2025-11-14T10:01:53-06:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 591286880 ITHINK FINANCIAL CREDIT UNION ITHI 5619824700 1000 NW 17 AVE DELRAY BEACH FL 334452555 MICHAEL MILLER CEO 5619824700 2025-11-13 0 AUBREY CLEGG P01076395 3052328272 2025-11-13 2024 2025-03-06 01:10:19Z ITHINK FINANCIAL MICHAEL MILLER 1000 NW 17 AVE DELRAY BEACH FL 334452555 133877746 0 X WWW.ITHINKFI.ORG X 1969 FL TO DELIVER SERVICE EXCELLENCE TO THE MEMBERSHIP AND THE COMMUNITIES WE SERVE WHILE ENSURING THE SAFETY AND SOUNDNESS OF THE CREDIT UNION. 9 9 455 13 135414 0 0 0 98497668 114217362 10855923 13335777 0 6324607 109353591 133877746 74826 79922 0 0 36388405 37193263 0 0 0 59760761 77323549 96223992 114596734 13129599 19281012 2185778208 2214503227 2025506425 2030288999 160271783 184214228 TO DELIVER SERVICE EXCELLENCE TO THE MEMBERSHIP AND THE COMMUNITIES WE SERVE WHILE ENSURING THE SAFETY AND SOUNDNESS OF THE CREDIT UNION. 0 0 THE CREDIT UNION PROVIDES DRAFT AND SHARE ACCOUNTS, LOANS, SHARE CERTIFICATES AND OTHER EXEMPT FUNCTION ACTIVITIES TO ITS MEMBERS. 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 1 0 0 0 0 0 0 0 0 1 1 1 1 0 1 34971 0 1 455 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 0 1 0 0 X ITHINK FINANCIAL CREDIT UNION 5619824700 1000 NW 17 AVE DELRAY BEACH FL 334452555 MICHAEL W TOWNSEND BOARD CHAIRPERSON 1.00 X 3289 0 0 BRAD J DEBAUCHE BOARD VICE CHAIRPERSON 1.00 X 2234 0 0 STEPHANIE M FORSTER BOARD SECRETARY 1.00 X 1552 0 0 JOHNNY BENNETT BOARD TREASURER 1.00 X 1581 0 0 PETER L BLACKLOCK BOARD DIRECTOR 1.00 X 1162 0 0 THOMAS E BRAWLEY BOARD DIRECTOR 1.00 X 1068 0 0 JUANA T KRAUSE BOARD DIRECTOR 1.00 X 6752 0 0 MARIE I MASCARO BOARD DIRECTOR 1.00 X 7049 0 0 DONALD L LEE BOARD DIRECTOR 1.00 X 4784 0 0 RANDEE ABRAMSON AUDIT COMMITTEE 1.00 X 6969 0 0 HILARY HUNTER AUDIT COMMITTEE 1.00 X 4793 0 0 FRANK MAYS AUDIT COMMITTEE 1.00 X 5024 0 0 SHAWN M LIMERICK AUDIT COMMITTEE 1.00 X 3250 0 0 MICHAEL MILLER CEO 40.00 X 932791 0 83298 JEFFREY KOLHAGEN CFO 40.00 X 363317 0 85969 MARK SKINNER CLO 40.00 X 348870 0 72216 NICOLE HEFFELFINGER CRO 40.00 X 321633 0 50975 EDISON CERVANTES CTO 40.00 X 309717 0 38389 BENJAMIN MAFFETT SBA & COMMERCIAL SALES MANAGER 40.00 X 328831 0 30642 BENJAMIN STURGELL GENERAL COUNSEL 40.00 X 263222 0 42232 ANTHONY FURINO AVP COMMERCIAL LENDING 40.00 X 188416 0 35177 BRADLEY STEWART AVP RISK MANAGEMENT 40.00 X 171497 0 39745 STEPHEN JOHNSON AVP ADMINISTRATION & MARKETING 40.00 X 168869 0 39850 3446670 0 518493 41 0 1 0 CUBUS SOLUTIONS 5331 S MACADAM AVE STE 251 PORTLAND OR 97239 WEB DESIGN 826429 CORELATION INC 2395 HISOTRIC DECATUR RD STE 300 SAN DIEGO CA 92106 CORE PROCESSOR 616739 MARQUIS SOFTWARE SOLUTIONS INC PO BOX 660919 DALLAS TX 75266 MARKETING 529667 TTEC DIGITAL LLC PO BOX 856660 