FLORIDA STATE UNIVERSITY CREDIT UN… - 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

JENNIFER DURDEN

Phone

8502244960

Tax Period

2023-01-01 to 2023-12-31

FLORIDA STATE UNIVERSITY CREDIT UNION, founded in 1954, is a mid-sized nonprofit that reported $25.4M in total revenue in fiscal year 2023. Revenue grew 13% year-over-year, indicating healthy expansion. Expenses of $22.0M left a modest 13% surplus.

Mission

THE MISSION OF THE FLORIDA STATE UNIVERSITY (FSU) CREDIT UNION IS TO PROMOTE THRIFT, CREATE A SOURCE OF CREDIT AT LEGITIMATE RATES OF INTEREST, AND MAXIMIZE THE FINANCIAL WELL-BEING OF ITS MEMBERS. FSU CREDIT UNION SERVES MORE THAN 34,000 MEMBERS WITH TEN BRANCHES THROUGHOUT TALLAHASSEE AND THE SURROUNDING AREA AS OF 12/31/23. THE CREDIT UNION PROVIDES SECURE ONLINE BANKING, A CONVENIENT MOBILE APP AND A COMPLETE SUITE OF ACCOUNT TYPES, LOANS, AND SERVICES TO MEET EVERY FINANCIAL NEED.

Program Service Accomplishments

Program 1

CONSUMER LOANS - LOANS ARE OFFERED AT FAIR INTEREST RATES THAT ALLOW OUR MEMBERS TO SAVE MONEY ON THEIR LOAN PAYMENTS AND USE THOSE FUNDS ELSEWHERE IN THEIR BUDGETS. THRIFT IS ENCOURAGED WHEN THE...

CONSUMER LOANS - LOANS ARE OFFERED AT FAIR INTEREST RATES THAT ALLOW OUR MEMBERS TO SAVE MONEY ON THEIR LOAN PAYMENTS AND USE THOSE FUNDS ELSEWHERE IN THEIR BUDGETS. THRIFT IS ENCOURAGED WHEN THE MEMBER IS DECIDING WHAT TYPE OF PAYMENT IS AFFORDABLE.

Program 2

DEPOSIT ACCOUNTS - COMPETITIVE DIVIDEND RATES ARE PAID EVEN TO MEMBERS OF MODEST MEANS. THIS HELPS MEMBERS TO BETTER THEIR ECONOMIC POSITIONS AND SAVE FOR THE FUTURE.

Program 3

ELECTRONIC SERVICES - THE CREDIT UNION OFFERS MANY WAYS TO MAKE CONDUCTING FINANCIAL TRANSACTIONS EASY. THESE OPTIONS AFFECT EVERYONE, FROM THE PERSON STILL USING THE PHONE SYSTEM TO TRANSFER MONEY TO THE HI-TECH MEMBER WHO DOES ALL OF THEIR BANKING CONVENIENTLY ON THEIR SMART PHONE. OUR MEMBERS BENEFIT FROM ONLINE BANKING, BILLPAY, ATMS, PHONE SYSTEM, ACCOUNT AGGREGATION SOFTWARE, E-STATEMENTS, E-LERTS, ETC.

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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 $417,926

Program Service Revenue $22,626,855

Investment Income $1,354,064

Other Revenue $967,662

TOTAL REVENUE $25,366,507

Expense Breakdown

Grants Paid $15,000

Salaries & Benefits $8,260,528

Fundraising Expenses $0

Other Expenses $13,699,355

TOTAL EXPENSES $21,974,883

Year-over-Year Comparison

	2023	2022	Change
Revenue	$25,366,507	$22,425,859	+0.1%
Expenses	$21,974,883	$17,147,552	+0.3%
Net Income	$3,391,624	$5,278,307	-0.4%

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

140

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

$1,332,158

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JUANITA MOORE	DIRECTOR	0.50	Director	$0	$0	$0
JOEL MOYE	DIRECTOR	0.50	Director	$0	$0	$0
PHAEDRA HARRIS	DIRECTOR	0.50	Director	$0	$0	$0
SHENIFA TAITE	SECRETARY	0.50	Officer Director	$0	$0	$0
J RANDY MCCAUSLAND	DIRECTOR	0.50	Director	$0	$0	$0
HUGH FONES	DIRECTOR	0.50	Director	$0	$0	$0
DAVE OERTING	DIRECTOR	0.50	Director	$0	$0	$0
BRANDON BOWDEN	DIRECTOR	0.50	Director	$0	$0	$0
FRANCIS J FLYNN	DIRECTOR	0.50	Director	$0	$0	$0
DAVID WHITE	TREASURER	0.75	Officer Director	$0	$0	$0
DAVE SAGASER	VICE-CHAIR	0.75	Officer Director	$0	$0	$0
G STACY SIRMANS	CHAIRMAN	1.00	Officer Director	$0	$0	$0
L GRANT ABBOTT	VP OF LENDING AND ADMINIST	35.00	Officer	$224,597	$51,866	$276,463
CHARLES ADCOCK III	PRESIDENT/CEO	39.00	Officer	$513,032	$56,560	$569,592
JENNIFER DURDEN	EVP/CFO	40.00	Officer	$288,146	$56,063	$344,209
MICHAEL POUCHER	VP OF OPERATIONS	40.00	Officer	$115,315	$26,579	$141,894
CLAYTON SMITH	SPECIALIZED LENDING DIRECTOR	25.00	Highest	$124,030	$951	$124,981
RUSSELL LEVASSEUR	IT DIRECTOR	40.00	Highest	$111,488	$1,692	$113,180
JESSIE WATSON	AVP OF MARKETING AND MEMBE	40.00	Highest	$113,151	$45,647	$158,798
DIAMOND POPOUR	MANAGER, BUS DEV	40.00	Highest	$117,681	$31,273	$148,954
ALISHA BLONDEL	COLLECTIONS DIRECTOR	40.00	Highest	$103,123	$19,064	$122,187

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	$25,366,507	$21,974,883	$466,904,354	$3,391,624
2022	$22,425,859	$17,147,552	$440,836,260	$5,278,307
2021	$17,853,427	$14,203,540	$332,444,116	$3,649,887
2020	$15,821,196	$14,486,838	$305,578,667	$1,334,358
2019	$16,032,348	$14,196,242	$223,594,354	$1,836,106

FLORIDA STATE UNIVERSITY CREDIT UNION