2024-09-22T21:18:37-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 380546210 CREDIT UNIONS CHARTERED IN THE STATE OF SOVITA CREDIT UNION CRED 8107208300 PO BOX 320830 FLINT MI 48532 PATRICK WHITE GENERAL MANAGER/CEO 8107208300 2024-09-16 1 0 JACK TRACY P01974742 2482443000 2024-09-10 2023 2024-08-08 14:25:15Z SOVITA CREDIT UNION PATRICK WHITE 4411 CALKINS ROAD FLINT MI 48532 18274970 0 1359 X SOVITACU.ORG X 1934 MI TO BECOME THE PRIMARY FINANCIAL SERVICES PROVIDER FOR OUR MEMBERS THROUGH OUR CONTINUAL EFFORT TO EXEMPLIFY COURTEOUS, RELIABLE, COMPREHENSIVE AND PROMPT SERVICES THAT ARE COMPETITIVE WITH THE MARKET AND CORRESPOND TO THE NEEDS OF OUR MEMBERS. 7 5 103 7 25658 0 0 0 7419632 8685209 6425680 9564103 39809 25658 13885121 18274970 92343 96746 0 0 4714800 4841583 0 0 0 5553912 7836044 10361055 12774373 3524066 5500597 520943774 508496724 468965967 444865823 51977807 63630901 TO BECOME THE PRIMARY FINANCIAL SERVICES PROVIDER FOR OUR MEMBERS THROUGH OUR CONTINUAL EFFORT TO EXEMPLIFY COURTEOUS, RELIABLE, COMPREHENSIVE AND PROMPT SERVICES THAT ARE COMPETITIVE WITH THE MARKET AND CORRESPOND TO THE NEEDS OF OUR MEMBERS. 0 0 SHARE DRAFTS AND MONEY MARKET ACCOUNTS - $230,906,456 SHARE ACCOUNTS - $149,096,759 CERTIFICATES OF DEPOSIT - $62,728,864 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 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 9169 0 1 103 1 1 1 0 0 0 0 0 0 0 X 7 5 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X PATRICK WHITE 8107208300 4411 CALKINS RD FLINT MI 48532 PATRICK WHITE CEO 40.00 X X 318240 0 26519 PATRICK HAGEDORN COO/BOARD SECRETARY 3.00 X X 24082 0 0 JEFFREY CLOTHIER BOARD MEMBER 1.00 X 0 0 0 PATRICIA R GOOCH BOARD PRESIDENT 1.00 X 0 0 0 SAM PARASCHOS BOARD VICE PRESIDENT 1.00 X 0 0 0 JOSEPH EUFINGER BOARD TREASURER 1.00 X 0 0 0 ANDRE WEATHERS BOARD MEMBER 1.00 X 0 0 0 DANIEL FONDREN VICE PRESIDENT OF FINANCE 40.00 X 165940 0 49543 JILL KRUYER VICE PRESIDENT OF MEM SERV 40.00 X 161044 0 74286 MICHAEL FURST VICE PRESIDENT OF LENDING 40.00 X 162220 0 6490 831526 0 156838 4 0 1 0 FISERV 75 REMITTANCE DR STE 1649 CHICAGO IL 60675 DATA PROCESSING 606314 THE KARMA GROUP 118 S ADAMS ST GREEN BAY WI 54301 MARKETING AND ADVERTISING 327725 VISA USA PO BOX 742233 LOS ANGELES CA 90074 DEBIT & CREDIT CARD PROCESSING 298240 FIS GLOBAL (METAVANTE) PO BOX 4535 CAROL STREAM IL 60197 ATM & DEBIT CARD PROCESSING 212685 FIS (CERTEGY) 11601 N ROOSEVELT BLVD ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 191389 6 LOAN INCOME 522100 5568449 5568449 FEE INCOME 522100 3116760 3116760 8685209 9564103 9564103 FINANCE & INSURANCE 520000 21113 21113 RENTAL ACTIVITIES 530000 4545 4545 25658 18274970 18249312 25658 0 X 96746 584324 3214450 184512 570490 287807 34042 75394 105000 28815 575529 866618 754795 406002 18612 3239051 16957 348540 117599 DEBIT/CREDIT EXPENSES 826086 ATM EXPENSES 226413 MAINTENANCE 204600 PROVISION FOR LOAN LOSS 145111 -153120 12774373 1580737 1351176 58014236 58955496 504641 898186 118769875 129471839 282065 201557 10423100 5855415 4576814 4567685 308835449 284783516 17522002 17908339 39650 10818305 10358930 520943774 508496724 1426285 2133744 467539682 442732079 468965967 444865823 X 0 0 0 0 51977807 63630901 51977807 63630901 520943774 508496724 X 5500597 6878139 -725642 X X 0 1 X 1 0 937807 937807 7841552 4377153 3464399 56361 44833 11528 1587380 1433429 153951 4567685 SHARE DRAFTS 85198761 SHARES 149096759 MONEY MARKET 145707695 SHARE AND IRA CERTIFICATES 62728864 442732079 X 18274970 0 18274970 0 18274970 12774373 0 12774373 0 12774373 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. 