2019-07-29T14:45:00-05:00 2018-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2018-01-01 590787574 STATE CHARTERED CREDIT UNIONS IN FLORIDA PRIORITY ONE CREDIT UNION OF FLORIDA STAT 9543355100 3000 N UNIVERSITY DRIVE SUNRISE FL 33322 NANCY RAPPAPORT CEO 9543355100 2019-07-29 1 DOUGLAS J ORTH P01076394 3052328272 104.11.88.150 2019-07-29 12:52:22 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2018 2019-02-21 02:37:17Z NANCY RAPPAPORT 3000 N UNIVERSITY DRIVE SUNRISE FL 33322 6042252 0 2106 X WWW.PRIORITYONEFL.ORG X 1948 FL ENHANCING THE FINANCIAL LIVES OF OUR MEMBERS THROUGH CONSISTENT SERVICE. 7 7 44 8 25340 0 0 0 4828950 5536827 478261 446174 0 10144 5307211 5993145 0 0 0 0 2034538 2322160 0 0 0 2986504 2819629 5021042 5141789 286169 851356 93148384 96252288 84374873 86747903 8773511 9504385 ENHANCING THE FINANCIAL LIVES OF OUR MEMBERS THROUGH CONSISTENT SERVICE. 0 0 PRIORITY ONE SERVES BROWARD COUNTY AND OFFERS A FULL ARRAY OF PRODUCTS AND SERVICES INCLUDING DEPOSITORY AND LOAN PRODUCTS, ATM/DEBIT PROGRAM, CAR BUYING PROGRAM AND ONLINE BANKING. WE ENDED THE YEAR WITH 9,844 MEMBERS. THERE WERE 1953 LOANS GRANTED TOTALING $21,567,777. PRIORITY ONE HAS TWO BRANCH LOCATIONS AND A WIDE ARRAY OF REMOTE OPTIONS THROUGH OUR COOPERATION WITH VARIOUS ATM NETWORKS AND SHARED SERVICE CENTERS. 0 0 1 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2483 0 1 44 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 0 1 1 1 1 1 0 X BIRGITTA SCHINDLER 9543355100 3000 N UNIVERSITY DRIVE SUNRISE FL 33322 LEVORA HOLT BOARD MEMBER 1.00 X 0 0 0 ALANA RAGOONAN AUDIT COMMITTEE CHAIR/BOAR 1.00 X 0 0 0 GIL AMARA BOARD MEMBER 1.00 X 0 0 0 JEROME SCHWAB VICE CHAIRMAN 1.00 X 0 0 0 BARRY EKLE CHAIRPERSON 1.00 X 0 0 0 CARIDAD GARCELL SECRETARY/TREASURER 1.00 X 0 0 0 DESTINY DEJESUS BOARD MEMBER 1.00 X 0 0 0 NANCY RAPPAPORT CEO 40.00 X 206537 0 52034 DEANA HENNESSEY EVP 40.00 X 111473 0 9965 BIRGITTA SCHINDLER CONTROLLER 40.00 X 67544 0 8180 385554 0 70179 2 0 1 0 FISERV 1250 GRUMMAN PL STE A TITUSVILLE FL 32780 DATA PROCESSING 224422 FISERV EFT 75 REMITTANCE DR STE 6974 CHICAGO IL 60675 ATM, SHARED SERVICE, DEBIT CARD NETWORKS 192576 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90074 HOME BANKING 157473 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 148490 4 LOAN INTEREST INCOME 522100 3736636 3736636 FEE/OTHER INCOME 522100 1774851 1774851 EXTENDED WARRANTY 524298 16940 16940 NON-MEMBER ATM FEES 900099 8400 8400 5536827 432377 432377 62904 49107 13797 13797 13797 OTHER NON OPERATING IN 522100 10144 10144 10144 5993145 5535428 25340 432377 455733 1481587 101195 110874 172771 20107 35496 135821 75139 263372 395584 198247 26871 257546 46730 143675 37859 LOAN SERVICING 511671 PROVISION FOR LOAN LOSS 245783 ATM/BANK SERVICE CHARGE 186083 DEBIT CARD EXPENSES 165953 73692 5141789 907365 806208 6591485 5656825 7500 60733 61370758 72256126 55096 84323 4639846 3036243 1651474 1603603 5436682 4410091 