2019-11-07T22:58:50-06:00 2018-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2018-01-01 111644012 FAIRWINDS CREDIT UNION-FL STATE CHARTER FAIR 4072776030 135 W CENTRAL BLVD NO 1220 ORLANDO FL 32801 KATHY A CHONODY SENIOR EXECUTIVE VP/CFO 4072776030 2019-11-05 1 ROBERT PARKS CPA P00740435 2482443000 64.95.240.2 2019-11-05 09:22:39 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2018 2020-03-31 21:24:44Z LARRY F TOBIN 135 W CENTRAL BLVD ORLANDO FL 32801 127766505 0 2106 X WWW.FAIRWINDS.ORG X 1949 FL THE OBJECT AND PURPOSE OF FAIRWINDS CREDIT UNION IS TO BE A COOPERATIVE, NONPROFIT, ASSOCIATION ORGANIZED UNDER THE LAWS OF THE STATE OF FLORIDA, FOR THE PURPOSE OF ENCOURAGING THRIFT AMOUNG ITS MEMBERS, CREATING SOURCES OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR RESOURCES ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. 7 7 677 10 2810790 0 0 0 99632479 111031685 11357999 11173215 2708165 5561605 113698643 127766505 97528 113435 0 0 44077341 47194144 0 0 0 46836849 49742726 91011718 97050305 22686925 30716200 2169373208 2319988714 1945017681 2069869981 224355527 250118733 X THE OBJECT AND PURPOSE OF FAIRWINDS CREDIT UNION IS TO BE A COOPERATIVE, NONPROFIT, ASSOCIATION ORGANIZED UNDER THE LAWS OF THE STATE OF FLORIDA, FOR THE PURPOSE OF ENCOURAGING THRIFT AMOUNG ITS MEMBERS, CREATING SOURCES OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR RESOURCES ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. 0 0 THE CREDIT UNION NATIONAL ASSOCIATION HAS DETERMINED THAT FAIRWINDS CU PROVIDED SAVINGS TO MEMBERS THAT APPROXIMATED $185 ON AVERAGE PER MEMBER HOUSEHOLD FOR OUR 182,536 MEMBERS. FAIRWINDS SAVED OUR MEMBERS APPROXIMATELY $9.9 MILLION ON THEIR USED CAR LOANS IN 2018. FAIRWINDS SAVED MEMBERS MONEY BY OFFERING USED CAR LOAN RATES THAT WERE AT LEAST 3.44% LOWER THAN OTHER FLORIDA BANKS. FAIRWINDS SAVED OUR MEMBERS APPROXIMATELY $3.7 MILLION ON THEIR NEW CAR LOANS DURING 2018. FAIRWINDS SAVED MEMBERS MONEY BY OFFERING NEW CAR LOAN RATES THAT WERE AT LEAST 1.73% LOWER THAN OTHER FLORIDA BANKS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 1 1 1 1 0 1 77275 0 1 677 1 1 1 0 0 0 0 0 1 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X LARRY F TOBIN 4072776030 135 W CENTRAL BLVD SUITE 1220 ORLANDO FL 32801 CAROL DENTON SECRETARY 0.50 X 0 0 0 DANIEL MCNUTT JR BOARD MEMBER 0.50 X 0 0 0 JASON ALBU CHAIRMAN 0.50 X 0 0 0 KELLY LEARY TREASURER 0.50 X 0 0 0 MACK PERRY BOARD MEMBER 0.50 X 0 0 0 RICHARD LEIGH BOARD MEMBER 0.50 X 0 0 0 LISA SNEAD VICE CHAIRMAN 0.50 X 0 0 0 LARRY TOBIN CEO/PRESIDENT 60.00 X 1200849 0 1136594 KATHY CHONODY CFO 60.00 X 761549 0 401518 PHILLIP TISCHER COO 60.00 X 607406 0 341886 MATHY HOGAN EXEC VP - ESERVICES 60.00 X 361610 0 2936 DIANNE OWEN EXEC VP - MARKETING 60.00 X 337451 0 1722 CHARLES LAI CIO 60.00 X 360641 0 -11848 JAMES ADAMCZYK EXEC VP - LENDING 60.00 X 449815 0 -7243 CATHY HERTZ EXEC VP - HUMAN RESOURCES 60.00 X 323069 0 -6627 THOMAS HOWELL VP-FINANCIAL ADVISOR 60.00 X 384031 0 29942 JAMES THORNBERRY SVP - MEMBER EXPERIENCE 60.00 X 246146 0 25875 DANIEL T BOCK III SVP - FINANCE 60.00 X 251581 0 51983 JORGE M FONT SVP - BUSINESS SERVICES 60.00 X 256743 0 45890 BRYAN MEIZINGER SVP -RETAIL LENDING 60.00 X 253320 0 28826 5794211 0 2041454 43 0 1 0 PSCU FINANCIAL SERVICES INC 560 CARILLON PARKWAY ST PETERSBURG FL 33716 DEBIT & CREDIT CARD PROCESSOR 4256563 ALBU & ASSOCIATED 2711 W FAIRBANKS AVE WINTER PARK FL 32789 CONSTRUCTION CONTRACTOR 3511702 FISERV PO BOX 300016 DULUTH GA 300960300 COMPUTER MAINTENANCE 3176469 VISA USA INC PO BOX 60000 SAN FRANCISCO CA 941603583 DEBIT & CREDIT CARD PROCESSOR 1203384 CENTRAL FAIRWINDS LIMITED PARTNERSHIP 135 W CENTRAL BLVD SUITE 900 ORLANDO FL 32801 CORPORATE TOWER RENT 1070918 66 INTEREST INCOME ON LOANS 522100 65994020 65994020 FEES/CHARGES 522100 45037665 45037665 111031685 11173215 11173215 MISCELLANEOUS INCOME 522100 2750815 2750815 WEALTH MANAGEMENT FEES 525990 1798710 1798710 INSURANCE PRODUCTS 524298 746632 746632 265448 265448 5561605 127766505 113782500 2810790 11173215 X 113435 6261328 30743130 1218218 6593946 2377522 771276 150450 148052 595204 1159661 4083616 2528309 7332188 3648895 723281 5476 6322233 204457 3774885 711097 DEBIT EXPENSES 3885293 VISA CREDIT EXPENSES 3460077 LOAN SERVICING EXPENSE 2791138 PROVISION FOR LOAN LOSS 2649863 4797275 97050305 16954008 12785982 28615380 14510423 2245916 3821657 1493711502 1714872108 1800511 1755868 128973907 35690025 94808153 93283882 449474155 395998821 4470152 6563451 77293431 76396522 2169373208 2319988714 24711124 22722268 4387255 4063686 25000000 75000000 1890919302 1968084027 1945017681 2069869981 X 0 0 0 0 224355527 250118733 224355527 250118733 2169373208 2319988714 X 30716200 -2981927 -1971067 X X 0 1 X 1 0 22875627 22875627 69172983 12353401 56819582 11355815 5993029 5362786 25569482 17343595 8225887 93283882 MEMBER SHARES 1968084027 1968084027 X PART X, LINE 2: THE CREDIT UNION AND ITS SUBSIDIARIES ARE EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE TAX LAWS. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS 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 CONDITION OR RESULTS OF OPERATIONS. THE CREDIT UNION'S INCOME TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES AND OPEN TAX PERIODS COVER THE THREE YEAR PERIOD ENDING SEPTEMBER 30, 2018. 1 FAIRWINDS FOUNDATION INC 135 W CENRAL BLVD SUITE 1230 ORLANDO FL 32801 320510999 501(C)(3) 113435 TO PROMOTE FINANCIAL LITERACY AND EDUCATION 1 PART I, LINE 2 FAIRWINDS FINANCIAL CREDIT UNION SPONSORS FAIRWINDS FOUNDATION, INC. AS THE SPONSOR, THE CREDIT UNION MONITORS ACTIVITIES OF THE FOUNDATION THROUGHOUT THE YEAR TO ENSURE DONATED FUNDS ARE USED APPROPRIATELY. X X X X 1 1 X X X 0 1 0 LARRY TOBIN CEO/PRESIDENT 685768 0 487500 0 27581 0 1113399 0 23195 0 2337443 0 0 0 KATHY CHONODY CFO 440027 0 250864 0 70658 0 389938 0 11580 0 1163067 0 0 0 PHILLIP TISCHER COO 395738 0 197921 0 13747 0 328718 0 13168 0 949292 0 0 0 MATHY HOGAN EXEC VP - ESERVICES 260845 0 75208 0 25557 0 -13351 0 16287 0 364546 0 0 0 DIANNE OWEN EXEC VP - MARKETING 254510 0 73870 0 9071 0 -14553 0 16275 0 339173 0 0 0 CHARLES LAI CIO 280490 0 79651 0 500 0 -18481 0 6633 0 348793 0 0 0 JAMES ADAMCZYK EXEC VP - LENDING 310595 0 112500 0 26720 0 -23537 0 16294 0 442572 0 0 0 CATHY HERTZ EXEC VP - HUMAN RESOURCES 248512 0 70452 0 4105 0 -13212 0 6585 0 316442 0 0 0 THOMAS HOWELL VP-FINANCIAL ADVISOR 374661 0 0 0 9370 0 13750 0 16192 0 413973 0 0 0 JAMES THORNBERRY SVP - MEMBER EXPERIENCE 189666 0 42750 0 13730 0 9566 0 16309 0 272021 0 0 0 DANIEL T BOCK III SVP - FINANCE 192003 0 42750 0 16828 0 36843 0 15140 0 303564 0 0 0 JORGE M FONT SVP - BUSINESS SERVICES 202495 0 44630 0 9618 0 30024 0 15866 0 302633 0 0 0 BRYAN MEIZINGER SVP -RETAIL LENDING 193890 0 42228 0 17202 0 12960 0 15866 0 282146 0 0 0 PART I, LINE 1A PROVIDES HOME SECURITY SYSTEMS FOR THE CEO AND CFO. PAYS FOR THE SECURITY MONITORING FOR THE CEO. PART I, LINE 4B THE BELOW-LISTED EXECUTIVES PARTICIPATE IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP). THE PLAN GUARANTEES SPECIFIC PAYMENTS WILL BE MADE TO THE EXECUTIVES ONCE ELIGIBILITY REQUIREMENTS ARE MET. THERE WERE NO SERP BENEFITS PAID OUT TO ANY PARTICIPANT DURING 2018. THE BALANCE REPORTED BELOW REPRESENTS THE SERP BENEFIT LIABILITY AS OF DECEMBER 31, 2018. LARRY TOBIN - CEO/PRESIDENT $5,433,552 KATHY CHONODY - CFO $2,349,431 PHILLIP TISCHER - COO $1,671,440 MATHY HOGAN - EXECUTIVE VICE PRESIDENT -ESERVICES $27,338 DIANNE OWEN - EXECUTIVE VICE PRESIDENT -MARKETING $27,338 CHARLES LAI - CIO $31,836 JAMES ADAMCZYK- EXECUTIVE VICE PRESIDENT -LENDING $37,674 CATHY HERTZ - EXECUTIVE VICE PRESIDENT -HUMAN RESOURCES $22,540 DANIEL T. BOCK, III - SENIOR VICE PRESIDENT - FINANCE $27,338 JORGE M. FONT - SENIOR VICE PRESIDENT - BUSINESS SERVICES $22,540 JASON ALBU JASON ALBU IS V CHAIR OF FAIRWINDS CREDIT UNION AND OWNER OF ALBU & ASSOC. 3511702 JASON ALBU IS A CU DIRECTOR AND OWNER OF ALBU & ASSOCIATES THE CONSTRUCTION COMPANY BUILDING OUR NEW EAST CAMPUS BUILDING. 0 FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERSHIP ELECTS THE BOARD OF DIRECTORS WHICH GOVERN THE OPERATIONS OF THE CREDIT UNION. 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 IS RECONCILED WITH THE FINANCIAL STATEMENTS AND RESPONSES ARE REVIEWED BY THE CFO AND CONTROLLER. FORM 990, PART VI, SECTION B, LINE 12C COMPLIANCE WITH THE POLICY IS MONITORED BY OUR INTERNAL AUDIT DEPARTMENT ANNUALLY WITH A LAW REVIEW AND MONTHLY REPORTING. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS REVIEWED AND APPROVED BY THE MEMBERSHIP APPOINTED BOARD OF DIRECTORS USING AN INDEPENDENT CONSULTANT'S COMPARATIVE MARKET DATA AND INDUSTRY RECOMMENDATION. A COMPENSATION COMMITTEE CONSISTING OF BOARD MEMBERS AND OTHER VOLUNTEERS MAKE A RECOMMENDATION FOR A COMPENSATION PACKAGE AND PRESENT IT TO THE BOARD OF DIRECTORS FOR APPROVAL AND IMPLEMENTATION. ALL OTHER MANAGEMENT COMPENSATION IS DETERMINED BY THE CEO USING SIMILAR COMPARATIVE MARKET DATA AS APPLIED TO THE COMPANY'S EXISTING COMPENSATION POLICY. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. GOVERNING DOCUMENTS AND CONFLICT OF INTERES POLICY IS NOT MADE AVAILABLE FOR PUBLIC VIEWING. FORM 990, PART IX, LINE 24E ATM EXPENSES 2,358,145. MAINTENANCE 1,646,793. MISCELLANEOUS EXPENSES 449,842. TRAINING/DEVELOPMENT/EDUCATION 342,495. FORM 990, PART XI, LINE 9: UNREALIZED GAIN ON SERP INVESTMENTS -1,971,067. FORM 990, PART XI, LINE 2B: AUDITED FINANCIAL STATEMENTS ARE PREPARED ON A FISCAL YEAR BASIS BUT TAX REPORTING IS REQUIRED ON A CALENDAR YEAR-END. 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. FAIRWINDS FINANCIAL SERVICES LLC 135 W CENTRAL BLVD ORLANDO FL 32801 593107994 INACTIVE - NO BUSINESS HAS BEEN PROCESSED FL 0 58593 FAIRWINDS CREDIT UNION FAIRWINDS INSURANCE SERVICES LLC 135 W CENTRAL BLVD ORLANDO FL 32801 452718103 PROVIDING INSURANCE SERVICES FL 240387 293428 FAIRWINDS CREDIT UNION FAIRWINDS FOUNDATION INC 135 W CENRAL BLVD SUITE 1230 ORLANDO FL 32801 320510999 CHARITABLE AND EDUCATIONAL PURPOSES FL 501(C)(3) PF FAIRWINDS CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FAIRWINDS FOUNDATION INC B 113435 ACTUAL