2015-07-28T04:29:00-00:00 2014-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2014-01-01 590787574 STATE CHARTERED CREDIT UNIONS IN FLORIDA (PRIORITY ONE CREDIT UNION OF FL) STAT 9545727707 3000 N UNIVERSITY DRIVE SUNRISE FL 33322 NANCY RAPPAPORT CEO 2015-07-28 true DOUGLAS ORTH 3052328272 2015-07-28 2014 2016-02-25 16:41:14Z PRIORITY ONE CREDIT UNION OF FLORIDA NANCY RAPPAPORT 3000 NORTH UNIVERSITY DRIVE SUNRISE FL 33345 4857616 false 2106 X www.priorityonefl.org X CREDIT UNION 1948 FL ENHANCING THE FINANCIAL LIVES OF OUR MEMBERS THROUGH CONSISTENT SERVICE. 7 7 44 8 32400 -13512 0 4310783 4323281 392071 441334 17707 0 4720561 4764615 0 0 1922230 1908814 0 0 2615332 2195829 4537562 4104643 182999 659972 74862276 76656704 67640665 68486606 7221611 8170098 ENHANCING THE FINANCIAL LIVES OF OUR MEMBERS THROUGH CONSISTENT SERVICE. false false 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 10,117 MEMBERS. THERE WERE 2,135 LOANS GRANTED TOTALING 17,487,897. PRIORITY ONE HAS THREE BRANCH LOCATIONS AND A WIDE ARRAY OF REMOTE OPTIONS THROUGH OUR COOPERATION WITH VARIOUS ATM NETWORKS AND SHARED SERVICE CENTERS. false false true false false false false false false true true false false true true true false false false false false false false false false false false false true false false false false false false false false false false false false false false false true 1733 0 true 44 true true true false false false false false X 7 7 false false false false true true true true true false false false true false true true true true true false X NANCY RAPPAPORT 9543355100 3000 N UNIVERSITY DR SUNRISE FL 33345 LEVORA HOLSEY SECRETARY/TREASURER 001.00 X 0 0 0 ALANA RAGOONAN AUDIT COMMITTEE CHAIR 001.00 X 0 0 0 RICHARD WEPPLER DIRECTOR 001.00 X 0 0 0 JEROMY SCHWAB VICE CHAIRMAN 001.00 X 0 0 0 DONALD MCMAHON CHAIRMAN 001.00 X 0 0 0 CARIDAD GARCELL DIRECTOR 001.00 X 0 0 0 BARRY EKLE DIRECTOR 001.00 X 0 0 0 NANCY RAPPAPORT CEO 040.00 X 183525 0 42522 DEANA HENNESSEY EVP 040.00 X 93918 0 4844 BIRGITTA SCHINDLER CONTOLLER 040.00 X 56459 0 4732 333902 52098 2 false true false FISERV 1250 GRUMMAN PL STE A TITUSVILLE FL 32780 DATA PROCESSING 222117 DIGITAL INSIGHT CORPORATION PO BOX 515306 LOS ANGELES CA 900516606 WEBSITE MAINTENANCE, ONLINE BILLPAY 126447 FISERV EFT 75 REMITTANCE DR STE 6974 CHICAGO IL 60675 ATM,SHARED SERVICE, DEBIT CARD NETWORKS 167121 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 138418 4 LOAN INTEREST INCOME 522100 2606985 2606985 FEE/OTHER INCOME 522100 1683896 1683896 CREDIT LIFE/EXTENDED WARRANTY/GAP INS/NON-MEMBER ATM FEES 524298 32400 32400 4323281 440220 440220 94115 93001 1114 1114 1114 4764615 4732215 32400 0 0 0 0 386000 386000 0 1210515 1210515 42313 42313 104856 104856 165130 165130 0 14700 14700 30000 30000 0 0 181170 181170 96836 96836 335790 335790 355592 355592 0 153862 153862 31066 31066 0 0 195581 195581 17600 17600 159894 159894 63212 63212 SEE SCHEDULE ATTACHED 560526 560526 0 4104643 4104643 917568 1255551 5363961 7509802 204778 199695 34995443 40234073 53776 68834 5404362 3428613 1700546 1975749 12919789 7942864 17653232 16572297 1053183 897839 74862276 76656704 769156 1347480 66871509 67139126 67640665 68486606 X 7221611 8170098 7221611 8170098 74862276 76656704 659972 288515 X false true X true false 1010 1010 1010 true LSCU (FEDPAC) 3773 COMMONWEALTH BLVD TALLAHASSEE FL 32303 590246163 304 LSCU (CUPAC) 3773 COMMONWEALTH BLVD TALLAHASSEE FL 32303 590246163 706 false 788074 788074 594380 255859 338521 2269007 1782921 486086 1752901 1389833 363068 1975749 Financial derivatives and other financial products Closely-held equity interests LONG TERM CERTIFICATES OF DEPOSIT 12982000 C CORPORATE ONE PERPETUAL CAPITAL 100567 C CORPORATE AMERICA FED FUNDS 1508008 C BOLI 457F 1981722 C 16572297 Federal income taxes SHARE ACCOUNTS 31535464 SHARE DRAFT ACCOUNTS 15391701 MONEY MARKET ACCOUNTS 9868275 CLUB ACCOUNTS 370170 IRA SHARE ACCOUNTS 2334944 IRA CERTIFICATES 2296594 CERTIFICATES 5341978 67139126 X 4764615 4764615 4764615 4104643 4104643 4104643 X 2 THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE 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 THE INTERNAL REVENUE CODE IRC SECTION 501C14. 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 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 UNIONS 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 2011 THROUGH 2013 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 false true false NANCY RAPPAPORT CEO 177525 6000 41791 731 226047 Part I Line 4B NANCY RAPPAPORT PARTICIPATES IN A 457F PLAN. THE AMOUNT ACCRUED BY THE CREDIT UNION DURING 2014 WAS 33,991. THE ACCRUAL BALANCE AS OF 12/31/14 WAS 52,161 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 BODYS 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 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 15A THE CEOS COMPENSATION IS REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS, WHICH ARE VOLUNTEERS OF THE CREDIT UNION. Form 990, Part VI, Section A, Line 15B THE COMPENSATION OF KEY EXECUTIVES ARE 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.