2025-11-17T18:13:22-06:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 590706843 INNOVATIONS FINANCIAL CREDIT UNION INNO 8502490620 910 THOMAS DRIVE PANAMA CITY FL 32408 JEREMY HINTON CFO 8502490620 2025-11-17 0 AUBREY CLEGG P01076395 3052328272 2025-11-17 2024 2025-03-06 01:10:19Z DAVID SOUTHALL 910 THOMAS DRIVE PANAMA CITY FL 32408 35305173 0 X WWW.INNOVATIONSFCU.ORG/ X 1952 FL TO ENRICH THE FINANCIAL LIVES OF OUR MEMBERS, TEAM MEMBERS, AND THE COMMUNITIES WE SERVE. 8 8 112 8 129420 0 0 165855 18759233 30936287 770351 4203031 7138536 0 26668120 35305173 0 0 0 0 8347309 10413594 0 0 0 13964407 22353889 22311716 32767483 4356404 2537690 428396918 615037932 388872129 573369415 39524789 41668517 TO PROVIDE FINANCIAL AND LENDING SERVICES TO INDIVIDUALS AND BUSINESSES LOCATED WITHIN THE COUNTIES OF BAY, HOLMES, WASHINGTON, JACKSON, CALHOUN, GULF, WALTON, OKALOOSA, FRANKLIN & LIBERTY LOCATED IN THE STATE OF FLORIDA. 0 0 PROVIDE 26,310 MEMBERS WITH REGULAR SAVINGS, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, IRA, AND MONEY MARKET ACCOUNTS WITH AGGREGATE DEPOSIT BALANCES THAT APPROXIMATED $554,884,000 AS OF DECEMBER 31, 2024. PROVIDE 16,356 LOANS INCLUDING MORTGAGES, BUSINESS, HOME EQUITY, CREDIT CARDS, SHARE SECURED, VEHICLE, AND LINE OF CREDIT LOANS WITH AGGREGATE LOAN BALANCES THAT APPROXIMATED $448,771,000 AS OF DECEMBER 31, 2024. 0 1 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 6880 0 1 112 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X JEREMY HINTON 8502490620 910 THOMAS DRIVE PANAMA CITY FL 32408 CRAIG ELLIS BOARD CHAIR 1.00 X 0 0 0 NANCY LUTHER BOARD VICE CHAIR 1.00 X 0 0 0 JOSHUA SCRIBNER BOARD SECRETARY 1.00 X 0 0 0 KRISTOPHER MCLANE BOARD TREASURER 1.00 X 0 0 0 ROB FERNANDEZ BOARD DIRECTOR 1.00 X 0 0 0 KEN WHITE BOARD DIRECTOR 1.00 X 0 0 0 ANITA BORUGHTON BOARD DIRECTOR 1.00 X 0 0 0 KIM JOHNS BOARD DIRECTOR 1.00 X 0 0 0 DAVID SOUTHALL PRESIDENT/CEO 40.00 X 468245 0 55603 MICHAEL GLADDEN EVP/COO 40.00 X 405544 0 76869 JEREMY HINTON SVP/CFO 40.00 X 323155 0 68758 DANIEL CHAPLIK DIRECTOR OPERATIONS/LENDING/COLLECTIONS/FACILITIES 40.00 X 241988 0 52446 CHARLES POWELL DIRECTOR BUSINESS & MORTGAGE LENDING 40.00 X 234987 0 52998 KENNETH MITCHELL MARKET LEADER- NORTHERN PANHANDLE REGION 40.00 X 219158 0 41642 ANGELIA BURNETT DIRECTOR PROJECTS 40.00 X 173822 0 43012 ROBERT GUICE IT DIRECTOR 40.00 X 150314 0 25956 RUTH PARKER MARKETING DIRECTOR 40.00 X 145590 0 27128 JONATHAN SMILEY BUSINESS LENDING MANAGER 40.00 X 133371 0 33421 TERESA ALEXANDER SENIOR ACCOUNTANT 40.00 X 130041 0 21196 2626215 0 499029 17 0 1 0 JACK HENRY 663 W HWY 60 MONETT MO 65708 TECHNOLOGY SERVICES 1236176 ACCESS SOFTEK 727 ALLSTON WAY C BERKELEY CA 94710 DIGITAL BANKING PLATFORM 313064 MAINSTREET PROPERTIES 777 HUTCHINSON ROAD CHIPLEY FL 32428 MAINTENANCE 195270 DOXIM 1911 WOODSLEE DRIVE TROY MI 48083 CUSTOMER COMMUNICATIONS MANAGEMENT 187537 HONIGMAN 660 WOODWARD AVENUE DETROIT MI 48226 LEGAL 155000 12 165855 165855 INTEREST ON LOANS 522100 23727340 23727340 FEES, CHARGES, & OTHER 522100 7079527 7079527 FINANCE & INSURANCE 520000 129420 129420 30936287 4203031 4203031 35305173 35009898 129420 0 X 2241393 5852866 1013108 824951 481276 63891 711030 1295099 557195 1537914 1810340 441258 119883 9165 11380923 918847 PROVISION FOR LOAN LOSS 1965840 LOAN SERVICING 908020 MISCELLANEOUS 418862 ASSOCIATION DUES 119537 96085 32767483 3230331 4871778 26465416 88346124 912220 1433860 7802751 8344853 369778044 446786410 615471 1175977 25589124 6252756 11855482 19336368 1337840 19112240 1153000 1535252 15603017 5246363 8492053 428396918 615037932 6300854 5485686 13000000 382571275 554883729 388872129 573369415 X 0 0 0 0 39524789 41668517 39524789 41668517 428396918 615037932 2537690 -393962 0 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 7312607 