2024-10-01T10:57:07-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 381418001 1199 CORNERSTONE COMMUNITY FINANCIAL CREDIT UNION 1199 2483409310 2955 UNIVERSITY DRIVE AUBURN HILLS MI 48326 HEIDI KASSAB CEO 2483409310 2024-09-26 1 0 JOSEPH ZITO CPA P00648440 2482443000 2024-09-26 2023 2024-10-15 13:58:12Z HEIDI KASSAB 2955 UNIVERSITY DR AUBURN HILLS MI 48326 24864783 0 1359 X WWW.CCFINANCIAL.COM X 1951 MI WE ARE COMMITTED TO BEING A LEADING COMMUNITY-FOCUSED CREDIT UNION THAT IS THE CORNERSTONE TO HELPING MEMBERS ACHIEVE THEIR FINANCIAL GOALS. 9 9 147 9 14114 0 0 0 20973348 23373963 617399 1476706 13252 14114 21603999 24864783 0 0 0 0 7695963 8701805 0 0 0 9184879 13909986 16880842 22611791 4723157 2252992 409250365 405800769 361318282 357952994 47932083 47847775 REVOLUTIONIZE THE SERVICE EXPERIENCE FULFILLING THE CHANGING NEEDS OF MEMBERS AND OUR COMMUNITIES. 0 0 SERVICE OVER $344 MILLION IN LOANS TO MEMBERS AS OF DECEMBER 31, 2023. PROVIDE DEPOSIT SERVICES TO OVER 24,000 MEMBERS. MEMBER DEPOSITS APPROXIMATED $313 MILLION AS OF DECEMBER 31, 2023. ESTABLISHED 1,575 NEW MEMBERSHIPS 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 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 5967 0 1 147 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X ROBERT STIER 2483731310 2955 UNIVERSITY DRIVE AUBURN HILLS MI 48326 LEO MOSES CHAIRPERSON 10.00 X 0 0 0 CHRIS BAKER TREASURER 5.00 X 0 0 0 TIMOTHY MCGLINCHEY VICE CHAIRPERSON 5.00 X 0 0 0 TIMOTHY GREEN SECRETARY 5.00 X 0 0 0 JOHN ELSE II DIRECTOR 5.00 X 0 0 0 DAVID WOODWARD DIRECTOR 5.00 X 0 0 0 LORI OZDOWY DIRECTOR 5.00 X 0 0 0 JACKIE MACON DIRECTOR 5.00 X 0 0 0 HEIDI KASSAB PRESIDENT/CEO 40.00 X 458728 0 48363 JENNIFER DICKEY CHIEF EXPERIENCE OFFICER 40.00 X 213327 0 33168 CHRISTOPHER MANGENO CHIEF LENDING OFFICER 40.00 X 188437 0 56950 MARK EVENSON CFO 40.00 X 163666 0 45872 ROBERT STIER CFO 40.00 X 23962 0 0 SUZANNE MARTIN VP OF RETAIL SALES 40.00 X 163987 0 21562 DAVID SHOSEY VP OF IT 40.00 X 156979 0 52322 STEVE FLORES VP OF OPERATIONS 40.00 X 145325 0 47497 AUTUMN NANASI VP OF CULTURE AND TALENT 40.00 X 140134 0 29804 ANDREA CORNELL HR BUSINESS PARTNER 40.00 X 105151 0 17622 HEATHER HERMES LOAN SERVICING MANAGER 40.00 X 104732 0 16957 CHRISTOPHER DEGEN LENDING MANAGER 40.00 X 103662 0 7643 1968090 0 377760 12 0 1 0 RONNISCH CONSTRUCTION GROUP 4327 DELEMERE CT ROYAL OAK MI 48073 CONSTRUCTION 832833 JACK HENRY AND ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE PROCESSING SYSTEM 763420 DIEBOLD PO BOX 643543 PITTSBURGH PA 15264 ATM SERVICING & REPLACEMENTS 601420 SUES LANDSCAPING 1000 BENSTEIN RD WALLED LAKE MI 48390 LANDSCAPING 256975 MARQUIS SOFTWARE SOLUTIONS INC PO BOX 660919 DALLAS TX 75266 CUSTOMER MANAGEMENT 255363 12 LOAN INCOME 522100 18215505 18215505 FEE INCOME 522100 5158458 5158458 23373963 1476706 1476706 FINANCE AND INSURANCE 520000 14114 14114 14114 24864783 23373963 14114 1476706 X 1627323 5404892 529892 619368 520330 44876 315570 2016 715194 607545 1329726 800919 61699 13338 5159698 62574 741800 -137264 PROVISION FOR LOAN LOSS 1353000 DEBIT/CREDIT CARD EXPEN 932057 LOAN SERVICING EXPENSE 922833 MAINTENANCE 367415 616990 22611791 2093713 2535553 27872120 24502823 1602492 2565099 5367457 5467290 343552025 340796894 1050455 1208733 21931458 11115773 10645573 10815685 145574 93121 9418121 9165373 7502835 8650198 409250365 405800769 3000871 2218764 30000000 42000000 328317411 313734230 361318282 357952994 X 0 0 0 0 47932083 47847775 47932083 47847775 409250365 405800769 X 2252992 44305 -2381605 X X 0 1 X 1 0 2663939 2663939 9937809 3689120 6248689 97797 34229 63568 7938480 6297667 1640813 1293433 1094757 198676 10815685 MEMBER SHARES 313734230 313734230 X 24864783 0 24864783 0 24864783 22611791 0 22611791 0 22611791 PART X, LINE 2: INCOME TAXES THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. THE CREDIT UNION'S OPEN AUDIT PERIOD IS FOR THE THREE YEAR PERIOD ENDED DECEMBER 31, 2023. X 1 1 X X X X X X 0 1 0 HEIDI KASSAB PRESIDENT/CEO 366135 0 92593 0 0 0 26400 0 21963 0 507091 0 0 0 JENNIFER DICKEY CHIEF EXPERIENCE OFFICER 184793 0 28534 0 0 0 32651 0 517 0 246495 0 0 0 CHRISTOPHER MANGENO CHIEF LENDING OFFICER 166303 0 22134 0 0 0 35350 0 21600 0 245387 0 0 0 MARK EVENSON CFO 135437 0 28229 0 0 0 28133 0 17739 0 209538 0 0 0 DAVID SHOSEY VP OF IT 139466 0 17513 0 0 0 30359 0 21963 0 209301 0 0 0 STEVE FLORES VP OF OPERATIONS 128183 0 17142 0 0 0 27931 0 19566 0 192822 0 0 0 SUZANNE MARTIN VP OF RETAIL SALES 155956 0 8031 0 0 0 12537 0 9025 0 185549 0 0 0 AUTUMN NANASI VP OF CULTURE AND TALENT 133211 0 6923 0 0 0 27407 0 2397 0 169938 0 0 0 PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, HEIDI KASSAB THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANT. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. THE CREDIT UNION HAS ESTABLISHED A 457(F) NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR CERTAIN MEMBERS OF MANAGEMENT. DURING 2023, THE CREDIT UNION RECOGNIZED AN ACCRUED EXPENSE FOR THE FOLLOWING EMPLOYEES TOWARD THEIR FUTURE EXPECTED BENEFIT PAYOUT: JENNIFER DICKEY: $23,264 CHRISTOPHER MANGENO: $21,337 DAVID SHOSEY: $18,491 STEVE FLORES: $18,203 AUTUMN NANASI: $16,685 HEIDI KASSAB PRESIDENT/CEO TO FUND SPLIT DOLLAR PLAN X 4750000 5467290 0 1 1 5467290 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERSHIP ELECTS THE BOARD OF DIRECTORS WHICH GOVERN THE OPERATIONS OF THE CREDIT UNION. 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 FORM 990 IS PREPARED BY AN INDEPENDENT CPA FIRM AND REVIEWED BY MANAGEMENT PRIOR TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C ACCOUNT RELATIONSHIPS ARE MONITORED BY THE INTERNAL AUDITOR. ANY BUSINESS RELATIONSHIPS WOULD BE REVIEWED BY THE CEO OR CHAIRMAN AS APPLICABLE. FORM 990, PART VI, SECTION B, LINE 15 AN INDEPENDENT CONSULTANT IS USED IN THE REVIEW PROCESS OF THE CEO. THE BOARD REVIEWS THE EVALUATION AND COMPENSATION LEVELS. ALL OTHER EMPLOYEES ARE REVIEWED BY THEIR SUPERVISOR AND EVALUATIONS ARE APPROVED BY THE CEO. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 24E EDUCATION AND TRAINING 295,522. MISCELLANEOUS EXPENSES 239,642. ATM EXPENSES 81,826. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -2,381,605. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM PREVIOUS YEARS.