2024-11-14T15:41:22+00:00 2023-12-31 346565596 ERNST & YOUNG US LLP 100 N TRYON ST CHARLOTTE NC 28202 990 2023-01-01 590690965 VyStar Credit Union VYST 9047776000 76 SOUTH LAURA STREET JACKSONVILLE FL 32202 JIM EDWARDS CFO 9047776000 2024-11-14 true true Christopher B Boggs P00032493 7043726300 2024-11-14 2023 2024-10-15 13:58:12Z JIM EDWARDS 76 SOUTH LAURA STREET JACKSONVILLE FL 32202 769245848 false X WWW.VYSTARCU.ORG X 1952 FL VYSTAR CREDIT UNION EXISTS TO SERVE THE FINANCIAL NEEDS OF OUR MEMBERS BY PROVIDING QUALITY PRODUCTS AND SERVICES WHILE MAINTAINING FISCAL SOUNDNESS. 9 9 2976 13 3706694 1705817 0 0 541860360 628787490 103199107 131567654 419143 -613570 645478610 759741574 724191 2036471 0 0 205868939 219111965 0 0 0 365538476 514011534 572131606 735159970 73347004 24581604 13659535141 13578667359 12916924287 12824517966 742610854 754149393 VYSTAR CREDIT UNION EXISTS TO SERVE THE FINANCIAL NEEDS OF OUR MEMBERS BY PROVIDING QUALITY PRODUCTS AND SERVICES WHILE MAINTAINING FISCAL SOUNDNESS. OUR PURPOSE IS TO DO GOOD AND OUR CORE VALUE IS TO LEAD BY EXAMPLE IN EVERYTHING WE DO. false false PROVIDE CONSUMER AND BUSINESS LOAN PRODUCTS TO MEMBERS AT COMPETITIVE RATES WITH MINIMUAL OR NO FEES. PROVIDE DEPOSIT PRODUCTS TO INDIVIDUAL MEMBERS AND BUSINESS MEMBERS AT COMPETITIVE RATES WITH MINIMUAL OR NO FEES. PROVIDE INVESTMENT, INSURANCE, AND TITLE AGENCY SERVICES TO MEMBERS WITH MINIMAL FEES. 0 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 true false true false true false false false false false false false false true false false false true 221447 0 true 2976 true true true false false false false false true false X 9 9 false false false false true true true true true false true true true true true true true true true true false FL GA X VYSTAR CU - ACCTG DEPT 9047776000 76 SOUTH LAURA STREET JACKSONVILLE FL 32202 DIANE R FEARS SECRETARY 5.0 0.0 X X 6906 0 0 ERIC HATFIELD TREASURER 5.0 0.0 X X 5109 0 0 PHILLIP K SIDDONS CHAIRMAN 5.0 0.0 X X 3651 0 0 WILLIAM VIVIAN VICE CHAIRMAN 5.0 0.0 X X 2877 0 0 GEORGE R BERRY BOARD MEMBER 5.0 0.0 X 0 0 0 JENNIFER LUSK BOARD MEMBER 5.0 0.0 X 2098 0 0 JONATHAN HOGAN BOARD MEMBER 5.0 0.0 X 0 0 0 LARRY MYERS BOARD MEMBER (TERM DATE 8/31/23) 0.0 0.0 X 0 0 0 VICKI S HARRIS BOARD MEMBER 0.0 0.0 X 0 0 0 VICTOR BLACKSHEAR BOARD MEMBER 5.0 0.0 X 4271 0 0 BRIAN E WOLFBURG PRESIDENT/CEO 40.0 0.0 X 2150560 0 48371 CHAD MEADOWS COO 40.0 0.0 X 985424 0 47371 James Edwards CFO 40.0 0.0 X 503559 0 48695 JENNY H VIPPERMAN CHIEF LENDING OFFICER 40.0 0.0 X 596480 0 41527 JOEL R SWANSON CHIEF MBRSHP EXP OFCR / INTERIM CHF LENDING OFCR 40.0 0.0 X 721437 0 48602 Kawanza Humphrey Chief Human Resource Officer 40.0 0.0 X 501587 0 40332 LISA COCHRAN CHIEF INFORMATION OFFICER 40.0 0.0 X 791677 0 27092 DANA KARZAN CHIEF MARKETING OFFICER 40.0 0.0 X 491579 0 40732 Gary Schuette SVP/Chief Financial Performance Officer 40.0 0.0 X 379320 0 47992 John Robinson VP/Mortgage Banker 40.0 0.0 X 521992 0 38428 Joseph Ganley Senior Commercial Banker 40.0 0.0 X 462679 0 42377 LANCE DAVIES CHIEF RISK OFFICER & GENERAL C 40.0 0.0 X 509098 0 53190 John Turpish EVP/CFO (TERM DATE 4/30/22) 0.0 0.0 X 435688 0 0 9075992 0 524709 426 true true false DANA B KENYON COMPANY 5772 Timuquana Rd Jacksonville FL 33207 Construction Services 19615904 SEVAN MULTI-SITE SOLUTIONS INC 3025 HIGHLAND PARKWAY SUITE 850 DOWNERS GROVE IL 60515 CONSTRUCTION 12979255 VISA USA Inc PO BOX 742233 Los Angeles CA 900742233 Debit card network 12192972 FISERV PO BOX 934057 ATLANTA GA 31193 DEBIT CARD SERVICES 11799411 FIDELITY NATIONAL INFORMATION SERVICES INC 601 Riverside Ave Jacksonville FL 32204 IT Core Services 7321075 227 0 0 0 0 0 0 0 0 INTEREST ON LOANS 525990 481305519 481305519 FEES & COMMISSIONS 525990 132179655 128084552 4095103 GAIN ON SALE OF LOANS 525990 1703568 1703568 CR LIFE & DISAB, GAP, VIS, DEBT PROTECTION 525990 13598748 13598748 0 0 0 0 628787490 132366012 -388409 132754421 2354300 3311666 -957366 0 -957366 -1398715 441349 5394249 6192608 0 -798359 -798358 -798358 PARKING INCOME 525990 265816 265816 COLLECTION ALLOWANCE 525990 77980 77980 0 0 0 0 343796 759741574 623559488 3706694 132475392 2036471 0 5890916 435688 164642247 6443753 29027277 12672084 486490 279659 71246 22167311 16381955 109476570 17945909 13222497 913235 1523751 127563147 31665898 3299619 INTEREST PAID TO MEMBERS 113968011 PROVISION FOR LOAN LOSS 36853572 LOAN PROGRAMS 8800828 ACCRUED INCOME TAXES 593181 8798655 735159970 91224703 92892942 313915674 404082611 0 0 29344689 28190814 54264549 69365184 0 0 9421025926 9417152281 0 0 0 0 655305265 167684029 459977560 487621236 3042091436 2820390055 0 42207004 44862858 28587335 28485668 176896265 185623710 13659535141 13578667359 134069907 143604123 0 0 0 0 0 0 0 0 0 0 2206456522 2631212276 0 0 10576397858 10049701567 12916924287 12824517966 0 0 0 0 X 0 0 0 0 742610854 754149393 742610854 754149393 13659535141 13578667359 X 24581604 53606004 -66649069 X false true X true false 122659690 122659690 309345590 62719618 246625972 22347678 11453082 10894596 150699510 93511329 57188181 50252797 0 50252797 487621236 MEMBER DEPOSITS 9885933635 CONTINGENT LIABILITY 1892802 NON-MEMBER DEPOSITS 161200479 UNFUNDED COMMITMENTS RESERVE 674651 10049701567 X 762951573 3209999 3209999 759741574 0 0 759741574 738369969 3209999 3209999 735159970 0 0 735159970 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Credit Union is exempt, under Internal Revenue Code 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 2022. The Credit Union's 2020 through 2022 tax years are open for examination by federal and state taxing authorities. Schedule D, Part XI, Line 2(d) Other revenues in audited financial statements not in form 990 RENTAL EXPENSE - 3311666 AMORTIZATION OF INTANGIBLES - -101667 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 TENANT EXPENSE NETTED AGAINST GROSS RENT INCOME ON THE STATEMENT OF REVENUE - 3311666 AMORTIZATION OF INTANGIBLES ADDED TO DEPRECTIATION ON THE STATEMENT OF FUNCTIONAL - -101667 