2024-10-07T15:39:16-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 380481580 MICHIGAN FIRST CREDIT UNION MICH 8006643828 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 JENNIFER BOROWY CEO 8006643828 2024-10-07 1 0 JACK TRACY P01974742 2482443000 2024-09-27 2023 2024-10-15 13:58:12Z JENNIFER BOROWY 27000 EVERGREEN LATHRUP VILLAGE MI 48076 144760268 0 1359 X WWW.MICHIGANFIRST.COM X 1926 MI TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS. 9 9 633 12 1043395 0 1926973 465959 74628721 86027639 5785135 10259562 26208933 26877020 108549762 123630180 80000 123000 0 0 43604071 44162745 0 0 0 49182776 61917307 92866847 106203052 15682915 17427128 1481564249 1510727460 1322753368 1330840147 158810881 179887313 TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS. 0 0 ORIGINATED $161 MILLION IN CONSUMER LOANS DURING 2023. SERVED NEARLY 168,000 MEMBERS WITH AGGREGATE DEPOSIT ACCOUNTS THAT APPROXIMATED $1.1 BILLION AS OF DECEMBER 31, 2023. ORIGINATED $157 MILLION IN MORTGAGE LOANS DURING 2023. 0 1 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 1 0 1 29244 0 1 633 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 JANET BARDEN 2487276715 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 LINDA HEIGHT BOARD CHAIRPERSON 1.00 X 0 0 0 DEIRDRE SCOTT VICE CHAIRPERSON 1.00 X 0 0 0 MIKE HOHF TREASURER 1.00 X 0 0 0 NADINE TIBBS-STALLWORTH SECRETARY 1.00 X 0 0 0 DANDRIDGE FLOYD DIRECTOR 1.00 X 0 0 0 DONNA VANDERVRIES DIRECTOR 1.00 X 0 0 0 INES DE JESUS DIRECTOR 1.00 X 0 0 0 LUIS CELY DIRECTOR 1.00 X 0 0 0 SHEILA ANDERSON DIRECTOR 1.00 X 0 0 0 JENNIFER BOROWY CHIEF EXECUTIVE OFFICER 50.00 X 606632 0 38603 JENNIFER GLENFIELD CHIEF MARKETING OFFICER 50.00 X 290303 0 45673 JANET BARDEN CHIEF FINANCIAL OFFICER 50.00 X 281471 0 30159 DELONAKA EDWARDS CHIEF OPERATIONS OFFICER 50.00 X 245777 0 16547 DANIEL SUGG CHIEF MORTGAGE OFFICER 50.00 X 471393 0 70354 GERALD BETTENS CHIEF INFORMATION OFFICER 50.00 X 336615 0 83343 PATRICIA JONES CHIEF HUMAN RESOURCES OFFICER 50.00 X 602948 0 114921 SUSAN POSTEMSKI CHIEF DATA ANALYTICS OFFICER 50.00 X 304906 0 77387 JEFFREY FITRZYK CHIEF LENDING OFFICER 50.00 X 302244 0 77958 BRIAN MCCOWN AVP, MORTGAGE OPERATIONS 45.00 X 247818 0 33662 LARRY RICE DIRECTOR OF IT SERVICE DEL 45.00 X 231432 0 36619 MARY ALFARO DIRECTOR OF RISK MANAGEMENT 45.00 X 151176 0 16178 MATTHEW WEST MORTGAGE LOAN OFFICER 40.00 X 410750 0 33012 DIEGO ARTEAGA ARCILA MORTGAGE LOAN OFFICER 40.00 X 194395 0 33697 DONGCHAN VU SOFTWARE ENGINEERING MANAG 45.00 X 185305 0 25152 ANDREW TOWNE MORTGAGE BRANCH MANAGER 45.00 X 183094 0 32407 CLIFFORD MURRAY AVP, PAYMENT SOLUTIONS 45.00 X 158994 0 30910 5205253 0 796582 57 0 1 0 TRACE3 PO BOX 603915 CHARLOTTE NC 28260 PHONE & NETOWRK SUPPORT AND LICENSING 4220822 ETKIN 200 FRANKLIN CENTER 29100 NORTHWES SOUTHFIELD MI 48034 BLDG MAINTENANCE/ PROPERTY MANAGEMENT 2248698 ALIMAR SECURITY INC 24870 FORTERRA WARREN MI 48089 SECURITY GUARDS AT BRANCHES 1616269 DIEBOLD NIXDORF INC PO BOX 643543 PITTSBURGH PA 15264 ATM MACHINES 1190950 ALLIED SOLUTIONS LLC 350 VETERANS WAY STE 200 CARMEL IN 46032 VSI PREMIUMS, 2ND