2025-10-27T17:33:52-05:00 2024-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2024-01-01 590637653 TROPICAL FINANCIAL CREDIT UNION TROP 8882618328 3050 CORPORATE WAY MIRAMAR FL 33025 RICHARD SHAW PRESIDENT/CEO 8882618328 2025-10-21 1 1 JENIFER L CHASE P01306883 5638884000 2025-10-21 2024 2025-03-06 01:10:19Z RICHARD SHAW 3050 CORPORATE WAY MIRAMAR FL 33025 71203886 0 2106 X WWW.TROPICALFCU.ORG X CREDIT UNION 1935 FL TROPICAL FINANCIAL CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING MEMBER OWNERS WITH VALUABLE PRODUCTS, SERVICES & EDUCATION TO HELP THEM ACHIEVE THEIR GOALS. 9 9 229 9 57089 0 0 0 50509019 50395399 6539612 9514039 0 0 57048631 59909438 45478 49103 0 0 17922845 18039115 0 0 0 38278702 44421175 56247025 62509393 801606 -2599955 966643260 983932608 878502134 897818202 88141126 86114406 TROPICAL FINANCIAL CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING MEMBER OWNERS WITH VALUABLE PRODUCTS, SERVICES AND EDUCATION TO HELP THEM ACHIEVE THEIR GOALS. 0 0 TROPICAL FINANCIAL CREDIT UNION (THE CREDIT UNION) USES INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS TO PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED FIELD OF MEMBERSHIP (PERSONS WHO LIVE OR WORK IN MIAMI-DADE, BROWARD, PALM BEACH, SARASOTA, ST LUCIE, MARTIN, HENDRY, COLLIER, AND LEE COUNTIES). THE CREDIT UNION OFFERS CHECKING/SAVINGS ACCOUNTS, CDS, AUTO LOANS, HOME LOANS, PERSONAL LOANS, AND DIGITAL BANKING SERVICES TO ITS MEMBERSHIP. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 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 0 0 1 18949 0 1 229 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 X RICHARD SHAW 8882618328 3050 CORPORATE WAY MIRAMAR FL 33025 BARABARA CRUIT VICE CHAIR 1.00 X X 0 0 0 BETTY DIAMOND DIRECTOR 1.00 X 0 0 0 HILDA GEER SECRETARY/TREASURER 1.00 X X 0 0 0 JAMES DONOHUE DIRECTOR 1.00 X 8791 0 0 JOSE BELAUSTEGUI DIRECTOR 1.00 X 5594 0 0 MARIA REYES DIRECTOR 1.00 X 5996 0 0 MARIO MARTINEZ DIRECTOR 1.00 X 10053 0 0 MIKE PEREZ CHAIR 1.00 X X 3356 0 0 RICK WISNIEWSKI DIRECTOR 1.00 X 7688 0 0 RICHARD SHAW COO/CEO 40.00 X 422001 0 49004 JENNIFER FARRINGTON CONTROLLER/VP OF FINANCE 40.00 X 176896 0 22589 BRIAN BURRESS VP OF MEMBER RELATIONS 40.00 X 187751 0 37037 ELIZABETH JIMENEZ VP OF HUMAN RESOURCES 40.00 X 176763 0 23531 ROBERTO SALAMANCA VP OF IT 40.00 X 178326 0 35692 ALFREDO GOENAGA VP OF ADMIN 40.00 X 164675 0 35705 ERICK PADRON VP LENDING 40.00 X 148077 0 50256 ROBERT SMITH INFORMATION SECURITY OFFICER 40.00 X 151070 0 26645 DIANE MASTAY MORTGAGE DIRECTOR 40.00 X 146216 0 22408 LAURA CAUSEY BUSINESS APPLICATION MANAGER 40.00 X 139132 0 21388 MARYLEN YIRIS VP OF MARKETING 40.00 X 122626 0 16112 AMY MCGRAW FORMER VP OF MARKETING 40.00 X 195741 0 16154 2250752 0 356521 32 1 1 0 FISERV SOLUTIONS 4575 SW RESEARCH WAY CORVALLIS OR 97339 CORE SYSTEM/SOFTWARE 1324512 FUSION AUTO FINANCE 1320 TENNIS DR BEDFORD TX 76022 AUTOL LOAN 3RD PARTY VENDOR 1138366 SUNBEAM DEVELOPMENT CORP 1401 79TH ST CAUSEWAY MIAMI FL 33141 PROPERTY RENTAL SERVICE 952903 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 900740641 ELECTRONIC BANKING SERVICE PROVIDER 644191 CONTEMPORARY BUILDERS INC 2950 SW 27TH AVE SUITE 100 MIAMI FL 33133 BUILDING CONTRACTOR SERVICES 399582 42 INCOME ON LOANS 522100 41449590 41449590 CHARGES/FEES/OTHER 522100 8945809 8888720 57089 50395399 8822614 8822614 11985873 11294448 691425 691425 691425 59909438 50338310 57089 9514039 49103 1763343 12636086 589885 1974626 1075175 494408 120000 4281268 1279089 459765 2785639 416237 100557 2007016 214354 CREDIT LOSS EXPENSE 13357315 DIVIDENDS PAID TO MEMBE 12530934 MORTGAGE LOAN SERVICING 1952848 SWITCH EXP 1945109 2476636 62509393 20078606 42432523 125519584 105509593 3317090 3341190 778479488 773558577 6620600 6463050 27576732 19859582 7855610 7717150 4098417 23385505 1076983 1076983 108562 43425 19488320 20404612 966643260 983932608 4836127 6647660 4185045 4579888 869480962 886590654 878502134 897818202 X 0 0 0 0 88141126 86114406 88141126 86114406 966643260 983932608 X -2599955 3279 569956 X X 0 1 X 1 0 0 1 X 2733970 2733970 5409380 3040098 2369282 5224416 4281911 942505 14139777 12468384 1671393 69189 69189 0 7717150 MEMBER DEPOSITS - SHARE DRAFTS 185026774 MEMBER DEPOSITS - PREMIER 1 CHECKING 10260943 MEMBER DEPOSITS - MONEY MARKET ACCOUNT 76643755 MEMBER DEPOSITS - SHARES 319060721 MEMBER DEPOSITS - IRA SHARES 8128991 MEMBER DEPOSITS - SHARE & IRA CERTIFICATES 280064386 LEASE LIABILITY FOR OPERATING LEASES 7405084 886590654 X 59909438 0 59909438 0 59909438 62509393 0 62509393 0 62509393 PART IV, LINE 2B: TROPICAL FINANCIAL CREDIT UNION MAINTAINS CUSTODIAL ESCROW BALANCES TO PAY REAL ESTATE TAXES AND HOME OWNERS INSURANCE ON BEHALF OF MORTGAGE HOLDERS. PART X, LINE 2: TROPICAL FINANCIAL CREDIT UNION (THE CREDIT UNION) IS EXEMPT FROM MOST FEDERAL AND STATE INCOME TAXES. THE INCOME TAXES TOPIC OF THE 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. THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATECHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UNRELATED BUSINESS INCOME 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 2023, 2022 AND 2021 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. 0 AMERICAN RED CROSS 431 18TH STREET NW WASHINGTON DC 20006 530196605 501(C)(3) 10880 0 PROGRAM SUPPORT 1 0 PART I, LINE 2 TROPICAL FINANCIAL CREDIT UNION DOES NOT MONITOR THE USE OF GRANT FUNDS ONCE DISBURSED TO PUBLIC CHARITIES. X 1 1 X X X X 1 0 0 RICHARD SHAW COO/CEO 419625 0 0 0 2376 0 10350 0 38654 0 471005 0 0 0 BRIAN BURRESS VP OF MEMBER RELATIONS 185393 0 0 0 2358 0 7680 0 29357 0 224788 0 0 0 ROBERTO SALAMANCA VP OF IT 177498 0 0 0 828 0 7483 0 28209 0 214018 0 0 0 AMY MCGRAW FORMER VP OF MARKETING 121981 0 0 0 73760 0 2065 0 14089 0 211895 0 0 0 ALFREDO GOENAGA VP OF ADMIN 162114 0 0 0 2561 0 6845 0 28860 0 200380 0 0 0 ELIZABETH JIMENEZ VP OF HUMAN RESOURCES 175215 0 0 0 1548 0 6828 0 16703 0 200294 0 0 0 JENNIFER FARRINGTON CONTROLLER/VP OF FINANCE 176356 0 0 0 540 0 7234 0 15355 0 199485 0 0 0 ERICK PADRON VP LENDING 147614 0 0 0 463 0 6262 0 43994 0 198333 0 0 0 ROBERT SMITH INFORMATION SECURITY OFFICER 150360 0 0 0 710 0 6207 0 20438 0 177715 0 0 0 DIANE MASTAY MORTGAGE DIRECTOR 144280 0 0 0 1936 0 5907 0 16501 0 168624 0 0 0 LAURA CAUSEY BUSINESS APPLICATION MANAGER 137276 0 0 0 1856 0 1919 0 19469 0 160520 0 0 0 PART I, LINE 1A TROPICAL FINANCIAL CREDIT UNION (THE CREDIT UNION) PROVIDED TRAVEL FOR COMPANION BENEFITS DURING THE TAX YEAR. AUTHORIZED EXPENSES INCURRED FOR ATTENDING CONFERENCES, MEETINGS, AND/OR FUNCTIONS FOR DIRECTORS AND COMPANIONS ARE ELIGIBLE FOR REIMBURSEMENT FROM THE CREDIT UNION. COMPANION TRAVEL EXPENSES PAID BY THE CREDIT UNION WILL BE REPORTED AS INCOME TO THE DIRECTOR IF THE TOTAL EXPENSES PAID ARE $600 OR GREATER IN ANY ONE CALENDAR YEAR. THE CREDIT UNION REPORTED SUCH PAYMENTS ON FORM 1099-MISC FOR THE FOLLOWING DIRECTORS: JOSE BELAUSTEGUI, JAMES DONOHUE, MARIO MARTINEZ, MIKE PEREZ, MARIA REYES, AND RICK WISNIEWSKI ALL UTILIZED THIS BENEFIT. PART I, LINE 