2023-11-13T14:15:08-06:00 2022-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2022-01-01 590637653 TROPICAL FINANCIAL CREDIT UNION TROP 8882618328 3050 CORPORATE WAY MIRAMAR FL 33025 RICHARD SHAW PRESIDENT/CEO 8882618328 2023-11-11 1 RICHARD SHAW 999009999 0 JENIFER L CHASE P01306883 5638884000 2023-11-11 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z RICHARD SHAW 3050 CORPORATE WAY MIRAMAR FL 33025 79174961 0 2106 X WWW.TROPICALFCU.ORG X CREDIT UNION 1935 FL TROPICAL FINANCIAL CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING MEMBER OWNERS WITH VALUABLE PRODUCTS, SERVICES & EDUCATION TO HELP THEM ACHIEVE THEIR GOALS. 9 9 228 9 35130 0 0 0 38023754 43507348 1717548 2437787 0 0 39741302 45945135 9500 56491 0 0 15156144 16991629 0 0 0 17734818 22049794 32900462 39097914 6840840 6847221 964049184 988133882 883427570 899462575 80621614 88671307 TROPICAL FINANCIAL CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING MEMBER OWNERS WITH VALUABLE PRODUCTS, SERVICES AND EDUCATION TO HELP THEM ACHIEVE THEIR GOALS. 0 0 INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP. 0 0 1 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 31300 0 1 228 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 0 0 0 0 1 1 1 1 1 1 0 0 X RICHARD SHAW 8882618328 3050 CORPORATE WAY MIRAMAR FL 33025 RICHARD HELBER CEO 40.00 X 464349 0 212839 RICHARD SHAW COO 40.00 X 378736 0 43496 BRIAN BURRESS VP OF MEMBER RELATIONS 40.00 X 189279 0 27449 ELIZABETH JIMENZ VP OF HUMAN RESOURCES 40.00 X 179729 0 33836 ALFREDO GEONAGA VP OF ADMIN 40.00 X 173461 0 37657 AMY MCGRAW VP OF MARKETING 40.00 X 182656 0 25215 ROBERTO SALAMENCA VP OF IT 40.00 X 154625 0 27929 JENNIFER FARRINGTON CONTROLLER/VP OF FINANCE 40.00 X 155817 0 16917 SARA P MONROY CONSUMER LENDING MANAGER 40.00 X 126024 0 24509 FRANCIS GALLO SR COMMERCIAL LENDING OFFI 40.00 X 117812 0 26501 ROBERT SMITH INFORMATION SECURITY OFFICER 40.00 X 124723 0 19343 FRANK SALOKAR MORTGAGE LOAN ORIGINATOR 40.00 X 123362 0 16210 DIANE MASTAY MORTGAGE DIRECTOR 40.00 X 117086 0 14124 JM DOHOHUE DIRECTOR 1.00 X 13136 0 0 ML REYES DIRECTOR 1.00 X 11471 0 0 JL BELAUSTEGUI DIRECTOR 1.00 X 10902 0 0 MC MARTINEZ DIRECTOR 1.00 X 8641 0 0 HP GEER CHAIR 1.00 X X 769 0 0 BK CRUIT DIRECTOR 1.00 X 0 0 0 BN DIAMOND DIRECTOR 1.00 X 0 0 0 M PEREZ VICE CHAIR 1.00 X X 0 0 0 RP WISNIEWKI SECRETARY/TREASURER 1.00 X X 0 0 0 2532578 0 526025 25 0 1 0 FISERV SOLUTIONS 4575 SW RESEARCH WAY CORVALLIS OR 97339 CORE SYSTEM/SOFTWARE 2312996 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90074 ELECTRONIC BANKING SERVICE PROVIDER 1033841 SUNBEAM DEVELOPMENT CORP 1401 79TH ST CAUSEWAY MIAMI FL 33141 PROPERTY RENTAL SERVICE 791630 RATE GENIUS 9300 UNITED DR SUITE 180 AUSTIN TX 78758 AUTO LOAN 3RD PARTY VENDOR 525453 MORTGAGE INFORMATION SERVICES INC 4877 GALAXY PARKWAY SUITE 1 CLEVELAND OH 44128 LOAN UNDERWRITING SERVICES 476085 38 INCOME ON LOANS 522100 33282778 33282778 CHARGES/FEES/OTHER 522100 10224570 10189440 35130 43507348 2004251 2004251 33663362 33229826 433536 433536 433536 45945135 43472218 35130 2437787 56491 2348910 11974835 328303 1308080 1031501 324479 84000 5000 3524737 1165285 525920 2597021 398349 57626 1575560 220562 PROVISION LOAN LOSSES 3348127 MORTGAGE LOAN SERVICING 2232658 SWITCH EXP 1923378 DIVIDENDS PAID TO MEMBE 1377845 2689247 39097914 38410415 34850242 168751469 80929862 1708638 2663424 716024244 826208576 1344084 4110901 27484137 19449348 8468410 8034789 6746345 4805704 1076983 1076983 238837 173700 21279759 25279701 964049184 988133882 8132658 6082382 5084470 4494966 870210442 888885227 883427570 899462575 X 0 0 0 0 80621614 88671307 80621614 88671307 964049184 988133882 X 6847221 -372391 1574863 X X 0 1 X 1 0 5000 5000 5000 0 LEAGUE OF SOUTHEASTERN CREDIT UNION 3692 COOLIDGE COURT TALLAHASSEE FL 32311 263100475 5000 0 PART I-A, LINE 1: TROPICAL FINANCIAL CREDIT UNION CONTRIBUTED TO THE LEAGUE OF SOUTHEASTERN CREDIT UNION POLITICAL ACTION COMMITTEE TO SUPPORT CREDIT UNION ISSUES. 0 1 X 3385335 3385335 6706832 3233989 3472843 4263851 4101184 162667 13058930 12044986 1013944 69189 69189 0 8034789 MEMBER DEPOSITS - SHARE DRAFTS 214302429 MEMBER DEPOSITS - PREMIER 1 CHECKING 9849352 MEMBER DEPOSITS - MONEY MARKET ACCOUNT 113126932 MEMBER DEPOSITS - SHARES 425180459 MEMBER DEPOSITS - IRA SHARES 12426346 MEMBER DEPOSITS - SHARE & IRA CERTIFICATES 110899344 LEASE LIABILITY FOR OPERATING LEASES 3100365 888885227 X 45947580 2445 2445 45945135 0 45945135 39100359 2445 2445 39097914 0 39097914 PART IV, LINE 2B: TROPICAL FINANCIAL CREDIT UNION MAINTAINS CUSTODIAL ESCROW BALANCES TO PAY REAL ESTATE TAXES AND HOME OWNERS INSURANCE ON BEHALF OF MORTGAGE HOLDERS. PART X, LINE 2: TROPICAL FINANCIAL CREDIT UNION (THE CREDIT UNION) IS EXEMPT FROM MOST FEDERAL AND STATE INCOME TAXES. THE INCOME TAXES TOPIC OF THE 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. THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATECHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UNRELATED BUSINESS INCOME 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 2021, 2020 AND 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF ASSETS RECLASS 2,445. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON DISPOSAL OF ASSETS RECLASS 2,445. 0 AMERICAN RED CROSS 431 18TH STREET NW WASHINGTON DC 20006 530196605 501(C)(3) 15255 0 PROGRAM SUPPORT 1 0 PART I, LINE 2 TROPICAL FINANCIAL CREDIT UNION DOES NOT MONITOR THE USE OF GRANTS FUNDS ONCE DISBURSED TO PUBLIC CHARITIES. X X X X 0 1 0 RICHARD HELBER CEO 459777 0 0 0 4572 0 192200 0 20639 0 677188 0 0 0 RICHARD SHAW COO 375724 0 0 0 3012 0 12200 0 31296 0 422232 0 0 0 BRIAN BURRESS VP OF MEMBER RELATIONS 187172 0 0 0 2107 0 5917 0 21532 0 216728 0 0 0 ELIZABETH JIMENZ VP OF HUMAN RESOURCES 178324 0 0 0 1405 0 7433 0 26403 0 213565 0 0 0 ALFREDO GEONAGA VP OF ADMIN 169322 0 0 0 4139 0 7184 0 30473 0 211118 0 0 0 AMY MCGRAW VP OF MARKETING 181189 0 0 0 1467 0 3729 0 21486 0 207871 0 0 0 ROBERTO SALAMENCA VP OF IT 153955 0 0 0 670 0 6509 0 21420 0 182554 0 0 0 JENNIFER FARRINGTON CONTROLLER/VP OF FINANCE 155535 0 0 0 282 0 6324 0 10593 0 172734 0 0 0 SARA P MONROY CONSUMER LENDING MANAGER 125869 0 0 0 155 0 5230 0 19279 0 150533 0 0 0 PART I, LINE 4B RICHARD HELBER, PRESIDENT/CHIEF EXECUTIVE OFFICER, BEGAN PARTICIPATING IN A NONQUALIFIED DEFERRED COMPENSATION PLAN UNDER SECTION 457(F) IN 2019. THE TOTAL 2022 EMPLOYER CONTRIBUTIONS INTO THE PLAN ON BEHALF OF THE INDIVIDUAL IN THE AMOUNT OF $180,000 IS REPORTED AS DEFERRED COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II. THERE WERE NO DISTRIBUTIONS IN 2022. FORM 990, PART VI, SECTION A, LINE 6 TROPICAL FINANCIAL CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A TROPICAL FINANCIAL CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B TROPICAL FINANCIAL CREDIT UNION DOES NOT HAVE ANY COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE REVIEWED BY THE VICE PRESIDENT OF FINANCE AND CHIEF FINANCIAL OFFICER. IF ANY QUESTIONS ARISE, THE VICE PRESIDENT OF FINANCE/CHIEF FINANCIAL OFFICER WILL DISCUSS WITH THE CPA FIRM. THE FORM 990 WILL BE PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. THE FORM 990 WILL BE PRESENTED TO THE BOARD OF DIRECTORS FOR INFORMATIONAL PURPOSES ONLY SUBSEQUENT TO THE FORM BEING FILED WITH THE INTERNAL REVENUE SERVICE. THIS WILL BE RECORDED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS, EMPLOYEES, AND COMMITTEES OF TROPICAL FINANCIAL CREDIT UNION ARE SUBJECT TO A CONFLICT OF INTEREST POLICY. THE CONFLICT OF INTEREST POLICY IS TO BE REVIEWED AND REAFFIRMED ANNUALLY BY THE BOARD OF DIRECTORS. EVIDENCE OF THE REVIEW AND AFFIRMATION WILL BE ENTERED IN THE MINUTES OF THE BOARD MEETING FOR THE DATE OF THE REVIEW. ADDITIONALLY, EACH MEMBER OF THE BOARD WILL, ON AN ANNUAL BASIS, EXECUTE A CODE OF CONDUCT AND ETHICS AFFIRMATION FORM WHICH WILL BE KEPT ON FILE IN THE CREDIT UNION EXECUTIVE OFFICES. THE BOARD OF DIRECTORS WILL REVIEW THE AFFIRMATION FORMS FOR ANY CONFLICT OF INTEREST. THE BOARD OF DIRECTORS, TO INCLUDE THE AUDIT COMMITTEE, WILL CONSIDER ANY POTENTIAL CONFLICT OF INTEREST. A QUORUM OF DIRECTORS WHO HAVE NO DIRECT OR INDIRECT INTEREST IN THE MATTER MUST VOTE ON THE ACTION TO BE TAKEN. THERE MAY BE SITUATIONS THAT, DUE TO THE UNIQUE NATURE OF THE EVENT, WOULD ALLOW THE CONFLICT AFTER FULL DISCLOSURE AND REQUIRE A HIGHER LEVEL OF APPROVAL AND MONITORING TO INSURE COMPLIANCE. EACH SITUATION MUST BE HANDLED ON A CASE BY CASE BASIS BY THE BOARD, CHIEF EXECUTIVE OFFICER OR HIS DESIGNEE, AND LEGAL COUNSEL AS APPROPRIATE. FORM 990, PART VI, SECTION B, LINE 15A THE REVIEW OF THE CHIEF EXECUTIVE OFFICER'S COMPENSATION IS A FUNCTION OF THE BOARD OF DIRECTORS, WITH THE ASSISTANCE OF THE VICE PRESIDENT OF HUMAN RESOURCES AND ORGANIZATION DEVELOPMENT. THE BOARD USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY ON A PERIODIC BASIS TO DETERMINE THE CHIEF EXECUTIVE OFFICER'S COMPENSATION AND A SEPERATE THIRD PARTY STUDY IS USED FOR ALL OTHER POSITIONS IN THE ORGANIZATION. JOB GRADES AND PAY RANGES ARE ESTABLISHED THROUGH THE ASSISTANCE OF AN EXTERNAL THIRD PARTY VENDOR WITH SPECIALIZED EXPERTISE IN THIS AREA, AND MAINTAINED BY THE OFFICE OF HUMAN RESOURCES. THIS COMPENSATION SYSTEM IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS CONTEMPORANEOUSLY DOCUMENTS THEIR DECISION ON THE CHIEF EXECUTIVE OFFICER'S COMPENSATION. THE LAST TIME THIS PROCESS OCCURRED WAS IN JANUARY 2022. FORM 990, PART VI, SECTION C, LINE 19 TROPICAL FINANCIAL CREDIT UNION'S (THE CREDIT UNION) GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIALS ARE AVAILABLE FOR PUBLIC VIEWING ON THE NCUA.GOV VIA THE QUARTERLY 5300 FILING. FORM 990, PART XI, LINE 9: PENSION PLAN GAINS 726,132. POST RETIREMENT GAINS 848,731. FORM 990, PART I, LINES 14 & 17: IN 2022, TROPICAL FINANCIAL CREDIT UNION DETERMINED THAT IT WAS MORE APPROPRIATE TO INCLUDE IN THE PRIOR YEAR COLUMN FOR LINE 17 (OTHER EXPENSES) CERTAIN ITEMS INCLUDED IN PRIOR YEAR FORMS 990, PART IX, IN LINE 4 (BENEFITS PAID TO OR FOR MEMBERS). CONFORMING ADJUSTMENTS HAVE BEEN MADE TO THE CURRENT YEAR AMOUNTS LISTED IN THE CURRENT YEAR COLUMN OF PART I AND PART IX.