CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN: Form 990, tax year 2022
View the entire original 990 at ProPublica ↗
- Organization
- CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN (EIN 38-0481580)
- Tax period
- 2022-01-01 to 2022-12-31
- Filed
- 2023-11-02
- IRS object ID
- 202303069349302540
- Schema version
- 2022v5.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2023-11-02T16:23:09-05:00 | ReturnTs |
| Tax Period End | 2022-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 382492570 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DOEREN MAYHEW | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 305 WEST BIG BEAVER ROAD | AddressLine1Txt |
| City | TROY | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 48084 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2022-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 380481580 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MICHIGAN FIRST CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | MICH | BusinessNameControlTxt |
| Phone | 8006643828 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 27000 EVERGREEN ROAD | AddressLine1Txt |
| City | LATHRUP VILLAGE | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 48076 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | JENNIFER BOROWY | PersonNm |
| Person Title | CEO | PersonTitleTxt |
| Phone | 8006643828 | PhoneNum |
| Signature | 2023-11-02 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | JENNIFER | PersonFirstNm |
| Person Last | BOROWY | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | JACK TRACY | PreparerPersonNm |
| PTIN | P01974742 | PTIN |
| Phone | 2482443000 | PhoneNum |
| Preparation | 2023-11-02 | PreparationDt |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 2 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2022 | TaxYr |
| Build TS | 2023-04-26 12:10:37Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | JENNIFER BOROWY | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 27000 EVERGREEN | AddressLine1Txt |
| City | LATHRUP VILLAGE | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 48076 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $113,886,001 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Group Exemption | 1359 | GroupExemptionNum |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.MICHIGANFIRST.COM | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1926 | FormationYr |
| Legal Domicile State | MI | LegalDomicileStateCd |
| Activity Or Mission | TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 9 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 9 | VotingMembersIndependentCnt |
| Total Employee | 630 | TotalEmployeeCnt |
| Total Volunteers | 12 | TotalVolunteersCnt |
| Total Gross UBI | $1,033,628 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $1,926,973 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $68,019,032 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $74,628,721 | CYProgramServiceRevenueAmt |
| PY Investment Income | $3,041,249 | PYInvestmentIncomeAmt |
| CY Investment Income | $5,785,135 | CYInvestmentIncomeAmt |
| PY Other Revenue | $32,586,581 | PYOtherRevenueAmt |
| CY Other Revenue | $26,208,933 | CYOtherRevenueAmt |
| PY Total Revenue | $103,646,862 | PYTotalRevenueAmt |
| CY Total Revenue | $108,549,762 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $80,000 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $42,533,642 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $43,604,071 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $38,353,696 | PYOtherExpensesAmt |
| CY Other Expenses | $49,182,776 | CYOtherExpensesAmt |
| PY Total Expenses | $80,887,338 | PYTotalExpensesAmt |
| CY Total Expenses | $92,866,847 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $22,759,524 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $15,682,915 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $1,483,110,437 | TotalAssetsBOYAmt |
| Total Assets EOY | $1,481,564,249 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $1,311,412,024 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $1,322,753,368 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $171,698,413 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $158,810,881 | NetAssetsOrFundBalancesEOYAmt |
| Mission | TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | ORIGINATED $247 MILLION IN MORTGAGE LOANS DURING 2022. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | SERVED OVER 187,700 MEMBERS WITH AGGREGATE DEPOSIT ACCOUNTS THAT APPROXIMATED $1.1 BILLION AS OF DECEMBER 31, 2022. | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | ORIGINATED $227 MILLION IN CONSUMER LOANS DURING 2022. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | Yes (1) | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | Yes (1) | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (1) | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | Yes (1) | DisregardedEntityInd |
