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 38-0549595)
Tax period: 2022-01-01 to 2022-12-31
Filed: 2023-11-06
IRS object ID: 202343109349300649
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
Form 990
Schedule D
Schedule J
Schedule L
Schedule O

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2023-11-06T10:43:38-06:00	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 W 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	380549595	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	LOC CREDIT UNION	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Business Name Control	LOCC	BusinessNameControlTxt
Phone	2484742200	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	22981 FARMINGTON ROAD	AddressLine1Txt
City	FARMINGTON	CityNm
State Abbreviation	MI	StateAbbreviationCd
ZIP	48336	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	KARI CIARAMITARO	PersonNm
Person Title	EVP - FINANCE AND ACCOUNTING	PersonTitleTxt
Phone	2484742502	PhoneNum
Signature	2023-11-03	SignatureDt
Discuss With Paid Preparer	Yes (1)	DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Field	Value	IRS element (for citing)
Person First	KARI	PersonFirstNm
Person Last	CIARAMITARO	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

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)
Address Change	Yes (X)	AddressChangeInd
Name Change	Yes (X)	NameChangeInd
Principal Officer	STEPHEN P GRECH	PrincipalOfficerNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	22981 FARMINGTON ROAD	AddressLine1Txt
City	FARMINGTON	CityNm
State Abbreviation	MI	StateAbbreviationCd
ZIP	48336	ZIPCd

Field	Value	IRS element (for citing)
Gross Receipts	$18,018,857	GrossReceiptsAmt
Group Return For Affiliates	0	GroupReturnForAffiliatesInd
Organization501c	Yes (X)	Organization501cInd
Website Address	WWW.LOCCREDITUNION.COM	WebsiteAddressTxt
Type Of Organization Other	Yes (X)	TypeOfOrganizationOtherInd
Other Organization Dsc	CREDIT UNION	OtherOrganizationDsc
Formation	1935	FormationYr
Legal Domicile State	MI	LegalDomicileStateCd
Activity Or Mission	TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS	ActivityOrMissionDesc
Voting Members Governing Body	13	VotingMembersGoverningBodyCnt
Voting Members Independent	13	VotingMembersIndependentCnt
Total Employee	99	TotalEmployeeCnt
Total Volunteers	15	TotalVolunteersCnt
Total Gross UBI	$9,393	TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm	$3,450	NetUnrelatedBusTxblIncmAmt
PY Contributions Grants	$0	PYContributionsGrantsAmt
CY Contributions Grants	$0	CYContributionsGrantsAmt
PY Program Service Revenue	$2,803,702	PYProgramServiceRevenueAmt
CY Program Service Revenue	$9,052,872	CYProgramServiceRevenueAmt
PY Investment Income	$1,064,927	PYInvestmentIncomeAmt
CY Investment Income	$3,070,814	CYInvestmentIncomeAmt
PY Other Revenue	$84,021	PYOtherRevenueAmt
CY Other Revenue	$0	CYOtherRevenueAmt
PY Total Revenue	$3,952,650	PYTotalRevenueAmt
CY Total Revenue	$12,123,686	CYTotalRevenueAmt
PY Grants And Similar Paid	$0	PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid	$0	CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members	$0	PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members	$0	CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid	$1,613,667	PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid	$4,206,407	CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns	$0	PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$0	CYTotalFundraisingExpenseAmt
PY Other Expenses	$1,750,279	PYOtherExpensesAmt
CY Other Expenses	$4,199,369	CYOtherExpensesAmt
PY Total Expenses	$3,363,946	PYTotalExpensesAmt
CY Total Expenses	$8,405,776	CYTotalExpensesAmt
PY Revenues Less Expenses	$588,704	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	$3,717,910	CYRevenuesLessExpensesAmt
Total Assets BOY	$137,978,999	TotalAssetsBOYAmt
Total Assets EOY	$450,298,600	TotalAssetsEOYAmt
Total Liabilities BOY	$125,547,194	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$426,809,000	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$12,431,805	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$23,489,600	NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part III	Yes (X)	InfoInScheduleOPartIIIInd
Mission	WE OFFER A COMMITTMENT TO OUR MEMBERS TO PROVIDE QUALITY FINANCIAL SERVICES IN A FRIENDLY MANNER WITH SOUND PROFESSIONAL LEADERSHIP.	MissionDesc
Significant New Program Srvc	Yes (1)	SignificantNewProgramSrvcInd
Significant Change	Yes (1)	SignificantChangeInd
Desc	PROVIDE 28,694 MEMBERS WITH REGULAR SHARE, SHARE DRAFT, MONEY MARKET, IRA, AND CERTIFICATE OF DEPOSIT ACCOUNTS TOTALING $421,483,688	Desc

Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp

Field	Value	IRS element (for citing)
Desc	PROVIDE 16,343 LOANS INCLUDING VEHICLE, MORTGAGES, HOME EQUITY, COMMERCIAL/BUSINESS, UNSECURED, AND CREDIT CARDS TOTALING $234,558,318.	Desc

Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp

Field	Value	IRS element (for citing)
Desc	OFFER DEBIT CARDS, DIGITAL BANKING, AUTOMATED TELLER MACHINES, WIRE TRANSFERS, VARIOUS INSURANCE PRODUCTS, AND WEALTH MANAGEMENT.	Desc

Field	Value	IRS element (for citing)
Described In Section501c3	0	DescribedInSection501c3Ind
Schedule B Required	0	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	0	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	Yes (1)	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	0	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	0	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	0	DisregardedEntityInd
Related Entity	0	RelatedEntityInd
Related Organization Ctrl Ent	0	RelatedOrganizationCtrlEntInd
Activities Conducted Prtshp	0	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (1)	ScheduleORequiredInd
IRP Document	4251	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Backup Wthld Compliance	Yes (1)	BackupWthldComplianceInd
Employee	99	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	13	GoverningBodyVotingMembersCnt
Independent Voting Member	13	IndependentVotingMemberCnt
Family Or Business Rln	0	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	0	DelegationOfMgmtDutiesInd
Change To Org Documents	Yes (1)	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	KIM HAGSTROM	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Phone	2484742200	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	22981 FARMINGTON ROAD	AddressLine1Txt
City	FARMINGTON	CityNm
State Abbreviation	MI	StateAbbreviationCd
ZIP	48336	ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp (17 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt	OfficerOfficerInd	Highest Compensated EmployeeHighestCompensatedEmployeeInd
MICHAEL LASLEY
CHAIRPERSON	1.00	Yes (X)	$0	$0	$0
PAUL J RENKO JR
V. CHAIRPERSON	1.00	Yes (X)	$0	$0	$0
PAUL HAIN
SECRETARY	1.00	Yes (X)	$0	$0	$0
DALE COUNTEGAN
TREASURER	1.00	Yes (X)	$0	$0	$0
ANN SCHROEDER
DIRECTOR	1.00	Yes (X)	$0	$0	$0
BETTY RICHARDS
DIRECTOR	1.00	Yes (X)	$0	$0	$0
CHARLES LACEY
DIRECTOR	1.00	Yes (X)	$0	$0	$0
DAVID DRAKE
DIRECTOR	1.00	Yes (X)	$0	$0	$0
DOMENIC LAURIA
DIRECTOR	1.00	Yes (X)	$0	$0	$0
MICHAEL CONNOLLY
DIRECTOR	1.00	Yes (X)	$0	$0	$0
NATALIE CLEMONS
DIRECTOR	1.00	Yes (X)	$0	$0	$0
PATRICK MONTI
DIRECTOR	1.00	Yes (X)	$0	$0	$0
PAUL WYDENDORF
DIRECTOR	1.00	Yes (X)	$0	$0	$0
STEPHEN P GRECH
PRESIDENT/CEO	40.00		$126,594	$0	$22,106	Yes (X)
JON ELLIOTT
SENIOR EVP	40.00		$210,654	$0	$39,736	Yes (X)
KARI CIARAMITARO
EVP FINANCE	40.00		$90,431	$0	$16,455	Yes (X)
CHRISTENA KOESTER
EVP OPERATIONS AND TECHNOLOGY	40.00		$145,407	$0	$26,851		Yes (X)

