2012-05-10T15:18:20-05:00 2011-12-31 593262654 Hutto & Carver PA 200 E Government St Ste 110 Pensacola FL 32502 990 2011-01-01 590806310 FLORIDA STATE UNIVERSITY CREDIT UNION FLOR 8502244960 PO BOX 182499 TALLAHASSEE FL 32318 J Bradley Blake 8502244960 2012-04-25 Harold S Hutto Jr P01052648 8504385299 2012-04-25 2011 2016-02-24 21:20:13Z J Bradley Blake 2806 SHARER ROAD TALLAHASSEE FL 32312 7987456 0 X www.fsucu.org X CREDIT UNION 1954 FL AS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE, FSU CREDIT UNION ENCOURAGES THRIFT AMONG ITS MEMBERS BY PROVIDING LOWER FEES, LOWER LOAN RATES, AND HIGHER DIVIDENDS AS AN ALTERNATIVE TO TRADITIONAL BANKS. 9 9 63 12 31435 -2537 0 0 5050068 5347906 89284 53371 2337637 2586179 7476989 7987456 0 0 0 0 2344753 2632957 0 0 0 4421529 4452974 6766282 7085931 710707 901525 94398572 115518941 86368686 104798309 8029886 10720632 THE CREDIT UNION'S MISSION IS TO PROMOTE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. THE CREDIT UNION SERVES MEMBERS IN THE TALLAHASSEE, FLORIDA AREA. THE TOTAL NUMBER OF MEMBERS IS APPROXIMATELY 14,400. 0 0 CONSUMER LOANS - LOANS ARE OFFERED AT FAIR INTEREST RATES THAT ALLOW OUR MEMBERS TO SAVE MONEY ON THEIR LOAN PAYMENTS AND USE THOSE FUNDS ELSEWHERE IN THEIR BUDGETS. THRIFT IS ENCOURAGED WHEN THE MEMBER IS DECIDING WHAT TYPE OF PAYMENT IS AFFORDABLE. DEPOSIT ACCOUNTS - COMPETITIVE DIVIDEND RATES ARE PAID EVEN TO MEMBERS OF MODEST MEANS. THIS HELPS THE MEMBERS TO BETTER THEIR ECONOMIC POSITIONS AND SAVE FOR THE FUTURE. MORTGAGES - OFFERING MORTGAGES WITH LOW CLOSING COSTS IS PART OF ENCOURAGING WISE FINANCIAL DECISIONS FOR OUR MEMBERS. MEMBERS ARE SHOWN POTENTIAL SAVINGS AND HOW EVEN A 1/4% INTEREST RATE DECREASE CAN REALLY MAKE A DIFFERENCE IN A MORTGAGE PAYMENT. 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 2935 0 1 63 1 1 1 0 0 0 0 0 X 9 9 0 0 1 0 1 1 0 1 1 0 0 0 1 1 0 0 1 1 1 0 X J BRADLEY BLAKE 8502244960 2806 SHARER ROAD TALLAHASSEE FL 32312 WILLIAM S AGNER 0.50 X X 0 0 0 DAVE SAGASER 0.50 X X 0 0 0 ROBIN HAGGINS 0.50 X X 0 0 0 CAROLYN SHACKELFORD 0.50 X X 0 0 0 DRG STACY SIRMANS 0.50 X X 0 0 0 AMY ALDRIDGE 0.50 X 0 0 0 KURT HAMON 0.50 X 0 0 0 LESLIE FENNELL 0.50 X 0 0 0 WILLIAM BRYNES 0.50 X 0 0 0 CLINE MOORE 0.50 X 0 0 0 J BRADLEY BLAKE 40.00 X 165928 0 26723 JENNIFER DURDEN 40.00 X 102131 0 23454 CHARLES ADCOCK III 40.00 X 129185 0 14179 MICHAEL P PHILLIPS 40.00 X 101083 0 17147 498327 0 81503 4 0 1 0 WILLIAMS GAUTIER GWYNN DELOACH & SORE PO BOX 4128 TALLAHASSEE FL 32315 ATTORNEY 177748 1 INTEREST ON LOANS 522100 5347906 5347906 5347906 53371 53371 OTHER INCOME 522100 2306395 2306395 BARGAIN PURCHASE INCOM 522100 248349 248349 RENTAL INCOME 531120 19100 19100 12335 12335 2586179 7987456 7902650 31435 53371 318236 1825222 60434 270037 159028 55273 36000 89759 151509 287768 247498 325052 35055 6848 731853 296553 72968 PROVISION FOR LOAN LOSS 930000 MEMBER INSURANCE 213816 DEBIT CARD EXPENSES 187222 COLLECTION EXPENSE 182374 603426 7085931 1008087 1428120 9090812 21038125 31064 171022 76429782 83870993 829597 795669 8527335 2570291 5497627 5957044 1511603 2257968 94398572 115518941 403827 662867 85964859 104135442 86368686 104798309 X 0 0 0 0 8029886 10720632 8029886 10720632 94398572 115518941 X 901525 1789221 X X 0 0 0 2416663 2416663 3770882 905860 2865022 273050 101776 171274 2066740 1562655 504085 5957044 MEMBER DEPOSIT ACCOUNTS 104135442 104135442 X X X X 0 0 0 J BRADLEY BLAKE 152144 0 12361 0 1423 0 9965 0 16758 0 192651 0 0 0 CHAD ADCOCK FAMILY MEMBER OF CHARLES ADCOCK, III, COO 14160 INDEPENDENT CONTRACTOR - JANITORIAL SERVICES 0 Form 990, Part VI, Section A, line 4 FLORIDA STATE UNIVERSITY