2023-11-15T15:26:36-06:00 2022-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2022-01-01 380960035 CREDIT UNION CHARTERED IN THE STATE OF COMMUNITY CHOICE CREDIT UNION CRED 8772432528 31155 NORTHWESTERN HIGHWAY FARMINGTON HILLS MI 48334 KELLI WISNER-FRANK CFO 8772432528 2023-11-15 1 KELLI WISNER-FRANK 999009999 0 JACK C TRACY P01974742 2482443000 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ROBERT BAVA 31155 NORTHWESTERN HWY FARMINGTON HILLS MI 48334 85568972 0 1359 X WWW.COMMUNITYCHOICECU.COM X 1935 MI COMMUNITY CHOICE CREDIT UNION IS A MEMBER OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE COMMITTED TO SERVING AS A TRUSTED ADVISOR TO OUR MEMBERS. WE ARE DEDICATED TO IMPROVING THE FINANCIAL LIVES OF OUR MEMBERS AND QUALITY OF LIFE FOR THE COMMUNITIES WE SERVE IN MICHIGAN. WE RECOGNIZE FOUR MAIN CORE VALUES THAT WE STRIVE TO DELIVER WITH EVERY EXPERIENCE: COMMITTED, CHARITABLE, CREDIBLE, AND UNITED. 9 9 469 9 1019173 0 0 0 65663288 76733478 4613206 4664965 4044638 2738950 74321132 84137393 0 100000 0 0 30736862 34138453 0 0 0 31456679 36595021 62193541 70833474 12127591 13303919 1628878716 1750069029 1482205807 1612556801 146672909 137512228 X WE BELIEVE IN HELPING OUR NEIGHBORS ACHIEVE THE LIFE THEY DESIRE. 1 1 LENDING: HELPED MEMBERS CHANGE THEIR ADDRESSES AND MAKE UPDATES TO THEIR HOMES BY LOANING THEM $97.1 MILLION IN MORTGAGES AND HOME EQUITY LOANS; LENT A HELPING HAND TO BUSINESS MEMBERS LOANING THEM $79.6 MILLION; AND HELPED MEMBERS GET BACK TO THE OFFICE BY LOANING $295.3 MILLION IN AUTO LOANS. DEPOSITS: MEMBERS DEPOSITED OVER $1.5 BILLION IN SAVINGS, CHECKING, BUSINESS, AND INVESTMENTS ACCOUNTS INCLUDING IRA AND CDS. REWARDS: PAID OVER $3.5 MILLION IN REWARDS TO MEMBERS IN 2022. REWARDS ARE PAID FOR MEMBERS USE OF PRODUCTS AND SERVICES INCLUDING DEBIT CARDS, LOANS, AND DEPOSITS. 0 0 0 0 0 0 0 0 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 1 0 0 0 0 1 1 1 0 0 1 39718 0 1 469 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 KELLI WISNER-FRANK 8772432528 31155 NORTHWESTERN HWY FARMINGTON HILLS MI 48334 BRIAN WILSON CHAIRPERSON 1.00 X 0 0 0 MARY MIKO DIRECTOR 1.00 X 0 0 0 THOMAS COOK SECRETARY 1.00 X 0 0 0 KATHLEEN BONUTTI TREASURER 1.00 X 0 0 0 TIMOTHY CROSSON VICE CHAIRPERSON 1.00 X 0 0 0 CHERYL MARKS DIRECTOR 1.00 X 0 0 0 VICTOR MARSHALL DIRECTOR 1.00 X 0 0 0 ONEATA BAILEY DIRECTOR 1.00 X 0 0 0 TIMOTHY WELCER DIRECTOR 1.00 X 0 0 0 ROBERT BAVA CEO 40.00 X 881109 0 67058 KELLI WISNER-FRANK CFO 40.00 X 373362 0 48051 TERESA MAYER CLO 40.00 X 336070 0 35728 DONNA SIEJUTT CHRO 40.00 X 293491 0 45345 DANIEL MUNRO COO/EVP 40.00 X 468809 0 58116 BRIAN WILSON VP OF RETAIL DELIVERY 40.00 X 211875 0 41790 JENNIFER LYNN HURREN VP E-COMMERCE 40.00 X 257541 0 22349 JEFFREY DUBEY VP RISK MANAGEMENT 40.00 X 234296 0 24327 JENNY LUDWIGSEN VP MARKETING 40.00 X 224174 0 22113 CARLINGTON BUCKNOR VP OF TECHNOLOGY 40.00 X 224451 0 37664 BARBARA BABINGTON VP OF LENDING 40.00 X 191892 0 32987 DONNA BASHI VP BUSINESS DEVELOPMENT 40.00 X 340672 0 20871 WENDI DIACONO WEALTH ADVISOR 40.00 X 224940 0 32172 SUSAN SETERA AVP BUSINESS SYSTEMS 40.00 X 305102 0 24300 ELIZABETH ANNE SPADAFORE SR BUSINESS RELATIONSHIP MGR 40.00 X 282267 0 13944 BRENT LOWELL BUSINESS RELATIONSHIP MANAGER 40.00 X 249989 0 33930 JEREMY MAURER AVP PROJECT MANAGEMENT 40.00 X 156099 0 21625 5256139 0 582370 34 0 1 0 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE RD FARMINGTON HILLS MI 48334 SOFTWARE/TECHNOLOGY SERVICES 2851987 Q2 SOFTWARE PO BOX 205970 DALLAS TX 75320 ONLINE WEB SERVICES 1054212 DP 38505 COUNTRY CLUB DR SUITE 110 FARMINGTON HILLS MI 48331 MARKETING SERVICES 917640 DOLPHIN DEBIT 18 AUGUSTA PINES DRIVE SPRING TX 77389 ATM FLEET SERVICES 595947 CRMNEXT 702 OBERLIN RD SUITE 200 RALEIGH NC 27605 SOFTWARE/TECHNOLOGY SERVICES 495000 34 MEMBER LOANS 522100 51819587 51819587 FEES, CHARGES, AND OTHER 522100 24913891 24913891 76733478 4524052 4524052 545301 0 545301 545301 545301 1001280 571212 996847 434732 4433 136480 140913 140913 GAIN FROM CUSO 522100 1174476 1174476 FINANCE AND INSURANCE 520000 1019173 1019173 2193649 84137393 83118220 1019173 0 X 100000 4494141 23784867 924872 2794581 2139992 1061659 202921 78400 2517588 4572655 1563132 1063504 206442 3761440 102242 2502159 288411 DEBIT/CREDIT EXPENSES 5554525 MAINTENANCE 3467883 LOAN SERVICING 3276385 PROVISION FOR LOAN LOSS 2093107 4282568 70833474 21257831 19700746 96930583 15306527 11232472 21140420 13598755 13952247 1077128783 1291006548 1923157 2299893 58506480 18340772 39004365 40165708 289903540 266099260 19231316 13157778 740075 432835 57927839 66807067 1628878716 1750069029 19611198 23825662 68493054 1462594609 1520238085 1482205807 1612556801 X 0 0 0 0 146672909 137512228 146672909 137512228 1628878716 1750069029 X 13303919 -22870494 405894 X X 0 1 X 1 0 12100263 12100263 37768417 13056961 24711456 659110 36367 622743 7978690 5247444 2731246 40165708 MEMBER DEPOSITS 1520238085 1520238085 X 84137393 0 84137393 0 84137393 70833474 0 70833474 0 70833474 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 COMMUNITY CHOICE FOUNDATION INC 31155 NORTHWESTERN HIGHWAY FARMINGTON HILLS MI 48334 263891535 501(C)(3) 100000 0 CHARITABLE CONTRIBUTION 1 0 FORM 990, SCH I, PART I, LINE 2 THIS IS A CHARITABLE CONTRIBUTION, NOT A GRANT. HOWEVER, AS THE SPONSOR OF THE FOUNDATION, COMMUNITY CHOICE CREDIT UNION MONITORS THE CHARITABLE DONATIONS BY THE FOUNDATION TO ENSURE THEY ALIGN WITH THE FOUNDATION'S EXEMPT PURPOSE AND GIVING INITIATIVES. X 1 1 X X X X X 1 1 0 ROBERT BAVA CEO 638004 0 238771 0 4334 0 47500 0 19558 0 948167 0 0 0 DANIEL MUNRO COO/EVP 349696 0 114515 0 4598 0 38500 0 19616 0 526925 0 0 0 KELLI WISNER-FRANK CFO 287852 0 76922 0 8588 0 29950 0 18101 0 421413 0 0 0 TERESA MAYER CLO 251428 0 73054 0 11588 0 30922 0 4806 0 371798 0 0 0 DONNA BASHI VP BUSINESS DEVELOPMENT 104149 0 225625 0 10898 0 20500 0 371 0 361543 0 0 0 DONNA SIEJUTT CHRO 215840 0 61275 0 16376 0 29162 0 16183 0 338836 0 0 0 SUSAN SETERA AVP BUSINESS SYSTEMS 125268 0 19148 0 160686 0 23893 0 407 0 329402 0 0 0 ELIZABETH ANNE SPADAFORE SR BUSINESS RELATIONSHIP MGR 122207 0 159460 0 600 0 8505 0 5439 0 296211 0 0 0 BRENT LOWELL BUSINESS RELATIONSHIP MANAGER 119138 0 125830 0 5021 0 20500 0 13430 0 283919 0 0 0 JENNIFER LYNN HURREN VP E-COMMERCE 199013 0 47840 0 10688 0 20500 0 1849 0 279890 0 0 0 CARLINGTON BUCKNOR VP OF TECHNOLOGY 177480 0 41412 0 5559 0 20500 0 17164 0 262115 0 0 0 JEFFREY DUBEY VP RISK MANAGEMENT 188476 0 45220 0 600 0 9723 0 14604 0 258623 0 0 0 WENDI DIACONO WEALTH ADVISOR 37355 0 178635 0 8950 0 27000 0 5172 0 257112 0 0 0 BRIAN WILSON VP OF RETAIL DELIVERY 170565 0 40460 0 850 0 27000 0 14790 0 253665 0 0 0 JENNY LUDWIGSEN VP MARKETING 181090 0 39484 0 3600 0 20500 0 1613 0 246287 0 0 0 BARBARA BABINGTON VP OF LENDING 155268 0 36024 0 600 0 18416 0 14571 0 224879 0 0 0 JEREMY MAURER AVP PROJECT MANAGEMENT 137615 0 18124 0 360 0 8149 0 13476 0 177724 0 0 0 PART I, LINES 4A-B SUSAN SETERA: $145,500 DAN MUNRO, COO/EVP PARTICIPATES IN A 457F PLAN. THE ACCRUED BENEFIT LIABILITY AS OF DECEMBER 31, 2022 APPROXIMATED $173,000. THE BELOW LISTED OFFICERS PARTICIPATE IN A NON-QUALIFIED 457B PLAN. THE AMOUNTS REPORTED REPRESENT THE BALANCE OF THE BENEFIT PAYABLE TO EACH PARTICIPANT AS OF DECEMBER 31, 2022. ROBERT BAVA, CEO: $161,856 KELLI WISNER-FRANK, CFO: $52,903 DANIEL MUNRO, COO/EVP: $188,973 DONNA SIEJUTT, CHRO: $6,264 TERESA MAYER, CLO: $18,545 THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, ROBERT BAVA, THE CHRO, DONNA SIEJUTT, AND THE CFO, KELLI WISNER-FRANK, THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, 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 PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. ROBERT BAVA CEO COLLATERAL ASSET SPLIT DOLLAR PLAN X 9350000 10706033 0 1 1 DONNA SIEJUTT CHRO COLLATERAL ASSET SPLIT DOLLAR PLAN X 1675000 1730887 0 1 1 KELLI WISNER-FRANK CFO COLLATERAL ASSET SPLIT DOLLAR PLAN X 1476800 1515327 0 1 1 13952247 THOMAS COOK DIRECTOR/OWNER OF TEAM FACILITIES 269546 THOMAS COOK OWNS A FACILITIES COMPANY THAT HANDLES ALL OF THE CREDIT UNION FACILITY NEEDS FOR ALL LOCATIONS (LAWN SERVICE, OFFICE CLEANING, HEATING/COOLING, ETC.). 0 CHRISTOPHER FRANK OWNER OF LEGAL SENTINEL/ SPOUSE OF CFO KELLI WISNER-FRANK 225000 CCCU PURCHASED SHARES IN COMPANY DIRECTLY FROM OWNERS TOM LEDUC AND CHRIS FRANK, THE HUSBAND OF CFO KELLI WISNER-FRANK 1 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO CERTAIN MEMBERS OF THE EXECUTIVE MANAGEMENT TEAM THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY. THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART III, LINE 2 IN 2022, THE CREDIT UNION INTRODUCED A NEW DIGITAL SAVINGS TOOL CALLED TARGETS, AUTOMATED TO HELP MEMBERS ACHIEVE THEIR SAVINGS GOALS. EDUCATION WAS PROVIDED TO OVER 60 TEAMS MEMBERS TO BECOME CERTIFIED CREDIT UNION FINANCIAL COUNSELORS IN SUPPORT OF THE NEW CHOICE MAP PROGRAM TO HELP MEMBERS SAVE, BORROW, SIMPLIFY, AND PROTECT THEIR FUTURE. CCCU ENHANCED THE REWARDS PROGRAM PROVIDING IMMEDIATE ACCESS TO CASH REWARDS. TWO NEW LOCATIONS WERE PURCHASES AND WILL OPEN FOR MEMBERS IN 2023. THE CREDIT UNION BROKE GROUND ON A THIRD MEMBER CENTER ALSO EXPECTED TO OPEN IN 2023 EXPANDING THE CREDIT UNION'S ACCESSIBILITY TO MEMBERS AND NEIGHBORS. FORM 990, PART III, LINE 3 CCCU DISCONTINUED CHARGING MANY OVERDRAFT FEES AND ELIMINATED AND/OR REDUCED MANY MEMBER SERVICE FEES KEEPING MORE MONEY IN MEMBERS' POCKETS. FORM 990, PART VI, SECTION A, LINE 6 ANY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER IS GIVEN ONE VOTE AND IS ABLE TO VOTE FOR THE GOVERNING BODY AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B MAJOR DECISIONS MADE BY THE GOVERNING BODY ARE SUBJECT TO APPROVAL BY MEMBERS, STOCKHOLDERS, OR OTHER PERSONS; HOWEVER, DAY TO DAY DECISIONS ARE NOT SUBJECT TO APPROVAL. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF FORM 990 WILL NOT BE PROVIDED TO THE ORGANIZATION'S GOVERNING BODY PRIOR TO IT BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EACH MEMBER OF THE BOARD OF DIRECTORS, MANAGEMENT, AND TEAM MEMBERS MUST BE TRAINED, REVIEW, AND SIGN OFF ON A CONFLICT OF INTEREST STATEMENT LISTING ANY POTENTIAL CONFLICTS. IF A POTENTIAL CONFLICT IS LISTED OR FOUND, EACH IS REVIEWED ON A CASE BY CASE BASIS. ANY CONFLICTS THAT ARE FOUND ARE DEALT WITH IMMEDIATELY. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION USES A THIRD PARTY VENDOR, D HILTON, TO ASSESS AND EVALUATE EVERY POSITION IN THE ORGANIZATION WHICH HELPS THE ORGANIZATION DEVELOP AND MAINTAIN COMPETITIVE PAY RATES AND IMPROVE EMPLOYEE PERFORMANCE. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST AND ARE ALSO POSTED IN THE BRANCH OFFICES EACH MONTH. FORM 990, PART IX, LINE 24E ATM EXPENSES 1,726,138. HOME BANKING 1,598,269. MISCELLANEOUS EXPENSE 501,616. TRAINING/DEVELOPMENT/EDUCATION 456,545. FORM 990, PART XI, LINE 9: ACCUMULATED OTHER COMPREHENSIVE INCOME RELATIVE TO THE DEFINED BENEFIT PLAN 405,894. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART IV, LINE 28C: ROBERT BAVA IS ON THE BOARD OF DIRECTORS OF THE FOLLOWING ORGANIZATIONS: MEMBER DRIVEN TECHNOLOGIES MICHIGAN TRUSTED TITLE AGENCY AUTOBOOKS CU REALTY INVESTORS ONE LLC IN 2022, THE CREDIT UNION SIGNED AN AGREEMENT TO PURCHASE SHARES IN LEGAL SENTINEL, LLC FOR $225,000. CHRISTOPHER FRANK, THE HUSBAND OF CFO KELLI WISNER-FRANK, WAS A MAJORITY SHAREHOLDER OF THE COMPANY. THE CU NOW OWNS 15% OF THE COMPANY, CHRISTOPHER FRANK OWNS 45%, AND OTHER INVESTORS OWN THE REMAINING 40%. THE COMPANY OFFERS PREPAID LEGAL SERVICES. KELLI WISNER-FRANK IS ON THE BOARD OF DIRECTORS FOR THE FOLLOWING ORGANIZATIONS: COMMERCIAL ALLIANCE MEMBER FIRST MORGAGE CREDIT UNION TRUST DANIEL MUNRO IS ON THE BOARD OF DIRECTOS FOR THE FOLLOWING ORGANIZATIONS: TRU TREASURY LEGAL SENTINEL CU REALTY INVESTORS ONE LLC DONNA SIEJUTT IS ON THE BOARD OF DIRECTORS FOR COMPLY-YES! AND NICKELS. TERESA MAYER IS ON THE BOARD OF DIRECTORS FOR SERVISTAR. JENNIFER HURREN IS ON THE BOARD OF DIRECTORS FOR CURQL. THOMAS COOK, A BOARD OF DIRECTOR OF THE CREDIT UNION, OWNS TEAM FACILITIES- A VENDOR THAT THE CREDIT UNION USES FOR FACILITIES MANAGEMENT. 3099 BIDDLE LLC 31155 NORTHWESTERN HIGHWAY FARMINGTON HILLS MI 48334 823577624 PROPERTY MANAGEMENT MI 445800 7033706 COMMUNITY CHOICE CREDIT UNION 20773 13 MILE RD ROSEVILLE LLC 31155 NORTHWESTERN HIGHWAY FARMINGTON HILLS MI 48334 844641854 PROPERTY MANAGEMENT MI 216000 3125559 COMMUNITY CHOICE CREDIT UNION COMMUNITY CHOICE FOUNDATION INC 31155 NORTHWESTERN HIGHWAY FARMINGTON HILLS MI 48334 263891535 PUBLIC CHARITY MI 501(C)(3) 7 COMMUNITY CHOICE CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 COMMUNITY CHOICE FOUNDATION B 100000 ACTUAL COMMUNITY CHOICE FOUNDATION L 80622 ESTIMATE COMMUNITY CHOICE FOUNDATION O 167480 ESTIMATE