2024-11-11T13:16:53-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-04-01 591319114 MEMORIAL EMPLOYEES FINANCIAL CREDIT UNIO MEMO 9548447560 3501 JOHNSON STREET HOLLYWOOD FL 33021 GEORGE GLASSER PRESIDENT 9542651003 2024-11-11 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-11-06 2023 2024-10-15 13:58:12Z X X GEORGE GLASSER 3501 JOHNSON STREET HOLLYWOOD FL 33021 2998863 0 X WWW.MEFCU.ORG X CREDIT UNION 1971 FL FLORIDA STATE-CHARTERED CREDIT UNION 9 8 20 12 15200 3297 0 2377570 621293 0 2998863 0 315168 1074228 0 0 1104622 2494018 504845 89416526 84560513 4856013 X THE OBJECT AND PURPOSE OF THIS CREDIT UNION IS A COOPERATIVE NONPROFIT ASSOCIATION ORGANIZED UNDER THE LAWS OF THE STATE OF FLORIDA, FOR THE PURPOSES OF ENCOURAGING THRIFT AMONG ITS MEMBERS, CREATING SOURCES OF CREDIT AT A FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR RESOURCES ON A DEMOCRATIC BASIS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. 0 0 PROVIDE LOAN AND SAVINGS PRODUCTS TO OUR MEMBERS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1305 0 20 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 9 8 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X ELLEN HOUSMAN 9548447560 3501 JOHNSON STREET HOLLYWOOD FL 33021 GEORGE GLASSER BOARD MEMBER/MEFCU CEO 40.00 X X 203386 0 92072 WILLIAM WHEATLEY BOARD CHAIRPERSON 10.00 X X 0 0 0 DIONNE BLACKWOOD BOARD VICE CHAIRPERSON 10.00 X X 0 0 0 WALTER BUSSELL BOARD TREASURER 10.00 X X 0 0 0 WILLIAM EDELSTEIN BOARD SECRETARY 10.00 X X 0 0 0 EDWARD WERNER BOARD MEMBER 10.00 X 0 0 0 LESLIE SINGER BOARD MEMBER 10.00 X 0 0 0 DEBORAH LESSARD BOARD MEMBER 10.00 X 0 0 0 DENISE INNES BOARD MEMBER 10.00 X 0 0 0 ELLEN HOUSMAN MEFCU CFO 40.00 X 103014 0 15212 OSCAR SANCHEZ MEFCU SVP LENDING 40.00 X 78657 0 9837 COLLEEN JONES MEFCU VP 40.00 X 74750 0 9678 459807 0 126799 2 0 1 0 FISERV 600 N VEL R PHILLIPS AVE MILWAUKEE WI 53203 CORE PROVIDER 347786 1 INTEREST ON LOANS AND 522100 1826644 1826644 FEE INCOME 522100 550926 535726 15200 2377570 621293 621293 2998863 2362370 15200 621293 X 315168 586606 430752 57482 59354 -59966 20223 45000 379903 13165 218683 96963 13804 2905 28927 LOAN SERVICING 131641 CREDIT LOSS EXPENSE 105500 OPERATING FEES 27125 MISC NON-INTEREST EXPEN 20783 2494018 1248645 1606365 385 46002070 84207 778758 701445 0 77313 39122489 0 1275052 0 89416526 2022801 0 82537712 0 84560513 X 0 0 0 0 0 4856013 0 4856013 0 89416526 X 504845 529564 3821604 X 0 0 0 778758 701445 77313 77313 AFS SECURITIES 37426549 F HTM SECURITIES 696000 C OTHER INVESTMENTS 999940 C 39122489 MEMBER DEPOSITS 80843712 NONMEMBER DEPOSITS 1694000 82537712 X PART X, LINE 2: AS A FEDERAL INSTRUMENTALITY, THE CREDIT UNION WAS EXEMPT FROM FEDERAL AND STATE INCOME TAXES BASED ON AUDIT EFFECTIVE DATE OF MARCH 31, 2023 . THE CREDIT UNION BECAME STATE CHARTERED EFFECTIVE 4/1/2023. X X X X 0 0 0 GEORGE GLASSER BOARD MEMBER/MEFCU CEO 167461 0 35925 0 0 0 0 0 92072 0 295458 0 0 0 PART I, LINE 3 THE PROCESS USED TO SET THE CEO'S ANNUAL SALARY IS