2021-11-10T07:53:49-06:00 2020-12-31 381357951 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2020-01-01 380855535 ADVENTURE CREDIT UNION ADVE 6162430125 630 32ND STREET SE GRAND RAPIDS MI 49548 JERRY MAUE CFO 6162430125 2021-11-08 1 JERRY MAUE 999009999 KENLEY PENNER P00740260 2695674500 2021-11-08 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z ANN MARIE NELSON 630 32ND STREET SE GRAND RAPIDS MI 49548 21527159 0 1359 X WWW.ADVENTURECU.ORG X 1936 MI ADVENTURE CREDIT UNION'S PRIMARY EXEMPT PURPOSE IS TO PROVIDE A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS. ITS MEMBERS INCLUDE INDIVIDUALS WHO ARE EMPLOYED IN OR RETIRED FROM COMMUNICATIONS RELATED ORGANIZATIONS, THE HEALTH CARE INDUSTRY, DISABLED OR WORK WITH THE DISABLED, AND OTHER SELECT EMPLOYEE GROUPS OR THOSE WHO LIVE OR WORK IN ALLEGAN, BARRY, CLINTON, EATON, INGHAM, KENT, LIVINGSTON, NEWAYGO, OTTAWA OR SHIAWASSEE COUNTIES IN MICHIGAN. 9 9 145 9 20493 0 0 0 19250437 19945337 949272 362634 173805 364672 20373514 20672643 0 0 0 0 6897395 7339872 0 0 0 10915361 10110924 17812756 17450796 2560758 3221847 357563327 415888601 308307345 363887264 49255982 52001337 X TO PROVIDE FINANCIAL SERVICES WHILE TREATING MEMBERS WITH DIGNITY AND RESPECT, ACTING AS A GOOD STEWARD OF OUR MEMBERS' ASSETS, VALUING OUR EMPLOYEES AND VOLUNTEERS, MAINTAINING HIGH LEVELS OF INTEGRITY IN EVERYTHING WE DO, AND BEING A LEADER IN COMMUNITY OUTREACH AND BUILDING COMMUNITY RELATIONSHIPS. 0 0 ADVENTURE CREDIT UNION SERVED AND CONTINUES TO SERVE THE FINANCIAL NEEDS OF 30,626 MEMBERS BY OFFERING LOANS, DEPOSITS AND VARIOUS OTHER FINANCIAL PRODUCTS. 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 7527 0 1 145 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X JERRY MAUE 6162430125 630 32ND STREET SE GRAND RAPIDS MI 49548 DAVE FERGUSON BOARD CHAIRMAN 1.00 0.00 X X 0 0 0 PETE WINNINGER BOARD VICE CHAIRMAN 1.00 0.00 X X 0 0 0 RYAN SHEFFER BOARD TREASURER 1.00 0.00 X X 0 0 0 DAVE KIDD BOARD SECRETARY 1.00 0.00 X X 0 0 0 PATRICIA ANDREWS DIRECTOR 1.00 0.00 X 0 0 0 CHARLIE BRENEMAN DIRECTOR 1.00 0.00 X 0 0 0 ROGER FRY DIRECTOR 1.00 0.00 X 0 0 0 DEBORAH GINSBURG DIRECTOR 1.00 0.00 X 0 0 0 MICHAEL KUTAS DIRECTOR 1.00 0.00 X 0 0 0 DAVID HENDERSON DIRECTOR - PART YEAR 1.00 0.00 X 0 0 0 ANN MARIE NELSON CHIEF EXECUTIVE OFFICER/PRESIDENT 40.00 0.00 X 231764 0 11407 JERRY MAUE CHIEF FINANCIAL OFFICER 40.00 0.00 X 144753 0 13588 BRIAN MCVEIGH CHIEF OPERATING OFFICER/PRESIDENT - PART YEAR 40.00 0.00 X 19327 0 3278 JIM BIRD ARIS FINANCIAL MANAGER 40.00 0.00 X 179740 0 8813 MIC SHUPE CHIEF LEGAL OFFICER 40.00 0.00 X 130137 0 16923 AMANDA GARABEDIAN CHIEF OPERATING OFFICER 40.00 0.00 X 120522 0 16914 826243 0 70923 5 0 1 0 JACK HENRY AND ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE AND