2023-09-19T16:30:30-05:00 2022-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2022-01-01 381629793 MICHIGAN SCHOOLS AND GOVERNMENT CREDIT UNION MICH 5862638800 40400 GARFIELD RD CLINTON TOWNSHIP MI 48038 VALLORIE MCBRIDE CFO 5862638800 2023-09-19 1 VALLORIE MCBRIDE 999009999 0 JOSEPH A ZITO CPA P00648440 2482443000 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z STEVE BREWER 40400 GARFIELD RD CLINTON TOWNSHIP MI 48038 153127295 0 1359 X WWW.MSGCU.ORG X CREDIT UNION 1954 MI FOUNDED BY EDUCATORS, MICHIGAN SCHOOLS AND GOVERNMENT CREDIT UNION HAS BEEN PROVIDING QUALITY FINANCIAL SERVICES FOR OVER 69 YEARS AND WELCOMES EVERYONE IN MICHIGAN TO BANK WITH US. AS A NOT-FOR-PROFIT, WE GIVE BACK TO OUR MEMBERS THROUGH BETTER RATES, FEWER FEES, FREE FINANCIAL EDUCATION, GRANTS, SCHOLARSHIPS, AND COMMUNITY SUPPORT. WE WORK WITH OUR MEMBERS TO PERSONALIZE PLANS AND OFFER PRODUCTS AND SERVICES TO HELP MEET THEIR FINANCIAL GOALS AND INCREASE THEIR FINANCIAL KNOWLEDGE. MSGCU OFFERS A FULL RANGE OF LOAN, DEPOSIT, CHECKING, CREDIT CARD, MORTGAGE, AND INSURANCE PRODUCTS. WITH 18 BRANCHES IN MACOMB, OAKLAND, WAYNE AND WASHTENAW COUNTIES, MSGCU HAS MORE THAN 145,000 MEMBERS, OVER 400 TEAM MEMBERS, $3.4 BILLION IN ASSETS, AND EARNED A 95% OR HIGHER MEMBER SATISFACTION RATING FOR OVER 20 YEARS. MSGCU HAS ALSO EARNED FIVE STARS, AS REPORTED BY BAUER FINANCIAL, FOR MORE THAN 30 YEARS, AND HAS BEEN HONORED AS A TOP WORKPLACE BY THE DETROIT FREE PRESS FOR THE PAST 10 YEARS. 11 11 482 11 203353 0 0 0 109188756 119536683 6268964 7223982 0 0 115457720 126760665 166110 154642 0 0 35034890 37682798 0 0 0 42735418 45315988 77936418 83153428 37521302 43607237 3068747871 3333677668 2701422240 2933284782 367325631 400392886 X WE ARE A CARING ORGANIZATION DEDICATED TO PROMOTING FINANCIAL SUCCESS FOR OUR MEMBERS. 0 0 WITH 18 OFFICES LOCATED THROUGHOUT MACOMB, OAKLAND, WAYNE AND WASHTENAW COUNTIES, PROVIDING FULL ONLINE BANKING AND MOBILE SERVICES, WITH $3.3 BILLION IN ASSETS, $2.8 BILLION IN LOANS, AND A STAFF OF 410 EMPLOYEES, MSGCU IS A VALUED RESOURCE FOR FINANCIAL WELLBEING FOR BOTH CONSUMERS AND BUSINESSES. AT THE END OF 2022,THE CONSUMER LENDING PORTION OF THE PORTFOLIO WAS JUST OVER $1.3 BILLION, THE MORTGAGE PORTFOLIO WAS JUST OVER $1.3 BILLION AND THE BUSINESS LOAN PORTFOLIO WAS $171 MILLION. MEMBER SHARES TOTALED APPROXIMATELY $2.7 BILLION. THE CREDIT UNION CONTINUED ITS SCHOLARSHIP PROGRAMS IN 2022 BY PROVIDING $87,500 VIA 35 SCHOLARSHIPS TO HIGH SCHOOL SENIORS WHO WILL ATTEND COLLEGE, FUTURE SKILLED TRADESPERSONS PURSUING THEIR CERTIFICATION, CURRENT TEACHERS AND SCHOOL ADMINISTRATORS ENROLLED IN A CONTINUING EDUCATION PROGRAM, AS WELL TO FIRST RESPONDERS WHO WILL GRADUATE FROM THE FIRE AND POLICE ACADEMIES AT MACOMB COMMUNITY COLLEGE, OAKLAND COMMUNITY COLLEGE, AND SCHOOLCRAFT COLLEGE. ADDITIONALLY, MSGCU GIFTED FUNDS TO THREE COLLEGES IN THE AMOUNT OF $21,000. THE RECIPIENTS OF THE FUNDS WERE DETERMINED BY THE COLLEGES INDEPENDENT OF MSGCU.OVER THE YEARS WE HAVE BEEN RECOGNIZED FOR