BASED ON A COMBINATION OF COMPARISON TO COMPARABLE SIZED CREDIT UNIONS THROUGH THE USE OF CUNA'S ANNUAL COMPENSATION SURVEY AND THE CURRENT YEAR PERFORMANCE EVALUATION. THE PROCESS IS PERFORMED BY THE COMPENSATION COMMITTEE AND PRESENTED TO THE FULL BOARD FOR APPROVAL. THERE IS AN ACTIVE CONTRACT IN PLACE BETWEEN THE CEO AND THE BOARD OF DIRECTORS DETERMINING SALARY EXPECTATIONS. THIS PROCESS IS COMPLETED ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IN THIS CREDIT UNION IS LIMITED TO: (A) THOSE PERSONS AND BUSINESSES WHO WERE MEMBERS OF MEMORIAL EMPLOYEES FEDERAL CREDIT UNION AS OF THE DATE THE FEDERAL CREDIT UNION WAS REPLACED BY THIS CREDIT UNION PURSUANT TO A CHARTER CONVERSION IN ACCORDANCE WITH FEDERAL AND FLORIDA LAWS AND REGULATIONS; (B) EMPLOYEES AND STAFF DOCTORS OF MEMORIAL HOSPITAL WHO WORK IN HOLLYWOOD, FLORIDA; (C) AUXILIARY VOLUNTEERS WHO ARE ASSIGNED TO MEMORIAL HOSPITAL IN HOLLYWOOD, FLORIDA; (D) PERSONS WHO RETIRED AS PENSIONERS AND/OR ANNUITANTS UNDER PRIVATE PENSION PLANS FROM MEMORIAL HOSPITAL IN HOLLYWOOD, FLORIDA; (E) IMMEDIATE FAMILY MEMBERS OF ANY MEMBERS OF THE CREDIT UNION; (F) PERSONS WHO LIVE, WORK OR WORSHIP IN ANY OF THE FOLLOWING FLORIDA COUNTIES: MIAMI-DADE, BROWARD AND PALM BEACH (THE "MEMBERSHIP COUNTIES"); (G) ANY BUSINESS, ORGANIZATION OR ASSOCIATION WHICH MAINTAIN OFFICES LOCATED WITHIN THE MEMBERSHIP COUNTIES; (H) EMPLOYEES OF MEMORIAL HEALTHCARE WHO LIVE OR WORK IN THE STATE OF FLORIDA; (I) ANY BUSINESS, ORGANIZATION OR ASSOCIATION FOR WHICH A MEMBER OF THE CREDIT UNION IS AN OWNER, SHAREHOLDER, MEMBER, OR PARTNER; AND (J) TRUSTS FOR WHICH A MEMBER OF THE CREDIT UNION SERVES AS SETTLOR, TRUSTEE, OR BENEFICIARY. THE CREDIT UNION SHALL NOT ADMIT MORE THAN AN AGGREGATE OF 900 NEW MEMBERS PER CALENDAR YEAR WHERE SUCH MEMBERS QUALIFY FOR MEMBERSHIP BASED SOLELY ON SUBSECTION (F), (G) OR (H) OF THE MEMBERSHIP COUNTIES. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBER-OWNERS OF THE CREDIT UNION HAVE THE AUTHORITY TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS FOR THREE-YEAR TERMS ON A ROTATING BASIS. 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 990 WILL BE COMPILED BY THE CFO, PREPARED BY OUR INDEPENDENT EXTERNAL AUDITORS, REVIEWED BY THE CEO AND THE BOARD TREASURER, AND PRESENTED TO THE BOARD OF DIRECTORS AS INFORMATIONAL AT THE NEAREST BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C AN ANNUAL DISCLOSURE STATEMENT IS COMPLETED AND SIGNED BY ALL EMPLOYEES, DIRECTORS, AND COMMITTEE MEMBERS ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE CEO RECEIVED INDUSTRY DATA TO ASSURE FAIR COMPENSATION FOR ALL KEY EMPLOYEES, AND REVIEWS ARE HELD ANNUALLY. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 ANNUAL FINANCIAL STATEMENTS ARE POSTED ON THE WEBSITE, AND THE MONTHLY FINANCIALS ARE POSTED IN EACH BRANCH. FORM 990, PART IX, LINE 11G DATA PROCESSING 148,463. OTHER PROFESSIONAL FEES 231,440. FORM 990, PART XI, LINE 9: CECL ADJUSTMENT -26,000. MARCH 31, 2023 NET ASSETS 3,847,604.