2019-11-14T13:36:36-06:00 2018-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2018-01-01 590873652 ENVISION CREDIT UNION ENVI 8509429000 1585 SUMMIT LAKE DRIVE SUITE 200 TALLAHASSEE FL 32317 STEPHANIE STRAKER SVP/CFO 8509429000 2019-11-14 1 DOUGLAS J ORTH P01076394 3052328272 64.95.240.2 2019-11-14 13:26:04 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2018 2020-03-31 21:24:44Z X MR DARRYL WORRELL 1585 SUMMIT LAKE DRIVE SUITE 200 TALLAHASSEE FL 32317 38722407 0 2106 X WWW.ENVISIONCU.COM X 1954 FL TO SAFEGUARD AND MANAGE THE ASSETS ENTRUSTED TO THE CREDIT UNION BY ITS MEMBER-OWNERS; TO BETTER THE ECONOMIC WELL BEING OF OUR MEMBER-OWNERS BY DELIVERING CONVENIENT PERSONALIZED PRODUCTS AND SERVICES OF EXCEPTIONAL VALUE. 7 7 278 12 180358 118984 0 0 24192333 28059499 1970747 9030034 5486962 439550 31650042 37529083 0 0 0 0 9112503 10670482 0 0 0 17212367 21798348 26324870 32468830 5325172 5060253 520221684 580912574 474319276 530759072 45902408 50153502 MEET MEMBERS' FINANCIAL NEEDS THROUGH QUALITY SERVICE AT THE BEST VALUE WHILE MAINTAINING FINANCIAL STABILITY. 0 0 INCOME FROM THE 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 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 1 12798 0 1 278 1 1 1 0 0 0 0 0 0 0 X 7 7 1 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X MR DARRYL WORRELL 8509429000 1585 SUMMIT LAKE DRIVE SUITE 200 TALLAHASSEE FL 32317 DR JIM CROTEAU CHAIRPERSON 1.00 X 0 0 0 LEE GARNER 1ST VICE CHAIR 1.00 X 0 0 0 E EUGENE MCNEASE BOARD MEMBER 1.00 X 0 0 0 M CHRISTOPHER BRYANT TREASURER 1.00 X 0 0 0 DR CASSANDRA GRAYSON 2ND VICE CHAIR 1.00 X 0 0 0 ALLETA SHUTES SECRETARY 1.00 X 0 0 0 ANTHONY GAUDIO BOARD MEMBER 1.00 X 0 0 0 DARRYL G WORRELL PRESIDENT/CEO 40.00 X 320809 0 43219 STEPHANIE STRAKER SVP/CFO 40.00 X 142842 0 12023 HOLLIE MADDOX SVP CHIEF OPERATIONS OFFICER 40.00 X 199568 0 20124 FAIYAZ ELAHI VP/RETAIL 40.00 X 166166 0 1993 WILLIAM ENFINGER SVP/ CHIEF LENDING OFFICER 40.00 X 202950 0 26482 KEVIN MCALPINE VP COMMERCIAL LENDING 40.00 X 208038 0 32454 1240373 0 136295 6 0 1 0 UNITED SOLUTIONS COMPANY PO BOX 5496 TALLAHASSEE FL 32314 OPTICAL SERVICES 4738540 ALLSTATE CONSTRUCTION INC 5718 TOWER ROAD TALLAHASSEE FL 32303 CONSTRUCTION MANAGEMENT 1954281 FISERV EFT SOLUTION PO BOX 6000 SAN FRANCISCO CA 94160 CREDIT/DEBIT SERVICES 975409 NCR 14181 COLLECTIONS CENTER DR CHICAGO IL 60693 ATM SERVICES 836184 CONSTRUCTIONS & MAINTENANCE SPECIALISTS 3550 LAKESHORE DRIVE TALLAHASSEE FL 32312 BLDG & LAWN MAINTENANCE 631081 19 INTEREST ON LOANS 522100 17092786 17092786 FEES/CHARGES/OTHER 522100 10786355 10786355 NON MEMBERS ATM FEES 900099 158373 158373 NON MEMBER CHECK CASHING FEES 900099 21985 21985 28059499 5173358 5173358 5050000 1193324 3856676 3856676 3856676 OTHER NON-OPERATING INCOME 522100 439550 439550 439550 37529083 37348725 180358 0 X 738585 7961164 1337162 633571 162292 65726 8000 1285365 833636 963034 2967276 652325 72567 89433 1876564 84821 525961 253385 PROVISION FOR LOAN LOSS 2980554 EQUIPMENT RENTAL/MAINTE 2603403 LOAN SERVICING 2022229 VISA/DEBIT FEES/CHARGES 1990109 2361668 32468830 6794585 11626468 43311099 46527003 4231437 4296452 8044767 8261941 366678660 422390707 321091 368855 23869623 7836898 16592034 16032725 53317783 50976258 1048000 471200 880526 623942 19001702 19337023 520221684 580912574 10973563 7463784 15000000 448345713 523295288 474319276 530759072 X 0 0 0 0 45902408 50153502 45902408 50153502 520221684 580912574 X 5060253 -364000 -445159 X X 0 1 X 1 0 4540777 4540777 11150862 2731550 8419312 264403 113363 151040 7913581 4991985 2921596 16032725 CHECKING ACCOUNTS 209016348 REGULAR SHARES 133188955 MONEY MARKET 77487809 CERTIFICATES OF DEPOSIT 86599321 IRA/KEOGH 10867855 NON MEMBER CDS 6135000 523295288 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL AND STATE INCOME TAXES. 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 TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX. 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 CONSOLIDATED FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2017, 2016, AND 2015 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, OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. X X X 1 1 X X X X 1 1 0 DARRYL G WORRELL PRESIDENT/CEO 302309 0 0 0 18500 0 18500 0 24719 0 364028 0 0 0 STEPHANIE STRAKER SVP/CFO 110153 0 28545 0 4144 0 4144 0 7879 0 154865 0 0 0 HOLLIE MADDOX SVP CHIEF OPERATIONS OFFICER 144051 0 33495 0 22022 0 12012 0 8112 0 219692 0 0 0 FAIYAZ ELAHI VP/RETAIL 166166 0 0 0 0 0 0 0 1993 0 168159 0 0 0 WILLIAM ENFINGER SVP/ CHIEF LENDING OFFICER 150752 0 33698 0 18500 0 18500 0 7982 0 229432 0 0 0 KEVIN MCALPINE VP COMMERCIAL LENDING 168974 0 14564 0 24500 0 24500 0 7954 0 240492 0 0 0 PART I, LINE 1A THE ORGANIZATION DOES HAVE POLICIES IN PLACE FOR COMPANION TRAVEL AND SOCIAL CLUB DUES. NO POLICY FOR GROSS UP PAYMENTS. PART I, LINES 4A-B PART I, LINE 4A: FAIYAZ ELAHI: $115,469 PART 1, LINE 4B: DARRY J WORRELL PARTICIPATES IN A SECURED SPLIT DOLLAR PROGRAM WHERE BY ECU LOANS THE OFFICER FUNDS FOR THE PURCHASE OF TWO LIFE INSURANCE POLICIES. THE FIRST POLICY IS KNOWN AS THE REPAYMENT POLICY AND IS DESIGNED TO REPAY THE CREDIT UNION THE AMOUNT OF THE LOAN PLUS INTEREST UPON THE DEATH OF THE INSURED. THE SECOND POLICY FOCUSES ON FUNDING THE EXECUTIVE LOANS TO SUPPLEMENT RETIREMENT INCOME. WILLIAM ENFINGER PARTICIPATES IN A SECURED SPLIT DOLLAR PROGRAM WHEREBY ECU LOANS THE OFFICER FUNDS FOR THE PURCHASE OF TWO LIFE INSURANCE POLICIES. THE FIRST POLICY IS KNOW AS THE REPAYMENT POLICY AND IS DESIGNED TO REPAY THE CREDIT UNION THE AMOUNT OF THE LOANPLUS INTEREST UPON THE DEATH OF THE INSURED. THE SECOND POLICY FOCUSES ON FUNDING THE EXECUTIVE LOANS TO SUPPLEMENT RETIREMENT INCOME. THIS WAS AN EXISTING POLICY THAT WAS CONTINUED AFTER THE MERGER OF FOCUS CREDIT UNION, EFFECTIVE AS OF FEBRUARY 1, 2016. KEVIN MCALPINE HAS A LIFE INSURANCE POLICY THAT SERVES AS A RETIREMENT VEHICLE; THE POLICY PREMIUM AMOUNT IS GROSSED UP