| Related Entity | Yes (1) | RelatedEntityInd |
| Related Organization Ctrl Ent | Yes (1) | RelatedOrganizationCtrlEntInd |
| Transaction With Control Ent | Yes (1) | TransactionWithControlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 23721 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 630 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 9 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 9 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | JANET BARDEN | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 2487276715 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 27000 EVERGREEN ROAD | AddressLine1Txt |
| City | LATHRUP VILLAGE | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 48076 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (21 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| INES DE JESUS | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| SHEILA ANDERSON | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| NADINE TIBBS-STALLWORTH | ||||||||
| SECRETARY | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| DEIRDRE SCOTT | ||||||||
| VICE CHAIRPERSON | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| DANDRIDGE FLOYD | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| LINDA HEIGHT | ||||||||
| BOARD CHAIRPERSON | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| DONNA VANDERVRIES | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| MIKE HOHF | ||||||||
| TREASURER | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| LUIS CELY | ||||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| MICHAEL POULOS | ||||||||
| CHIEF EXECUTIVE OFFICER | 50.00 | $810,069 | $0 | $34,338 | Yes (X) | |||
| JENNIFER BOROWY | ||||||||
| CHIEF EXECUTIVE OFFICER | 50.00 | $337,176 | $0 | $28,303 | Yes (X) | |||
| JANET BARDEN | ||||||||
| CHIEF FINANCIAL OFFICER | 50.00 | $262,358 | $0 | $20,368 | Yes (X) | |||
| DELONAKA EDWARDS | ||||||||
| CHIEF OPERATIONS OFFICER | 50.00 | $182,783 | $0 | $9,031 | Yes (X) | |||
| DANIEL SUGG | ||||||||
| CHIEF MORTGAGE OFFICER | 50.00 | $484,402 | $0 | $25,211 | Yes (X) | |||
| JEFFREY FITRZYK | ||||||||
| CHIEF LENDING OFFICER | 50.00 | $287,299 | $0 | $34,317 | Yes (X) | |||
| LARRY RICE | ||||||||
| DIRECTOR OF IT SERVICE DELIVERY | 45.00 | $221,717 | $0 | $31,286 | Yes (X) | |||
| GERALD BETTENS | ||||||||
| CHIEF INFORMATION OFFICER | 50.00 | $321,683 | $0 | $10,935 | Yes (X) | |||
| MATTHEW WEST | ||||||||
| MORTGAGE LOAN OFFICER | 40.00 | $567,700 | $0 | $34,496 | Yes (X) | |||
| DIEGO ARTEAGA ARCILA | ||||||||
| MORTGAGE LOAN OFFICER | 40.00 | $259,098 | $0 | $30,853 | Yes (X) | |||
| ANDREW TOWNE | ||||||||
| MORTGAGE BRANCH MANAGER | 45.00 | $224,646 | $0 | $31,567 | Yes (X) | |||
| DONGCHAN VU | ||||||||
| SOFTWARE ENGINEERING MANAGER | 45.00 | $177,687 | $0 | $22,225 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $4,136,618 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $312,930 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 61 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| ETKIN | |||||
| 200 FRANKLIN CENTER 29100 NORTHWES | SOUTHFIELD | MI | 48034 | BLDG MAINTENANCE/ PROPERTY MANAGEMENT | $2,211,586 |
| ALIMAR SECURITY INC | |||||
| 24870 FORTERRA | WARREN | MI | 48089 | SECURITY GUARDS AT BRANCHES | $1,743,016 |
| RONNISCH CONSTRUCTION GROUP | |||||
| 4327 DELEMERE COURT | ROYAL OAK | MI | 48073 | CONSTRUCTION | $1,445,377 |
| DIEBOLD NIXDORF INC | |||||
| PO BOX 643543 | PITTSBURGH | PA | 15264 | ATM MACHINES | $1,200,121 |
| TRACE3 | |||||
| PO BOX 603915 | CHARLOTTE | NC | 28260 | PHONE & NETOWRK SUPPORT AND LICENSING | $1,111,034 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 66 | CntrctRcvdGreaterThan100KCnt |
| Government Grants | $1,926,973 | GovernmentGrantsAmt |
| Total Contributions | $1,926,973 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| MEMBER LOAN INCOME | 522100 | $49,033,937 | $49,033,937 |
| FEE INCOME | 522100 | $25,594,784 | $25,594,784 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $74,628,721 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $5,793,939 | TotalRevenueColumnAmt |
| Exclusion | $5,793,939 | ExclusionAmt |
Gross Rents GrossRentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $42,769 | RealAmt |
Less Rental Expenses LessRentalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $0 | RealAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $42,769 | RealAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $42,769 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $42,769 | RelatedOrExemptFuncIncomeAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $5,327,435 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $5,336,239 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | -$8,804 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$8,804 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | -$8,804 | RelatedOrExemptFuncIncomeAmt |
Other Revenue Misc OtherRevenueMiscGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| MONEY NOW INCOME | 522100 | $16,991,226 | $16,991,226 |
| MORTGAGE SERVICING | 522100 | $6,745,328 | $6,745,328 |
| INSURANCE INCOME | 522100 | $1,216,965 | $1,216,965 |
Miscellaneous Revenue MiscellaneousRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,212,645 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $179,017 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $1,033,628 | UnrelatedBusinessRevenueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $26,166,164 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $108,549,762 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $99,795,222 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $1,033,628 | UnrelatedBusinessRevenueAmt |
| Exclusion | $5,793,939 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $80,000 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,768,658 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $31,417,008 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,550,928 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,261,955 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,605,522 | TotalAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $368,444 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $591,345 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $105,890 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $38,343 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,382,153 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,964,517 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,227,231 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,602,395 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $212,041 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $307,525 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,857,314 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,041,538 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $295,372 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| PROVISION FOR LOAN LOSS | $5,948,987 |
| CREDIT/DEBIT EXPENSES | $5,932,922 |
| LOAN SERVICING | $1,966,225 |
| MAINTENANCE | $1,912,867 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,427,667 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $92,866,847 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $20,824,738 | BOYAmt |
| EOY | $19,313,460 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $211,003,372 | BOYAmt |
| EOY | $75,175,744 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,932,879 | BOYAmt |
| EOY | $2,196,312 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,053,569 | BOYAmt |
| EOY | $7,258,828 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $907,394,713 | BOYAmt |
| EOY | $1,066,798,530 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,479,085 | BOYAmt |
| EOY | $2,323,623 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $114,292,567 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $45,100,226 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $70,574,020 | BOYAmt |
| EOY | $69,192,341 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $214,319,077 | BOYAmt |
| EOY | $185,753,770 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,922,498 | BOYAmt |
| EOY | $9,570,100 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $112,786 | BOYAmt |
| EOY | $75,190 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $39,493,700 | BOYAmt |
| EOY | $43,906,351 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,483,110,437 | BOYAmt |
| EOY | $1,481,564,249 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $25,641,646 | BOYAmt |
| EOY | $29,844,480 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,794,316 | BOYAmt |
| EOY | $2,019,600 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $45,000,000 | BOYAmt |
| EOY | $190,000,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,238,976,062 | BOYAmt |
| EOY | $1,100,889,288 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,311,412,024 | BOYAmt |
| EOY | $1,322,753,368 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $171,698,413 | BOYAmt |
| EOY | $158,810,881 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $171,698,413 | BOYAmt |
| EOY | $158,810,881 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,483,110,437 | BOYAmt |
| EOY | $1,481,564,249 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $15,682,915 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$31,033,290 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $2,462,843 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | Yes (1) | FederalGrantAuditRequiredInd |
| Federal Grant Audit Performed | Yes (1) | FederalGrantAuditPerformedInd |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Agent Trustee Etc | 0 | AgentTrusteeEtcInd |
| Incl Escrow Custodial Acct Liab | Yes (1) | InclEscrowCustodialAcctLiabInd |
| Explanation Provided | Yes (X) | ExplanationProvidedInd |
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $5,888,109 | OtherCostOrOtherBasisAmt |
