2023-11-02T16:23:09-05:00 2022-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2022-01-01 380481580 MICHIGAN FIRST CREDIT UNION MICH 8006643828 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 JENNIFER BOROWY CEO 8006643828 2023-11-02 1 JENNIFER BOROWY 999009999 0 JACK TRACY P01974742 2482443000 2023-11-02 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JENNIFER BOROWY 27000 EVERGREEN LATHRUP VILLAGE MI 48076 113886001 0 1359 X WWW.MICHIGANFIRST.COM X 1926 MI TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS. 9 9 630 12 1033628 0 0 1926973 68019032 74628721 3041249 5785135 32586581 26208933 103646862 108549762 0 80000 0 0 42533642 43604071 0 0 0 38353696 49182776 80887338 92866847 22759524 15682915 1483110437 1481564249 1311412024 1322753368 171698413 158810881 TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS. 0 0 ORIGINATED $247 MILLION IN MORTGAGE LOANS DURING 2022. SERVED OVER 187,700 MEMBERS WITH AGGREGATE DEPOSIT ACCOUNTS THAT APPROXIMATED $1.1 BILLION AS OF DECEMBER 31, 2022. ORIGINATED $227 MILLION IN CONSUMER LOANS DURING 2022. 0 1 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 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 1 0 1 23721 0 1 630 1 1 1 0 0 0 0 0 0 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 JANET BARDEN 2487276715 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 INES DE JESUS DIRECTOR 1.00 X 0 0 0 SHEILA ANDERSON DIRECTOR 1.00 X 0 0 0 NADINE TIBBS-STALLWORTH SECRETARY 1.00 X 0 0 0 DEIRDRE SCOTT VICE CHAIRPERSON 1.00 X 0 0 0 DANDRIDGE FLOYD DIRECTOR 1.00 X 0 0 0 LINDA HEIGHT BOARD CHAIRPERSON 1.00 X 0 0 0 DONNA VANDERVRIES DIRECTOR 1.00 X 0 0 0 MIKE HOHF TREASURER 1.00 X 0 0 0 LUIS CELY DIRECTOR 1.00 X 0 0 0 MICHAEL POULOS CHIEF EXECUTIVE OFFICER 50.00 X 810069 0 34338 JENNIFER BOROWY CHIEF EXECUTIVE OFFICER 50.00 X 337176 0 28303 JANET BARDEN CHIEF FINANCIAL OFFICER 50.00 X 262358 0 20368 DELONAKA EDWARDS CHIEF OPERATIONS OFFICER 50.00 X 182783 0 9031 DANIEL SUGG CHIEF MORTGAGE OFFICER 50.00 X 484402 0 25211 JEFFREY FITRZYK CHIEF LENDING OFFICER 50.00 X 287299 0 34317 LARRY RICE DIRECTOR OF IT SERVICE DELIVERY 45.00 X 221717 0 31286 GERALD BETTENS CHIEF INFORMATION OFFICER 50.00 X 321683 0 10935 MATTHEW WEST MORTGAGE LOAN OFFICER 40.00 X 567700 0 34496 DIEGO ARTEAGA ARCILA MORTGAGE LOAN OFFICER 40.00 X 259098 0 30853 ANDREW TOWNE MORTGAGE BRANCH MANAGER 45.00 X 224646 0 31567 DONGCHAN VU SOFTWARE ENGINEERING MANAGER 45.00 X 177687 0 22225 4136618 0 312930 61 0 1 0 ETKIN 200 FRANKLIN CENTER 29100 NORTHWES SOUTHFIELD MI 48034 BLDG MAINTENANCE/ PROPERTY MANAGEMENT 2211586 ALIMAR SECURITY INC 24870 FORTERRA WARREN MI 48089 SECURITY GUARDS AT BRANCHES 1743016 RONNISCH CONSTRUCTION GROUP 4327 DELEMERE COURT ROYAL OAK MI 48073 CONSTRUCTION 1445377 DIEBOLD NIXDORF INC PO BOX 643543 PITTSBURGH PA 15264 ATM MACHINES 1200121 TRACE3 PO BOX 603915 CHARLOTTE NC 28260 PHONE & NETOWRK SUPPORT AND LICENSING 1111034 66 1926973 1926973 MEMBER LOAN INCOME 522100 49033937 49033937 FEE INCOME 522100 25594784 25594784 74628721 5793939 5793939 42769 0 42769 42769 42769 5327435 5336239 -8804 -8804 -8804 MONEY NOW INCOME 522100 16991226 16991226 MORTGAGE SERVICING 522100 6745328 6745328 INSURANCE INCOME 522100 1216965 1216965 1212645 179017 1033628 26166164 108549762 99795222 1033628 5793939 