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$573,086	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$0	TotReportableCompRltdOrgAmt
Total Other Compensation	$105,148	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	3	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
MDT
30230 ORCHARD LAKE RD	FARMINGTON HILLS	MI	48334	DATA PROCESSING	$633,426
CO-OP FINANCIAL SERVICES
9692 HAVEN AVENUE	RANCHO CUCAMONGA	CA	91730	CARD PROCESSING	$371,055
ALKAMI
PO BOX 122223 DEPT 2223	DALLAS	TX	75313	DIGITAL BANKING	$203,396
VISA USA INC
PO BOX 742233	LOS ANGELES	CA	90074	ATM/DEBIT/CREDIT NETWORK	$131,617
CU SOLUTIONS
PO BOX 8054	PLYMONTH	MI	48170	MARKETING/LOAN & NEW ACCOUNT SOFTWARE	$113,199

Field	Value	IRS element (for citing)
Cntrct Rcvd Greater Than100 K	5	CntrctRcvdGreaterThan100KCnt

Program Service Revenue ProgramServiceRevenueGrp (3 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt	Unrelated Business RevenueUnrelatedBusinessRevenueAmt
INTEREST ON LOANS	522100	$5,182,638	$5,182,638
FEES/CHARGES/OTHER	522100	$3,860,841	$3,860,841
FINANCE AND INSURANCE	520000	$9,393		$9,393

Field	Value	IRS element (for citing)
Total Program Service Revenue	$9,052,872	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$3,090,256	TotalRevenueColumnAmt
Related Or Exempt Func Income	$3,090,256	RelatedOrExemptFuncIncomeAmt

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

Field	Value	IRS element (for citing)
Securities	$5,875,729	SecuritiesAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

Field	Value	IRS element (for citing)
Securities	$5,895,171	SecuritiesAmt

Gain Or Loss GainOrLossGrp

Field	Value	IRS element (for citing)
Securities	-$19,442	SecuritiesAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

Field	Value	IRS element (for citing)
Total Revenue Column	-$19,442	TotalRevenueColumnAmt
Related Or Exempt Func Income	-$19,442	RelatedOrExemptFuncIncomeAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$12,123,686	TotalRevenueColumnAmt
Related Or Exempt Func Income	$12,114,293	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$9,393	UnrelatedBusinessRevenueAmt
Exclusion	$0	ExclusionAmt

Field	Value	IRS element (for citing)
Info In Schedule O Part IX	Yes (X)	InfoInScheduleOPartIXInd

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

Field	Value	IRS element (for citing)
Total	$505,976	TotalAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

Field	Value	IRS element (for citing)
Total	$2,632,227	TotalAmt

Pension Plan Contributions PensionPlanContributionsGrp

Field	Value	IRS element (for citing)
Total	$103,684	TotalAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

Field	Value	IRS element (for citing)
Total	$759,423	TotalAmt

Payroll Taxes PayrollTaxesGrp

Field	Value	IRS element (for citing)
Total	$205,097	TotalAmt

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$15,751	TotalAmt

Fees For Services Accounting FeesForServicesAccountingGrp

Field	Value	IRS element (for citing)
Total	$78,506	TotalAmt

Fees For Services Other FeesForServicesOtherGrp

Field	Value	IRS element (for citing)
Total	$396,268	TotalAmt

Advertising AdvertisingGrp

Field	Value	IRS element (for citing)
Total	$153,000	TotalAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$765,146	TotalAmt

Information Technology InformationTechnologyGrp

Field	Value	IRS element (for citing)
Total	$519,551	TotalAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$243,185	TotalAmt

Travel TravelGrp

Field	Value	IRS element (for citing)
Total	$32,582	TotalAmt

Interest InterestGrp

Field	Value	IRS element (for citing)
Total	$242,189	TotalAmt

Payments To Affiliates PaymentsToAffiliatesGrp

Field	Value	IRS element (for citing)
Total	$17,463	TotalAmt

Depreciation Depletion DepreciationDepletionGrp

Field	Value	IRS element (for citing)
Total	$151,203	TotalAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$76,336	TotalAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDesc	TotalTotalAmt
ATM EXPENSES	$431,480
DEBIT/CREDIT CARD EXPEN	$371,834
LOAN SERVICING	$268,638
MAINTENANCE	$167,083

All Other Expenses AllOtherExpensesGrp

Field	Value	IRS element (for citing)
Total	$269,154	TotalAmt

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$8,405,776	TotalAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

