STATE CHARTERED CREDIT UNIONS IN F… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1951

Legal Domicile

Principal Officer

ALLAN PRINDLE

Phone

9545384400

Tax Period

2024-01-01 to 2024-12-31

STATE CHARTERED CREDIT UNIONS IN FLORIDA POWER FINANCIAL CREDIT UNION, founded in 1951, is a mid-sized nonprofit that reported $44.2M in total revenue in fiscal year 2024. Revenue grew 8% year-over-year, indicating healthy expansion. The organization ran a surplus of $10.9M, a strong 25% operating margin.

Mission

POWER FINANCIAL CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION ORGANIZED TO PROMOTE THRIFT AND PROVIDE CREDIT TO MEMBERS AT RATES GENERALLY LOWER THAN BANKS.

Program Service Accomplishments

Program 1

INTERESTS AND DIVIDENDS PAID TO MEMBERS ON THEIR SHARE ACCOUNTS, MONEY MARKET ACCOUNTS, AND CERTIFICATES OF DEPOSIT. INTEREST IS PAID AT MARKET RATES.

Program 2

EMPLOYEE LABOR AND BENEFITS COSTS INCURRED TO SUPPORT SAVINGS SERVICES, LOAN ORIGINATIONS, AND SERVICING THE LOAN PORTFOLIO FOR ITS MEMBERS.

Program 3

OFFICE EXPENSES AND DATA PROCESSING EXPENSES NECESSARY TO SUPPORT MEMBER ACCOUNT AND LOAN ACTIVITIES BY PROVIDING MEMBERS ACCESS TO THEIR ACCOUNTS AND SERVICES PROVIDED BY THE CREDIT UNION.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $38,412,130

Investment Income $5,437,155

Other Revenue $397,378

TOTAL REVENUE $44,246,663

Expense Breakdown

Grants Paid $15,000

Salaries & Benefits $12,971,974

Fundraising Expenses $0

Other Expenses $20,329,796

TOTAL EXPENSES $33,316,770

Year-over-Year Comparison

	2024	2023	Change
Revenue	$44,246,663	$40,879,257	+0.1%
Expenses	$33,316,770	$27,152,457	+0.2%
Net Income	$10,929,893	$13,726,800	-0.2%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

161

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$997,091

Total Directors

$26,171

Key Employees

$988,032

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LEMAN MURRAY	CHAIRPERSON OF BOARD	5.00	Director	$5,037	$0	$5,037
WENDEL SAUER	SECRETARY OF BOARD	5.00	Director	$0	$0	$0
TERRY KEITH	TREASURER OF BOARD	5.00	Director	$0	$0	$0
JOHN BRESLIN	VICE CHAIRPERSON OF BOARD	5.00	Director	$636	$0	$636
TONY CUBA	DIRECTOR	5.00	Director	$0	$0	$0
STEPHEN KNIGHT	DIRECTOR	5.00	Director	$0	$0	$0
LESLIE MCCONACHIE	DIRECTOR	5.00	Director	$4,692	$0	$4,692
JACK E PATTERSON	DIRECTOR	5.00	Director	$0	$0	$0
GEORGE SKILLAS	DIRECTOR	5.00	Director	$8,753	$0	$8,753
GENE SEVILLA	DIRECTOR	5.00	Director	$7,053	$0	$7,053
ALLAN PRINDLE	PRESIDENT/CEO	40.00	Officer	$668,291	$34,097	$702,388
WANDA FERRER	CHIEF FINANCIAL OFFICER	40.00	Officer	$265,528	$29,175	$294,703
MICHELLE DIAZ	CHIEF INFORMATION OFFICER	40.00	Key Emp	$273,313	$21,798	$295,111
CLAIRE BERGGUIST	CHIEF TALENT & KNOWLEDGE O	40.00	Key Emp	$214,440	$29,237	$243,677
LESLEY GARCIA SUAREZ	CHIEF LENDING OFFICER	40.00	Key Emp	$210,455	$26,763	$237,218
ALICIA QUEVEDO	CHIEF MEMBERSHIP OFFICER	40.00	Key Emp	$191,334	$20,692	$212,026
PING LUO	VP CONTROLLER	40.00	Highest	$184,279	$20,478	$204,757
MARK MATTOZZI	SR. COMM. LENDING OFFICER	40.00	Highest	$175,281	$12,734	$188,015
DAVID ESQUIVEL	VP NETWORK SERVICES	40.00	Highest	$166,011	$17,316	$183,327
TAYYAB PALANPURWALA	VP, IT OPS, BA, PROG.	40.00	Highest	$143,990	$23,843	$167,833
VINCENZO FIORDELISI	VP, MARKETING	40.00	Highest	$143,683	$25,575	$169,258

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$44,246,663	$33,316,770	$869,375,033	$10,929,893
2023	$40,879,257	$27,152,457	$878,503,924	$13,726,800
2022	$32,499,543	$24,399,844	$892,249,418	$8,099,699
2021	$27,675,796	$21,744,258	$930,426,131	$5,931,538
2020	$32,057,485	$26,463,283	$876,113,985	$5,594,202
2019	$28,322,709	$23,536,968	$840,302,743	$4,785,741
2018	$26,495,822	$22,517,950	$654,649,818	$3,977,872

STATE CHARTERED CREDIT UNIONS IN FLORIDA POWER FINANCIAL CREDIT UNION