2017-07-12T10:17:15-05:00 2016-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2016-01-01 590787574 STATE CHARTERED CREDIT UNIONS IN FLORIDA PRIORITY ONE CREDIT UNION OF FLORIDA STAT 9545727707 3000 N UNIVERSITY DRIVE SUNRISE FL 33322 NANCY RAPPAPORT CEO 9543355100 2017-07-12 1 DOUGLAS J ORTH P01076394 3052328272 40.141.134.7 2017-07-12 09:57:48 ED P 6C9B1A35775087DBDB8A6D25ECA509C7F6C27838 062293E64DF58CF8D35332F263D6456F83B37FCF 2016 2021-01-29 14:40:06Z NANCY RAPPAPORT 3000 N UNIVERSITY DRIVE SUNRISE FL 33322 4978123 0 2106 X WWW.PRIORITYONEFL.ORG X 1948 FL ENHANCING THE FINANCIAL LIVES OF OUR MEMBERS THROUGH CONSISTENT SERVICE. 6 6 41 9 35300 -35469 0 0 4509481 4537352 420645 440771 0 0 4930126 4978123 0 0 0 0 1979056 2076665 0 0 0 2648376 2925636 4627432 5002301 302694 -24178 83165584 86514646 74693236 78106399 8472348 8408247 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 9,766 MEMBERS. THERE WERE 2208 LOANS GRANTED TOTALING $19,118,988. 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 0 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 2031 0 1 41 1 1 1 0 0 0 0 0 X 6 6 0 0 0 0 1 1 1 1 1 0 0 1 1 0 1 1 1 1 1 0 X NANCY RAPPAPORT 9543355100 3000 N UNIVERSITY DRIVE SUNRISE FL 33322 LEVORA HOLSEY SECRETARY/TREASURER 1.00 X 2230 0 0 ALANA RAGOONAN AUDIT COMMITTEE CHAIR 1.00 X 944 0 0 RICHARD WEPPLER DIRECTOR 1.00 X 0 0 0 JEROMY SCHWAB VICE CHAIRMAN 1.00 X 0 0 0 BARRY EKLE DIRECTOR 1.00 X 0 0 0 DONALD MCMAHON CHAIRMAN 1.00 X 0 0 0 CARIDAD GARCELL DIRECTOR 1.00 X 0 0 0 NANCY RAPPAPORT CEO 40.00 X 199212 0 51439 DEANA HENNESSEY EVP 40.00 X 103054 0 6933 BIRGITTA SCHINDLER CONTROLLER 40.00 X 62429 0 5306 367869 0 63678 2 0 1 0 FISERV 1250 GRUMMAN PL STE A TITUSVILLE FL 32780 DATA PROCESSING 248967 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 178146 FISERV EFT 75 REMITTANCE DR STE 6974 CHICAGO IL 60675 ATM, SHARED SERVICE, DEBIT CARD NETWORKS 165970 DIGITAL INSIGHT CORPORATION PO BOX 515306 LOS ANGELES CA 900516606 WEBSITE MAINTENANCE, ONLINE BILL PAY, ET 133459 4 LOAN INTEREST INCOME 522100 2934468 2934468 FEE/OTHER INCOME 522100 1567584 1567584 EXTENDED WARRANTY/NON- 524298 35300 35300 4537352 439776 439776 995 0 995 995 995 4978123 4942823 35300 0 431547 1271142 45992 156702 171282 24911 30000 195823 82164 329487 383460 160610 36712 211663 26109 157472 34853 PROVISION FOR LOAN LOSS 558082 LOAN SERVICING 390327 ATM/BANK SERVICE CHARGE 219123 ALL OTHER EXPENSES 49998 34842 5002301 930382 996584 10169134 11374975 20595 7500 45979014 49439150 97844 81691 5553973 3744183 1902883 1809790 5537040 4381671 17242565 17377859 1286127 1045426 83165584 86514646 808134 551722 73885102 77554677 74693236 78106399 X 0 0 0 0 8472348 8408247 8472348 8408247 83165584 86514646 -24178 -39923 0 X X 0 1 X 1 0 788074 788074 594380 282544 311836 2273091 1887649 385442 1898428 1573990 324438 1809790 LONG TERM CERTIFICATES OF DEPOSIT 9614000 C CORPORATE ONE PERPETUAL CAPITAL 100567 C CORPORATE AMERICA FED FUNDS 4486024 C BOLI 457F 2102268 C CORPORATE AMERICA SUPER 30 1000000 C FHLB STOCK 75000 C 17377859 SHARE ACCOUNTS 37466238 SHARE DRAFT ACCOUNTS 19569861 MONEY MARKET ACCOUNTS 10060436 CLUB ACCOUNTS 734486 IRA SHARE ACCOUNTS 2533394 IRA CERTIFICATES 1878205 CERTIFICATES 5312057 77554677 X 4978123 0 4978123 0 4978123 5002301 0 5002301 0 5002301 PART X, LINE 2: 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 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 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). 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 2013 THROUGH 2015 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 X 0 1 0 NANCY RAPPAPORT CEO 193213 0 0 0 5999 0 50598 0 841 0 250651 0 0 0 PART I, LINE 4B NANCY RAPPAPORT PARTICIPATES IN A 457(F) PLAN. THE AMOUNT ACCRUED BY THE CREDIT UNION DURING 2016 WAS $44,142. THE ACCRUAL BALANCE AS OF 12/31/16 WAS $135,526. 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 THE CREDIT UNION OFFICERS WILL REVIEW THE FORM 990 PRIOR TO SUBMITTING TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C WE HAVE NEW HIRES SIGN A NON-COMPETE/CONFIDENTIALITY AND 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 ADP TOTAL SOURCE TO PROVIDE US WITH COMPARABLE SALARY INFORMATION BY POSITION AND BY GEOGRAPHICAL AREA. WE MAKE SURE THAT ALL OUR POSITIONS HAVE A FAIR AND COMPETITIVE SALARY RANGE AND THAT OUR EMPLOYEES ARE PAID WITHIN THAT RANGE. 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 ADP COMPARABLE DATA, THE BOARD OF DIRECTORS ALSO CONSULTED WITH OUR REGULATORY ATTORNEY TO OBTAIN COMPARABLE SALARY INFORMATION SPECIFIC FOR CREDIT UNION CEOS AND UTILIZED THAT INFORMATION WHEN DETERMINING HER SALARY AND RENEWING HER CONTRACT. 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 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.