2021-08-27T08:39:52-05:00 2020-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2020-01-01 590787574 STATE CHARTERED CREDIT UNIONS IN FLORIDA PRIORITY ONE CREDIT UNION OF FLORIDA STAT 9543355100 3000 N UNIVERSITY DRIVE SUNRISE FL 33322 DEANA HENNESSEY CEO 9543355100 2021-08-26 1 DEANA HENNESSEY XXX-XX-XXXX DOUGLAS J ORTH P01076394 3052328272 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z DEANA HENNESSEY 3000 N UNIVERSITY DRIVE SUNRISE FL 33322 5638071 0 2106 X WWW.PRIORITYONEFL.ORG X 1948 FL ENHANCING THE FINANCIAL LIVES OF OUR MEMBERS THROUGH CONSISTENT SERVICE. 6 6 37 8 17866 0 0 0 5926619 5302642 422020 335429 0 0 6348639 5638071 0 0 0 0 2479727 2355859 0 0 0 2958371 2866529 5438098 5222388 910541 415683 99940781 121410125 89326886 110290181 10613895 11119944 ENHANCING THE FINANCIAL LIVES OF OUR MEMBERS THROUGH CONSISTENT SERVICE. 0 0 PRIORITY ONE SERVES BROWARD COUNTY AND OFFERS A FULL ARRAY OF PRODUCTS AND SERVICES INCLUDING DEPOSITORY AND LOAN PRODUCTS, ATM/DEBIT PROGRAM, CAR BUYING PROGRAM AND ONLINE BANKING. WE ENDED THE YEAR WITH 9,678 MEMBERS. THERE WERE 1265 LOANS GRANTED TOTALING $19,341,680. PRIORITY ONE HAS TWO BRANCH LOCATIONS AND A WIDE ARRAY OF REMOTE OPTIONS THROUGH OUR COOPERATION WITH VARIOUS ATM NETWORKS AND SHARED SERVICE CENTERS. 0 0 1 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2067 0 1 37 1 1 1 0 0 0 0 0 0 0 X 6 6 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X BIRGITTA SCHINDLER 9543355100 3000 N UNIVERSITY DRIVE SUNRISE FL 33322 LEVORA HOLT VICE CHAIRPERSON 1.00 X 0 0 0 ALANA RAGOONAN BOARD MEMBER 1.00 X 0 0 0 GIL AMARA BOARD MEMBER/AUDIT COMMITTEE CHAIR 1.00 X 0 0 0 JEROMY SCHWAB BOARD MEMBER 1.00 X 0 0 0 BARRY EKLE CHAIRPERSON 1.00 X 0 0 0 DESTINY DEJESUS BOARD SECRETARY/TREASURER 1.00 X 0 0 0 NANCY RAPPAPORT CEO 40.00 X 515075 0 8603 DEANA HENNESSEY EVP 40.00 X 125649 0 9845 BIRGITTA SCHINDLER CONTROLLER 40.00 X 80940 0 8238 721664 0 26686 2 0 1 0 FISERV PO BOX 745148 ATLANTA GA 30374 DATA PROCESSING 223861 FISERV EFT 250 JOHNSON RD MORRIS PLAINS NJ 07950 ATM, DEBIT CARDS 173853 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90074 DIGITAL SOLUTIONS 159016 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 146636 4 LOAN INTEREST INCOME 522100 3733900 3733900 FEE/OTHER INCOME 522100 1550876 1550876 FINANCE AND INSURANCE 520000 17866 17866 5302642 335429 335429 5638071 5620205 17866 0 X 748350 1226467 64551 116037 200454 17760 31200 87046 78944 309808 371590 192219 8534 359092 54967 141349 36463 LOAN SERVICING 344250 PROVISION FOR LOAN LOSS 328602 DEBIT CARD EXPENSES 200112 ATM/BANK SERVICE CHARGE 174400 130193 5222388 841137 863342 5673112 6768110 129461 34179 78260985 73824965 71622 76384 4457718 2803878 1563706 1653840 3704592 4051637 7104730 31447799 2591436 2689869 99940781 121410125 1541549 1102861 87785337 109187320 89326886 110290181 X 0 0 0 0 10613895 11119944 10613895 11119944 99940781 121410125 415683 90366 0 X X 0 1 X 1 0 832 832 832 1 FLORIDA CREDIT UNION POLITICAL ACTION COMMITTEE 3692 COOLIDGE COURT TALLAHASSEE FL 32311 591889104 832 788074 788074 594380 335915 258465 1829368 1441922 387446 1245896 1026041 219855 1653840 LONG TERM CERTIFICATES OF DEPOSIT 9995000 C FHLB STOCK 90100 C CORPORATE ONE PERPETUAL CAPITAL 100567 C BOLI 457F 2333060 C CORPORATE AMERICA FED FUNDS 12254966 C MBS PREMIUM 50867 C UNREALIZED GAIN/LOSS 123239 C MORGAN STANLEY AFS 6500000 C 31447799 SHARE ACCOUNTS 52037500 SHARE DRAFT ACCOUNTS 28822830 MONEY MARKET ACCOUNTS 12415953 CLUB ACCOUNTS 1393097 IRA SHARE ACCOUNTS 2210488 IRA CERTIFICATES 2250342 CERTIFICATES 10057110 109187320 X 5638071 0 5638071 0 5638071 5222388 0 5222388 0 5222388 PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. THE INCOME TAXES TOPIC OF THE FASB ACCOUNTING STANDARDS CODIFICATION (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 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). UBI 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 FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2017 THROUGH 2019 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 1 1 X X X 0 1 0 NANCY RAPPAPORT CEO 215075 0 0 0 300000 0 8603 0 0 0 523678 0 300000 0 PART I, LINE 4B THE PRESIDENT/CEO, NANCY RAPPAPORT, PARTICIPATED IN A 457(F) PLAN. THE CREDIT UNION ACCRUED FOR THE BENEFITS OVER THE LAST SEVERAL YEARS. DURING 2020, NANCY RAPPAPORT RECEIVED A $300,000 BENEFIT DISTRIBUTION. 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 7B 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, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE CEO. IT IS AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C WE HAVE NEW HIRES SIGN A NON-COMPETE/CONFIDENTIALITY AND A NON-PIRACY ACKNOWLEDGMENT FORM UPON THEM JOINING US. 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 15 WE UTILIZE STAFFLINK TO PROVIDE US WITH COMPARABLE SALARY INFORMATION BY POSITION AND BY GEOGRAPHICAL AREA. WE ENSURE ALL OF OUR EMPLOYEES ARE PAID A FAIR AND COMPETITIVE SALARY. THIS PROCESS IS FOLLOWED FOR EVERY EMPLOYEE AND EVERY POSITION IN THE ORGANIZATION, INCLUDING THE CEO, EVP AND VP AND WE REFRESH THE DATA EVERY 2-3 YEARS AS APPROPRIATE. EVERY EMPLOYEE IN THE CREDIT UNION IS CURRENTLY PAID WITHIN THE RECOMMENDED SALARY RANGES. FOR THE CEO POSITION, IN ADDITION TO STAFFLINK COMPARABLE DATA, THE BOARD OF DIRECTORS CONSULTS WITH OUR REGULATORY ATTORNEY TO OBTAIN COMPARABLE SALARY INFORMATION SPECIFIC FOR CREDIT UNION CEOS TO DETERMINE SALARY. 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 IX, LINE 24E COLLECTION EXPENSE 60,582. ALL OTHER EXPENSES 43,660. NSF 16,771. OTHER LOSSES 9,180. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR.