2021-10-05T12:59:19-05:00 2020-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2020-01-01 590705380 STATE CHARTERED CREDIT UNIONS IN FLORIDA FIRST FLORIDA CREDIT UNION STAT 9043596800 500 WEST 1ST STREET JACKSONVILLE FL 32202 BRADLEY A LONG EVP FINANCE 8007664328 2021-10-04 1 BRADLEY LONG XXX-XX-XXXX ROBIN D HOAG CPA P00360662 2482443000 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z BRENT E LISTER 500 WEST 1ST STREET JACKSONVILLE FL 32202 122333763 0 X WWW.FIRSTFLORIDA.ORG X CREDIT UNION 1950 FL FIRST FLORIDA CU IS DEDICATED TO DELIVERING FINANCIAL SOLUTIONS TO ENRICH MEMBERS' LIVES. 8 8 248 8 195415 0 0 0 38487432 37226506 6564522 5513729 353443 195415 45405397 42935650 0 0 0 0 14707030 15862194 0 0 0 24722663 23888480 39429693 39750674 5975704 3184976 1055950421 1233287162 904388960 1073464621 151561461 159822541 FIRST FLORIDA CREDIT UNION IS DEDICATED TO DELIVERING FINANCIAL SOLUTIONS TO ENRICH MEMBERS' LIVES. 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 0 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 13082 0 1 248 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X BRAD LONG 8007664328 500 WEST 1ST STREET JACKSONVILLE FL 32202 ROBERT L BULL DIRECTOR 2.00 X 0 0 0 RICHARD M HOOD TREASURER 2.00 X 0 0 0 NANCY H MEIER DIRECTOR 2.00 X 0 0 0 CORNITA RILEY DIRECTOR 2.00 X 0 0 0 JONATHAN R LYON CHAIRPERSON 2.00 X 0 0 0 DEAN WILLIS VICE CHAIRPERSON 2.00 X 0 0 0 KEN JONES DIRECTOR 2.00 X 0 0 0 SANDRA MAGYAR SECRETARY 2.00 X 0 0 0 BRENT LISTER PRESIDENT/CEO 40.00 X 687210 0 48123 JOSEPH CARPENTER EVP LENDING 40.00 X 284833 0 42354 LINDA JONES EVP OPERATIONS 40.00 X 296295 0 38474 BRADLEY A LONG EVP FINANCE 40.00 X 287265 0 44151 ELIZABETH POLK SVP ADMINISTRATION 40.00 X 199693 0 26589 RICHARD HARPER SVP ACCOUNTING 40.00 X 254153 0 38039 RICHARD MARKLEY BUSINESS SERVICES DIRECTOR 40.00 X 126844 0 26215 ANDREA HURLEY SVP RISK MANAGEMENT 40.00 X 163460 0 22174 TIMOTHY BROWN SVP OF INFORMATION TECHNOL 40.00 X 166978 0 22409 MICHELLE TROHA SVP OF MARKETING 40.00 X 174534 0 28167 CHRISTIAN BARNETT MANAGING DIRECTOR FFIS 40.00 X 155516 0 27935 2796781 0 364630 21 0 1 0 JACK HENRY AND ASSOCIATES INC PO BOX 609 MONETT MO 65708 DATA PROCESSING 1288151 NORTH COAST CONSTRUCTION CO 3525 AGRICULTURAL CENTER DRIVE 607 ST AUGUSTINE FL 32092 BUILDER 1127342 TRUHOME SOLUTIONS 9601 LEGLER RD LENEXA KS 66219 MORTGAGE PROCESSING 683851 AT&T PO BOX 105262 ATLANTA GA 30348 COMMUNICATION 615475 ALKAMI TECHNOLOGY PO BOX 122223 DEPT 2223 DALLAS TX 75312 DATA PROCESSOR 491806 32 LOANS TO MEMBERS 522100 28388597 28388597 FEES/CHARGES/OTHER 522100 8837909 8837909 37226506 4305190 4305190 80606652 79398113 1208539 1208539 1208539 FINANCE & INSURANCE 520000 195415 195415 195415 42935650 42740235 195415 0 2247179 9038918 798948 2889322 887827 11252 42702 190467 842196 1763132 2016206 1568212 33846 32514 9098548 1654923 208880 PROFESSIONAL AND OUTSID 2777332 PROVISION FOR LOAN LOSS 2093089 LOAN SERVICING 1127447 MISCELLANEOUS EXPENSES 427734 39750674 3739918 3346868 81780341 101700371 13308991 21882492 3120000 3900000 692928674 663537302 1106644 1160681 45390847 15834182 26569612 29556665 216101969 389148078 5937400 6050400 1004400 785258 10352472 12219047 1055950421 1233287162 7431436 9154040 120000000 120000000 776957524 944310581 904388960 1073464621 X 0 0 0 0 151561461 159822541 151561461 159822541 1055950421 1233287162 3184976 5076104 0 X X 0 1 X 1 0 10559719 10559719 25074091 8272548 16801543 25885 4888 20997 9731152 7556746 2174406 29556665 MEMBER SHARES 944310581 944310581 X 44730080 1794430 1794430 42935650 0 42935650 39750674 0 39750674 0 39750674 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED 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 THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS HAS BEEN AN ISSUE FOR MANY YEARS. IN 2007, THE INTERNAL REVENUE SERVICE (IRS) ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA(TAM) TO A NUMBER OF STATE-CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. IN THESE TAMS, THE IRS RULED CERTAIN PRODUCTS AND SERVICES TO BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. IN LIGHT OF THE TAMS, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. X X 1 1 X X X X X 0 1 0 BRENT LISTER PRESIDENT/CEO 500102 0 131642 0 55466 0 25650 0 22473 0 735333 0 0 0 LINDA JONES EVP OPERATIONS 257977 0 25817 0 12501 0 28197 0 10277 0 334769 0 0 0 BRADLEY A LONG EVP FINANCE 231807 0 38834 0 16624 0 22690 0 21461 0 331416 0 0 0 JOSEPH CARPENTER EVP LENDING 232752 0 38827 0 13254 0 20747 0 21607 0 327187 0 0 0 RICHARD HARPER SVP ACCOUNTING 200131 0 32494 0 21528 0 22329 0 15710 0 292192 0 0 0 ELIZABETH POLK SVP ADMINISTRATION 161375 0 25817 0 12501 0 17091 0 9498 0 226282 0 0 0 MICHELLE TROHA SVP OF MARKETING 137081 0 22809 0 14644 0 15517 0 12650 0 202701 0 0 0 TIMOTHY BROWN SVP OF INFORMATION TECHNOL 138323 0 21410 0 7245 0 13090 0 9319 0 189387 0 0 0 ANDREA HURLEY SVP RISK MANAGEMENT 129253 0 21054 0 13153 0 12775 0 9399 0 185634 0 0 0 CHRISTIAN BARNETT MANAGING DIRECTOR FFIS 149950 0 5231 0 335 0 7248 0 20687 0 183451 0 0 0 RICHARD MARKLEY BUSINESS SERVICES DIRECTOR 110683 0 10158 0 6003 0 10663 0 15552 0 153059 0 0 0 PART I, LINE 1A PAID TRAVEL FOR SPOUSES IF ACCOMPANIES WITH PERSON LISTED. ANNUAL CLUB DUES ARE PAID FOR THE CEO. PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE PRESIDENT/CEO, BRENT LISTER THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. THE FOLLOWING MEMBERS PARTICIPATE IN A NON-QUALIFIED 457(B) PLAN. THE CREDIT UNION DOES NOT CONTRIBUTE TO THIS PLAN. THE PARTICIPANTS MAKE CONTRIBUTIONS TO THE PLAN AND AS SUCH, ARE ALWAYS VESTED IN THEIR CONTRIBUTIONS. BRENT LISTER RICHARD HARPER ANDREA HURLEY LINDA JONES BRENT LISTER PRESIDENT/CEO TO FUND SPLIT DOLLAR PLAN X 2730000 3900000 0 1 1 3900000 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANT NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 FIRST FLORIDA CREDIT UNION HAS MEMBERS. THEY PAY A $5.00 SHARE THAT IS REQUIRED ON DEPOSIT FOR MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7A FIRST FLORIDA CREDIT UNION HAS A BOARD OF DIRECTORS ELECTION BY BALLOT HELD EVERY YEAR. EACH PRIMARY MEMBER OF THE CREDIT UNION RECEIVES A BALLOT FOR THE PURPOSE OF ELECTING ONE OR MORE MEMBERS FOR THE POSITION OF DIRECTOR OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 7B THE CREDIT UNION FIELD OF MEMBERSHIP HAS AUTHORITY TO ELECT AND RE-ELECT EVERY THREE YEARS THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY A MEMBER OF THE CREDIT UNION MANAGEMENT TEAM (SVP ACCOUNTING) BEFORE IT IS FILED. IT IS NOT PRESENTED TO THE BOARD OF DIRECTORS FOR REVIEW BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C THE POLICIES OF FIRST FLORIDA CREDIT UNION ARE REVIEWED ON AN ANNUAL BASIS. EACH EMPLOYEE RECEIVES A COPY OF THE POLICY MANUAL UPON BEING HIRED AT FIRST FLORIDA CREDIT UNION. THE POLICY STATES THAT ALL EMPLOYEES AND OFFICIALS MUST DISCLOSE ANY POSSIBLE CONFLICTS (WHEN THE POSSIBLE CONFLICT ARISES) SO THAT THE CREDIT UNION MAY ASSESS AND PREVENT POTENTIAL CONFLICTS OF INTEREST FROM ARISING. ANY CHANGE IN THE POLICIES ARE COMMUNICATED TO THE EMPLOYEES VERBALLY AND UPDATES ARE RECEIVED IN HARD COPY FORM ALSO. FORM 990, PART VI, SECTION B, LINE 15 FIRST FLORIDA CREDIT UNION'S BOARD OF DIRECTORS HAS AN ADMINISTRATIVE COMMITTEE THAT REVIEWS THE SALARIES OF ALL CREDIT UNION EMPLOYEES ON AN ANNUAL BASIS. INTERNALLY, THE HR DEPARTMENT REVIEWS AND RESEARCHES ALL SALARY RANGES FOR EACH EMPLOYEE JOB TITLE ANNUALLY. A THIRD PARTY RESEARCH FIRM IS CONTACTED FOR COMPARABLE REGION AND JOB TITLE DATA. FORM 990, PART VI, SECTION C, LINE 19 FIRST FLORIDA CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTERST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM PREVIOUS YEARS.