1 HURLEY FOUNDATION ONE HURLEY PLAZA FLINT MI 48503 383085047 501(C)(3) 7673 0 CHARITABLE CONTRIBUTION MCLAREN FOUNDATION 401 BALLENGER HWY FLINT MI 48532 382383119 501(C)(3) 9000 0 CHARITABLE CONTRIBUTION GENESEE COUNTY MEDICAL SOCIETY 4438 OAK BRIDGE DR SUITE B FLINT MI 48532 381347755 501(C)(3) 16000 0 CHARITABLE CONTRIBUTION EDUCATION FOUNDATION FOR FLINT COMMUNITY SCHOOLS PO BOX 13443 FLINT MI 48501 261289650 501(C)(3) 7500 0 CHARITABLE CONTRIBUTION LEADERFUND 250E SECOND ST LAPER MI 48446 473543286 501(C)(3) 10000 0 CHARITABLE CONTRIBUTION 5 0 PART I, LINE 2: SOVITA CREDIT UNION IS THE LEAD SPONSOR OF THE EDUCATION FOUNDATION FOR FLINT COMMUNITY SCHOOLS. ADDITIONALLY, A CREDIT UNION EMPLOYEE SITS ON THE FOUNDATION'S COMMITTEE. EACH MONTH, PRINCIPALS OF FLINT COMMUNITY SCHOOLS NOMINATE A TEACHER FROM HIS/HER SCHOOL TO BE RECOGNIZED BY THE FOUNDATION FOR OUTSTANDING PERFORMANCE. THE WINNER IS AWARDED A GIFT CARD AT A CEREMONY PUT ON BY THE FOUNDATION. THEN, ONCE A YEAR, THE FOUNDATION HOLDS A DINNER/AWARDS CEREMONY TO RECOGNIZE THOSE AWARDED THROUGHOUT THE YEAR AND TO PRESENT AWARDS TO OTHER EDUCATORS AND ADMINISTRATORS. CREDIT UNION PERSONNEL ATTEND THIS EVENT AS WELL. THE HURLEY AND MCLAREN FOUNDATIONS SUPPORT THE ACTIVITIES OF THE HOSPITALS BY PROVIDING FUNDING FOR EQUIPMENT AND ITEMS THAT SUPPORT THE HOSPITALS, STAFF, AND PATIENTS. CREDIT UNION PERSONNEL ATTEND EVENTS SPONSORED BY THE FOUNDATIONS AND SIT ON COMMITTEES THAT PLAN FUNDRAISING EVENTS AND ACTIVITIES. HIGHLIGHTS REGARDING EACH FOUNDATION'S USE OF FUNDS ARE SHARED WITH THE CREDIT UNION. THE GENESEE COUNTY MEDICAL SOCIETY PROVIDES EDUCATION AND TRAINING TO PHYSICIANS AND THEIR STAFF. THE CREDIT UNION PARTICIPATES IN THE EDUCATION AND TRAINING EVENTS AND COMMUNICATES REGULARLY WITH THE PRESIDENT AND BOARD ABOUT THE SOCIETY'S ACTIVITIES. THE LEADER FUND FINANCIALLY SUPPORTS ACADEMIC AND ATHLETIC ENDEAVORS WITHIN THE LAPEER COMMUNITY SCHOOLS IN ORDER TO ASSIST STUDENTS AND FACULTY IN THEIR PURSUIT OF EXCELLENCE. THE CREDIT UNION RECEIVES HIGHLIGHTS REGARDING THE FOUNDATION'S USE OF FUNDS AND COMMUNICATES WITH THE FOUNDATION CHAIRMAN ON FOUNDATION ACTIVITIES. X 1 1 X X X X 0 1 0 PATRICK WHITE CEO 299466 0 2250 0 16524 0 8474 0 18045 0 344759 0 0 0 JILL KRUYER VICE PRESIDENT OF MEM SERV 158016 0 2250 0 778 0 0 0 74286 0 235330 0 0 0 DANIEL FONDREN VICE PRESIDENT OF FINANCE 163182 0 2250 0 508 0 0 0 49543 0 215483 0 0 0 MICHAEL FURST VICE PRESIDENT OF LENDING 158592 0 2250 0 1378 0 0 0 6490 0 168710 0 0 0 PART I, LINE 4B THE CEO, PATRICK WHITE, PARTICIPATES IN A 457(F) DEFERRED COMPENSATION PLAN. AS OF DECEMBER 31, 2023, THE BALANCE OF THE DEFERRED COMPENSATION BENEFIT LIABILITY APPROXIMATED $182,000. FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A WHEN A BOARD MEMBER'S TERM IS UP, WE HAVE AN ELECTION WHERE OUR MEMBERSHIP VOTES, TO EITHER RE-ELECT A DIRECTOR OR ELECT A NEW DIRECTOR. 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 INFORMATION IS PROVIDED TO A CPA FIRM THAT COMPILES THE RETURN. FORM 990 IS REVIEWED BY ACCOUNTANTS AND MANAGEMENT PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C TOP OFFICIALS AND ALL EMPLOYEES ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 CUNA COMPENSATION SURVEYS ARE USED BY BOARD OF DIRECTORS TO DETERMINE THE COMPENSATION OF OFFICERS AND TOP MANAGEMENT. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. QUARTERLY FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC VIA NCUA.GOV. FORM 990, PART IX, LINE 24E TRAINING/DEVELOPMENT/EDUCATION 29,484. LOAN SERVICING -15,440. MISCELLANEOUS EXPENSES -167,164. FORM 990, PART XI, LINE 9: NET CHANGE IN UNREALIZED GAINS/(LOSSES) ON PENSION PLAN OBLIGATIONS -438,201. CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -287,441. FORM 990, PART XII, LINE 2C: WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE CREDIT UNION'S FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.