2024-11-13T16:25:36-05:00 2023-12-31 383133790 ANDREWS HOOPER PAVLIK PLC 5300 GRATIOT RD SAGINAW MI 486386035 990 2023-01-01 381435020 COPOCO COMMUNITY CREDIT UNION COPO 9896841873 PO BOX 1520 BAY CITY MI 487060520 DAVID BRANDT INTERIM CEO 9896841873 2024-11-11 true false KEVIN B HUNT P01830636 9894975300 2024-11-11 2023 2024-10-15 13:58:12Z DAVID BRANDT PO BOX 1520 BAY CITY MI 487060520 4560622 false X WWW.COPOCO.ORG X 1951 MI MEMBER OWNERS WITH A COMMON BOND 7 6 46 9 20522 0 3907924 3649994 926246 888278 34650 22350 4868820 4560622 0 0 2019755 1701228 0 0 2366169 4702086 4385924 6403314 482896 -1842692 116275135 107996151 112031226 104234234 4243909 3761917 TO PROVIDE EXCELLENCE IN SERVICE, HELPING EACH MEMBER REALIZE THEIR FINANCIAL GOALS AND DREAMS. false false THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES AND OTHER. THE TOTAL NUMBER OF MEMBERS AT 12/31/2023 WAS 9,164. THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREDIT CARD, VEHICLE AND OTHER. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/2023 WAS 5,694. THE CREDIT UNION OFFERS ATM SERVICES, CHECK CASHING, WIRE TRANSFERS, INSURANCE/INVESTMENT SALES, BILL PAY, OVERDRAFT/COURTSEY PAY, FINANCIAL EDUCATION, GIFT CARDS, MONEY ORDERS, AND ELECTRONIC FUND TRANSFERS TO ALL ELIGIBLE MEMBERS. false false false false false false false false false true false false false true true true false false false false false false false false false false false false false false false false false false false false false false false false false false false true 783 0 true 46 true true true false false false false false false false X 7 6 false false false false true true true true true false false true true true true true true false true false X KENDRA CHRISTENSEN 9896841873 PO BOX 1520 BAY CITY MI 487060520 DOREEN SMITH CEO/TREASURE 40.00 X X 121530 0 26013 KENDRA CHRISTENSEN COO 40.00 X 83521 0 8322 MERI SUE ENGERS DIRECTOR 1.00 X 0 0 0 SEAN KELLY SECRETARY 1.00 X X 0 0 0 TREVOR KEYES DIRECTOR 1.00 X 0 0 0 HAROLD MILLER DIRECTOR 1.00 X 0 0 0 ALAN SHURKEY CHAIRPERSON 1.00 X X 0 0 0 JOHN TIPPMAN VICE CHAIR 1.00 X X 0 0 0 205051 34335 1 false false false FISERV PO BOX 934057 ATLANTA GA 311934057 DATA PROCESSING 377025 1 LOAN INTEREST INCOME 522100 2877900 2877900 FEE INCOME 524298 751572 751572 INSURANCE REIMBURSEMENTS 524298 10674 10674 NON MEMBER ATM FEES 525990 9848 9848 3649994 888278 888278 22350 22350 22350 22350 4560622 3651822 20522 888278 239386 239386 961906 961906 199799 199799 215634 215634 84503 84503 62910 62910 81123 81123 14773 14773 475972 475972 115295 115295 206259 206259 388728 388728 323882 323882 24329 24329 516015 516015 128029 128029 36772 36772 COLLECTIONS OVER/SHORT 1175824 1175824 PROVISION FOR LOAN LOSSES 411819 411819 LOAN SERVICING 342341 342341 ATM FEES 151371 151371 246644 246644 6403314 6403314 0 0 301595 1756384 8038344 377788 827849 331178 55778648 55108515 197549 6803703 3371446 3483437 3432257 2690410 42498688 43693771 2876602 1263532 1614739 116275135 107996151 3827020 1258760 108204206 102975474 112031226 104234234 X 4243909 3761917 4243909 3761917 116275135 107996151 X -1842692 694502 666198 X false true X true false 527204 527204 4239006 1503288 2735718 2037493 1868158 169335 3432257 MEMBER SHARES & DEPOSITS 102975474 102975474 X 4560622 4560622 4560622 6403314 6403314 6403314 SCHEDULE D, PAGE 3, PART X THE CREDIT UNION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER 501(C)14 OF THE INTERNAL REVENUE