THE WORK WE DO FOR OUR MEMBERS, EMPLOYEES, AND THE COMMUNITY. THE DETROIT FREE PRESS SELECTED MSGCU AS A TOP WORKPLACE IN MICHIGAN FOR THE TENTH CONSECUTIVE YEAR. WE ARE ALSO PROUD OF A 96% OR HIGHER MEMBER SATISFACTION RATING FOR MORE THAN TEN YEARS AND ACHIEVING THE BAUER FINANCIAL HIGHEST POSSIBLE RATING OF FIVE STARS FOR THE PAST TWENTY YEARS. THESE ACCOMPLISHMENTS CONFIRM THAT WE ARE MAKING A DIFFERENCE IN THE COMMUNITIES WE SERVE IN SOUTHEAST MICHIGAN. THE CREDIT UNION GAVE BACK TO OUR COMMUNITIES TO LOCAL EDUCATORS AND SCHOOLS AS WELL AS NONPROFITS AND COMMUNITY ORGANIZATIONS. MSGCU'S CLASSROOM CASH GRANT PROGRAM PROVIDES FUNDS TO TEACHERS TO BE USED FOR OTHERWISE UNFUNDED INNOVATIVE CLASSROOM PROJECTS. IN 2022, MSGCU AWARDED 63 GRANTS TOTALING MORE THAN $45,000 TO LOCAL EDUCATORS TO BE USED DURING THE 2022/2023 SCHOOL YEAR.MSGCU'S GIVING BACK PROGRAM RETURNED IN 2022 AS WELL. EACH MSGCU BRANCH OFFICE GAVE A $1,000 GRANT TO HELP A NON-PROFIT GROUP OR ORGANIZATION WITHIN THEIR COMMUNITY. MSGCU GAVE $17,000 IN GRANTS TO 17 LOCAL COMMUNITY ORGANIZATIONS THROUGH THESE EFFORTS. MSGCU WAS PLEASED TO DONATE $68,000 IN LIBRARY GRANTS TO OVER 90 ELEMENTARY SCHOOLS NEAR ITS BRANCH OFFICES IN 2022. THESE FUNDS HELPED SCHOOLS PURCHASE BOOKS AND STOCK LIBRARY SHELVES THAT WERE DEPLETED DUE TO UNRETURNED BOOKS AFTER THE COVID-19 PANDEMIC. TO SUPPORT UKRAINIAN REFUGEES, MSGCU DONATED $10,000 TO THE UKRAINIAN CREDIT UNION DISPLACEMENT FUND THROUGH THE WORLDWIDE FOUNDATION FOR CREDIT UNIONS. AN ADDITIONAL MONETARY MATCH OF $2,550 MEMBER AND TEAM MEMBER DONATIONS OCCURRED IN MAY 2022. DURING 2022, THE CREDIT UNION SERVED MORE THAN 13,000 PARTICIPANTS WITH OUR FINANCIAL EDUCATION WORKSHOPS, WHICH FEATURED TOPICS LIKE HOME BUYING, GETTING STARTED WITH CASH AND CREDIT, UNDERSTANDING CREDIT REPORTS, AND MORE. MSGCU OFFERED 340 FINANCIAL EDUCATION WORKSHOPS IN VARIOUS FORMATS. WORKSHOPS WERE CONDUCTED IN PERSON AT SCHOOLS, COMMUNITY LOCATIONS LIKE LIBRARIES OR SENIOR CENTERS, AT ONE OF OUR BRANCHES, OR VIRTUALLY. CONSUMER EDUCATION COST THE CREDIT UNION $17,160 IN 2022. 0 0 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 1 1 0 1 0 0 0 0 0 0 0 0 1 1 1 1 0 1 50720 0 1 482 1 1 1 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X VALLORIE MCBRIDE 5862638800 40400 GARFIELD RD CLINTON TOWNSHIP MI 48038 WILLIAM CAYEN CHAIRPERSON 1.00 X 0 0 0 RICHARD MAIERLE DIRECTOR 1.00 X 0 0 0 JAMES MCCANN DIRECTOR 1.00 X 0 0 0 TERESA DIMARIA DIRECTOR 1.00 X 0 0 0 EDWARD CALLAGHAN DIRECTOR 1.00 X 0 0 0 RICHARD SHOEMAKER DIRECTOR 1.00 X 0 0 0 DOUGLAS SMITH VICE CHAIRPERSON 1.00 X 0 0 0 CHARLES THOMAS DIRECTOR 1.00 X 0 0 0 ELIZABETH ARGIRI TREASURER 1.00 X 0 0 0 DENISE BROOKS-WILLIAMS SECRETARY 1.00 X 0 0 0 CHRISTINA AYAR DIRECTOR 1.00 X 0 0 0 PETER GATES PRESIDENT/CEO 40.00 X 980279 0 49505 STEVE BREWER PRESIDENT/CEO 40.00 X 453519 0 52636 PHILIP COOPER CLO 40.00 X 394961 0 48085 DEBORAH FAHRNEY CRO 40.00 X 381700 0 53453 KAREN HANELINE VP HR 40.00 X 276416 0 39506 BRYAN WIEGLAT VP TECHNOLOGY 40.00 