2021-11-15T15:59:50-06:00 2020-12-31 721396621 CARR RIGGS & INGRAM LLC 2633 CENTENNIAL BLVD STE 200 TALLAHASSEE FL 32308 990 2020-01-01 590806310 FLORIDA STATE UNIVERSITY CREDIT UNION FLOR 8502244960 PO BOX 182499 TALLAHASSEE FL 32318 JENNIFER DURDEN EXECUTIVE VP/CFO 8502244960 2021-11-15 1 JENNIFER DURDEN 999009999 MICHAEL C CARTER P00292302 8508788777 2021-11-15 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z JENNIFER DURDEN 2520 N MONROE ST TALLAHASSEE FL 32303 16380606 0 X WWW.FSUCU.ORG X CREDIT UNION 1954 FL THE MISSION OF THE FLORIDA STATE UNIVERSITY (FSU) CREDIT UNION IS TO PROMOTE THRIFT, CREATE A SOURCE OF CREDIT AT LEGITIMATE RATES OF INTEREST, AND MAXIMIZE THE FINANCIAL WELL-BEING OF ITS MEMBERS. FSU CREDIT UNION SERVES MORE THAN 28,000 MEMBERS WITH NINE BRANCHES THROUGHOUT TALLAHASSEE AND THE SURROUNDING AREA. THE CREDIT UNION PROVIDES SECURE ONLINE BANKING, A CONVENIENT MOBILE APP AND A COMPLETE SUITE OF ACCOUNT TYPES, LOANS, AND SERVICES TO MEET EVERY FINANCIAL NEED. 14 14 109 17 112165 0 166667 166667 14882668 14747622 539610 229489 443403 677418 16032348 15821196 30000 25000 0 0 5235577 5798404 0 0 0 8930665 8663434 14196242 14486838 1836106 1334358 223594354 305578667 200786606 277341716 22807748 28236951 X THE MISSION OF THE FLORIDA STATE UNIVERSITY (FSU) CREDIT UNION IS TO PROMOTE THRIFT, CREATE A SOURCE OF CREDIT AT LEGITIMATE RATES OF INTEREST, AND MAXIMIZE THE FINANCIAL WELL-BEING OF ITS MEMBERS. FSU CREDIT UNION SERVES MORE THAN 28,000 MEMBERS WITH NINE BRANCHES THROUGHOUT TALLAHASSEE AND THE SURROUNDING AREA. THE CREDIT UNION PROVIDES SECURE ONLINE BANKING, A CONVENIENT MOBILE APP AND A COMPLETE SUITE OF ACCOUNT TYPES, LOANS, AND SERVICES TO MEET EVERY FINANCIAL NEED. 0 0 CONSUMER LOANS - LOANS ARE OFFERED AT FAIR INTEREST RATES THAT ALLOW OUR MEMBERS TO SAVE MONEY ON THEIR LOAN PAYMENTS AND USE THOSE FUNDS ELSEWHERE IN THEIR BUDGETS. THRIFT IS ENCOURAGED WHEN THE MEMBER IS DECIDING WHAT TYPE OF PAYMENT IS AFFORDABLE. DEPOSIT ACCOUNTS - COMPETITIVE DIVIDEND RATES ARE PAID EVENLY TO MEMBERS OF MODEST MEANS. THIS HELPS MEMBERS TO BETTER THEIR ECONOMIC POSITIONS AND SAVE FOR THE FUTURE. ELECTRONIC SERVICES - THE CREDIT UNION OFFERS MANY WAYS TO MAKE CONDUCTING FINANCIAL TRANSACTIONS EASY. THESE OPTIONS AFFECT EVERYONE, FROM THE PERSON STILL USING THE PHONE SYSTEM TO TRANSFER MONEY TO THE HI-TECH MEMBER WHO DOES ALL OF THEIR BANKING CONVENIENTLY ON THEIR SMART PHONE. OUR MEMBERS BENEFIT FROM ONLINE BANKING, BILLPAY, ATMS, PHONE SYSTEM, ACCOUNT AGGREGATION