| Book Value | $5,888,109 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $59,764,102 | OtherCostOrOtherBasisAmt |
| Depreciation | $10,777,610 | DepreciationAmt |
| Book Value | $48,986,492 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $9,853,781 | OtherCostOrOtherBasisAmt |
| Depreciation | $7,464,661 | DepreciationAmt |
| Book Value | $2,389,120 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $38,786,575 | OtherCostOrOtherBasisAmt |
| Depreciation | $26,857,955 | DepreciationAmt |
| Book Value | $11,928,620 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $69,192,341 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (6 entries)
| DescDesc | AmtAmt |
|---|---|
| SHARES | $561,546,539 |
| SHARE DRAFTS | $275,280,397 |
| MONEY MARKET | $159,280,637 |
| CD | $92,212,931 |
| IRA SAVINGS | $10,729,443 |
| CLUB ACCOUNTS | $1,839,341 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $1,100,889,288 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 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. |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable
Recipient Business Name RecipientBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MICHIGAN FIRST FOUNDATION INC | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 27000 EVERGREEN ROAD | AddressLine1Txt |
| City | LATHRUP VILLAGE | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 48076 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Recipient EIN | 272487933 | RecipientEIN |
| IRC Section | 501(C)(3) | IRCSectionDesc |
| Cash Grant | $80,000 | CashGrantAmt |
| Non Cash Assistance | $0 | NonCashAssistanceAmt |
| Purpose Of Grant | TO ASSIST THE FOUNDATION IN SUPPORTING COMMUNITY AGENCIES AND ORGANIZATIONS AND TO PROVIDE SCHOLARSHIPS TO STUDENTS | PurposeOfGrantTxt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 1 | Total501c3OrgCnt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | THE FOUNDATION IS SPONSORED BY MICHIGAN FIRST CREDIT UNION. MEMBERS OF THE FOUNDATION'S BOARD INCLUDE MEMBERS OF MICHIGAN FIRST CREDIT UNION'S MANAGEMENT TEAM WHO ENSURE DONATED FUNDS ARE USED AS INTENDED. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (12 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MICHAEL POULOS | ||||||||||||||
| CHIEF EXECUTIVE OFFICER | $578,714 | $0 | $122,510 | $0 | $108,845 | $0 | $20,500 | $0 | $13,838 | $0 | $844,407 | $0 | $0 | $0 |
| MATTHEW WEST | ||||||||||||||
| MORTGAGE LOAN OFFICER | $163,664 | $0 | $404,036 | $0 | $0 | $0 | $13,727 | $0 | $20,769 | $0 | $602,196 | $0 | $0 | $0 |
| DANIEL SUGG | ||||||||||||||
| CHIEF MORTGAGE OFFICER | $243,677 | $0 | $240,725 | $0 | $0 | $0 | $8,596 | $0 | $16,615 | $0 | $509,613 | $0 | $0 | $0 |
| JENNIFER BOROWY | ||||||||||||||
| CHIEF EXECUTIVE OFFICER | $316,295 | $0 | $20,725 | $0 | $156 | $0 | $15,919 | $0 | $12,384 | $0 | $365,479 | $0 | $0 | $0 |
| GERALD BETTENS | ||||||||||||||
| CHIEF INFORMATION OFFICER | $98,269 | $0 | $20,725 | $0 | $202,689 | $0 | $10,298 | $0 | $637 | $0 | $332,618 | $0 | $0 | $0 |
| JEFFREY FITRZYK | ||||||||||||||
| CHIEF LENDING OFFICER | $266,574 | $0 | $20,725 | $0 | $0 | $0 | $13,548 | $0 | $20,769 | $0 | $321,616 | $0 | $0 | $0 |
| DIEGO ARTEAGA ARCILA | ||||||||||||||
| MORTGAGE LOAN OFFICER | $125,334 | $0 | $133,764 | $0 | $0 | $0 | $12,176 | $0 | $18,677 | $0 | $289,951 | $0 | $0 | $0 |
| JANET BARDEN | ||||||||||||||
| CHIEF FINANCIAL OFFICER | $241,633 | $0 | $20,725 | $0 | $0 | $0 | $10,462 | $0 | $9,906 | $0 | $282,726 | $0 | $0 | $0 |
| ANDREW TOWNE | ||||||||||||||
| MORTGAGE BRANCH MANAGER | $87,821 | $0 | $136,825 | $0 | $0 | $0 | $10,798 | $0 | $20,769 | $0 | $256,213 | $0 | $0 | $0 |
| LARRY RICE | ||||||||||||||
| DIRECTOR OF IT SERVICE DELIVERY | $203,058 | $0 | $18,659 | $0 | $0 | $0 | $10,517 | $0 | $20,769 | $0 | $253,003 | $0 | $0 | $0 |
| DONGCHAN VU | ||||||||||||||
| SOFTWARE ENGINEERING MANAGER | $164,113 | $0 | $13,574 | $0 | $0 | $0 | $7,891 | $0 | $14,334 | $0 | $199,912 | $0 | $0 | $0 |
| DELONAKA EDWARDS | ||||||||||||||
| CHIEF OPERATIONS OFFICER | $165,659 | $0 | $17,124 | $0 | $0 | $0 | $8,394 | $0 | $637 | $0 | $191,814 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 4B | FormAndLineReferenceDesc |
| Explanation | THE CREDIT UNION HAS ESTABLISHED NON-QUALIFIED DEFINED COMPENSATION PLANS CERTAIN KEY EXECUTIVES. THE DEFERRED COMPENSATION BENEFIT PAYABLE AS OF DECEMBER 31, 2022 FOR EACH PARTICIPANT WAS AS FOLLOWS: GERALD BETTENS $270,000 DANIEL SUGG $200,000 JEFFREY FITRZYK $200,000 GERALD BETTENS RECEIVED A DEFERRED COMPENSATION PAYOUT OF $200,000 DURING 2022. MICHAEL POULOS, THE PRESIDENT/CEO PARTICIPATES IN A COLLATERAL ASSIGNED SPLIT DOLLAR ARRANGEMENT. PER THE CONTRACTUAL AGREEMENT, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANT. UPON THE PARTICIPANT'S DEATH, THE CREDIT UNION RECOVERS THE EXECUTIVE'S LOAN BALANCE WHICH INCLUDES INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. | ExplanationTxt |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | MICHAEL POULOS | PersonNm |
| Relationship With Org | PRESIDENT/CEO | RelationshipWithOrgTxt |
| Loan Purpose | FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICIES | LoanPurposeTxt |
| Loan From Organization | Yes (X) | LoanFromOrganizationInd |
| Original Principal | $6,500,000 | OriginalPrincipalAmt |
| Balance Due | $7,258,828 | BalanceDueAmt |
| Default | 0 | DefaultInd |
| Board Or Committee Approval | Yes (1) | BoardOrCommitteeApprovalInd |
| Written Agreement | Yes (1) | WrittenAgreementInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $7,258,828 | TotalBalanceDueAmt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 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 AN INDEPENDENT CONTRACTOR. THE LAST REVIEW WAS COMPLETED IN 2022. |
| 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 1,819,299. ATM EXPENSES 1,489,359. EDUCATION/TRAINING 1,236,425. FRAUD LOSSES 379,679. HOME BANKING 247,035. MISCELLANEOUS 131,812. ASSOCIATION DUES 103,900. IRA ADMIN FEES 20,158. |
| FORM 990, PART XI, LINE 9: | NET CHANGE IN POSTRETIREMENT BENEFIT PLAN: 2,462,843. |
| 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. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MICHIGAN FIRST INSURANCE AGENCY LLC | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 27000 EVERGREEN ROAD | AddressLine1Txt |
| City | LATHRUP VILLAGE | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 48076 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 320485685 | EIN |
| Primary Activities | INSURANCE SERVICES | PrimaryActivitiesTxt |
| Legal Domicile State | MI | LegalDomicileStateCd |
| Total Income | $963,319 | TotalIncomeAmt |
| End Of Year Assets | $2,041,263 | EndOfYearAssetsAmt |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MICHIGAN FIRST CREDIT UNION | BusinessNameLine1Txt |
Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MICHIGAN FIRST FOUNDATION INC | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 27000 EVERGREEN RD | AddressLine1Txt |
| City | LATHRUP VILLAGE | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 48076 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 272487933 | EIN |
| Primary Activities | SCHOLARSHIPS & CHARITABLE CONTRIBUTIONS | PrimaryActivitiesTxt |
| Legal Domicile State | MI | LegalDomicileStateCd |
| Exempt Code Section | 501(C)(3) | ExemptCodeSectionTxt |
| Public Charity Status | PF | PublicCharityStatusTxt |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MICHIGAN FIRST CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Controlled Organization | Yes (1) | ControlledOrganizationInd |
Id Related Org Txbl Corp Tr IdRelatedOrgTxblCorpTrGrp
Related Organization Name RelatedOrganizationName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MICHIGAN FIRST MORTGAGE | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 6501 HIGHLAND ROAD | AddressLine1Txt |
| City | WATERFORD | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 48327 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 382964508 | EIN |
| Primary Activities | PROVIDES MORTGAGE ORIGINATION AND SERVICING TO MEMBERS OF THE ORGANIZATION | PrimaryActivitiesTxt |
| Legal Domicile State | MI | LegalDomicileStateCd |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MICHIGAN FIRST CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Entity Type | C | EntityTypeTxt |
| Share Of EOY Assets | $4,785,776 | ShareOfEOYAssetsAmt |
| Ownership | 1.00000 | OwnershipPct |
| Controlled Organization | Yes (1) | ControlledOrganizationInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | 0 | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | Yes (1) | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | 0 | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | 0 | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | 0 | DivRelatedOrganizationInd |
| Asset Sale To Other Org | 0 | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | 0 | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | 0 | AssetExchangeInd |
| Rental Of Facilities To Oth Org | 0 | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | 0 | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | 0 | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | 0 | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | 0 | SharingOfFacilitiesInd |
| Paid Employees Sharing | 0 | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | 0 | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | 0 | TransferToOtherOrgInd |
| Transfer From Other Org | 0 | TransferFromOtherOrgInd |
Transactions Related Org TransactionsRelatedOrgGrp
Other Organization Name OtherOrganizationName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MICHIGAN FIRST FOUNDATION INC | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Transaction Type | B | TransactionTypeTxt |
| Involved | $80,000 | InvolvedAmt |
| Method Of Amount Determination | ACTUAL | MethodOfAmountDeterminationTxt |
Comments