2012-08-01T12:25:35-00:00 2011-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2011-01-01 590787574 STATE CHARTERED CREDIT UNIONS IN FLORIDA STAT 9545727707 3000 N UNIVERSITY DRIVE SUNRISE FL 33322 NANCY RAPPAPORT 2012-08-01 true DOUGLAS ORTH 3052328272 2012-08-01 2011 2016-02-24 21:20:13Z PRIORITY ONE CREDIT UNION OF FLORIDA NANCY RAPPAPORT 3000 NORTH UNIVERSITY DRIVE SUNRISE FL 33345 4927436 false 2106 X www.priorityonefl.org X CREDIT UNION 1948 FL ENHANCING THE FINANCIAL LIVES OF OUR MEMBERS THROUGH CONSISTENT SERVICE. 5 5 48 5 139178 -5932 0 4982159 4674520 170180 252916 0 5152339 4927436 0 0 1801008 1852175 0 0 3432423 2774351 5233431 4626526 -81092 300910 67775520 70475291 61055276 63431023 6720244 7044268 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 964 LOANS GRANTED TOTALING 8,029,500. 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 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 false true 1678 0 true 48 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 X 0 0 0 ALANA RAGOONAN 001.00 X 0 0 0 RICHARD WEPPLER 001.00 X 0 0 0 JEROMY SCHWAB 001.00 X 0 0 0 DONALD MCMAHON 001.00 X 0 0 0 NANCY RAPPAPORT 040.00 X 156476 0 5987 DEANA HENNESSEY 040.00 X 82020 0 4970 BIRGITTA SCHINDLER 040.00 X 49058 0 5071 287554 16028 1 false true false FISERV 1250 GRUMMAN PL STE A TITUSVILLE FL 32780 DATA PROCESSING 217237 INTUIT FINANCIAL SERVICES PO BOX 515306 LOS ANGELES CA 900516606 WEBSITE MAINTENANCE, ONLINE BILLPAY 125735 BLAXBERG GRAYSON KUKOFF PA 25 SE 2ND AVE STE 730 MIAMI FL 33131 COLLECTIONS ATTORNEY 103380 3 LOAN INTEREST INCOME 522100 2955521 2955521 FEE/OTHER INCOME 522100 1579821 1579821 CREDIT LIFE/EXTENDED WARRANTY/GAP INS/NON-MEMBER ATM FEES 524298 139178 139178 4674520 252916 252916 4927436 4788258 139178 0 0 0 0 303582 303582 0 1247102 1247102 31782 31782 83699 83699 186010 186010 0 16556 16556 36996 36996 0 0 142029 142029 61903 61903 282286 282286 354506 354506 0 146213 146213 22595 22595 0 385 385 368290 368290 0 125473 125473 53971 53971 SEE SCHEDULE ATTACHED 1163148 1163148 0 4626526 4626526 1640533 1402397 12658629 6733490 258482 196190 44677083 39274868 63296 56458 4797136 3016804 1860366 1780332 150100 17144010 5630000 2964348 837031 923198 67775520 70475291 520546 553530 60534730 62877493 61055276 63431023 X 6720244 7044268 6720244 7044268 67775520 70475291 X 300910 23114 X false true true X false false 788074 788074 594380 215832 378548 1990035 1586763 403272 1405243 1194805 210438 19404 19404 1780332 SHARE ACCOUNTS 25097293 SHARE DRAFT ACCOUNTS 14157710 MONEY MARKET ACCOUNTS 9395985 CLUB ACCOUNTS 164010 IRA SHARE ACCOUNTS 1951982 IRA CERTIFICATES 2914143 CERTIFICATES 9196370 62877493 4927436 4626526 300910 23114 23114 324024 4927436 4927436 4927436 4626526 4626526 4626526 X 2 FASB ASC 740-10-25 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. AS A RESULT OF ADOPTING ASC 740-10-25, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND X 2 continued... 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 2010, 2009, AND 2008 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. X 2 continued... 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 149787 6689 5987 162463 Form 990 Part VI 6 THE CREDIT UNION HAS MEMBERS. Form 990 Part VI 7A THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF THE BOARD OF DIRECTORS. Form 990 Part VI 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 15A THE CEOS COMPENSATION IS REVIEWED YEARLY BY THE BOARD OF DIRECTORS, WHICH ARE VOLUNTEERS OF THE CREDIT UNION. Form 990 Part VI 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 11 THE CEO AND CFO WILL REVIEW THE FORM 990 PRIOR TO SUBMITTING TO THE IRS. Form 990 Part VI 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. Form 990 Part XI 5 UNREALIZED GAIN ON AVAILABLE FOR SALE SECURITIES. 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 C 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 A Line 11 THE CEO AND CFO WILL REVIEW THE FORM 990 PRIOR TO SUBMITTING TO THE IRS. 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. Form 990 Part XI Line 5 UNREALIZED GAIN ON AVAILABLE FOR SALE SECURITIES.