7312607 13452708 2823846 10628862 3886363 2877043 1009320 937446 551867 385579 19336368 MEMBER DEPOSITS 554883729 554883729 X 35305173 0 35305173 0 35305173 32767483 0 32767483 0 32767483 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. X X 1 1 X X X X X 0 1 0 DAVID SOUTHALL PRESIDENT/CEO 331553 0 90692 0 46000 0 51750 0 3853 0 523848 0 0 0 MICHAEL GLADDEN EVP/COO 279512 0 64547 0 61485 0 51750 0 25119 0 482413 0 0 0 JEREMY HINTON SVP/CFO 228847 0 53989 0 40319 0 49339 0 19419 0 391913 0 0 0 DANIEL CHAPLIK DIRECTOR OPERATIONS/LENDING/COLLECTI 169597 0 36569 0 35822 0 37749 0 14697 0 294434 0 0 0 CHARLES POWELL DIRECTOR BUSINESS & MORTGAGE LENDING 165284 0 36569 0 33134 0 36807 0 16191 0 287985 0 0 0 KENNETH MITCHELL MARKET LEADER- NORTHERN PANHANDLE RE 165611 0 35306 0 18241 0 33884 0 7758 0 260800 0 0 0 ANGELIA BURNETT DIRECTOR PROJECTS 150400 0 17017 0 6405 0 25315 0 17697 0 216834 0 0 0 ROBERT GUICE IT DIRECTOR 141948 0 0 0 8366 0 22953 0 3003 0 176270 0 0 0 RUTH PARKER MARKETING DIRECTOR 113172 0 15576 0 16842 0 22480 0 4648 0 172718 0 0 0 JONATHAN SMILEY BUSINESS LENDING MANAGER 113199 0 12540 0 7632 0 20830 0 12591 0 166792 0 0 0 TERESA ALEXANDER SENIOR ACCOUNTANT 106255 0 10508 0 13278 0 19610 0 1586 0 151237 0 0 0 PART I, LINE 4B DAVID SOUTHALL, PRESIDENT/CEO, PARTICIPATED IN A NON-QUALIFIED RETIREMENT PLAN IN 2024. DAVID SOUTHALL, MICHAEL GLADDEN, DANIEL CHAPLIK, CHARLES POWELL, JEREMY HINTON, AND KENNETH MITCHELL 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 (FOR SOME), PLUS KEY-PERSON INSURANCE PROCEEDS. DAVID SOUTHALL PRESIDENT/CEO SPLIT DOLLAR RETIREMENT PLAN X 390000 2400001 0 1 1 MICHAEL GLADDEN EVP/COO SPLIT DOLLAR RETIREMENT PLAN X 260000 1700000 0 1 1 DANIEL CHAPLIK DIRECTOR OPERATIONS/LENDING/COLLECTIONS SPLIT DOLLAR RETIREMENT PLAN X 60000 360000 0 1 1 CHARLES POWELL DIRECTOR BUSINESS & MORTGAGE LENDING SPLIT DOLLAR RETIREMENT PLAN X 70000 420000 0 1 1 JEREMY HINTON SVP/CFO SPLIT DOLLAR RETIREMENT PLAN X 110000 1023265 0 1 1 KENNETH MITCHELL MARKET LEADER SPLIT DOLLAR RETIREMENT PLAN X 1184490 1210335 0 1 1 KAREN HURST FORMER SVP SPLIT DOLLAR RETIREMENT PLAN X 125000 1231252 0 1 1 8344853 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. THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST (FOR SOME), 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 THE ORGANIZATION IS A COOPERATIVE CREDIT UNION OWNED BY ITS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE ORGANIZATION'S MEMBERS ELECT THE BOARD OF DIRECTORS AT AN ANNUAL MEETING. 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 ANNUAL TAX RETURNS ARE REVIEWED BY OFFICERS AND BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE ENFORCEMENT OF CONFLICTS OF INTEREST ARE CARRIED OUT BY THE ORGANIZATION. ANY CONFLICTS OF INTERESTS RELATED TO OFFICERS AND DIRECTORS ARE REPORTED TO THE STATE AS PART OF ANNUAL REGULATORY AUDIT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR TOP OFFICIAL (CEO) IS COMPRISED OF BOTH A CREDIT UNION AND BANK PEER COMPARISON SURVEY. THE SURVEY IS PRESENTED TO THE BOARD OF DIRECTORS AND THE BOARD APPROVES THE SALARY OF THE CEO. THE CEO CONTRACT IS WRITTEN AND APPROVED BY THE BOARD OF DIRECTORS. COMPENSATION FOR OFFICERS AND KEY EMPLOYEES IS DETERMINED USING CREDIT UNION AND BANK PEER COMPARISON SURVEY. THE INFORMATION IS PRESENTED TO THE BOARD OF DIRECTORS AND A SALARY RANGE OR INCREASES ARE APPROVED BY THE BOARD OF DIRECTORS. THE CEO THEN APPROVES ALL SALARY INCREASES BASED ON BOARD GUIDELINES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, BYLAWS, AND COPIES OF TAX RETURNS ARE MADE AVAILABLE UPON REQUEST. THESE DOCUMENTS ARE PROVIDED IN COPY FORMAT WITHIN REASONABLE TIME FRAMES. FORM 990, PART IX, LINE 24E OPERATING FEE 96,085. FORM 990, PART XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR.