2024-04-10T10:43:30-05:00 2023-12-31 381357951 PLANTE & MORAN PLLC 2601 CAMBRIDGE CT STE 300 AUBURN HILLS MI 48326 990 2023-01-01 381305916 MICHIGAN EDUCATIONAL CREDIT UNION MICH 7344559200 9200 HAGGERTY RD PLYMOUTH MI 48170 KEVIN F FINNERAN CHIEF FINANCIAL OFFICER 7344559200 2024-04-08 1 KEVIN FINNERAN XXX-XX-XXXX 0 TINA PETERS P00904574 2483757100 2024-04-08 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z ROBERT G SANDERCOCK 9200 HAGGERTY RD PLYMOUTH MI 48170 79232097 0 X WWW.MICHEDCU.ORG X 1942 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 9 9 105 9 52405 0 0 0 21994174 26690695 8088620 7926770 24639 29220 30107433 34646685 0 0 0 0 10718890 11533615 0 0 0 15599892 19568100 26318782 31101715 3788651 3544970 1037849743 1006575527 972569560 922984296 65280183 83591231 TO PROVIDE MEMBERS WITH QUALITY, COMPREHENSIVE AND COST EFFECTIVE FINANICIAL SERVICES. 0 0 PROVIDE 49,994 MEMBERS WITH REGULAR SHARES, SHARE DRAFT, CERTIFICATES OF DEPOSIT, AND IRA ACCOUNTS TOTALING 95,522 PROVIDE 49,854 LOANS INCLUDING VEHICLE, CREDIT CARD, HOME EQUITY, BUSINESS, PERSONAL, BOAT, MOTORCYCLE, MOTOR HOME, AND MORTGAGES. OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, MONEY ORDERS, CHECK CASHING, TRAVELERS CHECKS, OVERDRAFT PROTECTION/COURTESY PAY, BILL PAY AND VARIOUS INSURANCE AND INVESTMENT PROGRAMS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 73744 0 1 105 1 1 1 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X KEVIN FINNERAN 7344559200 9200 HAGGERTY ROAD PLYMOUTH MI 48170 ALONZO GLAZE CHAIRPERSON 2.00 0.00 X X 0 0 0 STEVEN RODRIGUEZ VICE CHAIRPERSON 2.00 0.00 X X 0 0 0 WILLIAM WOOSTER TREASURER 2.00 0.00 X X 0 0 0 ROBIN J E LONG SECRETARY 2.00 0.00 X X 0 0 0 AMY MCQUISTON DIRECTOR 2.00 0.00 X 0 0 0 MICHELLE RANDALL DIRECTOR 2.00 0.00 X 0 0 0 GREGORY BARACY DIRECTOR 2.00 0.00 X 0 0 0 SCOTT SZUKAITIS DIRECTOR 2.00 0.00 X 0 0 0 DEBORAH ELLISTON DIRECTOR 2.00 0.00 X 0 0 0 ROBERT SANDERCOCK CHIEF EXECUTIVE OFFICER 38.00 0.00 X 1905120 0 100081 KEVIN FINNERAN CHIEF FINANCIAL OFFICER 38.00 0.00 X 294678 0 72578 HENRY WILLSON EXECUTIVE VICE PRESIDENT 38.00 0.00 X 480007 0 85564 JEFFREY CUSMANO VICE PRESIDENT 38.00 0.00 X 331794 0 64286 LISA KANIA BRANCH MANAGER 38.00 0.00 X 180512 0 51734 EMILY FRICKS MARKETING SUPERVISOR 38.00 0.00 X 161360 0 41668 ANDREA KLEBBA EXECUTIVE ASSISTANT 38.00 0.00 X 171693 0 48766 KELLY BOROWSKI BRANCH MANAGER 38.00 0.00 X 140930 0 45191 NICHOLE HATCH BRANCH MANAGER 38.00 0.00 X 130027 0 43588 JOSHUA COLLOM IT SUPERVISOR 38.00 0.00 X 135936 0 34459 KYLE HARRIS DIGITAL SERVICES MANAGER 38.00 0.00 X 138565 0 43397 4070622 0 631312 15 0 1 0 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 CORE PROCESSING SYSTEM, ETC. 3169257 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 1651239 CO-OP FINANCIAL SERVICES 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 SHARED BRANCHING, ATM NETWORK, DEBIT CAR 642092 CBTS - ALTAFIBER 221 E FOURTH ST CINCINNATI OH 45201 COMMUNICATION & NETWORK LINES 446558 DIEBOLD NIXDORF PO BOX 643543 PITTSBURGH PA 15264 ATM MACHINES & DRIVE THRU 123552 9 LOAN INTEREST 522100 22253242 22253242 FEE/OTHER INCOME 524298 4437453 4385048 52405 26690695 7875067 7875067 33335 4115 29220 29220 29220 44633000 44581297 51703 51703 51703 34646685 34565060 52405 29220 3769381 4100899 1444913 1724066 494356 373348 1710 490750 1397915 4429487 1846228 8577 276384 4395581 662797 144132 LOAN SERVICING 3522195 PROVISION FOR LOAN LOSS 1490880 OTHER OPERATING EXPENSE 366940 EXCISE TAX 161176 31101715 1424098 922531 16335579 29225093 521809011 514007910 967264 1594325 24026275 16450305 7676888 7575970 449271500 412160222 16306358 17144365 24059045 23945111 1037849743 1006575527 6640282 7700406 965929278 915283890 972569560 922984296 X 0 0 0 0 65280183 83591231 65280183 83591231 1037849743 1006575527 X 3544970 15862487 -1096409 X X 0 1 X 1 0 2910860 2910860 9966527 6517026 3449501 11148888 9933279 1215609 7575970 121815 C FEDERAL AGENCY SECURITIES 71727889 C CORPORATE BONDS 114314607 C MUNICIPAL BONDS 163040995 C COLLATERALIZED MORTGAGE OBLIGATIONS 62433285 C SMALL BUSINESS ADMINISTRATION SECURITY 521631 C 412160222 MEMBER SHARES 915283890 915283890 X 1 1 X X 0 0 0 ROBERT SANDERCOCK CHIEF EXECUTIVE OFFICER 975638 0 922000 0 7482 0 56672 0 43409 0 2005201 0 0 0 HENRY WILLSON EXECUTIVE VICE PRESIDENT 363530 0 51000 0 65477 0 51386 0 34178 0 565571 0 0 0 JEFFREY CUSMANO VICE PRESIDENT 285890 0 45000 0 904 0 48396 0 15890 0 396080 0 0 0 KEVIN FINNERAN CHIEF FINANCIAL OFFICER 251146 0 40000 0 3532 0 42630 0 29948 0 367256 0 0 0 LISA KANIA BRANCH MANAGER 170131 0 10000 0 381 0 23053 0 28681 0 232246 0 0 0 ANDREA KLEBBA EXECUTIVE ASSISTANT 151543 0 20000 0 150 0 21940 0 26826 0 220459 0 0 0 EMILY FRICKS MARKETING SUPERVISOR 156600 0 4125 0 635 0 20010 0 21658 0 203028 0 0 0 KELLY BOROWSKI BRANCH MANAGER 134893 0 5500 0 537 0 17744 0 27447 0 186121 0 0 0 KYLE HARRIS DIGITAL SERVICES MANAGER 128462 0 10000 0 103 0 17671 0 25726 0 181962 0 0 0 NICHOLE HATCH BRANCH MANAGER 123852 0 6000 0 175 0 16255 0 27333 0 173615 0 0 0 JOSHUA COLLOM IT SUPERVISOR 135804 0 0 0 132 0 16946 0 17513 0 170395 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS INCLUDED WITH EXECUTIVE TRAVEL. THE CREDIT UNION HAS POLICIES REGARDING PAYMENT OR REIMBURSEMENT FOR ALL EXPENSES. TRAVEL FOR COMPANIONS IS NOT TREATED AS TAXABLE INCOME. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE, AND VOTING. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED AT THE ANNUAL MEETING. EVERY YEAR THREE OF THE NINE SEATS ARE ELECTED FOR A THREE YEAR TERM. FORM 990, PART VI, SECTION A, LINE 7B CREDIT UNION DECISIONS THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE MERGERS, FIELD OF MEMBERSHIP CHANGES AND BY-LAW CHANGES. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE CFO PRIOR TO SUBMISSION TO THE IRS. THE RETURNS ARE MADE AVAILABLE TO THE BOARD OF DIRECTORS FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES SIGN AN ACKNOWLEDGEMENT OF THE CREDIT UNION POLICIES UPON HIRE WITH EACH REVISION. CONFLICT OF INTEREST IS INCLUDED. BOARD MEMBERS SIGN A CODE OF ETHICS AGREEMENT WHICH SPECIFICALLY ADDRESSES CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS PERFORMS AN EVALUATION OF THE CEO. COMPENSATION IS DETERMINED THROUGH SALARY SURVEY AND COMPARISON TO SELECT PEER GROUP. IT IS BASED ON AN EMPLOYMENT CONTRACT AND INCREASES ARE APPROVED BY THE BOARD OF DIRECTORS. CFO AND KEY EMPLOYEES ARE EVALUATED BY THE CEO. THE CEO DETERMINES THE SALARY BASED ON COMPENSATION SURVEYS, ETC. THE LAST COMPENSATION REVIEW WAS DURING THE BUDGET PROCESS IN 2023. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. OTHER DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN POSTRETIREMENT HEALTH BENEFITS -450,409. CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE -646,000. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART X, LINE 5 AND SCHEDULE L: SCHEDULE L IS NOT REQUIRED FOR LOANS RECEIVABLE BALANCES ON FORM 990, PART X, LINE 5 IF THE LOANS ARE MADE BY THE CREDIT UNION TO THE DIRECTORS, OFFICERS, AND KEY EMPLOYEES ON THE SAME TERMS OFFERED TO OTHER MEMBERS OF THE CREDIT UNION. THEREFORE, THE CREDIT UNION HAS INCLUDED $2,323,463 AND $2,033,965 OF RECEIVABLES FROM CURRENT OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES, AND HIGHEST COMPENSATED EMPLOYEES FOR 2023 AND 2022, RESPECTIVELY, WITHIN FORM 990, PART X, LINE 7. INTERCOUNTY FINANCIAL SERVICES INC DBA MICH EDU FIN SVCS 9200 HAGGERTY ROAD PLYMOUTH MI 48170 383245456 MORTGAGE LOAN WAREHOUSING MI MICHIGAN EDUCATIONAL CREDIT UNION C 218158 5691589 1.00000 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTERCOUNTY FINANCIAL SERVICES LTD A 176720 CASH PAYMENT