SOFTWARE, E-STATEMENTS, E-LERTS, ETC. 0 1 0 0 0 0 0 1 0 1 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 4933 0 1 109 1 1 1 0 0 0 0 0 0 0 X 14 14 0 0 1 0 1 1 0 1 1 0 0 0 1 1 0 1 1 1 1 0 FL X X CHARLES E ADCOCK III 8505567218 2520 N MONROE STREET TALLAHASSEE FL 32303 G STACY SIRMANS CHAIRMAN (JUL 2020-PRESENT) 1.00 0.00 X X 0 0 0 WILLIAM AGNER CHAIRMAN (JAN-JUL 2020) 1.00 0.00 X X 0 0 0 MARK STRIFFLER CO-CHAIRMAN (JAN-JUL 2020) 0.50 0.00 X X 0 0 0 DAVID WHITE TREASURER 0.60 0.00 X X 0 0 0 DAVE SAGASER SECRETARY (JAN-JUL 2020), CO-CHAIRMAN (JUL 20-PRE) 0.50 0.00 X X 0 0 0 BRANDON BOWDEN DIRECTOR 0.50 0.00 X 0 0 0 WILLIAM BRYNES DIRECTOR (JAN-JUL 2020) 0.50 0.00 X 0 0 0 FRANCIS J FLYNN DIRECTOR 0.50 0.00 X 0 0 0 HUGH FONES DIRECTOR 0.50 0.00 X 0 0 0 PHAEDRA HARRIS DIRECTOR 0.50 0.00 X 0 0 0 J RANDY MCCAUSLAND DIRECTOR 0.50 0.00 X 0 0 0 ELAINE MCCROAN DIRECTOR 0.50 0.00 X 0 0 0 JOEL MOYE DIRECTOR 0.50 0.00 X 0 0 0 DAVE OERTING DIRECTOR 0.50 0.00 X 0 0 0 WAYNE RHODES DIRECTOR 0.50 0.00 X 0 0 0 SHENIFA TAITE SECRETARY (JUL 2020-PRESENT) 0.50 0.00 X 0 0 0 WILLIAM WOODYARD DIRECTOR 0.50 0.00 X 0 0 0 CHARLES ADCOCK III PRESIDENT/CEO 39.00 1.00 X 395672 0 47007 JENNIFER DURDEN CFO 40.00 0.00 X 183154 0 42767 CHRISTOPHER WALLACE VP OF OPERATIONS (JAN-SEPT 2020) 40.00 0.00 X 124081 0 27702 L GRANT ABBOTT DIRECTOR, LENDING/BUS DEV 35.00 5.00 X 110306 0 35944 WENDI CANNON IT DIRECTOR 40.00 0.00 X 115100 0 18634 928313 0 172054 5 0 1 0 SPERRY & ASSOCIATES INC 4495 CAPITAL CIRCLE NW TALLAHASSEE FL 32303 CONSTRUCTION 787360 FISERV PO BOX 745148 ATLANTA GA 30374 DATA PROCESSING 487846 SORENSEN VAN LEUVEN LAW FIRM PO BOX 3637 TALLAHASSEE FL 32315 LEGAL SERVICES 137483 WILLIAMS GAUTIER GWYNN DELOACH AND KI 2010 DELTA BLVD TALLAHASSEE FL 32303 LEGAL SERVICES 130342 TPSI PO BOX 470903 TULSA OK 74147 STATEMENT PROCESSING SERVICES 119683 6 166667 166667 INTEREST ON LOANS 522291 10772448 10772448 FEE INCOME 522100 2264415 2264415 INTERCHANGE INCOME 522100 1233328 1233328 INSURANCE-RELATED INCOME 522100 477431 477431 14747622 260022 260022 88893 439984 0 559410 88893 -119426 -30533 88893 -119426 MISC OPERATING INCOME 522100 429387 429387 IDRIVE ENVISION INCOME 522100 80347 80347 MORTGAGE FEES 522100 40291 40291 127393 95575 31818 677418 15821196 15661790 112165 -119426 25000 820381 3662310 139004 887794 288915 120920 59400 315471 253862 407716 898249 412113 48875 886 1654204 385697 154436 PROVISION FOR LOAN LOSS 1838495 LOAN SERVICING 965822 DEBIT CARD EXPENSES 572869 PROFESSIONAL SERVICES 296911 277508 14486838 