Priority Credit Union FY2020 filing

Not tax-deductible

Orlando, FLMutual-benefit / member-servingSince 1930EIN 59-0385610Revenue $3.2M in FY2020

On file with the IRSprioritycu.org301 E Michigan St, 32806-4539 · Orlando, FLTax-exempt since Oct 1970

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Caring about people; connecting members with their financial dreams; confident in making a difference in the lives of members.

$174K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average surplus $195K a year · 5% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$174K
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
65 mo
of spending, in cash
Looks good: 64.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$56.7M
94% of total assets
Concern: liabilities are 94% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.2M
Spent
$3.3M
To programs
0%
Net assets
$3.8M
By yearFY2020–FY2025
Revenue
$3.2M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$3.2M
FY2021$4.1M
FY2022$3.8M
FY2023$5.3M
FY2024$3.7M
FY2025$3.8M
Expenses
$3.3M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$3.3M
FY2021$2.9M
FY2022$3.6M
FY2023$4.3M
FY2024$3.9M
FY2025$4.7M
Net assets
$3.8M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$3.8M
FY2021$5.0M
FY2022$4.9M
FY2023$6.0M
FY2024$5.7M
FY2025$4.8M

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 1970.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

9 people listed on the 990; $174K paid to officers and key staff.

Part VII, Section A · reportable compensation
$96,998Pt VII · Sec A
$77,054Pt VII · Sec A
Board Chairman
$0Pt VII · Sec A
Board Vice Chairman
$0Pt VII · Sec A
Board Secretary
$0Pt VII · Sec A
Board Treasurer
$0Pt VII · Sec A
Board Director
$0Pt VII · Sec A
Board Director
$0Pt VII · Sec A

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Alan Rowe$214,796$218,544$173,199$116,134$130,189$96,998
Maria Oshea$95,256$100,201$99,972$83,399$80,299$77,054

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Connects members with financial dreams, offering lower-rate credit and promoting thrift.

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Provided by the organization

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1 program · $118K · in their own filed words · FY2020
01

Income from the credit union membership and investment of members' funds provide the foundation from which the organization can function and provide services to its' restricted membership.

