2022-11-15T14:55:03-06:00 2021-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2021-01-01 590637653 TROPICAL FINANCIAL CREDIT UNION TROP 8882618328 3050 CORPORATE WAY MIRAMAR FL 33025 RICHARD SHAW CEO 8882618328 2022-11-15 1 RICHARD SHAW 999009999 JENIFER L CHASE P01306883 5638884000 2022-11-15 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z RICHARD SHAW 3050 CORPORATE WAY MIRAMAR FL 33025 75392903 0 2106 X WWW.TROPICALFCU.ORG X CREDIT UNION 1935 FL TROPICAL FINANCIAL CREDIT UNION IS A NOT FOR PROFIT FINANCIAL COOPERATIVE, (CONTINUED ON SCH. O) PROVIDING MEMBER OWNERS WITH VALUABLE PRODUCTS, SERVICES & EDUCATION TO HELP THEM ACHIEVE THEIR GOALS. 9 9 214 9 36357 0 0 0 35484216 38023754 4363226 1717548 0 0 39847442 39741302 39397 9500 2723358 1249517 15681954 15156144 0 0 0 18462549 16485301 36907258 32900462 2940184 6840840 877665521 964049184 805547914 883427570 72117607 80621614 TROPICAL FINANCIAL CREDIT UNION IS A NOT FOR PROFIT FINANCIAL COOPERATIVE, PROVIDING MEMBER OWNERS WITH VALUABLE PRODUCTS, SERVICES AND EDUCATION TO HELP THEM ACHIEVE THEIR GOALS. 0 0 INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP. 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 0 0 0 1 10844 0 1 214 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 0 1 1 1 0 0 X RICHARD SHAW 8882618328 3050 CORPORATE WAY MIRAMAR FL 33025 M PEREZ CHAIR 1.00 X X 0 0 0 JL BELAUSTEGUI VICE CHAIR 1.00 X X 0 0 0 BK CRUIT SECRETARY/TREASURER 1.00 X X 0 0 0 BN DIAMOND DIRECTOR 1.00 X 0 0 0 JM DOHOHUE DIRECTOR 1.00 X 0 0 0 HP GEER DIRECTOR 1.00 X 0 0 0 MC MARTINEZ DIRECTOR 1.00 X 0 0 0 ML REYES DIRECTOR/AUDIT COMMITTEE 1.00 X 0 0 0 RP WISNIEWKI DIRECTOR 1.00 X 0 0 0 RICHARD HELBER CEO 40.00 X 397240 0 121169 RICHARD SHAW COO 40.00 X 303518 0 31169 ALFREDO GEONAGA VP OF ADMIN 40.00 X 158262 0 34885 BRIAN BURRESS VP MEMBER RELATIONS 40.00 X 172451 0 23459 AMY MCGRAW VP MARKETING 40.00 X 167297 0 20488 ELIZABETH JIMENZ VP HR 40.00 X 164499 0 23725 FRANK SALOKAR MORTGAGE LOAN ORIGINATOR 40.00 X 208222 0 17353 ADAM BOUDIN MORTGAGE LOAN ORIGINATOR 40.00 X 156228 0 15318 FRANCIS GALLO SR COMMERCIAL LENDING OFFICER 40.00 X 151336 0 23643 JAVIER CORNAVACA MORTGAGE LOAN ORIGINATOR 40.00 X 144363 0 30778 DOUGLAS LEVER MORTGAGE SALES MANAGER 40.00 X 133702 0 21395 2157118 0 363382 21 0 1 0 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90074 ELECTRONIC BANKING SERVICE PROVIDER 883713 FISERV SOLUTIONS 4575 SW RESEARCH WAY CORVALLIS OR 97339 CORE SYSTEM/SOFTWARE 695096 CREDIT UNION LEASING CORP 3111 CAMINO DEL RIO SUITE 203 SAN DIEGO CA 92108 LEASE PRODUCT 3RD PARTY VENDOR 596777 RATE GENIUS 9300 UNITED DR SUITE 180 AUSTIN TX 78758 AUTO LOAN 3RD PARTY VENDOR 374129 WCS WHOLESALE CARRIER SERVICES INC 