MINNEAPOLIS MN 55485 COMMUNICATIONS 522222 5400 CONGRESS LLC 790 PARK OF COMMERCE BLVD STE 200 BOCA RATON FL 33487 RENT 509849 44 INCOME ON LOANS 522100 95408525 95408525 FEES/CHARGES/OTHER 522100 12870423 12870423 INTERCHANGE INCOME 522100 5938414 5938414 114217362 13335777 13335777 GAIN ON SALE OF VISA B STOCK 522100 6189193 6189193 FINANCE & INSURANCE 520000 135414 135414 6324607 133877746 120406555 135414 13335777 X 79922 2656682 26068620 1172078 5317766 1978117 679828 79695 945640 1047199 2917488 5989126 2888393 944768 46544851 189995 1799952 PROVISION FOR LOAN LOSS 7871437 LOAN SERVICING EXPENSE 2197929 VISA EXPENSES 1950374 MISCELLANEOUS EXPENSES 720818 556056 114596734 11449122 11093609 158556967 156472213 4430611 5011319 11715259 12207332 1771762012 1769173989 1931760 3443463 43466720 21933040 22818136 21533680 117723725 148110894 11189381 10719164 14024867 13704210 60176368 63033354 2185778208 2214503227 23648311 22592493 215500000 185500000 19725695 19775695 1766632419 1802420811 2025506425 2030288999 X 0 0 0 0 160271783 184214228 160271783 184214228 2185778208 2214503227 X 19281012 880308 3781125 X X 0 1 X 1 0 7966552 7966552 16955974 7017573 9938401 1635456 1386641 248815 16758485 13378657 3379828 150253 150169 84 21533680 SHARES 368796155 SHARE DRAFTS 429170199 CERTIFICATES OF DEPOSIT 711420832 MONEY MARKET 287763959 RIGHT OF USE LEASE LIABILITY 5269666 1802420811 X 133877746 0 133877746 0 133877746 114596734 0 114596734 0 114596734 PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 ITHINK COMMUNITY FOUNDATION 1000 NW 17TH AVE DELRAY BEACH FL 33445 352550107 501(C)(3) 79922 0 TO SUPPORT THE MISSION OF IMPROVING THE LIVES OF CHILDREN AND FAMILIES IN THE COMMUNITY. 1 0 PART I, LINE 2: ITHINK FINANCIAL CREDIT UNION SPONSORS ITHINK COMMUNITY FOUNDATION. THE FOUNDATION'S BOARD IS COMPRISED OF MEMBERS OF THE CREDIT UNION'S OFFICERS AND BOARD OF DIRECTORS WHO HELP TO ENSURE THE FUNDS DONATED TO THE FOUNDATION ARE USED IN A MANNER CONSISTENT WITH THE FOUNDATION'S MISSION. X 1 1 X X X 0 1 0 MICHAEL MILLER CEO 749989 0 166882 0 15920 0 61351 0 21947 0 1016089 0 0 0 JEFFREY KOLHAGEN CFO 300417 0 55103 0 7797 0 64022 0 21947 0 449286 0 0 0 MARK SKINNER CLO 287176 0 53253 0 8441 0 50269 0 21947 0 421086 0 0 0 NICOLE HEFFELFINGER CRO 261405 0 49291 0 10937 0 27372 0 23603 0 372608 0 0 0 BENJAMIN MAFFETT SBA & COMMERCIAL SALES MANAGER 92148 0 236683 0 0 0 8695 0 21947 0 359473 0 0 0 EDISON CERVANTES CTO 255136 0 46932 0 7649 0 24363 0 14026 0 348106 0 0 0 BENJAMIN STURGELL GENERAL COUNSEL 223889 0 31991 0 7342 0 20285 0 21947 0 305454 0 0 0 ANTHONY FURINO AVP COMMERCIAL LENDING 157510 0 22638 0 8268 0 11574 0 23603 0 223593 0 0 0 BRADLEY STEWART AVP RISK MANAGEMENT 146335 0 21759 0 3403 0 16142 0 23603 0 211242 0 0 0 