2023-11-14T15:54:55-06:00 2022-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2022-01-01 381418001 1199 CORNERSTONE COMMUNITY FINANCIAL CREDIT UNION 1199 2483409310 2955 UNIVERSITY DRIVE AUBURN HILLS MI 48326 HEIDI KASSAB CEO 2483409310 2023-11-13 1 HEIDI KASSAB 999009999 0 JOSEPH ZITO CPA P00648440 2482443000 2023-11-13 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z HEIDI KASSAB 2955 UNIVERSITY DR AUBURN HILLS MI 48326 21603999 0 1359 X WWW.CCFINANCIAL.COM X 1951 MI WE ARE COMMITTED TO BEING A LEADING COMMUNITY-FOCUSED CREDIT UNION THAT IS THE CORNERSTONE TO HELPING MEMBERS ACHIEVE THEIR FINANCIAL GOALS. 9 9 129 9 13252 0 0 0 18547374 20973348 179681 617399 12138 13252 18739193 21603999 0 0 0 0 6975653 7695963 0 0 0 7523942 9184879 14499595 16880842 4239598 4723157 371170169 409250365 326910905 361318282 44259264 47932083 REVOLUTIONIZE THE SERVICE EXPERIENCE FULFILLING THE CHANGING NEEDS OF MEMBERS AND OUR COMMUNITIES. 0 0 SERVICE OVER $345 MILLION IN LOANS TO MEMBERS AS OF DECEMBER 31, 2022. PROVIDE DEPOSIT SERVICES TO OVER 24,000 MEMBERS. MEMBER DEPOSITS APPROXIMATED $328 MILLION AS OF DECEMBER 31, 2022. OPENED OVER 2,114 NEW ACCOUNTS DURING 2022. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 5900 0 1 129 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 MARK EVENSON 2483731310 2955 UNIVERSITY DRIVE AUBURN HILLS MI 48326 LEO MOSES CHAIRPERSON 10.00 X 0 0 0 CHRIS BAKER TREASURER 5.00 X 0 0 0 TIMOTHY MCGLINCHEY VICE CHAIRPERSON 5.00 X 0 0 0 TIMOTHY GREEN SECRETARY 5.00 X 0 0 0 JOHN ELSE II DIRECTOR 5.00 X 0 0 0 DAVID WOODWARD DIRECTOR 5.00 X 0 0 0 BRIAN BEAUMONT DIRECTOR 5.00 X 0 0 0 LORI OZDOWY DIRECTOR 5.00 X 0 0 0 JACKIE MACON DIRECTOR 5.00 X 0 0 0 HEIDI KASSAB PRESIDENT/CEO 40.00 X 421718 0 48492 MARK EVENSON CFO 40.00 X 160255 0 32401 BETH WIELGAT CFO (PREVIOUS) 40.00 X 83199 0 6454 CHRISTOPHER MANGENO VP OF LENDING AND COLLECTI 40.00 X 172834 0 33251 DAVID SHOSEY VP OF IT 40.00 X 149823 0 32158 JENNIFER DICKEY CHIEF EXPERIENCE OFFICER 40.00 X 167614 0 12376 STEVE FLORES VP OF OPERATIONS 40.00 X 132562 0 28426 JENNIFER BLEAU VP OF MARKETING 40.00 X 136645 0 34316 1424650 0 227874 10 0 1 0 JACK HENRY AND ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE PROCESSING SYSTEM 630971 DIEBOLD PO BOX 643543 PITTSBURGH PA 15264 ATM SERVICING & REPLACEMENTS 250918 SUES LANDSCAPING 1000 BENSTEIN RD WALLED LAKE MI 48390 LANDSCAPING 232808 MARQUIS SOFTWARE SOLUTIONS INC PO BOX 660919 DALLAS TX 75266 CUSTOMER MANAGEMENT 219846 DBSI 6950 W MORELOS PLACE STE 1 CHANDLER AZ 85226 ITEMS 192063 12 LOAN INCOME 522100 15600739 15600739 FEE INCOME 522100 5372609 5372609 20973348 617399 617399 FINANCE AND INSURANCE 520000 13252 13252 13252 21603999 20973348 13252 617399 X 752519 5413193 495760 566707 467784 24483 84000 38183 990535 482593 1009053 657092 65067 14287 1772235 48070 742114 166898 LOAN SERVICING EXPENSE 889195 DEBIT/CREDIT CARD EXPEN 866432 PROVISION FOR LOAN LOSS 694000 MAINTENANCE 258491 382151 16880842 1832669 2093713 41839747 27872120 3229580 1602492 5269782 5367457 292459578 343552025 729475 1050455 21013019 10367446 10791820 10645573 207886 145574 10877173 9418121 3932459 7502835 371170169 409250365 2087948 3000871 16000000 30000000 308822957 328317411 326910905 361318282 X 0 0 0 0 44259264 47932083 44259264 47932083 371170169 409250365 4723157 -1050338 0 X X 0 1 X 1 0 2663939 2663939 9937809 3448222 6489587 97797 14670 83127 7020041 5923931 1096110 1293433 980623 312810 10645573 MEMBER SHARES 328317411 328317411 X 21603999 0 21603999 0 21603999 16880842 0 16880842 0 16880842 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. THE CREDIT UNION'S OPEN AUDIT PERIOD IS FOR THE THREE YEAR PERIOD ENDED DECEMBER 31, 2022. X 1 1 X X X X X 0 1 0 HEIDI KASSAB PRESIDENT/CEO 324850 0 80154 0 16714 0 27550 0 20942 0 470210 0 0 0 CHRISTOPHER MANGENO VP OF LENDING AND COLLECTI 150714 0 22120 0 0 0 12711 0 20540 0 206085 0 0 0 MARK EVENSON CFO 142334 0 17921 0 0 0 12053 0 20348 0 192656 0 0 0 DAVID SHOSEY VP OF IT 131616 0 18207 0 0 0 11216 0 20942 0 181981 0 0 0 JENNIFER DICKEY CHIEF EXPERIENCE OFFICER 148889 0 18725 0 0 0 11879 0 497 0 179990 0 0 0 JENNIFER BLEAU VP OF MARKETING 118932 0 17713 0 0 0 9874 0 24442 0 170961 0 0 0 STEVE FLORES VP OF OPERATIONS 116007 0 16555 0 0 0 9842 0 18584 0 160988 0 0 0 PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, HEIDI KASSAB 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 PARTICIPANT. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. HEIDI KASSAB PRESIDENT/CEO TO FUND SPLIT DOLLAR PLAN X 4750000 5367457 0 1 1 5367457 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD 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 VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERSHIP ELECTS THE BOARD OF DIRECTORS WHICH GOVERN THE OPERATIONS OF THE CREDIT UNION. 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 FORM 990 IS PREPARED BY AN INDEPENDENT CPA FIRM AND REVIEWED BY MANAGEMENT PRIOR TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C ACCOUNT RELATIONSHIPS ARE MONITORED BY THE INTERNAL AUDITOR. ANY BUSINESS RELATIONSHIPS WOULD BE REVIEWED BY THE CEO OR CHAIRMAN AS APPLICABLE. FORM 990, PART VI, SECTION B, LINE 15 AN INDEPENDENT CONSULTANT IS USED IN THE REVIEW PROCESS OF THE CEO. THE BOARD REVIEWS THE EVALUATION AND COMPENSATION LEVELS. ALL OTHER EMPLOYEES ARE REVIEWED BY THEIR SUPERVISOR AND EVALUATIONS ARE APPROVED BY THE CEO. 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. FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 24E MISCELLANEOUS EXPENSES 174,320. EDUCATION AND TRAINING 150,400. ATM EXPENSES 57,431. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM PREVIOUS YEARS.