2023-11-14T12:09:33-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 590248325 STATE CHARTERED CREDIT UNIONS IN FLORIDA 121 FINANCIAL CREDIT UNION STAT 9047236300 P O BOX 40769 JACKSONVILLE FL 32203 DAVID F MAROVICH PRESIDENT/CEO 9047236300 2023-11-14 1 DAVID MAROVICH 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2023-11-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DAVID F MAROVICH P O BOX 40769 JACKSONVILLE FL 32203 43997150 0 X WWW.121FCU.ORG X 1935 FL PROVIDING PERSONAL SOLUTIONS TO INSPIRE FINANCIAL WELL-BEING. 8 8 184 12 412206 0 0 0 30480460 30765160 2451822 3621787 250813 296559 33183095 34683506 0 0 1499709 1708568 11587902 12792872 0 0 0 14993642 16131497 28081253 30632937 5101842 4050569 664348175 656042180 605884954 608128436 58463221 47913744 BUILDING RELATIONSHIPS WITH MEMBERS, ASSOCIATES, AND THE COMMUNITY BY PROVIDING PERSONAL SOLUTIONS TO INSPIRE FINANCIAL WELL-BEING. 0 0 ENCOURAGING THRIFT AMONG OUR MEMBERS, CREATING SOURCES OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDING AN OPPORTUNITY FOR OUR MEMBERS TO USE AND CONTROL THEIR RESOURCES ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. 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 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 11771 0 1 184 1 1 1 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 0 0 X BETH LIGHTSEY 9047236300 701 RIVERSIDE PARK PL JACKSONVILLE FL 32204 SHELBA WILLIAMS CHAIRPERSON 2.00 X X 0 0 0 HAROLD BOREE VICE CHAIRPERSON 2.00 X X 0 0 0 CYNTHIA DELASSUS TREASURER 2.00 X X 0 0 0 JOHN SCOTT III SECRETARY 2.00 X X 0 0 0 BILLIE GREENLIEF DIRECTOR 2.00 X 0 0 0 MICHAEL HOGAN DIRECTOR 2.00 X 0 0 0 WILLIAM MACOMBER JR DIRECTOR 2.00 X 0 0 0 ROBERT GIPSON DIRECTOR 2.00 X 0 0 0 DAVID MAROVICH PRESIDENT/CEO 40.00 X 389073 0 27845 CYNDI KOAN CFO 40.00 X 318127 0 47907 PAUL BLACKSTONE CHIEF OPERATIONS OFFICER 40.00 X 382438 0 58178 CATHY HUFSTETLER SVP OF LENDING 40.00 X 245056 0 39601 CLARA KOVARIK VP OF HUMAN RESOURCES 40.00 X 169261 0 21978 ADAM WADE VP OF MARKETING ANALYTICS 40.00 X 161438 0 18871 BETH LIGHTSEY CONTROLLER AND VP OF FINANCE 40.00 X 174636 0 19122 PETER HAYES VP OF BUSINESS LENDING 40.00 X 163157 0 28826 RUSSELL BUCK VP OF RETAIL 40.00 X 162425 0 20430 2165611 0 282758 17 0 1 0 AULD & WHITE CONSTRUCTORS LLC 4168 SOUTHPOINT PKWY STE 101 JACKSONVILLE FL 32216 CONSTRUCTION 1160541 FORESHEE CONTRACTING SERVICES 14600-52 DUVAL PL W JACKSONVILLE FL 32218 CONSTRUCTION 1020098 FISERV 255 FISERV DR BROOKFIELD WI 53045 CREDIT CARD PROCESSING SOFTWARE 950008 TRUHOME SOLUTIONS LLC 9601 LEGLER RD LENEXA KS 66219 MORTGAGE LOAN SERVICES 886117 NCR CORPORATION 5555 ROOSEVELT BLVD JACKSONVILLE FL 32244 SOFTWARE 730588 30 INCOME ON MEMBER LOANS 522100 22114148 22114148 INTERCHANGE INCOME 522100 3838014 3838014 FEES AND CHARGES 522100 3764318 3352112 412206 OTHER MEMBER INCOME 522100 1048680 1048680 30765160 3179389 3179389 92503 0 92503 92503 92503 9756042 9313644 442398 442398 442398 OTHER INCOME 522100 204056 204056 204056 34683506 30557010 412206 3714290 1708568 1508224 9177625 461276 920768 724979 272849 222000 683564 2442400 3259405 2175629 1355311 238281 17151 2055374 221016 LOAN SERVICING 1712996 PROVISION FOR LOAN LOSS 1112426 OTHER EXPENSES 231767 OPERATING FEES 131328 30632937 12623875 9961004 113189938 72318988 1313137 1253750 11091705 402700204 439672562 2248851 1858730 45467459 20785776 24184488 24681683 81488183 80743299 5750000 2280501 2430350 18568998 12030109 664348175 656042180 3352407 4982591 1628870 1189541 395537 332818 600508140 601623486 605884954 608128436 X 0 0 0 0 58463221 47913744 58463221 47913744 664348175 656042180 X 4050569 -14689013 88967 X X 0 1 X 1 0 0 1 X 4659336 4659336 17442037 3717293 13724744 2662037 1125359 1536678 19144540 15943124 3201416 1559509 1559509 24681683 MEMBERS' SHARE AND DEPOSIT ACCOUNTS 601623486 601623486 X 34683506 0 34683506 0 34683506 30632937 0 30632937 0 30632937 PART IV, LINE 2B: THE ESCROW FUNDS HELD BY THE CREDIT UNION ARE MEMBERS FUNDS TO MAKE PAYMENTS ON THEIR PROPERTY TAXES AND INSURANCE. THE FUNDS ARE HELD BY THE CREDIT UNION, AND SERVICED BY THE CREDIT UNION'S THIRD PARTY MORTGAGE SERVICER. THE CREDIT UNION HAS AN OBLIGATION TO ALLOCATE FUNDS WHEN PAYMENTS ARE MADE, AND TO MAKE PROPERTY TAX AND INSURANCE PAYMENTS TIMELY. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM MOST 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. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2022 AND 2021. THE CREDIT UNION'S 2019 THROUGH 2021 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X 1 1 X X 0 0 0 PAUL BLACKSTONE CHIEF OPERATIONS OFFICER 332438 0 50000 0 0 0 18241 0 39937 0 440616 0 0 0 DAVID MAROVICH PRESIDENT/CEO 351020 0 38053 0 0 0 14663 0 13182 0 416918 0 0 0 CYNDI KOAN CFO 268127 0 50000 0 0 0 18146 0 29761 0 366034 0 0 0 CATHY HUFSTETLER SVP OF LENDING 225056 0 20000 0 0 0 12955 0 26646 0 284657 0 0 0 BETH LIGHTSEY CONTROLLER AND VP OF FINANCE 159480 0 15156 0 0 0 10274 0 8848 0 193758 0 0 0 PETER HAYES VP OF BUSINESS LENDING 148157 0 15000 0 0 0 10297 0 18529 0 191983 0 0 0 CLARA KOVARIK VP OF HUMAN RESOURCES 159261 0 10000 0 0 0 10155 0 11823 0 191239 0 0 0 RUSSELL BUCK VP OF RETAIL 162425 0 0 0 0 0 8994 0 11436 0 182855 0 0 0 ADAM WADE VP OF MARKETING ANALYTICS 161438 0 0 0 0 0 9836 0 9035 0 180309 0 0 0 PART I, LINE 1A THE ORGANIZATION PROVIDED TRAVEL FOR COMPANIONS FOR THE FOLLOWING INDIVIDUALS: SHELBA WILLIAMS $1,691, ARZADA HAYNES $1,527, BILL MACOMBER $1,245, DAVID WELLS $1,710, ELLEN PAGE $693 DAVID MAROVICH PRESIDENT/CEO SPLIT DOLLAR X 4774953 4848782 0 1 1 PAUL BLACKSTONE CHIEF OPERATIONS OFFICER SPLIT DOLLAR X 2100000 2131730 0 1 1 CATHY HUFSTETLER SVP OF LENDING SPLIT DOLLAR X 2100000 2131730 0 1 1 CYNTHIA KOAN CFO SPLIT DOLLAR X 1950000 1979463 0 1 1 11091705 FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IN THIS CREDIT UNION IS AVAILABLE TO THE EMPLOYEES (ACTIVE OR RETIRED) AND THEIR IMMEDIATE FAMILIES OF COMPANIES PROVIDING TELECOMMUNICATIONS SERVICES; AND, TO ORGANIZATIONS WHOSE MEMBERS ARE OF THE SAME GENERAL GROUP. MEMBERSHIP IN THIS CREDIT UNION IS AVAILABLE TO INDIVIDUALS THAT WORK, LIVE OR ATTEND SCHOOL IN THE FLORIDA COUNTIES OF DUVAL, CLAY, ST. JOHNS, NASSAU, BAKER, COLUMBIA, UNION, BRADFORD, ALACHUA, PUTNAM, AND FLAGLER AND THEIR IMMEDIATE FAMILIES. THE IMMEDIATE FAMILY IS DEFINED TO INCLUDE ANY PERSON RELATED TO THE PRIMARY MEMBER BY BLOOD OR MARRIAGE. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION HAS AN ANNUAL ELECTION IN WHICH THE MEMBERS ELECT THE BOARD OF DIRECTORS. 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 THE ORGANIZATION DOES NOT PROVIDE A COPY OF FORM 990 TO THE GOVERNING BODY PRIOR TO FILING. THE 990 IS REVIEWED BY THE CEO AND CFO BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES ARE REQUIRED TO SIGN A STATEMENT ANNUALLY STATING THAT THEY ARE NOT INVOLVED IN ANY TRANSACTIONS THAT WOULD BE A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15A THE REVIEW OF THE CEO'S COMPENSATION IS DONE ANNUALLY BY THE BOARD OF DIRECTORS (BOD). THE BOD USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY AND EACH MEMBER DOES AN INDIVIDUAL REVIEW TO DETERMINE THE CEO'S COMPENSATION. THE CEO'S COMPENSATION IS DOCUMENTED IN THE BOARD MINUTES. THE CEO USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY AS WELL AS AN INTERNAL INDEPENDENT SALARY ADMINISTRATION SYSTEM TO DETERMINE COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN POST-RETIREMENT BENEFIT PLAN GAINS 88,967. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED.