MEMBERS FIRST CREDIT UNION OF FLOR… - 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

1954

Legal Domicile

Principal Officer

MICHELE WILLIAMS

Phone

8504342211

Tax Period

2023-01-01 to 2023-12-31

MEMBERS FIRST CREDIT UNION OF FLORIDA, founded in 1954, is a mid-sized nonprofit in the Public & Societal Benefit sector that reported $16.2M in total revenue in fiscal year 2023. Revenue surged 26% from the prior year, signaling strong growth momentum. The organization ran a surplus of $4.1M, a strong 26% operating margin.

Mission

THE CREDIT UNION'S MISSION IS TO PROMOTE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. THE CREDIT UNION SERVES MEMBERS IN ESCAMBIA, SANTA ROSA, AND OKALOOSA COUNTIES IN FLORIDA. THE TOTAL NUMBER OF MEMBERS IS IN EXCESS OF 20,000.

Program Service Accomplishments

Program 1

IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, CERTIFICATE OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS AND...

Program 2

TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, THE CREDIT UNION PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER AND MORTGAGE LENDING PRODUCTS AT REASONABLE RATES OF INTEREST.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $11,415,086

Investment Income $4,734,277

Other Revenue $22,767

TOTAL REVENUE $16,172,130

Expense Breakdown

Grants Paid $0

Salaries & Benefits $5,540,992

Fundraising Expenses $0

Other Expenses $6,497,180

TOTAL EXPENSES $12,038,172

Year-over-Year Comparison

	2023	2022	Change
Revenue	$16,172,130	$12,812,864	+0.3%
Expenses	$12,038,172	$10,822,150	+0.1%
Net Income	$4,133,958	$1,990,714	+1.1%

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

104

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

$1,580,131

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHARLOTTE SCHIPMAN	SECRETARY	1.00	Officer Director	$0	$0	$0
BILL FARINAS	DIRECTOR	1.00	Director	$0	$0	$0
THERESA MCCANTS	CHAIRPERSON	1.00	Officer Director	$0	$0	$0
LINDA HARRIS	VICE CHAIRPERSON	1.00	Officer Director	$0	$0	$0
CLARENCE LADNER	DIRECTOR	1.00	Director	$0	$0	$0
KATHY TERRELL	DIRECTOR	1.00	Director	$0	$0	$0
JACK MARMASH	TREASURER	1.00	Officer Director	$0	$0	$0
CARYL A GREENE	PRESIDENT/CEO	40.00	Officer	$371,482	$73,124	$444,606
MICHELE WILLIAMS	PRESIDENT	40.00	Officer	$217,035	$28,698	$245,733
TOM PAINTER	CHIEF FINANCIAL OFFICER	40.00	Officer	$123,867	$30,733	$154,600
DEBRA COSSON	CHIEF FINANCIAL OFFICER	40.00	Officer	$137,863	$13,845	$151,708
JEFF CRUTCHFIELD	CHIEF INFORMATION OFFICER	40.00	Officer	$110,945	$24,555	$135,500
ADETOUN SANDERS	VP MARKETING & BUSINESS DEVELOPMENT	40.00	Officer	$87,039	$9,549	$96,588
TAMMY MILLER	CHIEF OPERATING OFFICER	40.00	Officer	$106,939	$12,112	$119,051
CHRISTINA REYNOLDS	VP HUMAN RESOURCES	40.00	Officer	$78,162	$4,424	$82,586
JOANNE HYATT	CHIEF LENDING OFFICER	40.00	Officer	$41,188	$2,097	$43,285
CARRIE GAVIN	COMPTROLLER	40.00	Officer	$95,774	$10,700	$106,474

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	No data	No data	No data	No data
2023	$16,172,130	$12,038,172	$286,801,436	$4,133,958
2022	$12,812,864	$10,822,150	$296,738,500	$1,990,714
2021	$12,861,025	$10,252,768	$298,562,888	$2,608,257
2020	$9,965,656	$9,436,929	$239,539,933	$528,727
2019	$10,723,125	$9,408,402	$200,992,118	$1,314,723
2018	$10,262,452	$8,628,000	$193,234,615	$1,634,452

MEMBERS FIRST CREDIT UNION OF FLORIDA