2025-02-17T12:46:37-06:00 2024-02-29 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2024-01-01 590248325 STATE CHARTERED CREDIT UNIONS IN FLORIDA 121 FINANCIAL CREDIT UNION STAT 9047776000 76 S LAURA ST JACKSONVILLE FL 32202 DAVID F MAROVICH PRESIDENT/CEO 9047776000 2025-02-17 1 0 TANYA MEDGAARDEN P01717240 5074347000 2025-02-17 2024 2025-03-06 01:10:19Z X X DAVID F MAROVICH 76 S LAURA ST JACKSONVILLE FL 32202 7126650 0 X WWW.VYSTARCU.ORG X 1935 FL PROVIDING PERSONAL SOLUTIONS TO INSPIRE FINANCIAL WELL-BEING. X 8 8 141 12 66578 725 0 0 36494560 6310482 6424528 296891 462356 19277 43381444 6626650 0 0 4434828 843106 13357791 1988713 0 0 0 23749513 4938168 41542132 7769987 1839312 -1143337 693788578 0 642959881 0 50828697 0 X BUILDING RELATIONSHIPS WITH MEMBERS, ASSOCIATES, AND THE COMMUNITY BY PROVIDING PERSONAL SOLUTIONS TO INSPIRE FINANCIAL WELL-BEING. 0 1 ENCOURAGING THRIFT AMONG OUR MEMBERS, CREATING SOURCES OF CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDING AN OPPORTUNITY FOR OUR MEMBERS TO USE AND CONTROL THEIR RESOURCES ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. 0 0 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 0 1 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 1 141 1 1 1 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X BETH LIGHTSEY 9047776000 76 S LAURA ST JACKSONVILLE FL 32202 X HAROLD BOREE CHAIRPERSON 2.00 X X 0 0 0 JOHN SCOTT III VICE CHAIRPERSON 2.00 X X 0 0 0 CYNTHIA DELASSUS TREASURER 2.00 X X 0 0 0 SHELBA WILLIAMS SECRETARY 2.00 X X 0 0 0 BILLIE GREENLIEF DIRECTOR 2.00 X 0 0 0 MICHAEL HOGAN DIRECTOR 2.00 X 0 0 0 WILLIAM MACOMBER JR DIRECTOR 2.00 X 0 0 0 ROBERT GIPSON DIRECTOR 2.00 X 0 0 0 DAVID MAROVICH PRESIDENT/CEO 40.00 X 95383 0 8830 CYNDI KOAN CFO 40.00 X 64300 0 9610 159683 0 18440 0 0 0 0 FISERV 255 FISERV DR BROOKFIELD WI 53045 CREDIT CARD PROCESSING 216419 ALTURNA TECH 6001 BROKEN SOUND PKWY NW BOCA RATON FL 33487 IT SERVICES 172120 CUNA MUTUAL 1200 WEBER ST ORLANDO FL 35803 INSURANCE 130722 JIMMERSON BIRR PA 1 INDEPENDENT DR STE 1400 JACKSONVILLE FL 32202 LEGAL AND COLLECTIONS 112554 Q2 SOFTWARE 10355 PECAN PARK BLVD AUSTIN TX 78729 DIGITAL BANKING 105648 5 INCOME ON MEMBER LOANS 522100 5102265 5102265 INTERCHANGE INCOME 522100 570436 570436 FEES AND CHARGES 522100 562068 495490 66578 OTHER MEMBER INCOME 522100 75713 75713 6310482 776525 776525 19277 0 19277 19277 19277 20366 500000 -479634 -479634 -479634 6626650 6243904 66578 316168 843106 178123 1417772 79965 179956 132897 34437 -70626 438917 445397 280002 820537 188164 24546 695342 347534 31934 PROVISION FOR CREDIT LO 1040610 LOAN SERVICING 328438 ATM EXPENSES 236121 OPERATING FEES 67486 29329 7769987 10383273 0 72956142 0 0 1259589 0 10994056 0 0 480607783 0 0 1415839 0 0 0 23788790 0 78730558 0 0 2549935 0 0 11102613 0 693788578 0 7043618 0 746639 0 133883 0 90000000 0 545035741 0 642959881 0 X 0 0 0 0 50828697 0 50828697 0 693788578 0 X -1143337 -49685360 X X 0 0 0 0 1 0 X PART X, LINE 2: DUE TO TIMING OF THE MERGER AND FINAL RETURN FILING, THE 2024 990 RETURN AND AUDIT YEAR DO NOT ALIGN FOR THE CURRENT YEAR 990 FINAL RETURN FILING. THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM MOST FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AS UNRELATED BUSINESS INCOME. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2024. THE CREDIT UNION'S 2021 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. DAVID MAROVICH PRESIDENT/CEO SPLIT DOLLAR X 4774953 0 0 1 1 PAUL BLACKSTONE CHIEF OPERATIONS OFFICER SPLIT DOLLAR X 2100000 0 0 1 1 CATHY HUFSTETLER SVP OF LENDING SPLIT DOLLAR X 2100000 0 0 1 1 CYNTHIA KOAN CFO SPLIT DOLLAR X 1950000 0 0 1 1 SCHEDULE L, PART II NOTED THESE TO BE A NON-RECOURSE PLAN THAT ARE TYPICALLY RECORDED ON THE BALANCE SHEET AT THE LOWER OF LOAN BALANCE OR CASH SURRENDER VALUE. BECAUSE THE ENTITY WAS ACQUIRED FINAL AMOUNTS ON THE BALANCE SHEET ARE ALL