2013-08-12T04:46:33-00:00 2012-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2012-01-01 590637653 TROPICAL FINANCIAL CREDIT UNION TROP 8882618328 3050 CORPORATE WAY MIRAMAR FL 33025 RICHARD HELBER 2013-08-12 true DOUGLAS ORTH 3052328272 2013-08-12 2012 2016-02-24 21:20:13Z RICH HELBER CEO 3050 CORPORATE WAY MIRAMAR FL 33025 134505092 false 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 AND EDUCATION TO HELP THEM ACHIEVE THEIR GOALS. 10 10 230 10 495536 -782441 0 32132863 27777116 2824276 4272263 29741 34957139 32079120 0 0 13062195 13131244 0 0 21791600 18011041 34853795 31142285 103344 936835 561956239 546864694 519943175 503821279 42013064 43043415 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. false false INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS FUNDS PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP. false false false false false false false false true false 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 true 13087 0 true 230 true true true false false false false false X 10 10 false false false false true true false true true false false false true true true true true true true false X JOHN FREARSON 9545177567 3050 CORPORATE WAY MIRAMAR FL 33025 D R MURRAY 001.00 001.00 X 1870 0 0 M C MARTINEZ 001.00 001.00 X 0 0 0 B N DIAMOND 001.00 001.00 X 0 0 0 H P GEER 001.00 001.00 X 4064 0 0 M L REYES 001.00 001.00 X 0 0 0 J M DONOHUE 001.00 001.00 X 2467 0 0 R P WISNIEWKI 001.00 001.00 X 0 0 0 BK CRUIT 001.00 001.00 X 0 0 0 M PEREZ 001.00 001.00 X 1597 0 0 JL BELAUSTEGUI 001.00 001.00 X 786 0 0 R W HELBER 040.00 040.00 X 280986 0 25068 R CHEPLAK 040.00 040.00 X 181392 0 24831 A GOENAGA 040.00 040.00 X 122735 0 15211 M MCGRIFFIN 040.00 040.00 X 157362 0 2920 F SALOKAR 040.00 040.00 X 150910 0 18878 G FERRETTI 040.00 040.00 X 115198 0 11093 E JIMENEZ 040.00 040.00 X 115305 0 8592 1134672 106593 18 false true false INTUIT FINANCIAL SERVICE PO BOX 515306 LOS ANGELES CA 900516606 ELECTRONIC BANKING SERVICE PROVIDER 645884 AT&T PO BOX 105503 ATLANTA GA 303485503 TELEPHONE/COMMUNICATIONS 580875 SUNBEAM DEVELOPMENT CORPORATION 1401 79TH STREET CAUSEWAY MIAMI FL 33141 HD MPOC BRANCH LEASE 720099 DATA SERVICE CORP 15757 PINES BLVD 103 PEMBROKE PINES FL 33027 IP CORE INFRASTRUCTURE SUPPORT CITRIX SUPPORT 253409 15500 PINES BLVD LLC 1600 SAWGRASS CORPORATE PRKY SUITE SUNRISE FL 33323 PEMBROKE PINES BRANCH RENT 232325 27 INCOME ON LOANS 522100 18386393 18386393 CHARGES/FEES/OTHER 522100 8895187 8895187 UNRELATED BUSINESS INCOME 900099 495536 495536 27777116 2011527 2011527 39577033 65109675 39562295 62863677 14738 2245998 2260736 2260736 OTHER GAINS ON DISPOSITION OF ASSETS 522100 29741 29741 29741 32079120 31583584 495536 0 0 0 0 523061 523061 0 10095316 10095316 326351 326351 1325492 1325492 861024 861024 0 211765 211765 76303 76303 0 0 279997 279997 682551 682551 3798334 3798334 859514 859514 0 2131825 2131825 321534 321534 0 1022 1022 3223576 3223576 54792 54792 1571132 1571132 211440 211440 See Schedule Attached 4587256 4587256 0 31142285 31142285 4985423 7121604 60815753 25869616 2770026 2448804 377736248 371818407 1058054 946721 26927866 16281946 10953585 10645920 96764490 120773930 6872660 7239692 561956239 546864694 9906960 10806640 46000000 10000000 464036215 483014639 519943175 503821279 X 42013064 43043415 42013064 43043415 561956239 546864694 X 936835 85137 8379 X false true X true false false 4215229 4183037 4750723 965270 3785453 4221018 3354410 866608 13695345 11884523 1810822 45551 45551 10645920 Financial derivatives and other financial products Closely-held equity interests Federal income taxes MEMBER DEPOSITS-SHARE DRAFTS 92483739 MEMBER DEPOSITS-PREMIER 1 CHECKING 15690705 MEMBER DEPOSITS-MONEY MARKET ACCOUNTS 90190783 MEMBER DEPOSITS-SHARES 174488180 MEMBER DEPOSITS-IRA SHARES 12678893 MEMBER DEPOSITS-SHARE IRA CERTIFICATES 97482339 483014639 X 32079120 32079120 32079120 31142285 31142285 31142285 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 50414. 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 TECHNNICAL 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 RECOGNITON 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, 2010, AND 2009 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 X true true X X true false false R W HELBER 272913 8073 17000 8068 306054 R CHEPLAK 178662 2730 22500 2331 206223 M MCGRIFFIN 155228 2134 2920 160282 F SALOKAR 150910 13611 5267 169788 I 4a GEORGE S. FERRETTI RECEIVED 30,869 IN SEVERENCE PAY. Form 990 Part VI Section A Line 6 THE ORGANIZATION HAS MEMBERS. Form 990 Part VI Section A Line 7A THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. Form 990 Part VI Section A Line 11B FORM 990 WILL BE REVIEWED BY THE VP OF FINANCE AND CFO. IF ANY QUESTIONS, THE VP OF FINANCE/CFO WILL THEN DISCUSS WITH THE CPA FIRM. THE FORM 990 WILL BE PRESENTED TO THE BOARD OF DIRECTORS FOR INFORMATIONAL PURPOSES ONLY SUBSEQUENT TO THE FORM BEING FILED. THIS WILL BE RECORDED IN THE BOARD MINUTES. Form 990 Part VI Section B Line 15A-B THE REVIEW OF THE CEOS 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 AT LEAST A BI-ANNUAL BASIS, TO DETERMINE THE CEOS COMPENSATION. FOR ALL OTHER POSITIONS IN THE ORGANIZATION, JOB GRADES AND PAY RANGES ARE ESTABLISED 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 BY THE BOARD OF DIRECTORS. Form 990 Part VI Section C Line 19 THE CREDIT UNIONS GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNIONS CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNIONS FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING. Form 990 Part XI Line 9 PENSION PLAN GAINS IN THE AMOUNT OF 23,177 LESS POST-RETIREMENT PLAN LOSSES OF 60 LESS RECLASSIFICATION ADJUSTMENTS FOR GAINS ON SALES OF INVESTMENTS INCLUDED IN NET INCOME OF 14,738. Form 990 Part VI Section B Line 12C THE POLICY REQUIRES REVIEW AND SIGNED ACKNOWLEDGEMENT ANNUALLY. THE EMPLOYEES ARE PRESENTED WITH THE HR POLICY ANNUALLY WHICH THEY SIGN ACKNOWLEDGING THE THEY RECEIVED THE POLICY MANUAL AND THAT THEY WILL FOLLOW THE POLICIES.