ANCILLARY SOFTWARE 402521 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 STATEMENT AND E STATEMENT MAILING 232695 STARS AND STRIPES ROOFING LLC 1620 NATURE VIEW LN ALLEGAN MI 49010 ROOFING 180682 TRACE3 PO BOX 603915 CHARLOTTE NC 282603915 IT CONSULTING/TECHNOLOGY 149923 FACTUAL DATA PO BOX 535595 PITTSBURGH PA 15253 COMPLIANCE/CREDIT REPORTING 133548 8 LOAN INTEREST INCOME 522100 13519752 13519752 FEES AND CHARGES 522100 5434649 5414156 20493 SALE OF MORTGAGES 522100 990936 990936 19945337 355719 355719 861431 854516 6915 6915 6915 MORTGAGE SERVICING FEES 522100 364672 364672 364672 20672643 20289516 20493 362634 692248 5276061 266022 653406 452135 63279 125635 7000 193377 365485 1359810 808227 24213 60921 206586 671185 25689 INTEREST PAID ON MEMBER 1880131 CREDIT AND DEBIT CARD F 1837657 LOAN SERVICING EXPENSE 809239 PROVISION FOR LOAN LOSS 799713 872777 17450796 2920891 3113449 32417828 72505233 289546099 290299023 621321 738959 19534117 11116362 8767580 8417755 7653652 24663939 15635956 16150243 357563327 415888601 2427593 3794173 1632628 1954291 16000000 12000000 288247124 346138800 308307345 363887264 X 0 0 0 0 49255982 52001337 49255982 52001337 357563327 415888601 X 3221847 63070 -539562 X X 0 1 X 1 0 0 1 X 1655488 1655488 9468885 3908058 5560827 8409744 7208304 1201440 8417755 MEMBERS' SHARES AND SAVINGS 342418800 NONMEMBER CERTIFICATES OF DEPOSIT 3720000 346138800 X 20196151 63070 -539562 -476492 20672643 0 20672643 17450796 0 17450796 0 17450796 PART IV, LINE 2B: THE CREDIT UNION HOLDS AMOUNTS IN ESCROW ACCOUNTS FOR REAL ESTATE TAXES AND HOME INSURANCE RELATED TO HOME MORTGAGE LOANS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. HOWEVER, THE CREDIT UNION MAY BE SUBJECT TO UNRELATED BUSINESS INCOME TAX. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE CREDIT UNION AND RECOGNIZE A TAX LIABILITY IF THE CREDIT UNION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CREDIT UNION AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2020 AND 2019, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE CREDIT UNION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF CREDIT UNION-OWNED LIFE INSURANCE 170,062. UNREALIZED LOSS ON POSTRETIREMENT AND PENSION BENEFITS -709,624. 1 X X X X 0 0 0 ANN MARIE NELSON CHIEF EXECUTIVE OFFICER/PRESIDENT 231764 0 0 0 0 0 0 0 11407 0 243171 0 0 0 JIM BIRD ARIS FINANCIAL MANAGER 63881 0 0 0 115859 0 5372 0 3441 0 188553 0 0 0 JERRY MAUE CHIEF FINANCIAL OFFICER 144753 0 0 0 0 0 0 0 13588 0 158341 0 0 0 PART I, LINE 3 THE CREDIT UNION UTILIZES AN INDEPENDENT COMPENSATION CONSULTANT IN DETERMINING WAGES FOR ALL OF THE POSITIONS WITHIN THE ORGANIZATION. THE INFORMATION PROVIDED BY THE CONSULTANT IS USED TO ESTABLISH PAY RANGES FOR NEW POSITIONS AS WELL AS ADJUST ESTABLISHED PAY RANGES FOR CHANGES IN THE MARKET. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION CURRENTLY HAS 30,626 MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CREDIT UNION ARE RESPONSIBLE FOR ELECTING THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS OF THE CREDIT UNION MUST APPROVE MERGERS INTO ANOTHER CREDIT UNION. ALL OTHER DECISIONS MAY BE MADE BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE CEO AND CFO OF THE CREDIT UNION REVIEW THE 990 DRAFT BEFORE FILING. ADDITIONALLY, AN ELECTRONIC COPY OF THE 990 IS AVAILABLE TO THE BOARD OF DIRECTORS FOR THEIR REVIEW. ALL OF THE BOARD MEMBERS ARE GIVEN THE OPPORTUNITY TO CONTACT THE CREDIT UNION'S MANAGEMENT WITH ANY QUESTIONS OR CONCERNS THEY HAD REGARDING THE 990 RETURN. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, ALL DIRECTORS, OFFICERS, AND EMPLOYEES OF THE CREDIT UNION COMPLETE A CONFLICT OF INTEREST POLICY QUESTIONNAIRE. THE CONFLICT OF INTEREST QUESTIONNAIRES ARE THEN REVIEWED BY SHANNON VAN MALSEN, COMPLIANCE OFFICER, FOR POTENTIAL CONFLICTS. IF AN ACTUAL CONFLICT OF INTEREST IS IDENTIFIED, THE DIRECTOR WILL ABSTAIN FROM VOTING ON THE ISSUE AT HAND. FORM 990, PART VI, SECTION B, LINE 15 SALARIES FOR THE CEO, OFFICERS, AND KEY EMPLOYEES ARE COMPARED TO THOSE REPORTED IN VARIOUS PUBLICATIONS FOR SIMILAR ORGANIZATIONS IN THE INDUSTRY AND MAY BE ADJUSTED FOR AN EMPLOYEE'S PERFORMANCE. COMPENSATION FOR THE CEO, OFFICERS, AND KEY EMPLOYEES ARE THEN DETERMINED, REVIEWED BY AN INDEPENDENT PARTY, AND APPROVED BY THE BOARD OF DIRECTORS. THIS PROCESS WAS LAST UNDERTAKEN IN 2020. FORM 990, PART VI, SECTION C, LINE 19 THE MONTHLY FINANCIAL STATEMENTS OF THE CREDIT UNION ARE POSTED IN THE LOBBY OF EACH BRANCH. OTHER INFORMATION SUCH AS THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: UNREALIZED LOSS ON POSTRETIREMENT AND PENSION BENEFITS -709,624. CHANGE IN VALUE OF CREDIT UNION-OWNED LIFE INSURANCE 170,062. FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS HAS ESTABLISHED THE AUDIT COMMITTEE, WHICH IS RESPONSIBLE FOR THE OVERSIGHT OF ALL EXAMINATIONS AND AUDITS AND SELECTION OF AN INDEPENDENT AUDITOR. THE AUDIT COMMITTEE APPROVES AN INDEPENDENT AUDITOR(S) EACH YEAR AND MEETS TO REVIEW EXAMINATION REPORTS AND AUDITOR'S REPORTS. FORM 990, PART X, LINE 5 AND SCHEDULE L: SCHEDULE L IS NOT REQUIRED FOR LOANS RECEIVABLE BALANCES ON FORM 990, PART X, LINE 5 IF THE LOANS ARE MADE BY THE CREDIT UNION TO THE DIRECTORS, OFFICERS, AND KEY EMPLOYEES ON THE SAME TERMS OFFERED TO OTHER MEMBERS OF THE CREDIT UNION. THEREFORE, THE CREDIT UNION HAS INCLUDED $1,414,331 AND $1,973,187 OF RECEIVABLES FROM CURRENT OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES, AND HIGHEST COMPENSATED EMPLOYEES FOR 2020 AND 2019, RESPECTIVELY, WITHIN FORM 990, PART X, LINE 7.