2023-11-15T16:15:17-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 381524350 4FRONT CREDIT UNION 4FRO 2319292000 PO BOX 795 TRAVERSE CITY MI 49685 KARL PAGEL CHIEF FINANCIAL OFFICER 2319292000 2023-11-15 1 KARL PAGEL 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2023-11-15 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ANDREW KEMPF PO BOX 795 TRAVERSE CITY MI 49685 68518192 0 X WWW.4FRONTCU.COM X CREDIT UNION 1954 MI TO PROVIDE FINANCIAL SERVICES TO MEMBERS WITH A COMMON BOND. 9 9 323 9 215094 87477 0 0 48450192 54630812 1831994 1913130 1571883 136720 51854069 56680662 0 0 3292876 3737791 14063656 15686854 0 0 0 25078725 25803220 42435257 45227865 9418812 11452797 896646295 1009844526 816500069 933681311 80146226 76163215 TO PROVIDE FINANCIAL SERVICES TO MEMBERS WITH A COMMON BOND. 0 0 THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS,CHECKING, CERTIFICATES OF DEPOSITS AND OTHERS. THE TOTAL NUMBER OF MEMBERS AT 12/31/22 WAS 99,952. THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREDIT CARDS, VEHICLE AND OTHERS. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/22 WAS 56,906. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1764 0 323 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X WILLIAM KENNEDY 2319432675 305 W FRONT STREET TRAVERSE CITY MI 49684 TODD ROHRBACK CHAIRMAN OF THE BOARD 1.00 X X 0 0 0 BRYAN LINDFORS VICE CHAIRMAN 1.00 X X 0 0 0 MICHAEL SKYLER FORT SECRETARY 1.00 X X 0 0 0 JOHN JACK HODGE TREASURER 1.00 X X 0 0 0 CHARLES HAGUE DIRECTOR 1.00 X 0 0 0 MIKE SLATER DIRECTOR 1.00 X 0 0 0 BRIAN AUSDEMORE DIRECTOR 1.00 X 0 0 0 JULIE KOSLOSKEY DIRECTOR 1.00 X 0 0 0 MATILYN MATTIE MEADOWS DIRECTOR 1.00 X 0 0 0 ANDREW KEMPF CEO 40.00 X 415129 0 77016 GEOFF STREIT VP COMMERCIAL LENDING 40.00 X 315303 0 48921 KARL PAGEL SVP FINANCE 40.00 X 225371 0 56712 SHELLEY DEYOUNG SVP OPERATIONS 40.00 X 189994 0 23587 DANIEL BAKER SVP LENDING 40.00 X 169674 0 26912 ZACH EYCHANER SVP IT/INNOVATION 40.00 X 159317 0 27344 1474788 0 260492 16 0 1 0 INFORMA BUSINESS SYSTEMS INC 5170 HARTSHORN DRIVE FLUSHING MI 48433 ITMS, SERVICE AGREEMENTS, RECEIPT PAPER 2012548 DEI INCORPORATED 1550 KEMPER MEADOW DRIVE CINCINNATI OH 45240 ITM 1625043 Q2 SOFTWARE PO BOX 205970 DALLAS TX 753205970 ONLINE BANKING 1267042 JACK HENRY AND ASSOCIATES PO BOX 609 MONETT MO 65708 SOFTWARE MAINTENANCE 796271 CITY OF TRAVERSE CITY 500 BOARDMAN AVE PO BOX 592 TRAVERSE CITY MI 496840592 PROPERTY TAXES 654449 33 INTEREST ON LOANS 522100 37955363 37955363 OTHER PROGRAM SERVICE REVENUE 522100 9640546 9640546 FEES & CHARGES 522100 7034903 6819809 215094 54630812 3066866 3066866 10683794 11837530 -1153736 -1153736 -1153736 OTHER NON-INTEREST INCOME 522100 136720 136720 136720 56680662 54552438 215094 1913130 3737791 492145 12076391 875123 1336331 906864 48495 1254992 1301628 10601245 2310045 58735 521340 846266 2543975 LOAN SERVICING EXPENSE 4927404 PROVISION FOR LOAN LOSS 706858 MISC OPERATING EXPENSES 516437 OPERATING FEES 165800 45227865 14530076 12897097 39813011 11091606 3333929 1668243 6338692 5843221 597964102 728676418 969029 1212217 46765957 2552227 38619400 44213730 152934018 159001735 21899103 20334797 1001891 667927 19243044 24237535 896646295 1009844526 5923813 10368300 75000000 810576256 848313011 816500069 933681311 X 0 0 0 0 80146226 76163215 80146226 76163215 896646295 1009844526 11452797 -15435808 0 X 0 0 0 5749678 