CREDIT UNION MERGED WITH TREE CAPITAL CREDIT UNION, 59-0950673, EFFECTIVE 10/1/2011. TWO OF TREE CAPITAL'S BOARD MEMBERS TRANSFERRED OVER TO FLORIDA STATE'S BOARD. THE BYLAWS WERE AMENDED TO INCLUDE THE MEMBERSHIP FIELD OF TREE CAPITAL. Form 990, Part VI, Section A, line 6 THE CREDIT UNION IS OWNED BY ITS MEMBERS. Form 990, Part VI, Section A, line 7a THE CREDIT UNION'S BOARD OF DIRECTORS CONSIST OF NINE MEMBERS. THE BOARD MEMBERS ARE ELECTED TO VACANT POSITIONS BY THE MEMBERSHIP AT THE ANNUAL MEETING EACH YEAR. THEY ARE ALLOWED TO SERVE FIVE THREE-YEAR TERMS AND THEN MUST LEAVE THE BOARD FOR AT LEAST ONE YEAR BEFORE BEING ELIGIBLE TO RUN AGAIN. Form 990, Part VI, Section B, line 11 FORM 990 IS PREPARED BY OUR CPA AND THEN REVIEWED BY THE CEO/PRESIDENT AND CFO PRIOR TO FILING WITH THE IRS. Form 990, Part VI, Section B, line 15 MANAGEMENT IS RESPONSIBLE FOR COORDINATING THE CONTINUING INTERNAL REVIEW OF ALL COMPENSATION AND FOR MAKING SURE THAT EACH JOB IS EVALUATED AND ASSIGNED A JOB GRADE AND SALARY RANGE. A BIANNUAL REVIEW OF PROJECTED LABOR MARKET WAGE/SALARY STRUCTURE WILL BE CONDUCTED. THE PROJECTED LABOR MARKET WAGE/SALARY STRUCTURE CHANGES WILL BE CONSIDERED TO DETERMINE THE WAGE/SALARY RANGES FOR THE FOLLOWING YEAR. SALARIES WILL BE COMPARED TO THOSE PAID FOR SIMILAR WORK AT OTHER CREDIT UNIONS AND ORGANIZATIONS SELECTED AS A BASIS FOR COMPARISON. WAGE/SALARY MIDPPOINTS WILL BE ESTABLISHED AS CLOSELY AS POSSIBLE TO REFLECT MARKET CONSENSUS VALUES. THE COMPETITIVE WAGE/SALARY PHILOSOPHY AND THE ORGANIZATIONAL FINANCIAL CONDITION WILL BE USED TO ESTABLISH OVERALL COMPENSATION RANGES. EXEMPT POSITIONS WILL BE COMPARED AGAINST ORGANIZATIONS IN SIMILAR INDUSTRIES WITH HEAVY EMPHASIS ON ASSOCIATIONS AND OTHER ORGANIZATIONS THAT PROVIDE SERVICES TO CREDIT UNIONS. NON-EXEMPT POSITION SALARY LEVELS WILL BE BASED ON A COMPILATION OF DATA FROM THE RELEVANT LOCAL MARKETS. WHEN NEW SALARY RANGES ARE DETERMINED, EMPLOYEES BELOW THE MINIMUM RANGE OF THEIR RANGE WILL BE BROUGHT TO THE MINIMUM ON THE EFFECTIVE DATE OF THE NEW RANGES. EXCEPTIONS TO BRINGING EMPLOYEES TO THE MINIMUM RANGE MUST BE NOTED (I.E. TRAINEE) AND EVERY EFFORT TO BRING THESE INDIVIDUALS TO THE MINIMUM OF THE RANGE SHOULD BE MADE. THE BOARD NEGOTIATES A CONTRACT WITH THE PRESIDENT BASED ON THE SALARY ADMINISTRATION PLAN MENTIONED ABOVE. THE COO IS A CONTRACT EMPLOYEE BASED ON A CONTRACT SIGNED BY THE PRESIDENT OF THE CREDIT UNION. ALL OTHER EMPLOYEES' SALARIES ARE BASED ON PAY GRADE AND COMPARABLES USING COMPEASE FOR LIKE INSTITUTIONS. THE PRESIDENT GIVES FINAL APPROVAL FOR EMPLOYEES. Form 990, Part VI, Section C, line 19 THE CURRENT STATEMENT OF FINANCIAL CONDITION IS DISPLAYED IN THE LOBBY OF EACH BRANCH. THIS AS WELL AS THE INCOME STATEMENT ARE PRINTED IN THE ANNUAL REPORT WHILE SUMMARY DATA IS PRESENTED IN THE QUARTERLY NEWSLETTER. OTHER INFORMATION IS PRESENTED UPON REQUEST. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: EQUITY FROM MERGER WITH TREE CAPITAL CREDIT UNION 1789221. Total to Form 990, Part XI, Line 5: 1789221. FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2B THE CREDIT UNION RECEIVES AN ANNUAL FINANCIAL STATEMENT OPINION AUDIT FROM LICENSED AUDITORS. HOWEVER, THE AUDIT PERIOD IS FROM OCTOBER 1ST THROUGH SEPTEMBER 30TH. THE LAST AUDITED FINANCIAL STATEMENTS ARE AS OF SEPTEMBER 30, 2011. FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2C THE CREDIT UNION HAS A SUPERVISORY COMMITTEE WHICH CONSISTS OF THREE MEMBER VOLUNTEERS. THIS COMMITTEE ASSUMES THE RESPONSIBILITY FOR OVERSIGHT OF THE FINANICIAL STATEMENT AUDIT AND SELECTION OF THE INDEPENDENT ACCOUNTANT PERFORMING THE AUDIT.