2022-11-13T20:39:42-06:00 2021-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2021-01-01 381475121 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN CRED 7346767000 23670 TELEGRAPH ROAD BROWNSTOWN MI 48134 T SCOTT KREINBRING CFO 7346753757 2022-11-13 1 T SCOTT KREINBRING XXX-XX-XXXX JACK C TRACY P01974742 2482443000 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z ADVANTAGE ONE CREDIT UNION CHRISTOPHER D CORKERY 23670 TELEGRAPH ROAD BROWNSTOWN MI 48134 11495994 0 X WWW.MYAOCU.COM X 1952 MI THE MISSION OF ADVANTAGE ONE CU IS TO OPERATE IN A SAFE AND SOUND MANNER WHILE MEETING THE FINANCIAL NEEDS OF ITS MEMBERSHIP. 7 7 59 7 35873 0 0 0 10203196 10792380 609600 667741 186624 35873 10999420 11495994 7500 7500 0 0 4084662 4247414 0 0 0 5608509 5165509 9700671 9420423 1298749 2075571 187198159 211773207 169176800 192487827 18021359 19285380 THE MISSION OF ADVANTAGE ONE CU IS TO OPERATE IN A SAFE AND SOUND MANNER WHILE MEETING THE FINANCIAL NEEDS OF ITS MEMBERSHIP. 0 0 LOANS - TOTAL LOANS GREW $18.5 MILLION, OR 16.94% IN 2021. 1ST MORTGAGE LOANS ACCOUNTED FOR $11.6 MILLION OF THAT GROWTH, GROWING AT A RATE OF 69%. STRONG GROWTH IN THIS AREA WAS SHARED ACROSS THE INDUSTRY AS THE ECONOMY PUSHED RATES VERY LOW AND THE PANDEMIC RENEWED FAMILIES' APPRECIATION OF "HOME". VEHICLE LOANS WERE THE SECONDARY SOURCE WITH GROWTH OF $5.8 MILLION. STRONG BANK BALANCES SERVED TO REDUCE THE BALANCES AND CONCENTRATION OF UNSECURED LOANS. NOT INCLUDING WAGES AND BENEFITS, LOAN EXPENSES APPROXIMATED $1.2 MILLION. DEBIT CARDS - AS OF 12/31/2021 ADVANTAGE ONE CREDIT UNION HAD 9,658 DEBIT CARDS (UP FROM 7,375 LAST YEAR) REPRESENTING 57% OF OUR TOTAL MEMBERSHIP. THE ASSOCIATED EXPENSE FOR THE PROGRAM IN 2021 APPROXIMATED $534,000 (EXCLUDING WAGES AND BENEFITS). COURTESY PAY/ NSF - COURTESY PAY/NSF INCOME FOR 2021 TOTALED $1,231,618, INCREASING SLIGHTLY ($50,527 OR 4.28%) FROM 2020. THE NUMBER IN 2020 DROPPED SIGNIFICANTLY DUE TO EXCESS DEPOSIT FUNDS IN ACCOUNTS, OF WHICH LITTLE RAN OFF IN 2021. IN 2021, THE ORGANIZATION ALSO BEGAN ADDRESSING EXTERNAL POLITICAL PRESSURE ON THIS MEANS OF INCOME, WHICH SERVED TO KEEP THE NUMBER DOWN. EXPENSES ASSOCIATED WITH UNCOLLECTED FEES TOTALED APPROXIMATELY $5,800. 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 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 2310 0 1 59 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X T SCOTT KREINBRING 7346753757 23670 TELEGRAPH ROAD BROWNSTOWN MI 48134 RICHARD E LINDERMANN CHAIRPERSON 1.00 X 0 0 0 MARK RAGSDALE VICE CHAIRPERSON 1.00 X 0 0 0 MART BERTERA DIRECTOR 1.00 X 0 0 0 ANTHONY PASCARELLA SECRETARY 1.00 X 0 0 0 ROBERT J MATTERN TREASURER 1.00 X 0 0 0 SUE TRUSSEL DIRECTOR 1.00 X 0 0 0 MARLENE CADWELL DIRECTOR 1.00 X 0 0 0 CHRISTOPHER CORKERY CEO 55.00 X 244925 0 38868 NICHOLAS SCHMITTER CLO 55.00 X 136929 0 18098 SCOTT KREINBRING CFO 55.00 X 134535 0 13971 THOMAS NEWMAN CIO 45.00 X 104202 0 14385 620591 0 85322 4 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 DR/CR/ATM PROCESSING 717929 JFA 8985 BALBOA AVENUE SAN DIEGO CA 92123 CORE SERVICES 307030 ALKAMI 5601 GRANITE PARKWAY PLANO TX 75024 HOME BANKING/ BILL PAY 253361 VISA PO BOX 8999 SAN FRANCISCO CA 94128 CREDIT CARD PROCESSING 252936 4 INCOME ON LOANS 522100 6883974 6883974 FEES/CHARGES/OTHER 522100 3908406 3908406 10792380 667741 667741 FINANCE AND INSURANCE 520000 35873 35873 35873 11495994 11460121 35873 0 X 7500 587326 2782632 254947 352564 269945 748338 53064 1789413 382276 13953 91757 359103 28759 326046 LOAN SERVICING 1202276 MISCELLANEOUS 94413 TRAINING/DEVELOPMENT/ED 37499 DIFS FEES 36093 2519 9420423 11562606 9932311 2560389 1253003 1531784 1563798 108620066 127492673 472673 666478 4738104 280551 4744104 4457553 54828426 62658363 433000 433000 2445111 3316028 187198159 211773207 1193424 1319857 167983376 191167970 169176800 192487827 X 0 0 0 0 18021359 19285380 18021359 19285380 187198159 211773207 2075571 -811550 0 X X 0 1 X 1 0 1123759 1123759 2608108 130877 2477231 1006237 149674 856563 4457553 MEMBER DEPOSITS 191167970 191167970 X 11495994 0 11495994 0 11495994 9420423 0 9420423 0 9420423 PART X, LINE 2: INCOME TAX IS NOT PROVIDED IN THE STATEMENTS OF INCOME AS THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES EXCEPT FOR TAXES ON UNRELATED BUSINESS INCOME, IF ANY. 1 SCHOLARSHIPS 3 7500 PART III SCHOLARSHIPS ARE AWARDED BASED ON VARIOUS CRITERIA INCLUDING BUT NOT LIMITED TO THE APPLICANTS' SCHOLASTIC ACHIEVEMENTS, COMMUNITY SERVICE AND CHARITY WORK. APPLICANTS ALSO ANSWER A SERIES OF ESSAY QUESTIONS. X 1 1 X X 0 1 0 CHRISTOPHER CORKERY CEO 209999 0 27726 0 7200 0 19392 0 19476 0 283793 0 0 0 NICHOLAS SCHMITTER CLO 127429 0 9500 0 0 0 10954 0 7144 0 155027 0 0 0 PART I, LINE 4B THE CEO, CHRISTOPHER CORKERY PARTICIPATES IN A COLLATERAL ASSIGNED SPLIT DOLLAR ARRANGEMENT. CHRIS CORKERY CEO EXECUTIVE RETENTION PLAN X 1500000 1563798 0 1 1 1563798 SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE PARTICIPANT'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME UP TO THE PREMIUMS PAID INTO THE POLICIES. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOANS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE ORGANIZATION VOTE FOR VOLUNTEERS, OR BOARD OF DIRECTORS, THROUGH AN ELECTION PROCESS CONDUCTED AT AN ANNUAL MEETING. 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 CFO OVERSEE THE PREPARATION OF THE FORM 990 AS WELL AS THE REVIEW OF THE FORMS PRIOR TO FILING WITH THE IRS. A COPY WILL BE PROVIDED TO THE AUDIT COMMITTEE, WHICH IS A SUBSET OF THE BOARD OF DIRECTORS, AT THE FIRST QUARTERLY MEETING FOLLOWING THE FILING OF THIS REPORT. FORM 990, PART VI, SECTION B, LINE 12C POLICIES ARE REVIEWED REGULARLY, REVISED AS NECESSARY AND PRESENTED TO THE BOARD FOR APPROVAL. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE COMPRISED OF THE BOARD OF DIRECTORS APPROVES THE CEO'S COMPENSATION. THE CEO APPROVES COMPENSATION OF OTHER OFFICERS/KEY EMPLOYEES AND ESTABLISHES TERM CONTRACTUAL AGREEMENTS AFTER NOTIFYING THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. THE CREDIT UNIONS CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 748,338. FORM 990, PART IX, LINE 24E NO BOUNCE PROVISION 5,774. PROVISION FOR LOAN LOSSES -3,255. FORM 990, PART XII, LINE 2C WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.