2849028 4129101 18820641 41371878 421074 156719 1650000 1650000 177095748 210451402 898843 2756902 17693122 3402796 12918396 14290326 5888082 27110767 3052542 3661572 223594354 305578667 1699132 2039615 4290 0 199083184 275302101 200786606 277341716 X 0 0 0 0 22807748 28236951 22807748 28236951 223594354 305578667 X 1334358 4094845 X X 0 0 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 4518481 4518481 10290265 1179589 9110676 253295 252791 504 2631081 1970416 660665 14290326 COMMERCIAL BANK DEPOSITS 23488000 C OTHER SECURITIES 3622767 F 27110767 MEMBER DEPOSIT ACCOUNTS 275302101 275302101 X PART X, LINE 2: THE ORGANIZATION UTILIZES THE ACCOUNTING REQUIREMENTS ASSOCIATED WITH UNCERTAINITY IN INCOME TAXES USING THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ASC 740, INCOME TAXES. USING THAT GUIDANCE, TAX POSITIONS INITIALLY NEED TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS WHEN IT IS MORE-LIKELY-THAN-NOT THE POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE TAX AUTHORITIES. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. AS OF DECEMBER 31, 2020, THE ORGANIZATION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. 1 SEMINOLE BOOSTERS INC 225 UNIVERSITY CENTER C SUITE C5100 C5100 TALLAHASSEE FL 32306 591561180 501(C)(3) 25000 TO PROVIDE FUNDING FOR SCHOLARSHIPS FOR STUDENT ATHLETES 1 PART I, LINE 2 PROFESSIONAL MONEY MANAGERS CONSERVATIVELY INVEST THE FUNDS OF THE SCHOLARSHIP ENDOWMENT. A COMMITTEE OF EXPERIENCED SEMINOLE BOOSTER SENIOR VOLUNTEERS OVERSEES THE INVESTMENT DECISIONS. X X X X 0 1 0 CHARLES ADCOCK III PRESIDENT/CEO 309662 0 75249 0 10761 0 17100 0 29907 0 442679 0 0 0 JENNIFER DURDEN CFO 137920 0 42400 0 2834 0 11179 0 31588 0 225921 0 0 0 CHRISTOPHER WALLACE VP OF OPERATIONS (JAN-SEPT 2020) 83927 0 37000 0 3154 0 4870 0 22832 0 151783 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENTS WITH CHARLES ADCOCK, III, PRESIDENT/CEO. THE ANNUAL PREMIUM ON THE POLICY, WHICH WAS PAID IN FULL AS OF APRIL 2017, WAS FUNDED BY THE CREDIT UNION THROUGH A LOAN TO MR. ADCOCK. THE IMPUTED INTEREST IS INCLUDED IN MR. ADCOCK'S GROSS WAGES ON FORM W-2. CHARLES ADCOCK III PRESIDENT/CEO OF ORG TO PAY THE PREMIUMS OF A COLLATERAL ASSIGNMENT SPLIT-DOLLAR PLAN X 800000 800000 0 1 1 J BRADLEY BLAKE FORMER PRESIDENT/CEO OF ORG TO PAY THE PREMIUMS OF A COLLATERAL ASSIGNMENT SPLIT-DOLLAR PLAN X 850000 850000 0 1 1 1650000 FORM 990, PART VI, SECTION A, LINE 4 EFFECTIVE OCTOBER 1, 2020, GULF POWER COMPANY EMPLOYEES (GPCE) CREDIT UNION MERGED WITH AND INTO FSU CREDIT UNION. THERE ARE THREE GPCE CREDIT UNION BRANCHES, WITH TWO LOCATIONS IN PENSACOLA, FLORIDA AND ONE IN PANAMA CITY, FLORIDA. MEMBERSHIP OF GPCE CREDIT UNION WAS PREVIOUSLY LIMITED TO INDIVIDUALS AFFILIATED WITH GULF POWER COMPANY OR NEXTERA ENERGY, WHICH PURCHASED GULF POWER COMPANY IN 2018. CHUCK ADCOCK REMAINS THE PRESIDENT/CEO OF FSU CREDIT UNION. ALL EMPLOYEES OF THE GPCE CREDIT UNION ARE NOW EMPLOYEES OF FSU CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS OWNED BY ITS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION'S BOARD OF DIRECTORS CONSISTS OF 14 MEMBERS. THE BOARD MEMBERS ARE ELECTED TO VACANT POSITIONS BY THE MEMBERSHIP AT THE ANNUAL MEETING EACH YEAR. THEY ARE ALLOWED TO SERVE THREE THREE-YEAR TERMS AND THEN MUST LEAVE THE BOARD FOR AT LEAST ONE YEAR BEFORE BEING ELIGIBLE TO RUN AGAIN. ELIGIBILITY FOR MEMBERSHIP IN THE CREDIT UNION IS LIMITED TO A FIELD OF PERSONS COMPOSED OF THE FOLLOWING, INCLUDING MEMBERS OF THE IMMEDIATE FAMILY THEREOF: 1. THE FACULTY AND STAFF OF THE FLORIDA STATE UNIVERSITY; 2. GRADUATES WHO LIVE AND/OR WORK IN FRANKLIN, JEFFERSON, LIBERTY, LEON, WAKULLA, AND BAY COUNTIES AND STUDENTS IN GOOD ACADEMIC STANDING OF THE FLORIDA STATE UNIVERSITY; 3. MEMBERS AND EMPLOYEES OF ORGANIZATIONS WHICH ARE PART OF THE FLORIDA STATE UNIVERSITY COMMUNITY; 4. MEMBERS AND EMPLOYEES OF BUSINESSES THAT DO BUSINESS WITH AND/OR HAVE OFFICES AT THE FLORIDA STATE UNIVERSITY; 5. EMPLOYEES AND RESIDENTS OF THE RETIREMENT FACILITY LOCATED AT 100 JOHN KNOX ROAD, TALLAHASSEE, FL 32303; 6. EMPLOYEES OF THE CREDIT UNION; 7. INDIVIDUALS WHO LIVE AND/OR WORK IN LEON, WAKULLA, GADSDEN, OR TAYLOR COUNTY; 8. INDIVIDUALS WHO LIVE AND/OR WORK IN JACKSON, LIBERTY, BAY, GULF, FRANKLIN OR CALHOUN COUNTY (LIMIT OF 2,000 NEW MEMBERS PER YEAR); 9. INDIVIDUALS WHO LIVE AND/OR WORK IN JEFFERSON, WASHINGTON, HOLMES, WALTON, OKALOOSA, SANTA ROSA, OR ESCAMBIA COUNTY (LIMIT OF 2,500 NEW MEMBERS PER YEAR); 10. EMPLOYEES AND RETIREES OF GULF POWER AND SOUTHERN COMPANY; AND 11. ALL MEMBERS OF GPCE CREDIT UNION AS OF THE EFFECTIVE DATE OF THE MERGER OF GPCE CREDIT UNION INTO, AND WITH, THIS CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY OUR CPA AND THEN REVIEWED BY THE PRESIDENT/CEO AND CFO PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 15 MANAGEMENT IS RESPONSIBLE FOR COORDINATING THE CONTINUING INTERNAL REVIEW OF ALL COMPENSATION AND FOR MAKING SURE THAT EACH JOB IS EVALUATED AND ASSIGNED A JOB GRADE AND SALARY RANGE. A BIANNUAL REVIEW OF PROJECTED LABOR MARKET