2025-05-13T13:05:48-05:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 381464920 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN CRED 7346628200 340 E HURON ANN ARBOR MI 48104 DEANNE RAMOS CHIEF FINANCIAL OFFICER 7346628200 2025-05-13 1 0 AUBREY CLEGG P01076395 3052328272 2025-05-12 2024 2025-03-06 01:10:19Z UNIVERSITY OF MICHIGAN CREDIT UNION TIFFANY FORD 340 E HURON ANN ARBOR MI 48104 89490842 0 X WWW.UMCU.ORG X 1954 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 9 9 265 10 65655 0 0 0 61268787 72100070 2499088 16583882 711727 795441 64479602 89479393 0 0 0 0 20761403 23763875 0 0 0 35652733 44344501 56414136 68108376 8065466 21371017 1357882173 1353392856 1242218338 1213065076 115663835 140327780 FINANCIAL SERVICES. THE UNIVERSITY OF MICHIGAN CREDIT UNION IS A FINANCIAL INSTITUTION CHARTERED IN THE STATE OF MICHIGAN. THE CREDIT UNION PROVIDES A WIDE RANGE OF FINANCIAL SERVICES TO THE MEMBER/OWNERS AT A REASONABLE COST. 0 0 PROVIDE 119,095 MEMBERS WITH REGULAR SHARES, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, IRA, CLUB, AND BUSINESS ACCOUNTS WITH AN AGGREGATE BALANCE THAT APPROXIMATED $1,041,303,000 AS OF DECEMBER 31, 2024. PROVIDE 79,678 LOANS INCLUDING VEHICLE, CREDIT CARD, UNSECURED, STUDENT, INDIRECT, RECREATIONAL VEHICLE, MORTGAGE, BUSINESS, OVERDRAFT LINES OF CREDIT, AND CREDIT BUILDER. OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, CHECK CASHING, BILL PAY, OVERDRAFT PROTECTION/COURTESY PAY, VARIOUS INSURANCE AND INVESTMENT PRODUCTS TO ALL ELIGIBLE MEMBERS. 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 0 0 0 0 0 0 0 0 0 0 0 0 0 1 14238 0 1 265 1 1 1 0 0 0 0 0 1 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 UNIVERSITY OF MICHIGAN CREDIT UNION 7346628200 340 E HURON ANN ARBOR MI 48104 EARL BELL CHAIRPERSON 3.00 X 0 0 0 LUKELAND GENTLES VICE CHAIRPERSON 3.00 X 0 0 0 KAREN PARKER SECRETARY 3.00 X 0 0 0 VICTORIA BENNETT TREASURER 3.00 X 0 0 0 FRANK CIANCIOLA DIRECTOR 3.00 X 0 0 0 BENJIE JOHNSON DIRECTOR 3.00 X 0 0 0 MARY KRASNY DIRECTOR 3.00 X 0 0 0 JAMES MIDDLEMAS DIRECTOR 3.00 X 0 0 0 QUINTA VREEDE DIRECTOR 3.00 X 0 0 0 TIFFANY FORD PRESIDENT/CEO 40.00 X 1404508 0 20327 DEANNE RAMOS CHIEF FINANCIAL OFFICER 40.00 X 320748 0 35032 DONNA DOLEMAN CHIEF MARKETING OFFICER 40.00 X 329931 0 47888 PATRICIA KEENE CHIEF HUMAN RESOURCES OFFICER 40.00 X 254231 0 21958 XIANG WU CHIEF TECHNOLOGY OFFICER 40.00 X 225739 0 28114 TINA HAMILTON CHIEF LENDING OFFICER 40.00 X 261227 0 24370 MARCUS ENGLISH CHIEF OPERATIONS OFFICER 40.00 X 274285 0 30851 JOSEPH LOUIS-FERDINAND NETWORK ADMIN MANAGER 40.00 X 154902 0 27812 MINAL KAMAT VP OF BRANCH OPERATIONS 40.00 X 137039 0 29501 ROBIN CAMPBELL ADMIN ASSISTANT 53.00 X 159837 0 17802 ERICA BOTKA AVP OF HUMAN RESOURCES 40.00 X 160390 0 16744 MIKE WORK PROGRAMMING MANAGER 40.00 X 142419 0 12658 3825256 0 313057 26 0 1 0 JS VIG CONSTRUCTION COMPANY 15040 CLEAT STREET PLYMOUTH MI 48170 BUILDING CONSTRUCTION 7691970 DLI PROPERTIES LLC SUITE 200 2000 BUSH STREET DETROIT MI 48226 BRANDING AGREEMENT 1397067 VISA DPS PO BOX 742233 LOS ANGELES CA 90074 ATM/CREDIT/DEBIT CARD CONTRACTS 1090662 LEARFIELD PO BOX 843038 KANSAS CITY MO 641843038 SPONSORSHIP 1082177 MERLO CONSTRUCTION 4964 TECHNICAL DRIVE MILFORD MI 48381 BUILDING CONSTRUCTION 901979 47 LOAN INTEREST 522100 57751948 57751948 FEE AND OTHER INCOME 522100 14348122 14348122 72100070 4377438 4377438 77289 7500 69789 69789 69789 12210393 3949 12206444 12206444 12206444 NON-OPERATING INCOME 522100 659997 659997 FINANCE AND INSURANCE 520000 65655 65655 725652 89479393 85036300 65655 4377438 X 3279209 14889876 4352577 1242213 215816 908408 4731994 1198511 1881506 1964969 71221 670178 11931143 3103677 208905 PROVISION FOR LOAN LOSS 5673362 VISA EXPENSE 4033260 LOAN SERVICING 2384990 MAINTENANCE 2065037 3301524 68108376 12016951 9538682 74742333 118989456 