Priority Credit Union FY2022 filing

Not tax-deductible

Orlando, FLMutual-benefit / member-servingSince 1930EIN 59-0385610Revenue $3.8M in FY2022

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.

$200K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

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FY2022 · 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
$200K
to officers and key staff · 6% of spending
Looks good: pay to officers and key staff is 6% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
37 mo
of spending, in cash
Looks good: 37.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$60.0M
92% of total assets
Concern: liabilities are 92% of assets; over 80%.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.8M
-7% vs prior year
Spent
$3.6M
To programs
0%
Net assets
$4.9M
By yearFY2020–FY2025
Revenue
$3.8M
FY2022▼ -7%
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
$3.6M
FY2022▲ +25%
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
$4.9M
FY2022▼ -3%
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 FY2022 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 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

8 people listed on the 990; $200K paid to officers and key staff.

Part VII, Section A · reportable compensation
$116,134Pt VII · Sec A
$83,399Pt 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 · $76K · in their own filed words · FY2022
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.

$76Kprogram expense

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$3.8M
Ln 12
Fees for servicesLn 2g$3.4M
Gifts and grantsLn 1h$208K
Investment incomeLn 3$167K
Money outPt IX
$3.6M
Ln 25
Owns and owesPt X
$4.9M
net assets · Ln 32
Cash and savingsLn 1–2$11.3M
Total assetsLn 16$64.9M
LiabilitiesLn 26$60.0M
PeoplePt VI, VII
8
listed · VII A
PaidVII A2
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$208K
Government grantsLn 1e$208K
Noncash giftsLn 1g$0
Fundraising eventsLn 1c$0
Fees for servicesLn 2g$3.4M
Investment incomeLn 3$167K
Total revenueLn 12$3.8M
Assets in detailPt X, end of year
CashLn 1$508K
SavingsLn 2$10.8M
Cash and savings togetherLn 1–2$11.3M
InvestmentsLn 11–13$572K
Land, buildings, equipmentLn 10c$676K
Other assetsLn 15$174K
Total assetsLn 16$64.9M
LiabilitiesLn 26$60.0M
Net assetsLn 32$4.9M
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 FY22End FY22
Cash and savingsLn 1–2$19.8M$11.3M
InvestmentsLn 11–13$550K$572K
Land, buildings, equipmentLn 10c$610K$676K
Total assetsLn 16$63.4M$64.9M
LiabilitiesLn 26$58.3M$60.0M
Net assetsLn 32$5.0M$4.9M
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$200K
Other salaries and wagesLn 7$747K
Pension plan contributionsLn 8$29K
Other employee benefitsLn 9$87K
Payroll taxesLn 10$76K
Legal feesLn 11b$22K
Accounting feesLn 11c$172K
Advertising and promotionLn 12$56K
Office expensesLn 13$717K
Information technologyLn 14$156K
OccupancyLn 16$153K
Conferences, conventions and meetingsLn 19$16K
InterestLn 20$15K
Depreciation, depletion and amortizationLn 22$73K
InsuranceLn 23$60K
Other expenses (24a–d)Ln 24$594K
All other expensesLn 24e$445K
Total functional expensesLn 25$3.6M$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 Viewing $3.8M$3.6M$178K$4.9M 990 PDF
FY2021 $4.1M$2.9M$1.2M$5.0M 990 PDF
FY2020 $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 FY2022 990 (6 parts)
Part I · Summary $3,797,705 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,195,054$208,331
I-9 Program service revenuePrior year $2,726,619$3,422,266
I-10 Investment incomePrior year $173,591$167,108
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $4,095,264$3,797,705
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 $1,107,340$1,138,310
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,784,406$2,481,658
I-18 Total expensesPrior year $2,891,746$3,619,968
I-19 Revenue less expensesPrior year $1,203,518$177,737
Part VI · Governance 6 of 6 board members independent, no flags
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
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 $3,797,705 across 12 lines filed
VIII-1a Federated campaigns$0
VIII-1b Membership dues$0
VIII-1c Fundraising events$0
VIII-1d Related organizations$0
VIII-1e Government grants$208,331
VIII-1f All other contributions, gifts and grants$0
VIII-1g Noncash contributions (included above)$0
VIII-1h Total contributions, gifts and grants$208,331
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $3,422,266 · Unrelated business $0 · Excluded from tax $0$3,422,266
VIII-3 Investment incomeRelated to mission $167,108 · Unrelated business $0 · Excluded from tax $0$167,108
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-12 Total revenueRelated to mission $3,589,374 · Unrelated business $0 · Excluded from tax $0$3,797,705
Part IX · Statement of functional expenses $3,619,968 across 21 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$199,533
IX-7 Other salaries and wages$747,086
IX-8 Pension plan contributions$28,682
IX-9 Other employee benefits$87,326
IX-10 Payroll taxes$75,683
IX-11b Legal fees$22,032
IX-11c Accounting fees$172,200
IX-12 Advertising and promotion$56,236
IX-13 Office expenses$717,463
IX-14 Information technology$155,562
IX-16 Occupancy$153,295
IX-19 Conferences, conventions and meetings$16,166
IX-20 Interest$15,247
IX-22 Depreciation, depletion and amortization$73,209
IX-23 Insurance$60,461
IX-24 Other expenses (24a–d)$594,393
IX-24e All other expenses$445,394
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$3,619,968
Part X · Balance sheet $64,902,303 assets, 22 lines filed
Asset lines not itemized here account for $50,511,707; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $477,614$507,915
X-2 Savings and temporary cash investmentsStart of year $19,340,484$10,757,838
X-3 Pledges and grants receivableStart of year $0$0
X-4 Accounts receivableStart of year $444,210$1,457,360
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $155,989$245,221
X-10c Land, buildings and equipment, netStart of year $610,428$675,955
X-11 Publicly traded securitiesStart of year $0$0
X-12 Other securitiesStart of year $0$0
X-13 Program-related investmentsStart of year $550,029$572,269
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $145,935$174,038
X-16 Total assetsStart of year $63,383,633$64,902,303
X-17 Accounts payable and accrued expensesStart of year $1,154,359$2,721,279
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 $57,189,704$57,273,634
X-26 Total liabilitiesStart of year $58,344,063$59,994,913
X-32 Total net assets or fund balancesStart of year $5,039,570$4,907,390
X-33 Total liabilities and net assetsStart of year $63,383,633$64,902,303
Part XI · Reconciliation of net assets $4,907,390 net assets at year end
XI-1 Total revenue$3,797,705
XI-2 Total expenses$3,619,968
XI-3 Revenue less expenses$177,737
XI-4 Net assets at start of year$5,039,570
XI-5 Net unrealized gains (losses) on investments$0
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−$309,917
XI-10 Net assets at end of year$4,907,390

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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