2024-06-28T17:42:10-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 381475121 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN CRED 7346767000 23670 TELEGRAPH ROAD BROWNSTOWN MI 48134 T SCOTT KREINBRING CFO 7346753757 2024-06-28 1 T SCOTT KREINBRING XXX-XX-XXXX 0 JACK C TRACY P01974742 2482443000 2024-06-28 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z ADVANTAGE ONE CREDIT UNION CHRISTOPHER D CORKERY 23670 TELEGRAPH ROAD BROWNSTOWN MI 48134 15764672 0 X WWW.MYAOCU.COM X 1952 MI THE MISSION OF ADVANTAGE ONE CREDIT UNION IS TO OPERATE IN A SAFE AND SOUND MANNER WHILE MEETING THE FINANCIAL NEEDS OF ITS MEMBERSHIP. 7 7 70 7 33073 0 0 0 11874217 14774068 865960 957531 36950 33073 12777127 15764672 7500 7500 0 0 4494525 4681143 0 0 0 5650661 8934348 10152686 13622991 2624441 2141681 233999482 256404552 216346889 236584888 17652593 19819664 THE MISSION OF ADVANTAGE ONE CREDIT UNION IS TO OPERATE IN A SAFE AND SOUND MANNER WHILE MEETING THE FINANCIAL NEEDS OF ITS MEMBERSHIP. 0 0 LOANS - TOTAL LOANS GREW $17.2 MILLION, OR 10.15% IN 2023. GROWTH DOLLARS WERE DRIVEN BY INDIRECT LOANS WHICH GREW $8.5 MILLION (21.46%) AND CLOSED END HOME EQUITY LOANS WHICH GREW $4.2 MILLION (41.72%). CREDIT CARD LOANS GREW $1.7 MILLION (14.78%) AND UNSECURED PARTICIPATION LOANS GREW $1.5 MILLION (22.28%). LOAN GROWTH WAS STRONG EARLY IN THE YEAR AND INTENTIONALLY THROTTLED LATER IN THE YEAR BY LIQUIDITY CONSTRAINTS FELT BY THE INDUSTRY AS A WHOLE. NOT INCLUDING WAGES AND BENEFITS, 2023 LOAN EXPENSES TOTALED $1.6 MILLION. DEBIT CARDS - AS OF 12/31/2023, ADVANTAGE ONE CREDIT UNION HAD 11,327 DEBIT CARDS (UP FROM 10,999 LAST YEAR) REPRESENTING 63% OF THE NUMBER OF TOTAL MEMBERS. THE ASSOCIATED EXPENSE WITH THE PROGRAM IN 2023, WAS $747,000, EXCLUDING WAGES AND BENEFITS. HOME BANKING AND BILL PAY - ADVANTAGE ONE CREDIT UNION HAS 2,096 ONLINE BANKING USERS AND 982 BILL PAY USERS REPRESENTING 67.42% AND 5.47% OF TOTAL MEMBERS, RESPECTIVELY. THE NUMBER OF BILL PAY USERS INCREASED BY 32.17% IN 2023. NOT INCLUDING WAGES AND BENEFITS, ASSOCIATED PROGRAM EXPENSES TOTALED $369,000 IN 2023. 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 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 3146 0 1 70 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X T SCOTT KREINBRING 7346753757 23670 TELEGRAPH ROAD BROWNSTOWN MI 48134 RICHARD E LINDEMANN CHAIRPERSON 1.00 X 0 0 0 MARK RAGSDALE VICE CHAIRPERSON 1.00 X 0 0 0 MART BERTERA DIRECTOR 1.00 X 0 0 0 ANTHONY PASCARELLA SECRETARY 1.00 X 0 0 0 ROBERT J MATTERN TREASURER 1.00 X 0 0 0 SUE TRUSSEL DIRECTOR 1.00 X 0 0 0 BOB WALTERS DIRECTOR 1.00 X 0 0 0 CHRISTOPHER CORKERY CEO 55.00 X 334230 0 47820 SCOTT KREINBRING CFO 55.00 X 152131 0 19944 NICHOLAS SCHMITTER CLO 55.00 X 161885 0 20725 JESSICA SAWYER VP OF MEMBER EXPERIENCE 45.00 X 117584 0 26076 ALAN FREY CIO 45.00 X 128757 0 16887 894587 0 131452 5 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 DR/CR/ATM PROCESSING 1141255 ALKAMI 5601 GRANITE PARKWAY PLANO TX 75024 HOME BANKING/ BILL PAY 319216 LEVEL5 LLC 2018 POWERS FERRY RD SE SUITE 750 ATLANTA GA 30339 DESIGN AND BUILD 316030 JACK HENRY 663 W HWY 60 MONETT MO 65708 CORE PROCESSING 305671 LKCS 4130 PLANK ROAD PERU IL 61354 STATEMENT MAILER/MARKETING 164454 5 INCOME ON LOANS 