STEPHEN JOHNSON AVP ADMINISTRATION & MARKETING 145378 0 21950 0 1541 0 16247 0 23603 0 208719 0 0 0 PART I, LINE 1A CERTAIN BOARD MEMBERS AND OFFICERS RECEIVE TRAVEL FOR COMPANIONS WHICH IS INCLUDED IN TAXABLE COMPENSATION. PART I, LINE 4B JEFFREY KOLHAGEN (CFO) AND MARK SKINNER (CLO) PARTICIPATE IN A 457(F) DEFERRED COMPENSATION PLAN. DURING THE YEAR, THE CREDIT UNION RECOGNIZED THE FOLLOWING ACCRUED EXPENSES TOWARD THE PARTICIPANTS' 457(F) PLANS: JEFFREY KOLHAGEN: $34,956 MARK SKINNER: $20,974 MICHAEL MILLER (CEO), MARK SKINNER (CLO), AND JEFFREY KOLHAGEN (CFO) PARTICIPATE IN A SUPPLEMENTAL RETIREMENT BENEFITS ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. AT SPECIFIED TIMES, THE PARTICIPANTS 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. SEE SCHEDULE L. MICHAEL L MILLER PRESIDENT/CEO TO FUND SERP POLICY X 8750000 9695509 0 1 1 MARK SKINNER CHIEF LENDING OFFICER TO FUND SERP POLICY X 1000000 1104166 0 1 1 JEFFREY KOLHAGEN CHIEF FINANCIAL OFFICER TO FUND SERP POLICY X 1400000 1407657 0 1 1 12207332 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTEREST 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 6 ITHINK FINANCIAL CREDIT UNION HAS MEMBERS AND REQUIRES A $5 SHARE ACCOUNT TO BE A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. 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 FORM 990 IS REVIEWED BY THE CEO AND CFO PRIOR TO BEING FILED. THE FORM 990 IS ALSO REVIEWED BY AN INDEPENDENT ACCOUNTING FIRM. FORM 990, PART VI, SECTION B, LINE 12C ITHINK FINANCIAL CREDIT UNION REGULARLY MONITORS AND ENFORCES THE COMPLIANCE OF THEIR CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15A AN OUTSIDE COMPANY WAS USED TO ANALYZE THE PAY STRUCTURE FOR THE CEO. THE BOARD EXECUTIVE COMMITTEE REVIEWS IT ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE 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 NCUA.GOV VIA THE QUARTERLY 5300 FILING. FORM 990, PART IX, LINE 24E SHARED BRANCHING EXPENSE 556,056. FORM 990, PART XI, LINE 9: NET CHANGE IN DEFINED BENEFIT PLAN 3,781,125. 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. SOUTHEAST SERVICES ORGANIZATION II LLC 1000 NW 17TH AVE DELRAY BEACH FL 33445 823522506 LOANS FL 854367 12750471 ITHINK FINANCIAL CREDIT UNION SOUTHEAST TITLE SERVICES ORGANIZATION 1000 NW 17TH AVE DELRAY BEACH FL 33445 830971682 TITLE SERVICES FL 33888 99552 ITHINK FINANCIAL CREDIT UNION ITHINK COMMUNITY FOUNDATION INC 1000 NW 17TH AVE DELRAY BEACH FL 33445 352550107 CHARITY FL 501(C)(3) LINE 7 ITHINK FINANCIAL CREDIT UNION 1 FIRST INTERNET ASSOCIATION INC 790 PARK OF COMMERCE BLVD BOCA RATON FL 33487 650772946 INTERNET EDUC. FL ITHINK FINANCIAL CREDIT UNION C 6814 5685 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ITHINK COMMUNITY FOUNDATION B 79922 ACTUAL