4A TROPICAL FINANCIAL CREDIT UNION PAID AMY MCGRAW, FORMER VP OF MARKETING, $72,877 IN SEVERANCE PAYMENTS DURING CALENDAR YEAR 2024. THIS AMOUNT IS REPORTED ON FORM 990, PART VII AND SCHEDULE J, PART II AS OTHER REPORTABLE COMPENSATION. FORM 990, PART VI, SECTION A, LINE 6 TROPICAL FINANCIAL CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A TROPICAL FINANCIAL CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B TROPICAL FINANCIAL CREDIT UNION MEMBERS HAVE THE POWER TO ELECT OR REMOVE THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B TROPICAL FINANCIAL CREDIT UNION DOES NOT HAVE ANY COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE REVIEWED BY THE VICE PRESIDENT OF FINANCE AND CHIEF FINANCIAL OFFICER. IF ANY QUESTIONS ARISE, THE VICE PRESIDENT OF FINANCE/CHIEF FINANCIAL OFFICER WILL DISCUSS WITH THE CPA FIRM. THE FORM 990 WILL BE PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. THE FORM 990 WILL BE PRESENTED TO THE BOARD OF DIRECTORS FOR INFORMATIONAL PURPOSES ONLY SUBSEQUENT TO THE FORM BEING FILED WITH THE INTERNAL REVENUE SERVICE. THIS WILL BE RECORDED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS, EMPLOYEES, AND COMMITTEES OF TROPICAL FINANCIAL CREDIT UNION (THE CREDIT UNION) ARE SUBJECT TO A CONFLICT OF INTEREST POLICY. THE CONFLICT OF INTEREST POLICY IS REVIEWED AND REAFFIRMED ANNUALLY BY THE BOARD OF DIRECTORS. EVIDENCE OF THE REVIEW AND AFFIRMATION WILL BE ENTERED IN THE MINUTES OF THE BOARD MEETING FOR THE DATE OF THE REVIEW. ADDITIONALLY, EACH MEMBER OF THE BOARD WILL, ON AN ANNUAL BASIS, EXECUTE A CODE OF CONDUCT AND ETHICS AFFIRMATION FORM WHICH WILL BE KEPT ON FILE IN THE CREDIT UNION'S EXECUTIVE OFFICES. THE BOARD OF DIRECTORS WILL REVIEW THE AFFIRMATION FORMS FOR ANY CONFLICT OF INTEREST. THE BOARD OF DIRECTORS, INCLUDING THE AUDIT COMMITTEE, WILL CONSIDER ANY POTENTIAL CONFLICT OF INTEREST. A QUORUM OF DIRECTORS WHO HAVE NO DIRECT OR INDIRECT INTEREST IN THE MATTER MUST VOTE ON THE ACTION TO BE TAKEN. THERE MAY BE SITUATIONS THAT, DUE TO THE UNIQUE NATURE OF THE EVENT, WOULD ALLOW THE CONFLICT AFTER FULL DISCLOSURE AND REQUIRE A HIGHER LEVEL OF APPROVAL AND MONITORING TO ENSURE COMPLIANCE. EACH SITUATION MUST BE HANDLED ON A CASE BY CASE BASIS BY THE BOARD, CHIEF EXECUTIVE OFFICER OR HIS DESIGNEE, AND LEGAL COUNSEL AS APPROPRIATE. FORM 990, PART VI, SECTION B, LINE 15A THE REVIEW OF THE CHIEF EXECUTIVE OFFICER'S COMPENSATION IS A FUNCTION OF THE BOARD OF DIRECTORS, WITH THE ASSISTANCE OF THE VICE PRESIDENT OF HUMAN RESOURCES AND ORGANIZATION DEVELOPMENT. THE BOARD USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY ON A PERIODIC BASIS TO DETERMINE THE CHIEF EXECUTIVE OFFICER'S COMPENSATION AND A SEPARATE THIRD-PARTY STUDY IS USED FOR ALL OTHER POSITIONS IN THE ORGANIZATION. JOB GRADES AND PAY RANGES ARE ESTABLISHED THROUGH THE ASSISTANCE OF AN EXTERNAL THIRD-PARTY VENDOR WITH SPECIALIZED EXPERTISE IN THIS AREA AND MAINTAINED BY THE OFFICE OF HUMAN RESOURCES. THIS COMPENSATION SYSTEM IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS CONTEMPORANEOUSLY DOCUMENTS THEIR DECISION ON THE CHIEF EXECUTIVE OFFICER'S COMPENSATION. THE LAST TIME THIS PROCESS OCCURRED WAS IN JANUARY 2025. FORM 990, PART VI, SECTION C, LINE 19 TROPICAL FINANCIAL CREDIT UNION'S (THE CREDIT UNION) GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIALS ARE AVAILABLE FOR PUBLIC VIEWING ON THE NCUA.GOV VIA THE QUARTERLY 5300 FILING. FORM 990, PART XI, LINE 9: PENSION PLAN GAINS 444,262. POSTRETIREMENT PLAN GAINS 125,694.