$118Kprogram expense

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$3.2M
Ln 12
Fees for servicesLn 2g$3.0M
Investment incomeLn 3$273K
Money outPt IX
$3.3M
Ln 25
Owns and owesPt X
$3.8M
net assets · Ln 32
Cash and savingsLn 1–2$17.8M
Total assetsLn 16$60.6M
LiabilitiesLn 26$56.7M
PeoplePt VI, VII
9
listed · VII A
PaidVII A2
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$3.0M
Investment incomeLn 3$273K
Gains on assetsLn 7$1K
Total revenueLn 12$3.2M
Assets in detailPt X, end of year
CashLn 1$535K
SavingsLn 2$17.3M
Cash and savings togetherLn 1–2$17.8M
InvestmentsLn 11–13$543K
Land, buildings, equipmentLn 10c$680K
Other assetsLn 15$157K
Total assetsLn 16$60.6M
LiabilitiesLn 26$56.7M
Net assetsLn 32$3.8M
OperationsPt I, VI
EmployeesI 519
VolunteersI 66
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$15.6M$17.8M
InvestmentsLn 11–13$539K$543K
Land, buildings, equipmentLn 10c$560K$680K
Total assetsLn 16$59.3M$60.6M
LiabilitiesLn 26$55.4M$56.7M
Net assetsLn 32$3.9M$3.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$190K
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$869K
Pension plan contributionsLn 8$22K
Other employee benefitsLn 9$68K
Payroll taxesLn 10$89K
Legal feesLn 11b$5K
Accounting feesLn 11c$227K
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$0
Advertising and promotionLn 12$22K
Office expensesLn 13$793K
Information technologyLn 14$125K
RoyaltiesLn 15$0
OccupancyLn 16$66K
TravelLn 17$4K
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$72
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$74K
InsuranceLn 23$36K
Other expenses (24a–d)Ln 24$486K
All other expensesLn 24e$236K
Total functional expensesLn 25$3.3M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $3.8M$4.7M−$902K$4.8M 990 PDF
FY2024 $3.7M$3.9M−$275K$5.7M 990 PDF
FY2023 $5.3M$4.3M$1.0M$6.0M 990 PDF
FY2022 $3.8M$3.6M$178K$4.9M 990 PDF
FY2021 $4.1M$2.9M$1.2M$5.0M 990 PDF
FY2020 Viewing $3.2M$3.3M−$76K$3.8M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $3,236,673 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $3,278,573$2,963,548
I-10 Investment incomePrior year $395,780$273,125
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $3,674,353$3,236,673
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $1,485,184$1,238,321
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,508,136$2,074,420
I-18 Total expensesPrior year $3,993,320$3,312,741
I-19 Revenue less expensesPrior year −$318,967−$76,068
Part VI · Governance 7 of 7 board members independent, no flags
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $3,236,673 across 6 lines filed
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,963,548 · Unrelated business $0 · Excluded from tax $0$2,963,548
VIII-3 Investment incomeRelated to mission $271,805 · Unrelated business $0 · Excluded from tax $0$271,805
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-7 Net gain or loss on sales of assetsRelated to mission $1,320 · Unrelated business $0 · Excluded from tax $0$1,320
VIII-12 Total revenueRelated to mission $3,236,673 · Unrelated business $0 · Excluded from tax $0$3,236,673
Part IX · Statement of functional expenses $3,312,741 across 30 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staff$190,382
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$868,883
IX-8 Pension plan contributions$22,441
IX-9 Other employee benefits$67,941
IX-10 Payroll taxes$88,674
IX-11b Legal fees$4,972
IX-11c Accounting fees$226,855
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$0
IX-11g Other fees for services$0
IX-12 Advertising and promotion$21,921
IX-13 Office expenses$793,319
IX-14 Information technology$125,456
IX-15 Royalties$0
IX-16 Occupancy$66,325
IX-17 Travel$3,949
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 Interest$72
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortization$74,222
IX-23 Insurance$36,140
IX-24 Other expenses (24a–d)$485,537
IX-24e All other expenses$235,652
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$3,312,741
Part X · Balance sheet $60,571,035 assets, 22 lines filed
Asset lines not itemized here account for $40,910,438; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $594,898$535,352
X-2 Savings and temporary cash investmentsStart of year $14,967,836$17,303,806
X-3 Pledges and grants receivableStart of year $0$0
X-4 Accounts receivableStart of year $507,339$324,275
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $286,123$117,572
X-10c Land, buildings and equipment, netStart of year $560,393$680,439
X-11 Publicly traded securitiesStart of year $0$0
X-12 Other securitiesStart of year $0$0
X-13 Program-related investmentsStart of year $538,910$542,502
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $167,437$156,651
X-16 Total assetsStart of year $59,292,599$60,571,035
X-17 Accounts payable and accrued expensesStart of year $994,757$1,095,603
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $0$0
X-20 Tax-exempt bond liabilitiesStart of year $0$0
X-24 Unsecured notes and loans payableStart of year $0$0
X-25 Other liabilitiesStart of year $54,381,720$55,638,074
X-26 Total liabilitiesStart of year $55,376,477$56,733,677
X-32 Total net assets or fund balancesStart of year $3,916,122$3,837,358
X-33 Total liabilities and net assetsStart of year $59,292,599$60,571,035
Part XI · Reconciliation of net assets $3,837,358 net assets at year end
XI-1 Total revenue$3,236,673
XI-2 Total expenses$3,312,741
XI-3 Revenue less expenses−$76,068
XI-4 Net assets at start of year$3,916,122
XI-5 Net unrealized gains (losses) on investments−$2,696
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$3,837,358

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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