2025-08-06T21:24:57-05:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 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 2025-08-06 1 0 AUBREY CLEGG P01076395 3052328272 2025-08-06 2024 2025-03-06 01:10:19Z POWER FINANCIAL CREDIT UNION ALLAN PRINDLE 2020 NW 150TH AVE PEMBROKE PINES FL 33028 44319411 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. 10 10 161 10 45615 0 0 0 35119819 38412130 5759438 5437155 0 397378 40879257 44246663 74372 15000 0 0 12800278 12971974 0 0 0 14277807 20329796 27152457 33316770 13726800 10929893 878503924 869375033 778142504 755599513 100361420 113775520 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 1 1 0 1 11636 0 1 161 1 1 1 0 0 0 0 0 0 0 X 10 10 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 5037 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 636 0 0 TONY CUBA DIRECTOR 5.00 X 0 0 0 STEPHEN KNIGHT DIRECTOR 5.00 X 0 0 0 LESLIE MCCONACHIE DIRECTOR 5.00 X 4692 0 0 JACK E PATTERSON DIRECTOR 5.00 X 0 0 0 GEORGE SKILLAS DIRECTOR 5.00 X 8753 0 0 GENE SEVILLA DIRECTOR 5.00 X 7053 0 0 ALLAN PRINDLE PRESIDENT/CEO 40.00 X 668291 0 34097 WANDA FERRER CHIEF FINANCIAL OFFICER 40.00 X 265528 0 29175 MICHELLE DIAZ CHIEF INFORMATION OFFICER 40.00 X 273313 0 21798 CLAIRE BERGGUIST CHIEF TALENT & KNOWLEDGE O 40.00 X 214440 0 29237 LESLEY GARCIA SUAREZ CHIEF LENDING OFFICER 40.00 X 210455 0 26763 ALICIA QUEVEDO CHIEF MEMBERSHIP OFFICER 40.00 X 191334 0 20692 PING LUO VP CONTROLLER 40.00 X 184279 0 20478 MARK MATTOZZI SR. COMM. LENDING OFFICER 40.00 X 175281 0 12734 DAVID ESQUIVEL VP NETWORK SERVICES 40.00 X 166011 0 17316 TAYYAB PALANPURWALA VP, IT OPS, BA, PROG. 40.00 X 143990 0 23843 VINCENZO FIORDELISI VP, MARKETING 40.00 X 143683 0 25575 2662776 0 261708 18 0 1 0 JACK HENRY AND ASSOCIATES INC PO BOX 609 MONETT MO 65708 FINANCIAL SERVICES 573824 VISA USA INC PO BOX 742233 LOS ANGELES CA 900742233 CREDIT/DEBIT SERVICES 508015 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 900740641 IT SERVICES 489200 DEI INCORPORATED PO BOX 706377 CINCINNATI OH 452706377 CONSTRUCTION 458805 DIGITAL FIRST HOLDING LLC PO BOX 660367 DALLAS TX 752660367 DIGITAL BANKING SOLUTIONS 247133 20 INTEREST ON LOANS 522100 34049883 34049883 FEE INCOME & OTHER OPERATING INCO 522100 4316632 4316632 FINANCE & INSURANCE 520000 45615 45615 38412130 5488364 5488364 412098 14720 397378 397378 397378 6819 58028 -51209 -51209 -51209 44246663 44201048 45615 0 X 15000 2011294 9330582 -319479 1161743 787834 179250 263200 213559 1002690 823456 1191090 687792 365858 51269 8287823 748203 159604 PROVISION FOR LOAN LOSS 2221908 MAINTENANCE & REPAIRS 1994952 DEBIT/CREDIT EXPENSE 569191 LOAN SERVICING 463281 1106670 33316770 4014801 3229183 48673635 65841946 5903535 685853 652754168 658715192 7739538 9458220 30858914 17255236 13388541 13603678 92375170 80917012 3436975 3189875 15467191 15424163 34750370 18309911 878503924 869375033 7445956 5713350 5337160 6231909 58332694 46177719 707026694 697476535 778142504 755599513 X 0 0 0 0 100361420 113775520 100361420 113775520 878503924 869375033 X 10929893 1178950 1305257 X X 0 1 X 1 0 0 1 X 3086421 3086421 16026868 6206883 9819985 954350 424745 529605 10737628 10569961 167667 53647 53647 0 13603678 SHARE DEPOSITS 697476535 697476535 X 44514957 253574 253574 44261383 -14720 -14720 44246663 33331490 14720 14720 33316770 0 33316770 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. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED AS A REDUCTION OF RENTAL REVENUE IN THE STATEMENT OF REVENUE OF FORM 990 BUT REPORTED WITHIN TOTAL EXPENSES IN THE AUDITED FINANCIAL STATEMENTS -14,720. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED AS A REDUCTION OF RENTAL REVENUE IN THE STATEMENT OF REVENUE OF FORM 990 BUT REPORTED WITHIN TOTAL EXPENSES IN THE AUDITED FINANCIAL STATEMENTS 14,720. 1 BIG BROTHERS BIG SISTERS OF MIAMI 550 NW 42ND AVENUE MIAMI FL 33126 475086692 501(C)(3) 15000 0 TO SUPPORT THE ORGANIZATION'S MISSION TO INSPIRE CHILDREN'S PASSIONS AND ENCOURAGE THEM TO ACHIEVE SUCCESS IN LIFE. 1 1 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 0 0 ALLAN PRINDLE PRESIDENT/CEO 521135 0 139655 0 7501 0 15525 0 18572 0 702388 0 0 0 MICHELLE DIAZ CHIEF INFORMATION OFFICER 225996 0 46235 0 1082 0 11345 0 10453 0 295111 0 0 0 WANDA FERRER CHIEF FINANCIAL OFFICER 214313 0 50805 0 410 0 12402 0 16773 0 294703 0 0 0 CLAIRE BERGGUIST CHIEF TALENT & KNOWLEDGE O 176455 0 37383 0 602 0 10206 0 19031 0 243677 0 0 0 LESLEY GARCIA SUAREZ CHIEF LENDING OFFICER 173475 0 36560 0 420 0 9990 0 16773 0 237218 0 0 0 ALICIA QUEVEDO CHIEF MEMBERSHIP OFFICER 155268 0 32584 0 3482 0 8828 0 11864 0 212026 0 0 0 PING LUO VP CONTROLLER 161290 0 21897 0 1092 0 8577 0 11901 0 204757 0 0 0 MARK MATTOZZI SR. COMM. LENDING OFFICER 106507 0 65258 0 3516 0 7811 0 4923 0 188015 0 0 0 DAVID ESQUIVEL VP NETWORK SERVICES 145382 0 20017 0 612 0 5875 0 11441 0 183327 0 0 0 VINCENZO FIORDELISI VP, MARKETING 125630 0 17633 0 420 0 6864 0 18711 0 169258 0 0 0 TAYYAB PALANPURWALA VP, IT OPS, BA, PROG. 124473 0 17689 0 1828 0 7070 0 16773 0 167833 0 0 0 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 213,559. FORM 990, PART IX, LINE 24E ATM EXPENSE 391,100. FRAUD LOSSES 365,984. SHARED FACILITIES EXPENSE 331,288. MISCELLANEOUS 18,298. FORM 990, PART XI, LINE 9: NET PENSION GAINS/(LOSSES) 1,305,257. 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. JUPITER CUSO LLC 196 COLUMBIA HEIGHTS APT 3 BROOKLYN NY 11201 990707895 INVESTMENTS NY -100000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 JUPITER CUSO LLC R 100000 ACTUAL CAPITAL CONTRIBUTION FORM 990, SCHEDULE R, PART I POWER FINANCIAL CREDIT UNION INVESTED IN JUPITER CUSO, LLC DURING JANUARY 2024. A CERTIFICATE OF CANCELATION OF JUPITER CUSO, LLC WAS ISSUED EFFECTIVE SEPTEMBER 12, 2024. THERE WAS NO ACTIVITY DURING 2024 LEADING UP TO THE CANCELLATION. TOTAL ASSETS AS OF DECEMBER 31, 2024 WERE $0 AS A RESULT OF THE CANCELLATION. ON SEPTEMBER 27, 2024, POWER FINANCIAL CREDIT UNION WROTE OFF ITS INITIAL CAPITAL CONTRIBUTION OF $100,000. JUPITER CUSO, LLC ISSUED A FORM K-1 TO POWER FINANCIAL CREDIT UNION REPORTING THE $100,000 LOSS.