AND PAID THE ANNUAL PREMIUM. DARRYL WORRELL PRESIDENT/CEO TO FUND DEFERRED COMPENSATION PLAN X 5851580 6768492 0 1 1 WILLIAM ENFINGER SVP/CHIEF LENDING OFFICER TO FUND LIFE INSURANCE POLICY X 1250000 1493449 0 1 1 8261941 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 PARTICIPANTS 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 PARTICIPANTS 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 2 BOARD SECRETARY, ALLETA SHUTES HAS A BUSINESS RELATIONSHIP MAINTAINED AT THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. EACH MEMBER HAS ONLY ONE VOTE; IT IS NOT POSSIBLE FOR A SINGLE MEMBER TO ELECT A MEMBER TO THE GOVERNING BODY. 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 WHEN THE FORM 990 HAS BEEN COMPLETED BY THE CPA FIRM AND RECEIVED BY ECU, IT IS REVIEWED FIRST BY THE CFO FOR ACCURACY, THEN BY THE CEO AND LATER BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C COMPLIANCE WITH THE CREDIT UNION'S OFFICER, DIRECTOR, AND EMPLOYEE POLICIES REGARDING CONFLICTS OF INTEREST ARE ADDRESSED IN THE RELATED POLICIES. FORM 990, PART VI, SECTION B, LINE 15 IT IS THE POLICY OF THE CREDIT UNION TO PAY COMPENSATION THAT IS NONDICRIMINATORY AND COMPETITIVE. HOWEVER, ALL COMPENSATION POLICY DECISIONS MUST TAKE INTO CONSIDERATION, ENVISION CREDIT UNION'S OVERALL FINANCIAL CONDITION AND COMPETITIVE POSITION. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS ARE NOT MADE AVAILALBE 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 AVAILABLE FOR PUBLIC VIEWING ON THE NCUA WEBSITE, VIA THE QUARTERLY 5300 FILING. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 1,285,365. FORM 990, PART IX, LINE 24E MISC. EXPENSE 911,460. ATM/DEBIT MISC LOSSES 711,430. ATM/DEBIT VISA NETWORK COSTS 371,630. REAL ESTATE/TANGIBLE TAXES 231,173. NCUA ASSESSMENT 110,853. EDUCATION 56,740. CASH OVER/SHORT -31,618. FORM 990, PART XI, LINE 9: RECLASSIFICATION ADJUSTMENTS FOR NET INVESTMENT GAINS INCLUDED IN NET INCOME 17,217. NET PENSION LOSSES -462,376. 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. 1ST MEMBER INSURANCE GROUP 303 EAST WASHINGTON STREET CHATTAHOOCHEE FL 32324 141925692 INSURANCE & FINANCIAL PLAN FL 48890 273040 ENVISION CREDIT UNION FRENCHTOWN FINANCIAL CENTER 2806 SHARER ROAD TALLAHASSEE FL 32312 FINANCIAL CENTER FL RELATED 86760 19804 0 0 0.50000 IDRIVE LENDING LLC 2806 SHARER ROAD TALLAHASSEE FL 32312 461603351 INDIREDCT AUTO LENDING FL RELATED 14891 134782 0 0 0.50000 UNITED SOLUTIONS COMPANY PO BOX 5496 TALLAHASSEE FL 32314 592285914 CU SERVICES FL C 42492 9933922 0.78810 0 1 1 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 UNITED SOLUTIONS COMPANY A 241764 ACTUAL INTEREST EARNED ON LOAN UNITED SOLUTIONS COMPANY S 2755497 USC DEPOSITS AT ENVISION CU-12/31 UNITED SOLUTIONS COMPANY M 2179640 ACTUAL DATA PROCESSING EXPENSE UNITED SOLUTIONS COMPANY K 114000 ACTUAL LEASE EXPENSES FRENCHTOWN FIANCIAL OPPORTUINTY CENTER B 75000 CAPITAL CONTRIBUTION UNITED SOLUTIONS COMPANY D 4841424 PRINCIPAL BALANCE