X 80000 2768658 31417008 1550928 5261955 2605522 368444 591345 105890 38343 2382153 4964517 4227231 3602395 212041 307525 5857314 5041538 295372 PROVISION FOR LOAN LOSS 5948987 CREDIT/DEBIT EXPENSES 5932922 LOAN SERVICING 1966225 MAINTENANCE 1912867 5427667 92866847 20824738 19313460 211003372 75175744 2932879 2196312 7053569 7258828 907394713 1066798530 2479085 2323623 114292567 45100226 70574020 69192341 214319077 185753770 6922498 9570100 112786 75190 39493700 43906351 1483110437 1481564249 25641646 29844480 1794316 2019600 45000000 190000000 1238976062 1100889288 1311412024 1322753368 X 0 0 0 0 171698413 158810881 171698413 158810881 1483110437 1481564249 X 15682915 -31033290 2462843 X X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 5888109 5888109 59764102 10777610 48986492 9853781 7464661 2389120 38786575 26857955 11928620 69192341 SHARES 561546539 SHARE DRAFTS 275280397 MONEY MARKET 159280637 CD 92212931 IRA SAVINGS 10729443 CLUB ACCOUNTS 1839341 1100889288 X 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. 1 MICHIGAN FIRST FOUNDATION INC 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 272487933 501(C)(3) 80000 0 TO ASSIST THE FOUNDATION IN SUPPORTING COMMUNITY AGENCIES AND ORGANIZATIONS AND TO PROVIDE SCHOLARSHIPS TO STUDENTS 1 PART I, LINE 2: 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. X X X X 0 1 0 MICHAEL POULOS CHIEF EXECUTIVE OFFICER 578714 0 122510 0 108845 0 20500 0 13838 0 844407 0 0 0 MATTHEW WEST MORTGAGE LOAN OFFICER 163664 0 404036 0 0 0 13727 0 20769 0 602196 0 0 0 DANIEL SUGG CHIEF MORTGAGE OFFICER 243677 0 240725 0 0 0 8596 0 16615 0 509613 0 0 0 JENNIFER BOROWY CHIEF EXECUTIVE OFFICER 316295 0 20725 0 156 0 15919 0 12384 0 365479 0 0 0 GERALD BETTENS CHIEF INFORMATION OFFICER 98269 0 20725 0 202689 0 10298 0 637 0 332618 0 0 0 JEFFREY FITRZYK CHIEF LENDING OFFICER 266574 0 20725 0 0 0 13548 0 20769 0 321616 0 0 0 DIEGO ARTEAGA ARCILA MORTGAGE LOAN OFFICER 125334 0 133764 0 0 0 12176 0 18677 0 289951 0 0 0 JANET BARDEN CHIEF FINANCIAL OFFICER 241633 0 20725 0 0 0 10462 0 9906 0 282726 0 0 0 ANDREW TOWNE MORTGAGE BRANCH MANAGER 87821 0 136825 0 0 0 10798 0 20769 0 256213 0 0 0 LARRY RICE DIRECTOR OF IT SERVICE DELIVERY 203058 0 18659 0 0 0 10517 0 20769 0 253003 0 0 0 DONGCHAN VU SOFTWARE ENGINEERING MANAGER 164113 0 13574 0 0 0 7891 0 14334 0 199912 0 0 0 DELONAKA EDWARDS CHIEF OPERATIONS OFFICER 165659 0 17124 0 0 0 8394 0 637 0 191814 0 0 0 PART I, LINE 4B 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. MICHAEL POULOS PRESIDENT/CEO FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICIES X 6500000 7258828 0 1 1 7258828 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. MICHIGAN FIRST INSURANCE AGENCY LLC 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 320485685 INSURANCE SERVICES MI 963319 2041263 MICHIGAN FIRST CREDIT UNION MICHIGAN FIRST FOUNDATION INC 27000 EVERGREEN RD LATHRUP VILLAGE MI 48076 272487933 SCHOLARSHIPS & CHARITABLE CONTRIBUTIONS MI 501(C)(3) PF MICHIGAN FIRST CREDIT UNION 1 MICHIGAN FIRST MORTGAGE 6501 HIGHLAND ROAD WATERFORD MI 48327 382964508 PROVIDES MORTGAGE ORIGINATION AND SERVICING TO MEMBERS OF THE ORGANIZATION MI MICHIGAN FIRST CREDIT UNION C 4785776 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MICHIGAN FIRST FOUNDATION INC B 80000 ACTUAL