true America's Second Harvest of Coastal GA 2501 E President Street Savannah GA 31404 581442013 501(c)3 20000 Program Support Cummer Museum 829 Riverside Ave Jacksonville FL 32204 592191587 501(c)3 50000 Program Support Downtown Vision Inc 29 W Duval Street Jacksonville FL 32202 205076887 501(c)3 140000 Program Support Florida State University Foundation 325 W College Ave Tallahassee FL 32301 596152180 501(c)3 45000 Program Support Folds of Honor 5971 N Patriot Dr Owasso OK 74055 753240683 501(c)3 10000 Program Support IDEA Public Schools 2115 W Pike Blvd Weslaco TX 78596 843519271 501(c)3 26298 Program Support Jacksonville Pub Edu Fund 40 E Adams St S 110 Jacksonville FL 32202 592756660 501(c)3 30000 Program Support Jacksonville Symphony 300 Water St S 200 Jacksonville FL 32202 376138854 501(c)3 10000 Program Support JASMYN PO Box 2973 Jacksonville FL 32203 593284175 501(c)3 57074 Program Support Jewish Community Alliance 8505 San Jose Blvd Jacksonville FL 32217 592620208 501(c)3 40000 Program Support MOCA Jacksonville 333 N Laura St Jacksonville FL 32202 590689705 501(c)3 35000 Program Support MOSH Jacksonville 1025 Museum Circle Jacksonville FL 32207 590651090 501(c)3 10000 Program Support Nemours Foundation 10140 Centurion Pkwy North Jacksonville FL 32256 590634433 501(c)3 100000 Program Support Pace Center for Girls 2933 University Blvd North Jacksonville FL 32211 592414492 501(c)3 6500 Program Support Read USA 1001 Mayport Rd 330491 Atlantic Beach FL 32233 474729513 501(c)3 20000 Program Support University of Florida Foundation PO Box 14425 Gainesville FL 32604 590974739 501(c)3 1000000 Program Support University of North Florida Foundation 1 UNF Drive Building 53 - Suite 2750 Jacksonville FL 32224 237167701 501(c)3 10750 Program Support VyStar Foundation PO Box 45085 Jacksonville FL 32232 872247208 501(c)3 408320 Program Support 18 0 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. VYSTAR CREDIT UNION PROVIDES GRANTS TO QUALIFIED ORGANIZATIONS LISTED ON SCHEDULE I, PART II. VYSTAR MAINTAINS RECORDS TO SUBSTANTIATE THE AMOUNTS OF THE GRANTS GIVEN AND DETERMINES ELIGIBILITY FOR GRANT FUNDS BY CONFIRMING THE EXEMPT STATUS OF THE GRANTEE. ONCE FUNDS ARE TRANSFERRED, THE FILING ORGANIZATION DOES NOT MONITOR THE FUNDS. THE PURPOSE OF THE FUNDS IS AT THE DISCRETION OF THE GRANTEE. X X X true true X X X X X X true true false John Turpish EVP/CFO (TERM DATE 4/30/22) 0 0 0 0 435688 0 0 0 0 0 435688 0 0 0 James Edwards CFO 494015 0 0 0 9544 0 16500 0 32195 0 552254 0 0 0 CHAD MEADOWS COO 796236 0 131300 0 57888 0 16500 0 30871 0 1032795 0 0 0 BRIAN E WOLFBURG PRESIDENT/CEO 1579803 0 432000 0 138757 0 16500 0 31871 0 2198931 0 0 0 Kawanza Humphrey Chief Human Resource Officer 403883 0 68021 0 29683 0 16500 0 23832 0 541919 0 0 0 JOEL R SWANSON CHIEF MBRSHP EXP OFCR / INTERIM CHF LENDING OFCR 590466 0 97620 0 33351 0 16500 0 32102 0 770039 0 0 0 JENNY H VIPPERMAN CHIEF LENDING OFFICER 464028 0 101040 0 31412 0 16500 0 25027 0 638007 0 0 0 LISA COCHRAN CHIEF INFORMATION OFFICER 652269 0 110976 0 28432 0 16500 0 10592 0 818769 0 0 0 LANCE DAVIES CHIEF RISK OFFICER & GENERAL C 404986 0 70728 0 33384 0 16500 0 36690 0 562288 0 0 0 DANA KARZAN CHIEF MARKETING OFFICER 401608 0 70728 0 19243 0 16500 0 24232 0 532311 0 0 0 Joseph Ganley Senior Commercial Banker 121976 0 336751 0 3952 0 12629 0 29748 0 505056 0 0 0 Gary Schuette SVP/Chief Financial Performance Officer 308994 0 29646 0 40680 0 9402 0 38590 0 427312 0 0 0 John Robinson VP/Mortgage Banker 19089 0 502763 0 140 0 13903 0 24525 0 560420 0 0 0 Schedule J, Part I, Line 1a First-class or charter travel CERTAIN EXECUTIVES MAY TRAVEL FIRST-CLASS AS BUSINESS NEED DICTATES. THESE INSTANCES ARE CONSIDERED NECESSARY BUSINESS EXPENSES. Schedule J, Part I, Line 1a Travel for companions TRAVEL FOR COMPANIONS IS AVAILABLE TO ALL 13 VOLUNTEERS, EXECUTIVE TEAM, AND KEY EMPLOYEES AND IS INCLUDED IN TAXABLE INCOME. Schedule J, Part I, Line 1a Health or social club dues or initiation fees HEALTH CLUB DUES ARE AVAILABLE TO ALL VYSTAR EMPLOYEES AND IS INCLUDED IN TAXABLE INCOME. Schedule J, Part I, Line 4a Severance or change-of-control payment JOHN TURPISH WAS AWARDED SEVERANCE IN CONNECTION WITH HIS SEPARATION FROM EMPLOYMENT IN THE AMOUNT OF $430,550 Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan SPLIT DOLLAR LIFE INSURANCE PARTICIPANTS ARE BRIAN WOLFBURG, KAWANZA HUMPHREY, LISA COCHRAN, CHAD MEADOWS, JOEL SWANSON, AND JENNY VIPPERMAN. THE ORGANIZATION DEPOSITED FUNDS INTO LIFE INSURANCE POLICIES ON THE PARTICIPANT'S LIFE. DURING LIFE, AND SUBJECT TO THE POLICIES GENERATING SUFFICIENT VALUES, THE PARTICIPANT CAN BORROW FROM ONE OF THE POLICIES. THE BORROWING IS MONITORED AND LIMITED SO THE POLICIES DO NOT LAPSE. AT THE PARTICIPANT'S DEATH, THE ORGANIZATION RECOVERS AN AMOUNT GENERALLY EQUAL TO ITS PREMIUMS PLUS INTEREST. PARTICIPANTS IN THE PLAN HAVE SIGNED WRITTEN REPRESENTATIONS UNDER REG. 1.78782.15(D)(2) AND THOSE REPRESENTATIONS ARE MAINTAINED ON FILE BY VYSTAR CREDIT UNION. Brian Wolfburg President/CEO Split Dollar Life X 22350000 23616012 false true true Kawanza Humphrey Chief Human Resource Officer Split Dollar Life X 4500000 4588455 false true true Lisa Cochran Chief Information Officer Split Dollar Life X 9250000 9390227 false true true Chad Meadows Chief Operations Officer Split Dollar Life X 13600000 14111067 false true true Joel Swanson Chief Mbrshp Exp Ofcr/Interim Chf Lending Ofcr Split Dollar Life X 11275000 11702187 false true true Jenny Vipperman Chief Lending Officer Split Dollar Life X 5750000 5957236 false true true 69365184 Schedule L, Part II Loans To/From Interested Persons The organization provides supplemental retirement benefits through an arrangement the IRS refers to as "collateral assignment split dollar" (CASD). Although the IRS requires reporting in Part II, above, for loans to interested persons, CASD is not an actual loan. There is neither a transfer of funds to the participant nor an obligation for the participant to repay those funds. Instead, the organization recovers its outlays plus interest from the underlying policy. The recovery right is a key advantage of CASD. With traditional deferred compensation, the organization pays the benefit from corporate assets, never to recover those dollars. With CASD, the organization recovers not only its outlays, but also interest that takes into account the time value of money. In CASD, the organization deposits dollars directly into a life insurance policy, with the organization holding a lien on the policy to ensure repayment. At specified times and subject to vesting requirements, the participant may borrow from the cash value of the policy to supplement retirement income (provided there are sufficient policy values). Borrowing is carefully monitored and limited to assure that the policy will remain in effect until the participant's death and will pay a death benefit at least sufficient to repay the organization's outlays plus interest. Any remaining death proceeds are divided between the organization and the executive's beneficiary as specified in the agreement. Form 990, Part VI, Line 6 Classes of members or stockholders PARTICIPATION IN THIS CREDIT UNION IS LIMITED TO THOSE WHO QUALIFY FOR MEMBERSHIP AS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. VYSTAR CREDIT UNION HAS GROWN TO SERVE ANYONE WHO LIVES AND WORKS WITHIN THE AREAS OF SERVICE FROM CENTRAL FLORIDA THROUGH GEORGIA, AS WELL AS PAST AND PRESENT MILITARY MEMBERS ALL OVER THE WORLD. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM AND THEIR SPOUSES MAY BE MEMBERS. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body POWER TO ELECT OR APPOINT MEMBERS VYSTAR CREDIT UNION IS A FINANCIAL COOPERATIVE OWNED BY ITS MEMBERS. QUALIFIED MEMBERS MAY SERVE ON THE BOARD OF DIRECTORS OR AUDIT COMMITTEE. EACH YEAR, THE CHAIRMAN OF THE BOARD OF DIRECTORS SELECTS THREE MEMBERS TO SERVE ON THE NOMINATING COMMITTEE ALONG WITH TWO EXISTING MEMBERS OF THE BOARD. THE NOMINATING COMMITTEE RECOMMENDS QUALIFIED MEMBERS TO FILL ALL BOARD VACANCIES. HOWEVER, IF A QUALIFIED PETITION NOMINATING AN ADDITIONAL CANDIDATE IS RECEIVED FROM A VYSTAR MEMBER, THEN A BALLOT ELECTION WILL BE HELD. IF A BALLOT ELECTION IS HELD, MEMBERS WHO ARE 18 OR OLDER WILL HAVE THE OPPORTUNITY TO VOTE FOR THE INDIVIDUALS WHO WILL FILL THE VACANCIES ON THE BOARD FROM THE CANDIDATES SELECTED BY THE NOMINATING COMMITTEE AND THE CANDIDATES SUBMITTED VIA A QUALIFIED PETITION. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders DECISIONS RESERVED TO MEMBER OR STOCKHOLDERS PER FLORIDA STATUTES, A PROPOSED MERGER WITH ANOTHER FINANCIAL INSTITUTION AND A PROPOSED CHARTER CHANGE (FEDERAL, STATE OR BANK) ARE SUBJECT TO APPROVAL BY A MAJORITY OF THE VOTES CAST BY THE MEMBERS. Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM 990 IS REVIEWED AND APPROVED BY THE CHIEF FINANCIAL OFFICER (CFO) ALONG WITH THE SVP ACCOUNTING. THE COMPLETED 990 IS PROVIDED TO THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS AND CEO FOR THEIR REVIEW BEFORE THE RETURN IS FILED. Form 990, Part VI, Line 12c Conflict of interest policy VYSTAR HAS A WRITTEN CODE OF ETHICS POLICY WHICH COVERS A VARIETY OF ISSUES, INCLUDING CONFLICTS OF INTEREST. THE CODE OF ETHICS IS REVIEWED ANNUALLY WITH THE BOARD OF DIRECTORS AND WITH ALL EMPLOYEES. ANYTIME THE CODE OF ETHICS IS REVISED, ALL OFFICIALS AND EMPLOYEES ARE REQUIRED TO READ AND SIGN THE CODE OF ETHICS STATEMENT AND ACKNOWLEDGEMENT FORM. ANNUALLY, ALL OFFICIALS AND EMPLOYEES ARE REQUIRED TO REVIEW AND CONFIRM THAT THEY HAVE REVIEWED THE CODE OF ETHICS. EMPLOYEES IN THE ORGANIZATION'S INTERNAL AUDIT DEPARTMENT REGULARLY CONDUCT AUDITS OF OFFICIALS EMPLOYEES' DEPOSITORY AND LOAN ACCOUNTS AT VYSTAR CREDIT UNION TO IDENTIFY SUSPICIOUS ACTIVITY, WHICH HELPS TO MONITOR AND/OR IDENTIFY ANY CONFLICTS OF INTEREST. Form 990, Part VI, Line 15a Process to establish compensation of top management official EACH YEAR VYSTAR CREDIT UNION PARTICIPATES IN ONE OR MORE SENIOR MANAGEMENT SURVEYS THAT ARE CONDUCTED BY AN INDEPENDENT INDUSTRY COMPENSATION CONSULTANT. WE INCLUDE INFORMATION WITH REGARDS TO TIME IN JOB, BASE SALARY, VARIABLE PAY, BENEFITS AND PREREQUISITES. WE ALSO REVIEW 990S OF OTHER CREDIT UNIONS. THE RESULTS OF THESE SURVEYS AND ANALYSES ARE USED BY THE COMPENSATION COMMITTEE, WHICH IS COMPRISED OF MEMBERS OF THE BOARD OF DIRECTORS, TO DETERMINE THE COMPENSATION OF THE CEO. THE CEO'S COMPENSATION AND BENEFITS ARE APPROVED BY THE BOARD OF DIRECTORS. THIS PROCESS HAS BEEN IN PLACE SINCE AT LEAST 1999 AND WAS IN PLACE FOR THE CURRENT YEAR. Form 990, Part VI, Line 15b Process to establish compensation of other employees EACH YEAR VYSTAR CREDIT UNION PARTICIPATES IN LOCAL, REGIONAL, AND NATIONAL COMPENSATION SURVEYS AND CONSULTS WITH INDEPENDENT COMPENSATION CONSULTANTS TO DETERMINE THE MARKET COMPETITIVENESS OF OUR INTERNAL SALARY PROGRAM. THIS INFORMATION IS USED TO HELP DETERMINE THE RANGE FOR THE VARIOUS PAY LEVELS FOR THESE INDIVIDUALS. THIS PROCESS HAS BEEN IN PLACE SINCE AT LEAST 1999 AND WAS IN PLACE FOR THE CURRENT YEAR. Form 990, Part VI, Line 19 Required documents available to the public VYSTAR CREDIT UNION'S GOVERNING DOCUMENTS, POLICIES, PROCEDURES, AND ANNUAL REPORTS ARE NOT MADE AVAILABLE TO THE GENERAL PUBLIC. OUR ANNUAL REPORTS ARE AVAILABLE ON OUR WEBSITE FOR THE MOST RECENT FOUR YEARS. Form 990, Part XI, Line 9 Other changes in net assets or fund balances CUMULATIVE EFFECT OF ADOPTION OF ASC 326 - FINANCIAL INSTRUMENTS CREDIT LOSSES - -67620001; ACQUIRED EQUITY - 970932; VYSTAR FINANCIAL GROUP LLC 76 SOUTH LAURA STREET JACKSONVILLE FL 32202 593683267 HOLDNG COMPANY FL 180834 14980342 VYSTAR CU VYSTAR INSURANCE AGENCY LLC 76 S LAURA STREET JACKSONVILLE FL 32202 861900430 INSURANCE FL 2094576 6093646 VFG VYSTAR TITLE AGENCY LLC 76 S LAURA STREET JACKSONVILLE FL 32202 861875830 TITLE AGENCY FL 2844879 6482267 VFG VYSTAR NML LLC 76 S LAURA STREET JACKSONVILLE FL 32202 861925978 NON-MEM LOANS FL 3260758 17367489 VFG