2024-11-14T12:29:43+00:00 2023-12-31 440160260 Forvis Mazars LLP 820 Massachusetts Ave Suite 1370 Indianapolis IN 46204 990 2023-01-01 591286880 iTHINK Financial Credit Union ITHI 5619824700 1000 NW 17th Ave Delray Beach FL 334452555 Michael Miller CEO 5619824700 2024-11-14 true true Michael Summers P00838533 3173834000 2024-11-15 2023 2024-10-15 13:58:12Z ITHINK FINANCIAL MICHAEL L MILLER 1000 NW 17th Ave Delray Beach FL 334452555 125415279 false X ITHINKFI.ORG X 1969 FL TO DELIVER SERVICE EXCELLENCE TO THE MEMBERSHIP AND THE COMMUNITIES WE SERVE WHILE ENSURING THE SAFETY AND SOUNDNESS OF THE CREDIT UNION. 9 8 457 12 116204 0 0 0 81246392 98497668 5180046 10855923 0 0 86426438 109353591 46196 74826 0 0 35092531 36388405 0 0 0 32054735 59760761 67193462 96223992 19232976 13129599 2178700861 2185778208 2028936151 2025506425 149764710 160271783 TO DELIVER SERVICE EXCELLENCE TO THE MEMBERSHIP AND THE COMMUNITIES WE SERVE WHILE ENSURING THE SAFETY AND SOUNDNESS OF THE CREDIT UNION. false false THE CREDIT UNION PROVIDES DRAFT AND SHARE ACCOUNTS, LOANS, SHARE CERTIFICATES AND OTHER EXEMPT FUNCTION ACTIVITIES TO ITS MEMBERS. 0 false false false false false false false false true false false false true true false true false false false false false false false false false true false true false true false false false false false false false false true true true false false true 28154 0 true 457 true true true false false false false false false false X 9 8 false false true false true true true true true false true true false true true true false false true false false FL GA X ITHINK FINANCIAL CREDIT UNION 5619824700 1000 NW 17TH Ave Delray Beach FL 334452555 BRAD J DEBAUCHE DIRECTOR 1.0 0.0 X 1054 0 0 DONALD L LEE DIRECTOR 1.0 0.0 X 6062 0 0 JOHNNY BENNETT DIRECTOR 1.0 1.0 X 8076 0 0 JUANA KRAUSE VICE CHAIRPERSON 1.0 0.0 X 10408 0 0 MARIE MASCARO DIRECTOR 1.0 0.0 X 5801 0 0 MICHAEL W TOWNSEND CHAIRPERSON 1.0 1.0 X 6837 0 0 PETER BLACKLOCK DIRECTOR 1.0 0.0 X 6021 0 0 STEPHANIE M FORSTER SECRETARY 1.0 0.0 X 904 0 0 THOMAS E BRAWLEY DIRECTOR 1.0 0.0 X 0 0 0 EDISON CERVANTES CTO 40.0 0.0 X 309559 0 31461 JEFFREY KOLHAGEN CFO 40.0 0.0 X 359734 0 85025 MARK SKINNER CLO 40.0 0.0 X 352812 0 68380 MICHAEL MILLER PRESIDENT/CEO 40.0 1.0 X 1065017 0 144109 NICOLE HEFFELFINGER CRO 40.0 0.0 X 318797 0 48406 ANTHONY FURINO AVP OF COMMERCIAL LENDING 40.0 0.0 X 187644 0 35927 Benjamin Maffett SBA and Commercial Sales Manager 40.0 0.0 X 255478 0 29131 BRADLEY STEWART AVP OF RISK MANAGEMENT 40.0 0.0 X 179830 0 37608 DIANA CRULL DIRECTOR OF FINANCE 40.0 0.0 X 168328 0 22021 STEPHEN JOHNSON AVP ADMINISTRATION & MARKETING 40.0 0.0 X 172090 0 36999 3414452 0 539067 35 false true false UNITED HEALTHCARE 500 ROSS STREET PITTSBURGH PA 15262 INSURANCE 5475137 CORELATION 2305 HISTORIC DECATUR RD STE 300 SAN DIEGO CA 92106 CORE PROCESSOR 1240821 AT&T PO BOX 5019 CAROL STREAMS IL 601975019 COMMUNICATIONS 690051 CUBUS SOLUTIONS 1530 SUN CITY BLVD STE 120-127 GEORGETOWN TX 78633 WEB DESIGN 642471 EVOK Advertising 152 N 4th St Suite 140 Lake Mary FL 32746 Marketing 599099 51 0 INCOME ON LOANS 522100 82705516 82705516 FEES/CHARGES/OTHER 522100 6841932 6841932 INTERCHANGE INCOME 522100 6098251 6098251 FNMA SERVICING 522100 690111 690111 GAP INSURANCE 522100 231613 231613 1930245 1814041 116204 0 98497668 10035804 10035804 0 0 16048648 833159 16061688 0 -13040 833159 820119 820119 0 0 0 0 0 109353591 99201583 116204 10035804 74826 2828463 24743172 1551509 5230932 2034329 386522 113128 817375 1138382 3422930 6972534 2611895 950369 31134981 169706 975160 PROVISION FOR LOAN LOSS 5995443 VISA FEES/CHARGES 1886097 LOAN SERVICING 1612936 SHARED BRANCHING 458245 1115058 96223992 11287039 11449122 127557425 158556967 3398016 4430611 11651862 11964059 0 0 1775355823 1771762012 2619579 1964597 43299113 20474050 23738524 22825063 131579830 117167023 11137791 12381855 0 14416894 14024867 65958078 59252032 2178700861 2185778208 21756562 23648311 0 0 225163606 235225695 1782015983 1766632419 2028936151 2025506425 X 149764710 160271783 149764710 160271783 2178700861 2185778208 X 13129599 5719703 -8342229 X false true X true false 7966552 7966552 16893408 6505142 10388266 1645515 1319235 326280 16643385 12500146 4143239 150253 149527 726 22825063 SHARE DRAFTS 454263901 MONEY MARKET 324652551 SHARES 405452346 CERTIFICATES 575782264 RIGHT OF USE LEASE LIABILITY 6481357 1766632419 X 111804420 2450829 0 2450829 109353591 0 0 109353591 96223992 0 0 96223992 0 0 96223992 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE TAX LAWS. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE CONSOLIDATED 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 SUBSTAINABILITY UPON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). 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 THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UBIT MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. MANAGEMENT HAS ASSESSED THE CREDIT UNION'S 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 RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. true iTHINK Community Foundation 1000 NW 17th Avenue Delray Beach FL 33445 352550107 501(c)(3) 74826 General Support 1 0 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. ITHINK COMMUNITY FOUNDATION INC IS THE ONLY RECIPIENT OF GRANT FUNDS. THE FUNDS ARE PROVIDED TO SUPPORT THE MISSION AND PROGRAMS OF THE ORGANIZATION. X true true X X X false true false MICHAEL MILLER PRESIDENT/CEO 737500 0 321376 0 6141 0 124277 0 19832 0 1209126 0 150000 0 JEFFREY KOLHAGEN CFO 300502 0 59232 0 0 0 63590 0 21435 0 444759 0 0 0 MARK SKINNER CLO 295417 0 57395 0 0 0 48548 0 19832 0 421192 0 0 0 NICOLE HEFFELFINGER CRO 264552 0 54245 0 0 0 26971 0 21435 0 367203 0 0 0 EDISON CERVANTES CTO 253889 0 55670 0 0 0 24493 0 6968 0 341020 0 0 0 ANTHONY FURINO AVP OF COMMERCIAL LENDING 161345 0 26299 0 0 0 14492 0 21435 0 223571 0 0 0 DIANA CRULL DIRECTOR OF FINANCE 154500 0 13828 0 0 0 15053 0 6968 0 190349 0 0 0 BRADLEY STEWART AVP OF RISK MANAGEMENT 154237 0 25593 0 0 0 16173 0 21435 0 217438 0 0 0 STEPHEN JOHNSON AVP ADMINISTRATION & MARKETING 148277 0 23813 0 0 0 15564 0 21435 0 209089 0 0 0 Benjamin Maffett SBA and Commercial Sales Manager 97615 0 157863 0 0 0 9298 0 19833 0 284609 0 0 0 Schedule J, Part I, Line 1a Travel for companions CERTAIN BOARD MEMBERS AND OFFICERS RECEIVE TRAVEL FOR COMPANIONS AND IS INCLUDED IN TAXABLE COMPENSATION. Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan THE CREDIT UNION ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION ARRANGEMENT FOR MICHAEL MILLER, PRESIDENT/CEO, MARK SKINNER, CHIEF LENDING OFFICER, AND JEFFREY KOLHAGEN, CFO, IN THE FORM OF SECURED SPLIT DOLLAR AGREEMENTS. THE CREDIT UNION LOANED EACH EMPLOYEE, WHO ARE THE OWNERS OF THE POLICIES, THE FUNDS TO PURCHASE THESE POLICIES. THE POLICIES ARE USED TO COLLATERALIZE THE LOANS. AS OF DECEMBER 31, 2023, THE BALANCE OF THE LOANS TO MICHAEL MILLER, MARK SKINNER, AND JEFFREY KOLHAGEN APPROXIMATED $9,264,687, $1,042,521, AND $1,408,051, RESPECTIVELY. ITHINK FINANCIAL CREDIT UNION PARTICIPATES IN A 457(F) PLAN. MICHAEL MILLER, MARK SKINNER, AND JEFFREY KOLHAGEN PARTICIPATED AND HAD FUNDS ADDED IN 2023. Michael L Miller President/CEO To Fund SERP Policy X 8750000 9264687 false true true Mark Skinner Chief Lending Officer To fund SERP Policy X 1000000 1042521 false true true Jeffrey Kolhagen Chief Financial Officer to Fund SERP Policy X 1400000 1408051 false true true 11715259 Form 990, Part VI, Line 4 Significant changes to organizational documents iTHINK Financial Credit Union added additional counties to their list of eligible members for the most recent bylaws dated September 13, 2023. Form 990, Part VI, Line 6 Classes of members or stockholders ITHINK FINANCIAL CREDIT UNION HAS MEMBERS AND REQUIRES A $5 SHARE ACCOUNT TO BE A MEMBER. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM 990 IS REVIEWED BY THE CEO AND CFO PRIOR TO BEING FILED. THE FORM 990 IS ALSO REVIEWED BY AN INDEPENDENT ACCOUNTING FIRM. Form 990, Part VI, Line 12c Conflict of interest policy ITHINK FINANCIAL CREDIT UNION REGULARLY MONITORS AND ENFORCES THE COMPLIANCE OF THEIR CONFLICT OF INTEREST POLICY. Form 990, Part VI, Line 15a Process to establish compensation of top management official AN OUTSIDE COMPANY WAS USED TO ANALYZE THE PAY STRUCTURE FOR THE CEO. THE BOARD EXECUTIVE COMMITTEE REVIEWS IT ANNUALLY. Form 990, Part VI, Line 19 Required documents available to the public THE CREDIT UNION'S GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING. Form 990, Part VIII, Line 2f Other Program Service Revenue Misc Income - Total Revenue: 1930245, Related or Exempt Function Revenue: 1814041, Unrelated Business Revenue: 116204, Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Form 990, Part XI, Line 9 Other changes in net assets or fund balances Adoption of ASU 2016-13 Topic 326 (CECL) - -8342229; SOUTHEAST SERVICES ORGANIZATION II LLC 1000 NW 17TH AVENUE DELRAY BEACH FL 33445 823522506 LOANS FL 907082 14993519 ITHINK FIN SOUTHEAST TITLE SERVICES ORGANIZATION 1000 NW 17TH AVENUE DELRAY BEACH FL 33445 830971682 TITLE SERVICE FL 29612 78573 ITHINK FIN ITHINK COMMUNITY FOUNDATION INC 1000 NW 17TH AVENUE DELRAY BEACH FL 33445 352550107 CHARITABLE FL 501(c)(3) 7 ITHINK FINAN true FIRST INTERNET ASSOCIATION INC 790 PARK OF COMMERCE BLVD BOCA RATON FL 33487 650772946 INTERNET EDUC FL ITHINK FIN C Corporation 6000 0 1.00 true false true false false false false false false false false false false false false false false false false false