2013-06-20T01:17:31-00:00 2012-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2012-01-01 590787574 STATE CHARTERED CREDIT UNIONS IN FLORIDA (PRIORITY ONE CREDIT UNION OF FL) STAT 9545727707 3000 N UNIVERSITY DRIVE SUNRISE FL 33322 NANCY RAPPAPORT 2013-06-19 true DOUGLAS ORTH 3052328272 2013-06-20 2012 2016-02-24 21:20:13Z PRIORITY ONE CREDIT UNION OF FLORIDA NANCY RAPPAPORT 3000 NORTH UNIVERSITY DRIVE SUNRISE FL 33345 4571218 false 2106 X www.priorityonefl.org X CREDIT UNION 1948 FL ENHANCING THE FINANCIAL LIVES OF OUR MEMBERS THROUGH CONSISTENT SERVICE. 5 5 45 6 147522 -15569 0 4674520 4263842 252916 307376 0 4927436 4571218 0 0 1852175 1895795 0 0 2774351 2433255 4626526 4329050 300910 242168 70475291 73361661 63431023 65973605 7044268 7388056 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 9,453 MEMBERS. THERE WERE 1,156 LOANS GRANTED TOTALING 8,363,768. 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 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 1610 0 true 45 true true true false false false false false X 5 5 false false false false true true false 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 001.00 001.00 X 0 0 0 ALANA RAGOONAN 001.00 001.00 X 0 0 0 RICHARD WEPPLER 001.00 001.00 X 0 0 0 JEROMY SCHWAB 001.00 001.00 X 0 0 0 DONALD MCMAHON 001.00 001.00 X 0 0 0 NANCY RAPPAPORT 040.00 040.00 X 163977 0 6857 DEANA HENNESSEY 040.00 040.00 X 85982 0 4063 BIRGITTA SCHINDLER 040.00 040.00 X 51714 0 2576 301673 13496 1 false true false FISERV 1250 GRUMMAN PL STE A TITUSVILLE FL 32780 DATA PROCESSING 209047 INTUIT FINANCIAL SERVICES PO BOX 515306 LOS ANGELES CA 900516606 WEBSITE MAINTENANCE, ONLINE BILLPAY 108232 FISERV EFT 75 REMITTANCE DR STE 6974 CHICAGO IL 60675 ATM,SHARED SERVICE, DEBIT CARD NETWORKS 131748 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 119019 4 LOAN INTEREST INCOME 522100 2573118 2573118 FEE/OTHER INCOME 522100 1543202 1543202 CREDIT LIFE/EXTENDED WARRANTY/GAP INS/NON-MEMBER ATM FEES 524298 147522 147522 4263842 307376 307376 4571218 4423696 147522 0 0 0 0 315169 315169 0 1276413 1276413 37929 37929 73520 73520 192764 192764 0 11869 11869 37367 37367 0 0 91041 91041 84997 84997 278633 278633 325146 325146 0 122119 122119 27863 27863 0 0 288980 288980 18192 18192 127026 127026 118406 118406 SEE SCHEDULE ATTACHED 901616 901616 0 4329050 4329050 1402397 1176912 6733490 5523049 196190 185343 39274868 35042625 56458 72566 4853168 3149634 1780332 1703534 17144010 13387085 2964348 15389343 923198 881204 70475291 73361661 553530 692029 62877493 65281576 63431023 65973605 X 7044268 7388056 7044268 7388056 70475291 73361661 242168 101620 X false true X true false false 788074 788074 594380 229175 365205 1991934 1654298 337636 1459376 1246757 212619 19404 19404 1703534 Financial derivatives and other financial products Closely-held equity interests LONG TERM CERTIFICATES OF DEPOSIT 11797000 C CORPORATE ONE PERPETUAL CAPITAL 92343 C CORPORATE AMERICA FED FUNDS 3500000 C 15389343 Federal income taxes SHARE ACCOUNTS 27525006 SHARE DRAFT ACCOUNTS 14993679 MONEY MARKET ACCOUNTS 9737918 CLUB ACCOUNTS 206141 IRA SHARE ACCOUNTS 2070779 IRA CERTIFICATES 2799236 CERTIFICATES 7948817 65281576 X 4571218 4571218 4571218 4329050 4329050 4329050 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 false false false NANCY RAPPAPORT 157977 6000 6016 841 170834 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 11 THE CEO AND CFO 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 YEARLY BY THE BOARD OF DIRECTORS, WHICH ARE VOLUNTEERS OF THE CREDIT UNION. Form 990 Part VI Section B 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.