5961834 5479258 1057369132 1030269822 2507124 2530927 85436716 20502506 50589551 64934210 115034084 86915432 7627449 7869247 32033715 26865822 1357882173 1353392856 23316292 18955702 152806824 152806824 1066095222 1041302550 1242218338 1213065076 X 0 0 0 0 115663835 140327780 115663835 140327780 1357882173 1353392856 X 21371017 3338863 -45935 X X 0 1 X 1 0 22651103 22651103 26664456 4711896 21952560 3973468 2969333 1004135 12030154 9865683 2164471 20117535 2955594 17161941 64934210 MEMBER SHARES 1041302550 1041302550 X 89486893 0 89486893 -7500 -7500 89479393 68115876 7500 7500 68108376 0 68108376 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. HOWEVER, THE CREDIT UNION IS SUBJECT TO UNRELATED BUSINESS INCOME TAX. THE NET UNRELATED BUSINESS INCOME TAX IS IMMATERIAL TO THE FINANCIAL STATEMENTS AS A WHOLE. THE CREDIT UNION'S OPEN AUDIT PERIOD IS THE THREE-YEAR PERIOD ENDED DECEMBER 31, 2024. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXPENSES RELATED TO RENTAL REVENUE REPORTED AS A COMPONENT OF EXPENSES WITHIN THE AUDITED INCOME STATEMENT, BUT AS A REDUCTION OF REVENUE WITHIN THE STATEMENT OF REVENUE IN FORM 990. -7,500. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES RELATED TO RENTAL REVENUE REPORTED AS A COMPONENT OF EXPENSES WITHIN THE AUDITED INCOME STATEMENT, BUT AS A REDUCTION OF REVENUE WITHIN THE STATEMENT OF REVENUE IN FORM 990. 7,500. X X X 1 1 X X 0 0 0 TIFFANY FORD PRESIDENT/CEO 773943 0 583580 0 46985 0 20327 0 0 0 1424835 0 0 0 DONNA DOLEMAN CHIEF MARKETING OFFICER 291141 0 37500 0 1290 0 30999 0 16889 0 377819 0 0 0 DEANNE RAMOS CHIEF FINANCIAL OFFICER 282558 0 37500 0 690 0 29320 0 5712 0 355780 0 0 0 MARCUS ENGLISH CHIEF OPERATIONS OFFICER 236115 0 37900 0 270 0 25139 0 5712 0 305136 0 0 0 TINA HAMILTON CHIEF LENDING OFFICER 223277 0 37500 0 450 0 18658 0 5712 0 285597 0 0 0 PATRICIA KEENE CHIEF HUMAN RESOURCES OFFICER 214751 0 37500 0 1980 0 16205 0 5753 0 276189 0 0 0 XIANG WU CHIEF TECHNOLOGY OFFICER 187549 0 37500 0 690 0 20903 0 7211 0 253853 0 0 0 JOSEPH LOUIS-FERDINAND NETWORK ADMIN MANAGER 145922 0 7000 0 1980 0 14923 0 12889 0 182714 0 0 0 ROBIN CAMPBELL ADMIN ASSISTANT 155021 0 3850 0 966 0 13462 0 4340 0 177639 0 0 0 ERICA BOTKA AVP OF HUMAN RESOURCES 152244 0 7000 0 1146 0 12465 0 4279 0 177134 0 0 0 MINAL KAMAT VP OF BRANCH OPERATIONS 127589 0 9000 0 450 0 12585 0 16916 0 166540 0 0 0 MIKE WORK PROGRAMMING MANAGER 138894 0 1750 0 1775 0 12658 0 0 0 155077 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE AND VOTING. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP AT THE ANNUAL MEETING FOR A THREE YEAR TERM. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN CREDIT UNION DECISIONS ARE SUBJECT TO MEMBER APPROVAL SUCH AS CHARTER CONVERSIONS AND MERGERS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE CHIEF FINANCIAL OFFICER PRIOR TO SUBMISSION TO THE IRS. THE RETURNS ARE MADE AVAILABLE TO THE BOARD OF DIRECTORS FOR REVIEW UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C A REVIEW OF COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY IS CONDUCTED ANNUALLY BY THE AUDIT COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 AN OUTSIDE FIRM SPECIALIZING IN COMPENSATION BENCHMARKS IS USED TO SET GUIDELINES FOR SALARY RANGE LEVELS BASED ON COMPETITION AND MARKET RATES. THE SALARY STRUCTURE IS REVIEWED PERIODICALLY. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE PUBLISHED MONTHLY. ALL OTHER DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPON REQUEST. FORM 990, PART IX, LINE 24E TRANSACTIONS 1,358,568. EMPLOYEE APPRECIATION/RECRUITING 805,590. SERVICE CHARGES 419,063. STAFF EDUCATION 376,326. MISCELLANEOUS 180,255. EXAMINATION FEES 161,722. FORM 990, PART XI, LINE 9: OCI ADJUSTMENT - NET GAIN/(LOSS) ON POST-RETIREMENT HEALTH CARE PLAN -45,935. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR.