2016-07-14T13:18:10-05:00 2015-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2015-01-01 590787574 STATE CHARTERED CREDIT UNIONS IN FLORIDA PRIORITY ONE CREDIT UNION OF FLORIDA STAT 9545727707 3000 N UNIVERSITY DRIVE SUNRISE FL 33322 DEANA HENNESSEY EVP 9543355100 2016-07-14 1 DOUGLAS J ORTH P01076394 3052328272 2015 2016-09-27 15:27:22Z NANCY RAPPAPORT 3000 N UNIVERSITY DRIVE SUNRISE FL 33345 4930126 0 2106 X WWW.PRIORITYONEFL.ORG X 1948 FL ENHANCING THE FINANCIAL LIVES OF OUR MEMBERS THROUGH CONSISTENT SERVICE. 7 7 48 7 36130 -30563 0 0 4323281 4509481 441334 420645 0 0 4764615 4930126 0 0 0 0 1908814 1979056 0 0 0 2195829 2648376 4104643 4627432 659972 302694 76656704 83165584 68486606 74693236 8170098 8472348 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 FINDERS AND ONLINE BANKING. WE ENDED THE YEAR WITH 10,397 MEMBERS. THERE WERE 2,201 LOANS GRANTED TOTALING $20,596,669. PRIORITY ONE HAS THREE 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 1909 0 1 48 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 NANCY RAPPAPORT 9543355100 3000 N UNIVERSITY DRIVE SUNRISE FL 33345 LEVORA HOLSEY SECRETARY/TREASURER 1.00 0.00 X 0 0 0 ALANA RAGOONAN AUDIT COMMITTEE CHAIR 1.00 0.00 X 0 0 0 RICHARD WEPPLER DIRECTOR 1.00 0.00 X 0 0 0 JEROMY SCHWAB VICE CHAIRMAN 1.00 0.00 X 0 0 0 BARRY EKLE DIRECTOR 1.00 0.00 X 0 0 0 DONALD MCMAHON CHAIRMAN 1.00 0.00 X 0 0 0 CARIDAD GARCELL DIRECTOR 1.00 0.00 X 0 0 0 NANCY RAPPAPORT CEO 40.00 0.00 X 229734 0 46432 DEANA HENNESSEY EVP 40.00 0.00 X 111862 0 8132 BIRGITTA SCHINDLER CONTROLLER 40.00 0.00 X 65455 0 6813 407051 0 61377 2 0 1 0 FISERV 1250 GRUMMAN PL STE A TITUSVILLE FL 32780 DATA PROCESSING 235729 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 177122 FISERV EFT 75 REMITTANCE DR STE 6974 CHICAGO IL 60675 ATM, SHARED SERVICE, DEBIT CARD NETWORKS 163946 DIGITAL INSIGHT CORPORATION PO BOX 515306 LOS ANGELES CA 900516606 WEBSITE MAINTENANCE, ONLINE BILL PAY, ET 128411 4 LOAN INTEREST INCOME 522100 2816231 2816231 FEE/OTHER INCOME 522100 1657120 1657120 EXTENDED WARRANTY/NON- 524298 36130 36130 4509481 420645 420645 4930126 4893996 36130 0 468428 468428 1150345 1150345 43580 43580 119529 119529 197174 197174 39872 39872 30000 30000 129934 129934 88189 88189 333064 333064 366789 366789 163590 163590 40451 40451 186741 186741 22556 22556 171442 171442 42164 42164 PROVISION FOR LOAN LOSS 349571 349571 LOAN SERVICING 333841 333841 ATM/BANK SERVICE CHARGE 248209 248209 ALL OTHER EXPENSES 57515 57515 44448 44448 4627432 4627432 0 0 1255551 930382 7509802 10169134 199695 192952 40234073 45979014 68834 97844 5507011 3604128 1975749 1902883 7942864 5606140 16572297 17173465 897839 1113770 76656704 83165584 1347480 808134 67139126 73885102 68486606 74693236 X 0 0 0 0 8170098 8472348 8170098 8472348 76656704 83165584 302694 -444 0 X 0 1 X 1 0 982 982 982 1 LSCU (FEDPAC) 3773 COMMONWEALTH BLVD TALLAHASSEE FL 32303 590246163 292 LSCU (CUPAC) 3773 COMMONWEALTH BLVD TALLAHASSEE FL 32303 590246163 690 788074 788074 594380 269202 325178 2273215 1847407 425808 1851342 1487519 363823 1902883 LONG TERM CERTIFICATES OF DEPOSIT 10220000 C CORPORATE ONE PERPETUAL CAPITAL 100567 C CORPORATE AMERICA FED FUNDS 2500000 C BOLI 457F 2308012 C CORPORATE AMERICA SUPER 30 2044886 C 17173465 SHARE ACCOUNTS 36129307 SHARE DRAFT ACCOUNTS 18151666 MONEY MARKET ACCOUNTS 9724406 CLUB ACCOUNTS 433617 IRA SHARE ACCOUNTS 2383608 IRA CERTIFICATES 1949144 CERTIFICATES 5113354 73885102 X 4930126 0 4930126 0 4930126 4627432 0 4627432 0 4627432 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 2012 THROUGH 2014 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 X 0 1 0 NANCY RAPPAPORT CEO 196459 0 27275 0 6000 0 45662 0 770 0 276166 0 0 0 PART I, LINE 4B NANCY RAPPAPORT PARTICIPATES IN A 457(F) PLAN. THE AMOUNT ACCRUED BY THE CREDIT UNION DURING 2015 WAS $39,223. THE ACCRUAL BALANCE AS OF 12/31/15 WAS $91,384. 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 11 THE CREDIT UNION OFFICERS WILL REVIEW THE FORM 990 PRIOR TO SUBMITTING TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C 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 THE CEO'S COMPENSATION IS REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS, WHICH ARE VOLUNTEERS OF THE CREDIT UNION. THE COMPENSATION OF KEY EXECUTIVES IS REVIEWED BY THE CEO AND IS DETERMINED BASED ON INDUSTRY PUBLICATIONS THAT ILLUSTRATE STANDARDS IN CONJUNCTION WITH GOALS SET BY THE CEO. 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.