15095109 9445483 2032915 1928896 93148384 96252288 1025960 1672814 83348913 85075089 84374873 86747903 X 0 0 0 0 8773511 9504385 8773511 9504385 93148384 96252288 851356 -120482 0 X X 0 1 X 1 0 659 659 659 1 FLORIDA CREDIT UNION POLITICAL ACTION COMMITTEE 3692 COOLIDGE COURT TALLAHASSEE FL 32311 591889104 659 788074 788074 594380 309229 285151 1707960 1386358 321602 1549432 1340656 208776 1603603 LONG TERM CERTIFICATES OF DEPOSIT 2913000 C FHLB STOCK 84000 C CORPORATE ONE PERPETUAL CAPITAL 100567 C MORGAN STANLEY AFS 1000000 C BOLI 457F 2216762 C CORPORATE AMERICA FED FUNDS 3131154 C 9445483 SHARE ACCOUNTS 42455094 SHARE DRAFT ACCOUNTS 22196924 MONEY MARKET ACCOUNTS 8862296 CLUB ACCOUNTS 1039495 IRA SHARE ACCOUNTS 2210366 IRA CERTIFICATES 1822493 CERTIFICATES 6488421 85075089 X 5993145 0 5993145 0 5993145 5141789 0 5141789 0 5141789 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. 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 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. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UBI 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 2015 THROUGH 2017 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. X 1 1 X X X 0 1 0 NANCY RAPPAPORT CEO 200511 0 0 0 6026 0 49313 0 2721 0 258571 0 0 0 PART I, LINE 4B NANCY RAPPAPORT PARTICIPATES IN A 457(F) PLAN. THE AMOUNT ACCRUED BY THE CREDIT UNION DURING 2018 WAS $42,768. THE ACCRUAL BALANCE AS OF 12/31/18 WAS $236,970. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF THE BOARD OF DIRECTORS. 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 THE CREDIT UNION'S CEO WILL REVIEW THE FORM 990 PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C WE HAVE NEW HIRES SIGN A NON-COMPETE/CONFIDENTIALITY AND A NON-PIRACY ACKNOWLEDGMENT FORM UPON THEM JOINING US. THE CREDIT UNION HAS "OVERRIDE" REPORTS THAT ARE REVIEWED BY THE COMPLIANCE DEPARTMENT WHEN EMPLOYEES TRANSACT ON FLAGGED RELATED-PARTY ACCOUNTS. FORM 990, PART VI, SECTION B, LINE 15 WE UTILIZE ADP TOTAL SOURCE TO PROVIDE US WITH COMPARABLE SALARY INFORMATION BY POSITION AND BY GEOGRAPHICAL AREA. WE MAKE SURE THAT ALL OUR POSITIONS HAVE A FAIR AND COMPETITIVE SALARY RANGE AND THAT OUR EMPLOYEES ARE PAID WITHIN THAT RANGE. THIS PROCESS IS FOLLOWED FOR EVERY EMPLOYEE AND EVERY POSITION IN THE ORGANIZATION, INCLUDING THE CEO, EVP AND VP AND WE REFRESH THE DATA EVERY 2-3 YEARS AS APPROPRIATE. EVERY EMPLOYEE IN THE CREDIT UNION IS CURRENTLY PAID WITHIN THE RECOMMENDED SALARY RANGES. FOR THE CEO POSITION, IN ADDITION TO ADP COMPARABLE DATA, THE BOARD OF DIRECTORS ALSO CONSULTED WITH OUR REGULATORY ATTORNEY TO OBTAIN COMPARABLE SALARY INFORMATION SPECIFIC FOR CREDIT UNION CEOS AND UTILIZED THAT INFORMATION WHEN DETERMINING HER SALARY AND RENEWING HER CONTRACT. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE MADE AVAILABLE ON THE NCUA WEBSITE VIA THE 5300 CALL REPORT FILING. 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.