MTG & HELOC 1070783 66 465959 465959 MEMBER LOAN INCOME 522100 62819959 62819959 FEE INCOME 522100 23207680 23207680 86027639 8878426 8878426 44052 0 44052 44052 44052 8665958 13845266 7396282 13733806 1269676 111460 1381136 1381136 MONEY NOW INCOME 522100 19322739 19322739 MORTGAGE SERVICING 522100 5477789 5477789 FINANCE AND INSURANCE INCOME 520000 1043395 1043395 989045 989045 26832968 123630180 113242400 1043395 8878426 X 123000 4714119 30338256 1511087 4945342 2653941 629972 682442 101570 64181 2704371 4416793 4306911 3663489 345636 14291 13645223 5613192 285878 PROVISION FOR LOAN LOSS 9433810 CREDIT/DEBIT EXPENSES 6018419 TRAINING/DEVELOPMENT/ED 2390690 MAINTENANCE 1884354 5716085 106203052 19313460 17906946 75175744 124098761 2196312 3836191 7258828 7470060 1066798530 1061828909 2323623 2994149 118298965 48292645 69192341 70006320 185753770 164524472 9570100 12045100 75190 37595 43906351 45978957 1481564249 1510727460 29844480 31677700 2019600 1438629 190000000 250000000 1100889288 1047723818 1322753368 1330840147 X 0 0 0 0 158810881 179887313 158810881 179887313 1481564249 1510727460 X 17427128 4473382 -824078 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 5888109 5888109 61729496 12354518 49374978 10376465 7945178 2431287 40304895 27992949 12311946 70006320 SHARES 515720134 SHARE DRAFTS 254405628 MONEY MARKET 151618015 CD 114310206 IRA SAVINGS 9957707 CLUB ACCOUNTS 1712128 1047723818 X PART IV, LINE 2B: THE CREDIT UNION COLLECTS (ON A MONTHLY BASIS) PAYMENT FROM MEMBERS WITH MORTGAGE LOANS OUTSTANDING. AS STIPULATED BY THE AGREEMENT SIGNED BY BOTH PARTIES, THE MONTHLY PAYMENT FOR EACH MEMBER INLCUDES PRINCIPAL, INTEREST, AND ESCROWS. ESCROWS ARE USED TO PAY TAXES AND INSURANCE ON THE PROPERTY. 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. 0 MICHIGAN FIRST FOUNDATION INC 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 272487933 501(C)(3) 123000 0 TO ASSIST THE FOUNDATION IN SUPPORTING COMMUNITY AGENCIES AND ORGANIZATIONS AND TO PROVIDE SCHOLARSHIPS TO STUDENTS 1 X X X X 0 1 0 PATRICIA JONES CHIEF HUMAN RESOURCES OFFICER 286539 0 16237 0 300172 0 108442 0 6479 0 717869 0 0 0 JENNIFER BOROWY CHIEF EXECUTIVE OFFICER 549947 0 50437 0 6248 0 18899 0 19704 0 645235 0 0 0 DANIEL SUGG CHIEF MORTGAGE OFFICER 255156 0 216237 0 0 0 49504 0 20850 0 541747 0 0 0 MATTHEW WEST MORTGAGE LOAN OFFICER 125408 0 285342 0 0 0 11810 0 21202 0 443762 0 0 0 GERALD BETTENS CHIEF INFORMATION OFFICER 317693 0 16237 0 2685 0 81538 0 1805 0 419958 0 0 0 SUSAN POSTEMSKI CHIEF DATA ANALYTICS OFFICER 288669 0 16237 0 0 0 58915 0 18472 0 382293 0 0 0 JEFFREY FITRZYK CHIEF LENDING OFFICER 286007 0 16237 0 0 0 54502 0 23456 0 380202 0 0 0 JENNIFER GLENFIELD CHIEF MARKETING OFFICER 272116 0 17737 0 450 0 45673 0 0 0 335976 0 0 0 JANET BARDEN CHIEF FINANCIAL OFFICER 265234 0 16237 0 0 0 10433 0 19726 0 311630 0 0 0 BRIAN MCCOWN AVP, MORTGAGE OPERATIONS 233711 0 14107 0 0 0 12010 0 21652 0 281480 0 0 0 LARRY RICE DIRECTOR OF IT SERVICE DEL 217238 0 14194 0 0 0 11163 0 25456 0 268051 0 0 0 DELONAKA EDWARDS CHIEF OPERATIONS OFFICER 230605 0 15172 0 0 0 11692 0 4855 0 262324 0 0 0 DIEGO ARTEAGA ARCILA MORTGAGE LOAN OFFICER 74764 0 119631 0 0 0 7191 0 26506 0 228092 0 0 0 ANDREW TOWNE MORTGAGE BRANCH MANAGER 90587 0 92507 0 0 0 8951 0 23456 0 215501 0 0 0 DONGCHAN VU SOFTWARE ENGINEERING MANAG 176156 0 9149 0 0 0 7529 0 17623 0 210457 0 0 0 CLIFFORD MURRAY AVP, PAYMENT SOLUTIONS 144440 0 14554 0 0 0 7454 0 23456 0 189904 0 0 0 MARY ALFARO DIRECTOR OF RISK MANAGEMENT 135122 0 16054 0 0 0 7029 0 9149 0 167354 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS ESTABLISHED NON-QUALIFIED DEFINED COMPENSATION PLANS FOR CERTAIN KEY EXECUTIVES. THE DEFERRED COMPENSATION BENEFIT PAYABLE AS OF DECEMBER 31, 2023 FOR EACH PARTICIPANT WAS AS FOLLOWS: GERALD BETTENS $140,000 DANIEL SUGG $240,000 JEFFREY FITRZYK $160,000 JENNIFER GLENFIELD: $160,000 SUSAN POSTEMSKI: $400,000 PATRICIA JONES: $100,000 PATRICIA JONES RECEIVED A DEFERRED COMPENSATION PAYOUT OF $300,000 DURING 2023. MICHAEL POULOS FORMER PRESIDENT/CEO FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICIES X 6500000 7470060 0 1 1 7470060 FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THERE IS AN ANNUAL ELECTION IN WHICH THE MEMBERSHIP OF THE CREDIT UNION ELECTS THE BOARD OF DIRECTORS. 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 CFO AND ACCOUNTING/FINANCE MANAGER ARE RESPONSIBLE FOR THE COMPLETION AND REVIEW OF THE FORM 990 BEFORE FILING WITH THE IRS. THE ORGANIZATION DOES NOT PROVIDE A COPY OF FORM 990 TO THE GOVERNING BODY PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ANY CONFLICT OF INTEREST IS REPORTED TO THE CEO ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 SALARY RANGE REVIEW IS PERIODICALLY REVIEWED AND EVALUATED THROUGH THE ENGAGEMENT OF AN INDEPENDENT CONTRACTOR. THE LAST REVIEW WAS COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 24E SECURITY 1,614,518. LOAN SERVICING 1,489,933. MISCELLANEOUS 1,242,178. ATM EXPENSES 1,070,040. FRAUD LOSSES 213,469. ASSOCIATION DUES 40,227. IRA ADMIN FEES 29,220. HOME BANKING 16,500. FORM 990, PART XI, LINE 9: NET CHANGE IN POSTRETIREMENT BENEFIT PLAN: -824,078. FORM 990, PART XII, LINE 2C: A COMMITTEE EXISTS THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE ANNUAL FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. MICHIGAN FIRST INSURANCE AGENCY LLC 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 320485685 INSURANCE SERVICES MI 818166 2336169 MICHIGAN FIRST CREDIT UNION MICHIGAN FIRST FOUNDATION INC 27000 EVERGREEN RD LATHRUP VILLAGE MI 48076 272487933 SCHOLARSHIPS & CHARITABLE CONTRIBUTIONS MI 501(C)(3) PF MICHIGAN FIRST CREDIT UNION 1 MICHIGAN FIRST TITTLE AGENCY LLC 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 884060473 TITTLE INSURANCE MI MICHIGAN FIRST CU RELATED 62693 57713 0 0 0.65000 MICHIGAN FIRST MORTGAGE 6501 HIGHLAND ROAD WATERFORD MI 48327 382964508 PROVIDES MORTGAGE ORIGINATION AND SERVICING TO MEMBERS OF THE ORGANIZATION MI MICHIGAN FIRST CREDIT UNION C 4785776 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MICHIGAN FIRST TITLE AGENCY LLC B 6500 ACTUAL CAPITAL CONTRIBUTION MICHIGAN FIRST FOUNDATION INC B 123000 ACTUAL CONTRIBUTION