Field	Value	IRS element (for citing)
BOY	$1,158,144	BOYAmt
EOY	$3,008,365	EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$9,668,646	BOYAmt
EOY	$8,230,759	EOYAmt

Accounts Receivable AccountsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$52,105	BOYAmt
EOY	$1,941,578	EOYAmt

Receivables From Officers Etc ReceivablesFromOfficersEtcGrp

Field	Value	IRS element (for citing)
BOY	$1,588,805	BOYAmt
EOY	$7,248,184	EOYAmt

Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp

Field	Value	IRS element (for citing)
BOY	$43,965,632	BOYAmt
EOY	$227,569,832	EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

Field	Value	IRS element (for citing)
BOY	$427,964	BOYAmt
EOY	$5,829,399	EOYAmt

Field	Value	IRS element (for citing)
Land Bldg Equip Cost Or Other Bss	$7,806,299	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$1,220,035	LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

Field	Value	IRS element (for citing)
BOY	$289,428	BOYAmt
EOY	$6,586,264	EOYAmt

Investments Pub Traded Sec InvestmentsPubTradedSecGrp

Field	Value	IRS element (for citing)
BOY	$77,677,900	BOYAmt
EOY	$163,465,640	EOYAmt

Investments Other Securities InvestmentsOtherSecuritiesGrp

Field	Value	IRS element (for citing)
BOY	$413,200	BOYAmt
EOY	$13,243,094	EOYAmt

Intangible Assets IntangibleAssetsGrp

Field	Value	IRS element (for citing)
EOY	$5,455,957	EOYAmt

Other Assets Total OtherAssetsTotalGrp

Field	Value	IRS element (for citing)
BOY	$2,737,175	BOYAmt
EOY	$7,719,528	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$137,978,999	BOYAmt
EOY	$450,298,600	EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

Field	Value	IRS element (for citing)
BOY	$499,897	BOYAmt
EOY	$5,325,312	EOYAmt

Other Liabilities OtherLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$125,047,297	BOYAmt
EOY	$421,483,688	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$125,547,194	BOYAmt
EOY	$426,809,000	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	$12,431,805	BOYAmt
EOY	$23,489,600	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$12,431,805	BOYAmt
EOY	$23,489,600	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$137,978,999	BOYAmt
EOY	$450,298,600	EOYAmt

Field	Value	IRS element (for citing)
Info In Schedule O Part XI	Yes (X)	InfoInScheduleOPartXIInd
Reconcilation Revenue Expnss	$3,717,910	ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst	-$10,878,213	NetUnrlzdGainsLossesInvstAmt
Other Changes In Net Assets	$18,218,098	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)
Separate Basis Fincl Stmt	Yes (X)	SeparateBasisFinclStmtInd

Field	Value	IRS element (for citing)
Audit Committee	Yes (1)	AuditCommitteeInd
Federal Grant Audit Required	0	FederalGrantAuditRequiredInd

Schedule D IRS990ScheduleD

Land LandGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$1,436,000	OtherCostOrOtherBasisAmt
Book Value	$1,436,000	BookValueAmt

Buildings BuildingsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$4,730,179	OtherCostOrOtherBasisAmt
Depreciation	$580,913	DepreciationAmt
Book Value	$4,149,266	BookValueAmt

Leasehold Improvements LeaseholdImprovementsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$317,579	OtherCostOrOtherBasisAmt
Depreciation	$304,324	DepreciationAmt
Book Value	$13,255	BookValueAmt

Equipment EquipmentGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$1,322,541	OtherCostOrOtherBasisAmt
Depreciation	$334,798	DepreciationAmt
Book Value	$987,743	BookValueAmt

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$6,586,264	TotalBookValueLandBuildingsAmt

Other Liabilities Org OtherLiabilitiesOrgGrp (5 entries)

DescDesc	AmtAmt
SHARES	$201,065,208
SPECIAL DEPOSITS	$101,887,703
CERTIFICATE OF DEPOSIT	$13,736,293
IRA DEPOSITS	$5,052,551
SHARE DRAFTS	$99,741,933