522100 10611298 10611298 FEES/CHARGES/OTHER 522100 4162770 4162770 14774068 957531 957531 FINANCE AND INSURANCE 520000 33073 33073 33073 15764672 15731599 33073 0 X 7500 736735 2925327 278709 454178 286194 816951 94082 2077259 441664 23663 176069 2342401 29509 288253 LOAN SERVICING 1583356 PROVISION FOR LOAN LOSS 807184 MISCELLANEOUS 108416 TRAINING/DEVELOPMENT/ED 87127 58414 13622991 8189603 23107396 610268 703047 1596482 1629848 168771110 185077503 887867 964639 4457553 565428 4152418 3892125 45739900 36066632 433000 667100 3618834 4296262 233999482 256404552 1203054 1507128 13500000 215143835 221577760 216346889 236584888 X 0 0 0 0 17652593 19819664 17652593 19819664 233999482 256404552 X 2141681 771441 -746051 X X 0 1 X 1 0 1123759 1123759 2477231 217718 2259513 856563 347710 508853 3892125 MEMBER DEPOSITS 221577760 221577760 X 15764672 0 15764672 0 15764672 13622991 0 13622991 0 13622991 PART X, LINE 2: INCOME TAX IS NOT PROVIDED IN THE STATEMENTS OF INCOME AS THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES EXCEPT FOR TAXES ON UNRELATED BUSINESS INCOME, IF ANY. 1 0 0 SCHOLARSHIPS 3 7500 PART III SCHOLARSHIPS ARE AWARDED BASED ON VARIOUS CRITERIA INCLUDING BUT NOT LIMITED TO THE APPLICANTS' SCHOLASTIC ACHIEVEMENTS, COMMUNITY SERVICE AND CHARITY WORK. APPLICANTS ALSO ANSWER A SERIES OF ESSAY QUESTIONS. X X 1 1 X X 0 1 0 CHRISTOPHER CORKERY CEO 292509 0 30515 0 11206 0 26400 0 21420 0 382050 0 0 0 NICHOLAS SCHMITTER CLO 152452 0 9433 0 0 0 12951 0 7774 0 182610 0 0 0 SCOTT KREINBRING CFO 143131 0 9000 0 0 0 12170 0 7774 0 172075 0 0 0 PART I, LINE 4B THE CEO, CHRISTOPHER CORKERY PARTICIPATES IN A COLLATERAL ASSIGNED SPLIT DOLLAR ARRANGEMENT. CHRIS CORKERY CEO EXECUTIVE RETENTION PLAN X 1500000 1629848 0 1 1 1629848 SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE PARTICIPANT'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME UP TO THE PREMIUMS PAID INTO THE POLICIES. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOANS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE ORGANIZATION VOTE FOR VOLUNTEERS, OR BOARD OF DIRECTORS, THROUGH AN ELECTION PROCESS CONDUCTED AT AN ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B THE CEO AND CFO OVERSEE THE PREPARATION OF THE FORM 990 AS WELL AS THE REVIEW OF THE FORMS PRIOR TO FILING WITH THE IRS. A COPY WILL BE PROVIDED TO THE AUDIT COMMITTEE, WHICH IS A SUBSET OF THE BOARD OF DIRECTORS, AT THE FIRST QUARTERLY MEETING FOLLOWING THE FILING OF THIS RETURN. FORM 990, PART VI, SECTION B, LINE 12C POLICIES ARE REVIEWED REGULARLY, REVISED AS NECESSARY AND PRESENTED TO THE BOARD FOR APPROVAL. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THESE INDIVIDUALS ARE DETERMINED BY USING TOOLS SUCH AS SALARY SURVEY DATA THAT LOOK AT ITEMS SUCH AS ASSET SIZE, POSITION, SKILLS, AND EDUCATION. THIS INFORMATION IS GIVEN TO THE BOARD OF DIRECTORS TO LOOK AT, REVIEW, AND DETERMINE THE COMPENSATION AMOUNT. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. THE CREDIT UNIONS CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 816,951. FORM 990, PART IX, LINE 24E DIFS FEES 37,962. NO BOUNCE PROVISION 20,452. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -746,051. FORM 990, PART XII, LINE 2C WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.