12350 NW 39TH ST CORAL SPRINGS FL 33065 TELECOMMUNICATIONS SERVICE PROVIDER 291894 43 INCOME ON LOANS 522100 28158178 28158178 CHARGES/FEES/OTHER 522100 9865576 9829219 36357 38023754 419929 419929 36949220 35651601 1297619 1297619 1297619 39741302 37987397 36357 1717548 9500 1249517 1642568 10188946 632993 1772329 919308 361811 66000 1238686 719522 927475 4231250 321933 88277 1679563 186248 MORTGAGE LOAN SERVICING 1650589 SWITCH EXP 1552638 DUES AND SUBSCRIPTIONS 1460960 PROVISION LOAN LOSSES 850944 1149405 32900462 41490552 38410415 139271410 168751469 1723302 1708638 645082988 716024244 1372951 1344084 27023055 18554645 11202912 8468410 16160271 6746345 1076983 1076983 303975 238837 19980177 21279759 877665521 964049184 7860061 8132658 5998726 5084470 791689127 870210442 805547914 883427570 X 0 0 0 0 72117607 80621614 72117607 80621614 877665521 964049184 X 6840840 -162520 1825687 X X 0 1 X 1 0 0 1 X 3385335 3385335 6770067 3015967 3754100 4266701 3939875 326826 12531763 11529614 1002149 69189 69189 0 8468410 MEMBER DEPOSITS - SHARE DRAFTS 210985171 MEMBER DEPOSITS - PREMIER 1 CHECKING 12509554 MEMBER DEPOSITS - MONEY MARKET ACCOUNT 117887966 MEMBER DEPOSITS - SHARES 437359172 MEMBER DEPOSITS - IRA SHARES 15319265 MEMBER DEPOSITS - SHARE & IRA CERTIFICATES 76149314 870210442 X 40281602 0 40281602 -540300 -540300 39741302 33440762 540300 540300 32900462 0 32900462 PART IV, LINE 2B: TROPICAL FINANCIAL CREDIT UNION MAINTAINS CUSTODIAL ESROW BALANCES IN CONNECTION WITH SERVICING ITS MORTGAGE LOANS PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL AND STATE INCOME TAXES. THE INCOME TAXES TOPIC OF THE 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 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. THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATECHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UNRELATED BUSINESS INCOME 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 FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2020, 2019 AND 2018 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF ASSETS RECLASS -540,300. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF ASSETS RECLASS 540,300. 0 AMERICAN RED CROSS 431 18TH STREET NW WASHINGTON DC 20006 530196605 501(C)(3) 9500 0 PROGRAM SUPPORT 1 0 PART I, LINE 2: TROPICAL FINANCIAL CREDIT UNION DOES NOT MONITOR THE USE OF GRANTS FUNDS ONCE DISBURSED TO PUBLIC CHARITIES. X X X X 0 1 0 RICHARD HELBER CEO 392668 0 0 0 4572 0 101600 0 27476 0 526316 0 0 0 RICHARD SHAW COO 300531 0 0 0 2987 0 11600 0 26803 0 341921 0 0 0 FRANK SALOKAR MORTGAGE LOAN ORIGINATOR 207953 0 0 0 269 0 5468 0 12296 0 225986 0 0 0 BRIAN BURRESS VP MEMBER RELATIONS 170436 0 0 0 2015 0 6389 0 18518 0 197358 0 0 0 ALFREDO GEONAGA VP OF ADMIN 154273 0 0 0 3989 0 6558 0 29709 0 194529 0 0 0 ELIZABETH JIMENZ VP HR 163089 0 0 0 1410 0 5786 0 22954 0 193239 0 0 0 AMY MCGRAW VP MARKETING 165882 0 0 0 1415 0 3418 0 18488 0 189203 0 0 0 FRANCIS GALLO SR COMMERCIAL LENDING OFFICER 151171 0 0 0 165 0 6298 0 18258 0 175892 0 0 0 JAVIER CORNAVACA MORTGAGE LOAN ORIGINATOR 144302 0 0 0 61 0 3881 0 27308 0 175552 0 0 0 ADAM BOUDIN MORTGAGE LOAN ORIGINATOR 156191 0 0 0 37 0 6339 0 9390 0 171957 0 0 0 DOUGLAS LEVER MORTGAGE SALES MANAGER 132329 0 0 0 1373 0 1826 0 20661 0 156189 0 0 0 PART I, LINE 4B IN 2019, THE CREDIT UNION ESTABLISHED A NONQUALIFIED DEFERRED COMPENSATION PLAN UNDER SECTION 457(F) OF THE IRS. THE PLAN PROVIDES DEFERRED COMPENSATION TO RICHARD HELBER, PRESIDENT/CEO. FOR THE YEAR ENDED DECEMBER 31, 2021 THE CREDIT UNION RECOGNIZED $90,000 OF EXPENSE FOR DEFERRED COMPENSATION. THE AGREEMENT CALLS FOR DEFERRED COMPENSATION TO BE PAID IF THE PRESIDENT IS CONTINUOUSLY EMPLOYED THROUGH DECEMBER 31, 2022. FORM 990, PART VI, SECTION A, LINE 6 TROPICAL FINANCIAL CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. 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 WILL BE REVIEWED BY THE VP OF FINANCE AND CFO. ANY QUESTIONS, THE VP OF FINANCE/CFO WILL DISCUSS WITH THE CPA FIRM. THE FORM 990 WILL BE PRESENTED TO THE BOARD OF DIRECTORS FOR INFORMATIONAL PURPOSES ONLY SUBSEQUENT TO THE FORM BEING FILED WITH THE IRS. THIS WILL BE RECORDED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION B, LINE 12 THE POLICY REQUIRES REVIEW AND SIGNED ACKNOWLEDGEMENT ANNUALLY. THE EMPLOYEES ARE PRESENTED WITH THE HR POLICY ANNUALLY WHICH THEY SIGN ACKNOWLEDGING THAT THEY RECEIVED THE POLICY MANUAL AND THAT THEY WILL FOLLOW THE POLICIES. FORM 990, PART VI, SECTION B, LINE 15A THE REVIEW OF THE CEO'S COMPENSATION IS A FUNCTION OF THE BOARD OF DIRECTORS, WITH THE ASSISTANCE OF THE VICE PRESIDENT OF HUMAN RESOURCES AND ORGANIZATION DEVELOPMENT. THE BOARD USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY ON A PERIODIC BASIS TO DETERMINE THE CEO'S COMPENSATION AND A SEPERATE THIRD PARTY STUDY IS USED FOR ALL OTHER POSITIONS IN THE ORGANIZATION. JOB GRADES AND PAY RANGES ARE ESTABLISHED THROUGH THE ASSISTANCE OF AN EXTERNAL THIRD PARTY VENDOR WITH SPECIALIZED EXPERTISE IN THIS AREA, AND MAINTAINED BY THE OFFICE OF HUMAN RESOURCES. THIS COMPENSATION SYSTEM IS REVIEWED BY THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS DOCUMENTS THE PROCESS USED TO DETERMINE THE CEO'S COMPENSATION. 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 FINANCIALS ARE AVAILABLE FOR PUBLIC VIEWING ON THE NCUA.GOV VIA THE QUARTERLY 5300 FILING. FORM 990, PART XI, LINE 9: PENSION PLAN GAINS 1,284,157. POST RETIREMENT GAINS 541,530.