Field	Value	IRS element (for citing)
Total Liability	$421,483,688	TotalLiabilityAmt
Footnote Text	Yes (X)	FootnoteTextInd
Total Rev Etc Audited Fincl Stmt	$12,123,686	TotalRevEtcAuditedFinclStmtAmt
Revenue Not Reported	$0	RevenueNotReportedAmt
Revenue Subtotal	$12,123,686	RevenueSubtotalAmt
Revenue Not Reported Fincl Stmt	$0	RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990	$12,123,686	TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt	$8,405,776	TotExpnsEtcAuditedFinclStmtAmt
Expenses Not Reported	$0	ExpensesNotReportedAmt
Expenses Subtotal	$8,405,776	ExpensesSubtotalAmt
Expenses Not Rpt Fincl Stmt	$0	ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990	$8,405,776	TotalExpensesPerForm990Amt

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	PART X, LINE 2:	FormAndLineReferenceDesc
Explanation	THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)(14)), FROM FEDERAL AND STATE INCOME TAXES.	ExplanationTxt

Schedule J IRS990ScheduleJ

Field	Value	IRS element (for citing)
Travel For Companions	Yes (X)	TravelForCompanionsInd
Written Policy Ref T And E Expnss	Yes (1)	WrittenPolicyRefTAndEExpnssInd
Substantiation Required	Yes (1)	SubstantiationRequiredInd
Compensation Committee	Yes (X)	CompensationCommitteeInd
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 (2 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
JON ELLIOTT
SENIOR EVP	$184,124	$0	$13,963	$0	$12,567	$0	$10,345	$0	$29,391	$0	$250,390	$0	$0	$0
CHRISTENA KOESTER
EVP OPERATIONS AND TECHNOLOGY	$130,213	$0	$5,563	$0	$9,631	$0	$7,258	$0	$19,593	$0	$172,258	$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 SPLIT DOLLAR COLLATERAL ASSIGNMENT LOAN AGREEMENTS WITH JON ELLIOT AND CHRISTENA KOESTER, WHEREAS THE CREDIT UNION PAYS THE ANNUAL LIFE INSURANCE PREMIUMS DURING THE EXECUTIVES' YEARS OF SERVICE ON BEHALF OF THE EXECUTIVES. THE CREDIT UNION HAS DEPOSITED FUNDS INTO A PREMIUM DEPOSIT ACCOUNT TO PAY THE ANNUAL LIFE INSURANCE PREMIUMS ON BEHALF OF THE EXECUTIVES. THE EXECUTIVES ARE THE SOLE OWNERS OF THE POLICIES AND ASSIGNED THE LIFE INSURANCE POLICIES AND THE ASSOCIATED PREMIUM DEPOSIT ACCOUNTS AS COLLATERAL TO THE CREDIT UNION. THE SPLIT DOLLAR ARRANGEMENTS WERE GRANTED TO THE EXECUTIVES WITH FULL RECOURSE BY THE CREDIT UNION. THE LOANS ARE EXPECTED TO BE REPAID FROM THE DEATH BENEFIT OF THE POLICIES. AS A RESULT OF THE MERGER BETWEEN MEMBERFOCUS COMMUNITY CREDIT UNION AND LOC FEDERAL CREDIT UNION, THE MERGED ENTITY (LOC CREDIT UNION) REPORTED COLLATERAL ASSIGNED SPLIT DOLLAR LOANS TO STEPHEN P. GRECH, KARI CIARAMITARO AND JAMES DICKINSON. WHILE STEPHEN P. GRECH AND KARI CIARAMITARO ARE CURRENT OFFICERS OF THE MERGED ENTITY, LOC CREDIT UNION, JAMES DICKINSON WAS THE FORMER CEO OF THE FORMER ENTITY, LOC FEDERAL CREDIT UNION.	ExplanationTxt

Schedule L IRS990ScheduleL

Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp (5 entries)