5749678 31012491 1109734 29902757 28888 8765 20123 5897267 1418809 4478458 4077633 14919 4062714 44213730 MEMBER SHARES OF ALL TYPES 842632011 NONMEMBER DEPOSITS 5681000 848313011 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF MARCH 31, 2023 AND 2022. THE CREDIT UNION'S 2020 THROUGH 2022 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X X X X 0 0 0 ANDREW KEMPF CEO 407420 0 4003 0 3706 0 54540 0 22476 0 492145 0 0 0 GEOFF STREIT VP COMMERCIAL LENDING 97288 0 217819 0 196 0 28545 0 20376 0 364224 0 0 0 KARL PAGEL SVP FINANCE 224443 0 512 0 416 0 36447 0 20265 0 282083 0 0 0 SHELLEY DEYOUNG SVP OPERATIONS 187856 0 507 0 1631 0 20083 0 3504 0 213581 0 0 0 DANIEL BAKER SVP LENDING 168851 0 507 0 316 0 15465 0 11447 0 196586 0 0 0 ZACH EYCHANER SVP IT/INNOVATION 159317 0 0 0 0 0 11318 0 16026 0 186661 0 0 0 DAVID LEUSINK FORMER CEO SPLIT DOLLAR LOAN X 3700000 3895544 0 1 1 ANDREW KEMPF CEO SPLIT DOLLAR LOAN X 1850000 1947677 0 1 1 5843221 SCHEDULE L, PART II NOTED THESE TO BE NON-RECOURSE PLANS THAT ARE RECORDED ON THE BALANCE SHEET AT THE LOWER OF LOAN BALANCE OR CASH SURRENDER VALUE. BECAUSE THE CASH SURRENDER VALUE WAS LOWER, WE REPORTED THAT AMOUNT FOR BALANCE SHEET PURPOSES. HOWEVER, THE ACTUAL LOAN BALANCE IS AS FOLLOWS:DAVID LEUSINK - 4,323,528ANDREW KEMPF - 2,162,856 FORM 990, PART VI, SECTION A, LINE 1A WE DO HAVE A BOARD GOVERNANCE HANDBOOK THAT SPEAKS TO DELEGATING APPROPRIATE AUTHORITY TO THE CEO AND SENIOR MANAGEMENT TEAM. 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 MEMBERS VOTE AND ELECT BOARD MEMBERS AT ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE 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 MANAGEMENT REVIEWS THE TAX RETURN PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S OFFICER, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE ACTUAL OR POTENTIAL CONFLICT'S THEY MAY HAVE WITH THE ORGANIZATION. IF A CONFLICT ARISES, THE RESPECTIVE BOARD MEMBER WILL ABSTAIN FROM ANY RELATED DISCUSSION, VOTE, OR SIMILAR ACTION ON THE MATTER. MANAGEMENT RESERVES THE RIGHT TO DETERMINE WHEN AN EMPLOYEE'S ACTIVITIES REPRESENT A CONFLICT OF INTEREST AND TO TAKE WHATEVER ACTION IS APPROPRIATE TO RESOLVE THE SITUATION. FORM 990, PART VI, SECTION B, LINE 15 PART VI, LINE 15A: THE CEO RECEIVES A PERFORMANCE APPRAISAL FROM THE ENTIRE BOARD AND THEN THE COMPENSATION COMMITTEE MAKES A RECOMMENDATION TO THE BOARD FOR COMPENSATION BASED ON THE RESULTS OF THE APPRAISAL. WAGE RANGES ARE SET BASED ON COMPENSABLE FACTORS USING COMPEASE (A COMPANY THAT LOOKS AT NATIONAL, REGIONAL, STATE AND AREA COMPENSATION SURVEYS). THIS PROCESS TAKES PLACE ANNUALLY, AND IS DOCUMENTED IN COMPENSATION COMMITTEE MINUTES. RESULTS ARE REPORTED TO THE BOARD, BUT THE DETAILS ARE IN THE COMPENSATION COMMITTEE MINUTES. IN ADDITION TO COMPEASE, COPARABILITY DATA WAS PROVIDED TO THE COMPENSATION COMMITTEEE/BOARD FROM GALLAGHER EXECUTIVE COMPENSATION ANALYSIS. PART VI, LINE 15B THE BOARD RECEIVES A SALARY AND WAGE BUDGET FOR REVIEW/APPROVAL, THE DATA IS NOT EMPLOYEE SPECIFIC. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2022 FORM 990, PART VI, SECTION C, LINE 19 MONTHLY FINANCIALS AND OTHER GOVERNING DOCUMENTS ARE AVAILABLE FOR REVIEW UPON REQUEST AT THE CREDIT UNIONS MAIN OFFICES AT 101 N. PARK ST., TRAVERSE CITY, MI 4FRONT CAPITAL LLC PO BOX 795 TRAVERSE CITY MI 49685 841913699 INVESTMENTS MI 0 0 4FRONT CREDIT UNION