X 251651 0 47126 ANN JONES VP MARKETING/BUSINESS DEVELOPMENT 40.00 X 246972 0 43313 2985498 0 333624 34 0 1 0 KASCO INC 226 E HUDSON AVE ROYAL OAK MI 48067 CONSTRUCTION SERVICES 2708307 BROGAN & PARTNERS 535 WOODWARD HEIGHTS FERNDALE MI 48220 MARKETING 2165868 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE PROCESSOR 934458 DOXIM INC 747 EAST WHITCOMB AVENUE MADISON HEIGHTS MI 48071 DOCUMENT SOLUTIONS 809506 DIEBOLD NIXDORF INC PO BOX 643543 PITTSBURGH PA 15264 TECHNOLOGY 799660 50 INTEREST ON LOANS 522100 100307426 100307426 FEES, CHARGES AND OTHER 522100 19025904 19025904 FINANCE & INSURANCE 520000 203353 203353 119536683 7287084 6570133 716951 6489004 19814524 6511387 19855243 -22383 -40719 -63102 -63102 126760665 125840361 203353 716951 X 67142 87500 1535939 26567013 2414091 5078749 2087006 235484 2355859 3471730 3067052 2014918 100142 80173 17174010 93803 2582370 292815 DEBIT/CREDIT CARD EXPEN 3709944 LOAN SERVICING EXPENSE 3389265 SOFTWARE LICENSING AND 2081190 ONLINE BANKING EXPENSE 1201213 3466020 83153428 10275356 11855673 223567318 30272664 4662454 4690959 14070224 14430571 2349365520 2788112419 1861279 2338891 85586855 24916711 53320183 60670144 362123370 360019755 13425200 17554900 36076967 43731692 3068747871 3333677668 11031315 22964536 2323159 3844260 5137952 5089470 60000000 175000000 2622929814 2726386516 2701422240 2933284782 X 0 0 0 0 367325631 400392886 367325631 400392886 3068747871 3333677668 43607237 -10539982 0 X X 0 1 X 1 0 0 1 X 24329248 24329248 42777133 9336071 33441062 17823233 15046923 2776310 657241 533717 123524 60670144 MEMBER DEPOSITS 2726386516 2726386516 X PART IV, LINE 2B: AS A LOAN SERVICER, THE CREDIT UNION RECEIVES PRINCIPAL, INTEREST, TAX AND INSURANCE PAYMENTS AND THEN REMITS THESE FUNDS TO THE APPLICABLE THIRD PARTIES ON BEHALF OF THE BORROWERS. PART X, LINE 2: MSGCU IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. MSGCU IS SUBJECT TO UNRELATED BUSINESS INCOME TAX. MANAGEMENT EVALUATED MSGCU'S TAX POSITIONS AND CONCLUDED THAT MSGCU HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS. MSGCU FILES IRS FORM 990 (RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX) AND OTHER FORMS IN THE U.S. FEDERAL JURISDICTION AND THE STATE OF MICHIGAN. THE CREDIT UNION'S OPEN AUDIT PERIOD IS THE THREE-YEAR PERIOD ENDED DECEMBER 31, 2022. 1 OAKLAND COMMUNITY COLLEGE FOUNDATION 2480 OPYKE ROAD BLOOMFIELD HILLS MI 48034 382282180 501(C)(3) 8000 0 TO ASSIST IN THE FOUNDATION'S INITIATIVE TO FUND EDUCATIONAL SOLUTIONS SCHOLARSHIPS FOR FIRST RESPONDERS MACOMB COMMUNITY COLLEGE FOUNDATION 14500 EAST 12 MILE ROAD WARREN MI 48088 383495303 501(C)(3) 8000 0 TO ASSIST IN THE FOUNDATION'S INITIATIVE TO FUND EDUCATIONAL SOLUTIONS SCHOLARSHIPS FOR FIRST RESPONDERS 2 0 COLLEGE SCHOLARSHIPS 35 87500 CASH SCHOLARSHIP GRANTS PART I, LINE 2: MSGCU GIFTED FUNDS TO THREE COLLEGES/COLLEGE FOUNDATIONS IN THE AMOUNT OF $21,000. THE RECIPIENTS OF THE FUNDS WERE DETERMINED BY THESE ENTITIES INDEPENDENT OF MSGCU. THESE SCHOLARSHIPS BENEFIT FIRST RESPONDERS WHO WILL GRADUATE FROM THE FIRE AND POLICE ACADEMIES AT MACOMB COMMUNITY COLLEGE, OAKLAND COMMUNITY COLLEGE, AND SCHOOLCRAFT COLLEGE. INDIVIDUAL SCHOLARSHIPS ARE GRANTED TO HIGH SCHOOL SENIORS WHO WILL ATTEND COLLEGE, FUTURE SKILLED TRADESPERSONS PURSUING THEIR CERTIFICATION, CURRENT TEACHERS AND SCHOOL ADMINISTRATORS ENROLLED IN A CONTINUING EDUCATION PROGRAM. PART III: WE HAVE A COMMITTEE THAT REVIEWS APPLICATIONS AND AWARDS SCHOLARSHIPS TO SELECTED INDIVIDUALS. X 1 1 X X X X X 0 1 0 PETER GATES PRESIDENT/CEO 832984 0 135870 0 11425 0 29650 0 19855 0 1029784 0 0 0 STEVE BREWER PRESIDENT/CEO 380679 0 69883 0 2957 0 29650 0 22986 0 506155 0 0 0 PHILIP COOPER CLO 329926 0 64735 0 300 0 29650 0 18435 0 443046 0 0 0 DEBORAH FAHRNEY CRO 318777 0 62232 0 691 0 29639 0 23814 0 435153 0 0 0 KAREN HANELINE VP HR 204119 0 71977 0 320 0 22397 0 17109 0 315922 0 0 0 BRYAN WIEGLAT VP TECHNOLOGY 209405 0 42046 0 200 0 25801 0 21325 0 298777 0 0 0 ANN JONES VP MARKETING/BUSINESS DEVELOPMENT 204186 0 42206 0 580 0 21962 0 21351 0 290285 0 0 0 PART I, LINE 4B CERTAIN KEY EXECUTIVES PARTICIPATE IN A COLLATERAL ASSIGNED SPLIT DOLLAR ARRANGEMENT. NO BENEFIT DRAWS WERE MADE BY ANY OF THE PARTICIPANTS DURING 2022. STEVE BREWER CEO LIFE INS. X 4400000 4948301 0 1 1 PETER GATES CEO LIFE INS. X 8350000 9482270 0 1 1 14430571 FORM 990, PART VI, SECTION A, LINE 6 EACH INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO VOTE IN THE GOVERNING BODY'S ELECTION AND/OR REMOVAL 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 CEO, CFO AND ACCOUNTING MANAGER REVIEW THE COMPLETED FORM 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY THE BOARD OF DIRECTORS COMPLETES A CONFLICT OF INTEREST DISCLOSURE. FORM 990, PART VI, SECTION B, LINE 15 ON AN ANNUAL BASIS, CEO COMPENSATION IS RECOMMENDED BY THE PERSONNEL COMMITTEE, A SUBCOMMITTEE OF THE BOARD OF DIRECTORS, AND APPROVED BY THE ENTIRE BOARD OF DIRECTORS. ON AN ANNUAL BASIS, ALL OTHER EMPLOYEE COMPENSATION IS SET BY THE CEO, EXECUTIVE TEAM, AND HUMAN RESOURCES. WE UTILIZE A THIRD PARTY COMPENSATION CONSULTANT IN JOB PRICING. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE BRANCH LOBBIES AND ARE AVAILABLE TO THE PUBLIC UPON REQUEST. GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 2,355,859. FORM 990, PART IX, LINE 24E PROVISION FOR LOAN LOSSES 1,200,000. COLLECTIONS EXPENSE 815,850. MAINTENANCE 721,588. EDUCATION AND TRAINING 433,448. ASSOCIATION DUES 240,148. OTHER 54,986. FORM 990, PART XII, LINE 2C: THERE WERE NO CHANGES IN THE PROCESSES UTILIZED BY THE AUDIT COMMITTEE. 20595 LIVONIA LLC 28366 FRANKLIN SOUTHFIELD MI 48034 455324142 HOLDING COMPANY FOR LAND MI 0 741007 MICHIGAN SCHOOLS AND GOVERNMENT CREDIT UNION SOC REAL ESTATE INC 40400 GARFIELD CLINTON TOWNSHIP MI 48038 382658390 REAL ESTATE MI MICHIGAN SCHOOLS AND GOVERNMENT CREDIT UNION C -60543 3225424 1.00000 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 SOC REAL ESTATE INC K 730836 MARKET LEASE RATES PER SQ FOOT SOC REAL ESTATE INC L 120000 SALARY ALLOCATION