Midflorida Credit Union

Nonprofit profile at a glance

EIN
596194363
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Lakeland, FL, USA
Phone
8636162100
Rating confidence
Limited

Official website

Reported finances

Revenue
$497,221,275
Expenses
$387,467,531
Assets
$8,142,679,220
Liabilities
$7,308,614,588

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

26 people listed

Executive titles in this filing

  • STEVE MOSELEY (PRESIDENT/CEO)
  • ACIE FORRER (SW FLORIDA MARKET PRESIDENT)
  • HUGH DAILEY (CEO SOUTHEAST TRUST/SPECIAL ASSET MANAGER)

Highest reported compensation

  • STEVE MOSELEY (PRESIDENT/CEO): $3,198,500 total reported compensation
  • STERLING GRUBBS (EVP/CHIEF LENDING OFFICER): $614,927 total reported compensation
  • ZELDA ABRAM (EVP/CHIEF FINANCIAL OFFICER): $605,110 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Midflorida credit union is committed to delivering personalized financial solutions while making banking simple, secure and convenient for all of our members.

What it reported doing in 2024

Provide numerous depository services to members including regular savings, share drafts, certificates of deposit, ira, club, health savings, and money market accounts with aggregate deposit balances that approximated $6,929,555,000 as of december 31, 2024.

Operating model

Revenue model
Earned-program. 89% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 90
  • Accountability: 95
  • Sustainability: 77
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Scored; rating input score 0

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 22.1%; rating input score 88; 88th percentile among comparable filings
  • Total-asset coverage ratio: 21.02; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0.9; rating input score 13; 13th percentile among comparable filings
  • Officer compensation ratio: 2.4%; rating input score 49; 49th percentile among comparable filings

Growth

  • Program expense growth: 13% per year; rating input score 100; 83rd percentile among comparable filings
  • Revenue growth: 12.8% per year; rating input score 100; 85th percentile among comparable filings
  • Asset growth: 12.9% per year; rating input score 100; 81st percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 11 of 11 board members independent · 8 of 9 filing controls reported
  • Programs: 2 filed program accomplishments
  • Leadership: top reported pay $3.2M · 26 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $20.3M reported
  • Consistency: 11 of 11 current checks pass
  • Schedules: 6 filed schedules · includes grants, executive pay, and related organizations
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 37 filed money-flow records
  • Related organizations: 12 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 13/100.
  • Moderate — Sustainability: Officer compensation ratio scored 49/100.