WAGE/SALARY STRUCTURE WILL BE CONDUCTED. THE PROJECTED LABOR MARKET WAGE/SALARY STRUCTURE CHANGES WILL BE CONSIDERED TO DETERMINE THE WAGE/SALARY RANGES FOR THE FOLLOWING YEAR. SALARIES WILL BE COMPARED TO THOSE PAID FOR SIMILAR WORK AT OTHER CREDIT UNIONS AND ORGANIZATIONS SELECTED AS A BASIS FOR COMPARISON. WAGE/SALARY MIDPOINTS WILL BE ESTABLISHED AS CLOSELY AS POSSIBLE TO REFLECT MARKET CONSENSUS VALUES. THE COMPETITIVE WAGE/SALARY PHILOSOPHY AND THE ORGANIZATIONAL FINANCIAL CONDITION WILL BE USED TO ESTABLISH OVERALL COMPENSATION RANGES. EXEMPT POSITIONS WILL BE COMPARED AGAINST ORGANIZATIONS IN SIMILAR INDUSTRIES WITH HEAVY EMPHASIS ON ASSOCIATIONS AND OTHER ORGANIZATIONS THAT PROVIDE SERVICES TO CREDIT UNIONS. NON-EXEMPT POSITION SALARY LEVELS WILL BE BASED ON A COMPILATION OF DATA FROM THE RELEVANT LOCAL MARKETS. WHEN NEW SALARY RANGES ARE DETERMINED, EMPLOYEES BELOW THE MINIMUM RANGE OF THEIR RANGE WILL BE BROUGHT TO THE MINIMUM ON THE EFFECTIVE DATE OF THE NEW RANGES. EXCEPTIONS TO BRINGING EMPLOYEES TO THE MINIMUM RANGE MUST BE NOTED (I.E. TRAINEE) AND EVERY EFFORT TO BRING THESE INDIVIDUALS TO THE MINIMUM OF THE RANGE SHOULD BE MADE. THE BOARD NEGOTIATES A CONTRACT WITH THE PRESIDENT BASED ON THE SALARY ADMINISTRATION PLAN MENTIONED ABOVE. ALL OTHER EMPLOYEES' SALARIES ARE BASED ON A PAY GRADE AND COMPARABLES USING COMPEASE FOR LIKE INSTITUTIONS. THE PRESIDENT GIVES FINAL APPROVAL FOR EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 18 TAX RETURNS AND OTHER INFORMATION ARE PRESENTED UPON REQUEST. FORM 990 CAN ALSO BE FOUND ON GUIDESTAR.ORG. FORM 990, PART VI, SECTION C, LINE 19 THE CURRENT STATEMENT OF FINANCIAL CONDITION IS DISPLAYED IN THE LOBBY OF EACH BRANCH. THIS STATEMENT, AS WELL AS THE INCOME STATEMENT, ARE PRINTED IN THE ANNUAL REPORT, WHILE SUMMARY DATA IS PRESENTED IN THE QUARTERLY NEWSLETTER. OTHER INFORMATION IS PRESENTED UPON REQUEST. FORM 990, PART XI, LINE 9: EQUITY ACQUIRED IN MERGER - GPCE CU 3,709,715. OTHER COMP INCOME 385,130. FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2B FSU CREDIT UNION HAS AN ANNUAL AUDIT CONDUCTED ON A FISCAL YEAR BASIS AT JUNE 30. SINCE THE FORM 990 IS FILED ON A CALENDAR YEAR BASIS, QUESTION 2B IS ANSWERED NO. A RECONCILIATION BETWEEN THE TWO PERIODS WOULD NOT YIELD ANY USEFUL INFORMATION FOR FEDERAL PURPOSES. IDRIVELENDING LLC 2520 N MONROE STREET TALLAHASSEE FL 32303 461603351 INDIRECT LENDING FL RELATED 79789 5778 0 1 0.33300 1 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 1 0 0 IDRIVELENDING LLC A 30000 CASH