2022-11-08T12:11:35-06:00 2021-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2021-01-01 381582963 FREESTAR FINANCIAL CREDIT UNION FREE 5864667800 PO BOX 2800 MT CLEMENS MI 48046 ERIC HEINRICH CHIEF FINANCIAL OFFICER 5864667800 2022-11-08 1 ERIC HEINRICH 999009999 JOSEPH A ZITO CPA P00648440 2482443000 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z DREMA D ISAAC PO BOX 2800 MT CLEMENS MI 48046 13151728 0 1359 X WWW.FREESTARFINANCIAL.COM X 1957 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 6 6 76 6 26766 12960 0 0 11922665 11932040 652346 787074 295432 272105 12870443 12991219 7273 0 0 0 4721492 5219707 0 0 0 7110657 5890692 11839422 11110399 1031021 1880820 259711613 281204430 234554998 255217477 25156615 25986953 TO POSITIVELY IMPACT THE LIVES OF OUR MEMBERS, TEAM MEMBERS, AND COMMUNITY THROUGH MEANINGFUL CONNECTIONS AND PROGRESSIVE FINANCIAL SOLUTIONS. 0 0 PROMOTED THRIFT TO APPROXIMATELY 20,000 MEMBERS BY OFFERING LOANS, DEPOSITS, AND OTHER FINANCIAL INSTRUMENTS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4854 0 1 76 1 1 1 0 0 0 0 0 0 0 X 6 6 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X ERIC HEINRICH 5864667800 PO BOX 2800 MT CLEMENS MI 48046 JAMES D ELLIS BOARD MEMBER 2.00 X 0 0 0 EDWARD J COTTER JR BOARD MEMBER 2.00 X 0 0 0 CLIFFORD BROWN BOARD VICE CHAIRPERSON 2.00 X 0 0 0 JEFFREY BRUSS BOARD SECRETARY 2.00 X 0 0 0 RAYMOND W WHITE JR BOARD CHAIRPERSON 2.00 X 0 0 0 CATHERINE PATYI BOARD MEMBER 2.00 X 0 0 0 CHARLES LARSEN BOARD MEMBER 2.00 X 0 0 0 KRISTI LE BOARD TREASURER 2.00 X 0 0 0 DREMA ISAAC PRESIDENT/CEO 40.00 X 325958 0 164531 ERIC HEINRICH CFO 40.00 X 172238 0 26702 JENNIFER MARTINES EXECUTIVE VICE PRESIDENT 40.00 X 134597 0 7342 ANNE LESTER VICE PRESIDENT OF BRANCH 40.00 X 116153 0 12297 TIMOTHY STRENK VICE PRESIDENT OF IT 40.00 X 108485 0 22589 857431 0 233461 5 0 1 0 FISERV 75 REMITTANCE DRIVE CHICAGO IL 606751649 DATA PROCESSING 1201270 1 LOANS RECEIVABLE 522100 8175608 8175608 FEES, CHARGES, OTHER 522100 3756432 3756432 11932040 793063 793063 154520 160509 -5989 -5989 -5989 REALIZED GAINS ON DEFERRED COMPEN 522100 245339 245339 FINANCE AND INSURANCE 520000 26766 26766 272105 12991219 12964453 26766 0 X 689429 3444046 163624 598454 324154 18433 61392 104437 415828 362804 604152 233146 106905 38572 1396372 17126 602078 63209 UNRELATED BUSINESS INCO 3600 DEBIT/CREDIT/ATM EXPENS 1018761 LOAN SERVICING 486332 SERVICE BUREAU 293521 64024 11110399 2453745 2490293 14471950 12587459 169538978 174514026 258211 203683 16415822 4375697 12489484 12040125 45030640 65684898 9268600 6518600 6200005 7165346 259711613 281204430 2050264 2332454 373515 438178 7000000 7000000 225131219 245446845 234554998 255217477 X 0 0 0 0 25156615 25986953 25156615 25986953 259711613 281204430 1880820 -1050482 0 X X 0 1 X 1 0 0 1 X 3489670 3489670 9493938 2240492 7253446 53823 35523 18300 3378391 2099682 1278709 12040125 MEMBER SHARES 245446845 245446845 X 12991219 0 12991219 0 12991219 11110399 0 11110399 0 11110399 PART IV, LINE 2B: THE CREDIT UNION RECEIVES PRINCIPAL PAYMENTS, INTEREST PAYMENTS, TAX PAYMENTS AND INSURANCE PAYMENTS, IN ITS ROLE AS LOAN SERVICER, AND THEN REMITS THESE FUNDS TO THE APPLICABLE THIRD PARTIES FOR TAXES, INSURANCE, AND MORTGAGE INSURANCE FOR CERTAIN MORTGAGE LOANS. PART X, LINE 2: 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. X 1 1 X X 0 1 0 DREMA ISAAC PRESIDENT/CEO 272795 0 33663 0 19500 0 146991 0 17540 0 490489 0 0 0 ERIC HEINRICH CFO 149439 0 6991 0 15808 0 9162 0 17540 0 198940 0 0 0 PART I, LINE 4B THERE ARE THREE EMPLOYEES OF THE ORGANIZATION WHO PARTICIPATE IN A NON-QUALIFIED 457(B) DEFERRED COMPENSATION PLAN ESTABLISHED BY THE CREDIT UNION. THE LIABILITY ASSOCIATED WITH THIS BENEFIT AS OF DECEMBER 31, 2021 FOR EACH PARTICIPANT WAS: DREMA D. ISAAC - $262,036 ERIC HEINRICH - $90,985 JENNIFER MARTINES - $2,106 THE CEO PARTICIPATES IN A NON-QUALIFIED 457(F) DEFERRED OMPENSATION PLAN. THE ESTIMATED LIABILITY IS BEING ACCRUED OVER THE REMAINING YEARS OF THE AGREEMENT AND APPROXIMATED $857,500 AS OF DECEMBER 31, 2021. FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A ALL OF THE CREDIT UNION'S MEMBERS (CUSTOMERS) VOTE FOR THE DIRECTORS ON A YEARLY BASIS. 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 CEO AND THE CFO BOTH REVIEW THE FORM 990. A LINK IS PROVIDED TO THE BOARD OF DIRECTORS TO REVIEW IF THEY CHOOSE. ALSO, A COPY IS PROVIDED TO MEMBERS UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C A REVIEW IS COMPLETED AT VARIOUS TIMES THROUGH THE YEAR. COMPLIANCE WITH THE POLICY IS MONITORED BY THE VP OF HUMAN RESOURCES. EMPLOYEES MUST DISCLOSE ANY CONFLICTS WHEN HIRED AS THEY ARE NOT ALLOWED TO PROCESS TRANSACTIONS WHEN THERE IS A RELATIONSHIP WITH A MEMBER AND CAN BE TERMINATED FOR FAILURE TO COMPLY WITH THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 VARIOUS TRADE SALARY AND BENEFIT SURVEYS WERE USED TO ASSIST IN SETTING THE SALARY OF THE OFFICERS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 104,437. FORM 990, PART IX, LINE 24E MAINTENANCE 201,800. MISCELLANEOUS 42,403. SHARE LOSSES 12,821. PROVISION FOR LOAN LOSSES -193,000. FORM 990, PART XII, LINE 2C WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.