CODE. HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO THE CREDIT UNIONS TAX-EXEMPT PURPOSE MAY BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME (UBI). SINCE THE CREDIT UNION IS EXEMPT FROM FEDERAL INCOME TAXES AND UBI ACTIVITY IS NOT SIGNIFICANT, NO PROVISION FOR INCOME TAXES IS INCLUDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. ALL TAX YEARS FROM 2020 REMAIN OPEN TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. THE CREDIT UNION DOES NOT BELIEVE THAT THE RESULTS FROM ANY EXAMINATION OF THESE OPEN YEARS WOULD HAVE A MATERIAL ADVERSE EFFECT ON THE CREDIT UNION. SCHEDULE D, PAGE 4, PART XIII THE CREDIT UNION WAS AUDITED FOR THE 18-MONTH PERIOD ENDED DECEMBER 31, 2023; THEREFORE, THE RECONCILIATION OF REVENUE AND EXPENSES PER AUDITED FINANCIAL STATEMENTS WITH REVENUE AND EXPENSES PER RETURN (SCHEDULE D PARTS XI AND XII) WERE NOT PREPARED. FORM 990, PAGE 6, PART VI, LINE 6 SECTION 501(C)(14) CREDIT UNION IS COMPOSED OF MEMBERS. FORM 990, PAGE 6, PART VI, LINE 7A MEMBERS VOTE ON BYLAW AND CHARTER CHANGES. MEMBERS VOTE AND ELECT BOARD MEMBERS AT ANNUAL MEETING. FORM 990, PAGE 6, PART VI, LINE 7B BOARD OF DIRECTOR DECISIONS THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE MERGERS, CHARTER CHANGES, BY-LAW CHANGES AND FIELD OF MEMBERSHIP CHANGES. FORM 990, PAGE 6, PART VI, LINE 11B MANAGEMENT AND THE BOARD REVIEWS FORM 990 PRIOR TO FILING. FORM 990, PAGE 6, PART VI, LINE 12C EMPLOYEE LOANS ARE MANAGEMENT APPROVED. MANAGEMENT LOANS ARE BOARD APPROVED. LOANS TO BOARD MEMBERS ARE APPROVED BY THE CREDIT COMMITTEE. FORM 990, PAGE 6, PART VI, LINE 15B EXECUTIVE AND EMPLOYEE SALARIES ARE BOARD REVIEWED AND APPROVED. BOARD OF DIRECTORS ARE NOT COMPENSATED. FORM 990, PAGE 6, PART VI, LINE 19 CREDIT UNION BYLAWS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST AT THE CREDIT UNION'S MAIN OFFICE. QUARTERLY FINANCIAL STATEMENTS ARE DISPLAYED IN THE LOBBY WHICH IS ACCESSIBLE TO THE GENERAL PUBLIC. QUARTERLY FINANCIAL PERFORMANCE (CALL) REPORTS ARE ALSO AVAILABLE AT WWW.NCUA.GOV FOR ALL FEDERALLY INSURED CREDIT UNIONS. FORM 990, PART XI, LINE 9 PRIOR PERIOD ADJUSTMENT 748,645 ADOPTION OF NEW ACCOUNTING STANDARD -82,447 TOTAL 666,198 PRIOR PERIOD ADJUSTMENT THE CREDIT UNION WAS FORMERLY AUDITED ON A FISCAL YEAR BASIS FOR THE PERIOD ENDED JUNE 30 WHILE THE CREDIT UNION FILED FORM 990 ON THE CALENDAR YEAR BASIS FOR THE PERIOD ENDED DECEMBER 31. IN 2023, THE CREDIT UNION WAS AUDITED FOR THE 18-MONTH PERIOD ENDED DECEMBER 31, 2023. THIS RESULTED IN A DIFFERENCE BETWEEN RETAINED EARNINGS REPORTED ON THE PRIOR YEAR FORM 990 AND THE FINAL RETAINED EARNINGS PER THE AUDITED FINANCIAL STATEMENTS. FORM 990 WAS CORRECTED TO AGREE WITH THE AUDITED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023. ADOPTION OF NEW ACCOUNTING STANDARD THE CREDIT UNION ADOPTED ASC 326 USING THE MODIFIED RETROSPECTIVE METHOD FOR ALL FINANCIAL ASSETS MEASURED AT AMORTIZED COST AND OFF-BALANCE SHEET CREDIT EXPOSURES. THE DESCRIPTIONS OF ACCOUNTING POLICIES WITHIN THE NOTES TO THE FINANCIAL STATEMENTS REFLECT THE ACCOUNTING POLICIES AFTER THE DATE OF ADOPTION OF ASC 326. THE CREDIT UNION RECORDED A DECREASE TO UNDIVIDED EARNINGS OF 82,447 AND AN INCREASE TO THE ALLOWANCE TO CREDIT LOSSES OF THE SAME AMOUNT AS OF JANUARY 1, 2023, FOR THE CUMULATIVE EFFECT OF ADOPTING ASC 326. ALLOWANCES FOR CREDIT LOSSES ON HELD-TO-MATURITY INVESTMENTS AND OFF-BALANCE SHEET CREDIT EXPOSURES WERE DETERMINED TO BE IMMATERIAL AND NOT RECORDED.