN BOARD MEMBERS AND OFFICERS RECEIVE TRAVEL FOR COMPANIONS AND IS INCLUDED IN TAXABLE COMPENSATION. SCHEDULE J, PART I, LINE 4B THE CREDIT UNION ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION ARRANGEMENT FOR MICHAEL MILLER, PRESIDENT/CEO, MARK SKINNER, Chief lending officer, AND JEFFREY KOLHAGEN, CFO, IN THE FORM OF SECURED SPLIT DOLLAR AGREEMENTS. THE CREDIT UNION LOANED EACH EMPLOYEE, WHO ARE THE OWNERS OF THE POLICIES, THE FUNDS TO PURCHASE THESE POLICIES. THE POLICIES ARE USED TO COLLATERALIZE THE LOANS. AS OF DECEMBER 31, 2022, THE BALANCE OF THE LOANS TO MICHAEL MILLER, MARK SKINNER, AND JEFFREY KOLHAGEN APPROXIMATED $9,216,549, $1,032,614, AND $1,402,699, RESPECTIVELY. ITHINK FINANCIAL CREDIT UNION PARTICIPATES IN A 457(F) PLAN. MICHAEL MILLER, MARK SKINNER, AND JEFFREY KOLHAGEN PARTICIPATED AND HAD FUNDs ADDED IN 2022. MICHAEL L MILLER PRESIDENT/CEO TO FUND SERP POLICY X 8750000 9216549 false true true MARK SKINNER CHIEF LENDING OFFICEr TO FUND SERP POLICY X 1000000 1032614 false true true JEFFREY KOLHAGEN chief financial officer TO FUND SERP POLICY X 1400000 1402699 false true true 11651862 FORM 990, PART VI, SECTION A, LINE 4 ITHINK FINANCIAL CREDIT UNION ADDED ADDITIONAL COUNTIES TO THEIR LIST OF ELIGIBLE MEMBERS FOR THE MOST RECENT BYLAWS DATED DECEMBER 8, 2022. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OR STOCKHOLDERS: ITHINK FINANCIAL CREDIT UNION HAS MEMBERS AND REQUIRES A $5 SHARE ACCOUNT TO BE A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE GOVERNING BODY: THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. FORM 990, PART VI, SECTION A, LINE 7B GOVERNANCE DECISIONS RESERVED FOR MEMBERS: 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 PROCESS TO REVIEW THE FORM 990: THE FORM 990 IS REVIEWED BY THE CEO AND CFO PRIOR TO BEING FILED. THE FORM 990 IS ALSO REVIEWED BY AN INDEPENDENT ACCOUNTING FIRM. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY: ITHINK FINANCIAL CREDIT UNION REGULARLY MONITORS AND ENFORCES THE COMPLIANCE OF THEIR CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15A PROCESS FOR DETERMINING COMPENSATION FOR THE CEO: AN OUTSIDE COMPANY WAS USED TO ANALYZE THE PAY STRUCTURE FOR THE CEO. THE BOARD EXECUTIVE COMMITTEE REVIEWS IT ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC: 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 AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING. FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSETS OR FUND BALANCES: ADOPTION OF ASU 2016-02 $ 1,188,214 ------------- TOTAL CHANGE IN NET ASSETS $ 1,188,214 SOUTHEAST SERVICES ORGANIZATION II LLC 1000 NW 17TH AVENUE DELRAY BEACH FL 33445 823522506 LOANS FL 972545 20489377 ITHINK FIN SOUTHEAST TITLE SERVICES ORGANIZATION 1000 NW 17TH AVENUE DELRAY BEACH FL 33445 830971682 TITLE SERVICE FL 66770 71331 ITHINK FIN ITHINK COMMUNITY FOUNDATION INC 1000 NW 17TH AVENUE DELRAY BEACH FL 33445 352550107 CHARITABLE FL 501(C)(3) 7 ITHINK FINAN true FIRST INTERNET ASSOCIATION INC 790 PARK OF COMMERCE BLVD BOCA RATON FL 33487 650772946 INTERNET EDUC FL ITHINK FIN C CORP 6000 0 1.00000 true false true false false false true false false false false false false false false false false false false false SOUTHEAST TITLE SERVICES ORGANIZATION F 140000 CASH