SHOWING AS ZERO. HOWEVER, THE ACTUAL LOAN BALANCES AS OF 2/29/24 WERE AS FOLLOWS:DAVID MAROVICH - 4,976,047PAUL BLACKSTONE - 2,187,681CATHY HUFSTETLER - 2,187,681CYNTHIA KOAN - 2,031,418 NET LOANS 2024-03-01 442155689 FAIR VALUE 590690965 VYSTAR CREDIT UNION 76 S LAURA ST JACKSONVILLE FL 32202 501(C)14 LAND, BUILDING & EQUIPMENT 2024-03-01 17395934 FAIR VALUE 590690965 VYSTAR CREDIT UNION 76 S LAURA ST JACKSONVILLE FL 32202 501(C)14 INVESTMENTS 2024-03-01 92538776 FAIR VALUE 590690965 VYSTAR CREDIT UNION 76 S LAURA ST JACKSONVILLE FL 32202 501(C)14 CASH, SAVINGS & TEMPORARY INVESTMENTS 2024-03-01 65674221 FAIR VALUE 590690965 VYSTAR CREDIT UNION 76 S LAURA ST JACKSONVILLE FL 32202 501(C)14 NCUSIF DEPOSIT 2024-03-01 5512494 FAIR VALUE 590690965 VYSTAR CREDIT UNION 76 S LAURA ST JACKSONVILLE FL 32202 501(C)14 OTHER ASSETS 2024-03-01 14804992 FAIR VALUE 590690965 VYSTAR CREDIT UNION 76 S LAURA ST JACKSONVILLE FL 32202 501(C)14 CORE DEPOSIT INTANGIBLE 2024-03-01 11333404 FAIR VALUE 590690965 VYSTAR CREDIT UNION 76 S LAURA ST JACKSONVILLE FL 32202 501(C)14 MEMBERS' SHARE AND SAVINGS ACCOUNTS 2024-03-01 -535865825 FAIR VALUE 590690965 VYSTAR CREDIT UNION 76 S LAURA ST JACKSONVILLE FL 32202 501(C)14 BORROWED FUNDS 2024-03-01 -93499890 FAIR VALUE 590690965 VYSTAR CREDIT UNION 76 S LAURA ST JACKSONVILLE FL 32202 501(C)14 ACCRUED EXPENSES AND OTHER LIABILITIES 2024-03-01 -3677678 FAIR VALUE 590690965 VYSTAR CREDIT UNION 76 S LAURA ST JACKSONVILLE FL 32202 501(C)14 GOODWILL 2024-03-01 23686875 FAIR VALUE 590690965 VYSTAR CREDIT UNION 76 S LAURA ST JACKSONVILLE FL 32202 501(C)14 0 1 0 1 1 1 1 1 0 PART I, LINE 2E: PERSON(S) INVOLVED: DAVID MAROVICH - VYSTAR NE FLORIDA COMMUNITY PRESIDENT PAUL BLACKSTONE - VYSTAR SVP SPECIAL PROJECTSCYNDI KOAN - VYSTAR SVP SPECIAL PROJECTSCATHY HUFSTETLER - VYSTAR SVP SPECIAL PROJECTS PART I, LINE 2E: EXPLANATION OF INVOLVEMENT: ALL MENTIONED ABOVE SHOWING NEW TITLES WITH VYSTAR. ADDITIONALLY ALL NOTED ABOVE RECEIVED COMPENSATION PACKAGES WITH VARIOUS SALARY INCREASES, RETENTION BONUSES AT 6 AND 12 MONTHS AFTER THE MERGER AND SEVERANCE PACKAGES UPON RETIREMENT. FORM 990, PART III, LINE 3 CEASED OPERATIONS FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IN THIS CREDIT UNION IS AVAILABLE TO THE EMPLOYEES (ACTIVE OR RETIRED) AND THEIR IMMEDIATE FAMILIES OF COMPANIES PROVIDING TELECOMMUNICATIONS SERVICES; AND, TO ORGANIZATIONS WHOSE MEMBERS ARE OF THE SAME GENERAL GROUP. MEMBERSHIP IN THIS CREDIT UNION IS AVAILABLE TO INDIVIDUALS THAT WORK, LIVE OR ATTEND SCHOOL IN THE FLORIDA COUNTIES OF DUVAL, CLAY, ST. JOHNS, NASSAU, BAKER, COLUMBIA, UNION, BRADFORD, ALACHUA, PUTNAM, AND FLAGLER AND THEIR IMMEDIATE FAMILIES. THE IMMEDIATE FAMILY IS DEFINED TO INCLUDE ANY PERSON RELATED TO THE PRIMARY MEMBER BY BLOOD OR MARRIAGE. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION HAS AN ANNUAL ELECTION IN WHICH THE MEMBERS ELECT 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 11B THE ORGANIZATION DOES NOT PROVIDE A COPY OF FORM 990 TO THE GOVERNING BODY PRIOR TO FILING. THE 990 IS REVIEWED BY THE CEO AND CFO BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES ARE REQUIRED TO SIGN A STATEMENT ANNUALLY STATING THAT THEY ARE NOT INVOLVED IN ANY TRANSACTIONS THAT WOULD BE A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE REVIEW OF THE CEO'S COMPENSATION IS DONE ANNUALLY BY THE BOARD OF DIRECTORS (BOD). THE BOD USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY AND EACH MEMBER DOES AN INDIVIDUAL REVIEW TO DETERMINE THE CEO'S COMPENSATION. THE CEO'S COMPENSATION IS DOCUMENTED IN THE BOARD MINUTES. THE CEO USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY AS WELL AS AN INTERNAL INDEPENDENT SALARY ADMINISTRATION SYSTEM TO DETERMINE COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: NET ASSETS TRANSFERRED IN MERGER -49,685,360. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.