2024-10-15T09:34:29-05:00 2023-12-31 382492570 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33196 990 2023-01-01 591009534 STATE CHARTERED CREDIT UNIONS IN FLORIDA LOYALTY CREDIT UNION STAT 8504740970 PO BOX 17048 PENSACOLA FL 32522 ROBERT PARK BROOME PRESIDENT & CEO 8504740970 2024-10-14 1 0 JOHN J MURNANE JR P03021572 3052328272 2024-10-14 2023 2024-10-15 13:58:12Z X LOYALTY CREDIT UNION ROBERT PARK BROOME 6200 NORTH W ST PENSACOLA FL 325051918 21103360 0 2106 X WWW.LOYALTYCU.ORG X 1962 FL WE WILL SERVE THE NEEDS OF OUR MEMBERS BEYOND THEIR EXPECTATIONS. WE STRIVE TO ASSIST OUR MEMBERS WITH ALL OF THEIR FINANCIAL NEEDS AND PROVIDE SERVICE BEYOND THEIR EXPECTATIONS. 7 7 118 10 9588 7729 0 0 11794478 16019947 1535466 4273470 0 0 13329944 20293417 0 1000 0 0 5514551 6816981 0 0 0 6814973 11205010 12329524 18022991 1000420 2270426 308952965 300751390 282393811 272718331 26559154 28033059 WE WILL SERVE THE NEEDS OF OUR MEMBERS BEYOND THEIR EXPECTATIONS. WE STRIVE TO ASSIST OUR MEMBERS WITH ALL OF THEIR FINANCIAL NEEDS AND PROVIDE SERVICE BEYOND THEIR EXPECTATIONS. 0 0 INCOME FROM THE CREDIT UNION MEMBERSHIP AND FROM THE INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE CREDIT UNION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 6291 0 1 118 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 1 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X ROBERT PARK BROOME PRESIDENT CEO 8504740970 1200 E NINE MILE ROAD PENSACOLA FL 32514 JOHN COE CHAIRPERSON 10.00 X 0 0 0 JUANITA ASHLEY DIRECTOR 10.00 X 0 0 0 JAMES DANNY GILMAN TREASURER 10.00 X 0 0 0 STEPHANIE CLAPP VICE CHAIRPERSON 10.00 X 0 0 0 DUSTIN DANIELS DIRECTOR 10.00 X 0 0 0 TRACEY GOLAY SECRETARY 10.00 X 0 0 0 CHIP SIMMONS DIRECTOR 10.00 X 0 0 0 LISA BROWN CEO 40.00 X 304984 0 14936 ROBERT PARK BROOME CHIEF STRATEGY OFFICER 40.00 X 154375 0 6889 ELIZABETH OAKES CHIEF OPERATIONS OFFICER 40.00 X 137625 0 3432 GARY TODD CUNNINGHAM CHIEF OF STAFF 40.00 X 84691 0 6790 JOSHUA JACKSON CHIEF FINANCIAL OFFICER 40.00 X 124791 0 0 MARGARET CONAGHAN VP/COMPLIANCE 40.00 X 107706 0 10906 TERESA LOY VP/ LENDING 40.00 X 112284 0 4515 1026456 0 47468 6 0 1 0 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 OPERATING SYSTEM 736305 CAPITAL MEDIA COMPANY LLC PO BOX 12752 TALLAHASSEE FL 32317 ADVERTISING 317988 OMNICOMMANDER 5105 MARYLAND WAY BRENTWOOD TN 37027 MARKETING 246350 INSPIRED TECHNOLOGIES 3058 HIGHLAND OAKS TERRACE TALLAHASSEE FL 32301 IT SERVICES 127574 MAHALO TECHNOLOGIES INC 850 STEPHENSON HWY SUITE 405 TROY MI 48083 LAND RENTAL 103591 5 INCOME ON LOANS 522100 11401226 11401226 FEES, CHARGES, OTHER 522100 4609133 4609133 UNRELATED BUSINESS INCOME 520000 9588 9588 16019947 4684381 4684381 399032 809943 -410911 -410911 -410911 20293417 20283829 9588 0 X 1000 838513 4791811 167734 609538 409385 166766 89209 54655 1265965 2078905 944855 745690 229629 7471 1671206 465711 157744 UBIT EXPENSE 1008 PROVISION FOR LOAN LOSS 1700951 LOAN SERVICING 1210119 MISCELLANEOUS 230051 185075 18022991 1947624 2035270 41897136 30476219 309704 1047059 1680081 1735860 162516351 159307824 350291 593054 17978677 6624348 11564234 11354329 58485588 71095884 18768564 11143767 7467323 6418093 3966069 5544031 308952965 300751390 2579974 2378543 279813837 270339788 282393811 272718331 X 0 0 0 0 26559154 28033059 26559154 28033059 308952965 300751390 X 2270426 420479 -1217000 X X 0 1 X 1 0 0 0 3226533 3226533 10036617 2889050 7147567 365114 319330 45784 4350413 3415968 934445 11354329 SHARE ACCOUNTS 121118133 SHARE DRAFT ACCOUNTS 73241765 IRA SHARE ACCOUNTS 4000305 SHARE AND IRA CERTIFICATE ACCOUNTS 44627520 MONEY MARKET ACCOUNTS 27352065 270339788 X 20293417 0 20293417 0 20293417 18022991 0 18022991 0 18022991 PART X, LINE 2: INCOME TAXES THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. X X 0 1 0 LISA BROWN CEO 290049 0 14935 0 0 0 14936 0 0 0 319920 0 0 0 ROBERT PARK BROOME CHIEF STRATEGY OFFICER 147486 0 6889 0 0 0 6889 0 0 0 161264 0 0 0 PART I, LINE 4B AS A RESULT OF THE BUSINESS COMBINATION WITH TALLAHASSEE-LEON FEDERAL CREDIT UNION DURING THE YEAR ENDED DECEMBER 31, 2022, THE CREDIT UNION ACQUIRED A COLLATERAL ASSIGNMENT SPLIT DOLLAR AGREEMENT WITH LISA BROWN UNDER TREASURY REGULATION 1.7872-15(E)(5)(II). THE AGREEMENT INVOLVES A METHOD OF PAYING FOR INSURANCE COVERAGE FOR THE EXECUTIVE BY SPLITTING THE ELEMENTS OF THE LIFE INSURANCE POLICY. UNDER THIS AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN EQUAL TO THE AMOUNT OF PREMIUMS PAID ON BEHALF OF THE EXECUTIVE PLUS ACCRUED INTEREST AT A SPECIFIED RATE. THE EXECUTIVE IS PERSONALLY RESPONSIBLE FOR REPAYMENT OF THE LOAN. AT THE TIME OF DEATH, THE CREDIT UNION WILL BE PAID THE LOAN AMOUNT PLUS ACCRUED INTEREST AND THE BALANCE OF THE INSURANCE BENEFIT WILL BE PAID TO THE EXECUTIVE'S DESIGNATED BENEFICIARY. LISA BROWN CEO TO FUND LIFE INSURANCE POLICY X 1248983 1735860 0 1 1 1735860 FORM 990, SCH L, PART II AS A RESULT OF THE BUSINESS COMBINATION WITH TALLAHASSEE-LEON FEDERAL CREDIT UNION DURING THE YEAR ENDED DECEMBER 31, 2022, THE CREDIT UNION ACQUIRED A COLLATERAL ASSIGNMENT SPLIT DOLLAR AGREEMENT WITH LISA BROWN UNDER TREASURY REGULATION 1.7872-15(E)(5)(II). THE AGREEMENT INVOLVES A METHOD OF PAYING FOR INSURANCE COVERAGE FOR THE EXECUTIVE BY SPLITTING THE ELEMENTS OF THE LIFE INSURANCE POLICY. UNDER THIS AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN EQUAL TO THE AMOUNT OF PREMIUMS PAID ON BEHALF OF THE EXECUTIVE PLUS ACCRUED INTEREST AT A SPECIFIED RATE. THE EXECUTIVE IS PERSONALLY RESPONSIBLE FOR REPAYMENT OF THE LOAN. AT THE TIME OF DEATH, THE CREDIT UNION WILL BE PAID THE LOAN AMOUNT PLUS ACCRUED INTEREST AND THE BALANCE OF THE INSURANCE BENEFIT WILL BE PAID TO THE EXECUTIVE'S DESIGNATED BENEFICIARY. FORM 990, PART VI, SECTION A, LINE 4 THE NAME OF THE CREDIT UNION CHANGED FROM CENTRAL CREDIT UNION OF FLORIDA TO LOYALTY CREDIT UNION DURING 2023. THE NAME CHANGE WAS PART OF THE ORGANIZATION'S REBRANDING AS A RESULT OF THE 2022 MERGER OF CENTRAL CU OF FLORIDA AND TALLAHASSEE LEON FEDERAL CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF THE MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B THE PRESIDENT & CEO, CFO, AND VICE-PRESIDENT OF COMPLIANCE WILL REVIEW AND APPROVE THE DRAFT FORM 990 BEFORE FINAL SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C THE VICE PRESIDENT OF COMPLIANCE, UNDER DIRECTION OF THE PRESIDENT & CEO, MONITORS THE CONFLICT OF INTEREST POLICY FOR THE CREDIT UNION. THIS INCLUDES VENDOR MANAGEMENT, EMPLOYEE TRAINING AND MONITORING OF EMPLOYEE TRANSACTIONS. ALL NEW EMPLOYEES ARE GIVEN A CONFLICT OF INTEREST POLICY AS PART OF THE CODE OF CONDUCT. FORM 990, PART VI, SECTION B, LINE 15 THE REVIEW OF THE CEO'S COMPENSATION IS A FUNCTION OF THE BOARD OF DIRECTORS. ANNUALLY, THE BOARD OF DIRECTORS USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY TO DETERMINE THE CEO'S COMPENSATION. FOR ALL OTHER EMPLOYEES IN THE ORGANIZATION, PAY RANGES ARE REVIEWED AND APPROVED ON AN ANNUAL BASIS BY THE CEO UTILIZING DATA FROM AN INDEPENDENT COMPENSATION STUDY. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE MADE AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL EXPENSES 54,655. FORM 990, PART IX, LINE 24E ASSOCIATION DUES 99,904. EXAMINATION FEES 85,171. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -1,217,000. 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. TALLAHASSEE LEON CREDIT UNION FOUNDATION INC 1872 CAPITAL CIRCLE NE TALLAHASSEE FL 32308 823098188 FINANCIAL EDUCATION FL 501(C)(3) LINE 10 LOYALTY CREDIT UNION 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0