Relationship With OrgRelationshipWithOrgTxt	Loan PurposeLoanPurposeTxt	Loan From OrganizationLoanFromOrganizationInd	Original PrincipalOriginalPrincipalAmt	Balance DueBalanceDueAmt	DefaultDefaultInd	Board Or Committee ApprovalBoardOrCommitteeApprovalInd	Written AgreementWrittenAgreementInd
JON ELLIOT
SENIOR EVP	COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN	Yes (X)	$919,372	$1,002,038	0	Yes (1)	Yes (1)
CHRISTENA KOESTER
EVP - OPERATIONS AND TECHNOLOGY	COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN	Yes (X)	$606,684	$622,762	0	Yes (1)	Yes (1)
STEPHEN P GRECH
CEO	COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN	Yes (X)	$1,971,117	$2,021,291	0	Yes (1)	Yes (1)
JAMES DICKINSON
FORMER CEO (LOC FCU)	COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN	Yes (X)	$1,501,650	$1,724,548	0	Yes (1)	Yes (1)
KARI CIARAMITARO
EVP - FINANCE AND ACCOUNTING	COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN	Yes (X)	$1,733,298	$1,877,545	0	Yes (1)	Yes (1)

Field	Value	IRS element (for citing)
Total Balance Due	$7,248,184	TotalBalanceDueAmt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (13 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
FORM 990, PART III, LINE 2	LOC CREDIT UNION IS A COMBINATION OF TWO CREDIT UNIONS FORMED IN 2022 AS A RESULT OF A MERGER BETWEEN LOC FEDERAL CREDIT UNION AND MEMBERFOCUS COMMUNITY CREDIT UNION. THE MERGED ENTITY, LOC CREDIT UNION MAINTAINED THE STATE CHARTER AND EIN OF MEMBERFOCUS COMMUNITY CREDIT UNION. WEALTH MANAGEMENT SERVICES AND MEMBER BUSINESS LOANS WERE ADDED TO MEMBER SERVICES OFFERED POST-MERGER.
FORM 990, PART III, LINE 3	THE CREDIT UNION NO LONGER ENGAGES IN INDIRECT LENDING.
FORM 990, PART VI, SECTION A, LINE 4	THE BYLAWS WERE UPDATED FOR THE CREDIT UNION'S NAME CHANGE AS A RESULT OF THE MERGER. ADDITIONALLY, THE BYLAWS WERE AMENDED TO ADDRESS THE CREDIT UNION'S EXPANDED FIELD OF MEMBERSHIP. SPECIFICALLY, LOC CREDIT UNION'S FIELD OF MEMBERSHIP INCLUDES ANY PERSON THAT LIVES, WORKS, WORSHIPS OR ATTENDS SCHOOL IN THE STATE OF MICHIGAN.
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	THE BOARD OF DIRECTORS IS ELECTED BY MEMBERSHIP VOTE. EACH BOARD MEMBER IS ELECTED FOR A THREE YEAR TERM.
FORM 990, PART VI, SECTION A, LINE 7B	CERTAIN CREDIT UNION DECISIONS ARE SUBJECT TO MEMBERSHIP APPROVAL, INCLUDING MERGERS.
FORM 990, PART VI, SECTION B, LINE 11B	A REVIEW IS CONDUCTED BY THE EVP OF FINANCE AND ACCOUNTING PRIOR TO SUBMISSION TO THE IRS.
FORM 990, PART VI, SECTION B, LINE 12C	ANNUALLY, ALL DIRECTORS AND SENIOR LEADERSHIP TEAM MEMBERS ARE REQUIRED TO COMPLETE AND SIGN A CONFLICT OF INTEREST STATEMENT WHICH REQUIRES DISCLOSURE OF ANY POTENTIAL CONFLICTS OR RELATIONSHIPS WITH RELATED PARTIES.
FORM 990, PART VI, SECTION B, LINE 15	COMPENSATION IS APPROVED BY THE PERSONNEL COMMITTEE BASED ON RECOMMENDATION FROM THE EXECUTIVE LEADERSHIP TEAM'S REVIEW OF COMPARATIVE DATA AND JOB PERFORMANCE. CEO COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS.
FORM 990, PART VI, SECTION C, LINE 19	GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
FORM 990, PART IX, LINE 24E	PROVISION FOR LOAN LOSSES 152,839. MISCELLANEOUS 82,963. TRAINING/EDUCATION/DEVELOPMENT 33,352.
FORM 990, PART XI, LINE 9:	EQUITY ACQUIRED THROUGH MERGER LOC 18,203,084. NET PENSION GAINS FROM 7/1/22 - 12/31/22 15,014.
FORM 990, PART XII, LINE 2C	THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR.