2021-08-16T14:17:52-05:00 2020-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2020-01-01 381475121 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN CRED 7346767000 23670 TELEGRAPH ROAD BROWNSTOWN MI 48134 T SCOTT KREINBRING CFO 7346753757 2021-08-02 1 T SCOTT KREINBRING XXX-XX-XXXX JOSEPH A ZITO P00648440 2482443000 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z ADVANTAGE ONE CREDIT UNION CHRISTOPHER D CORKERY 23670 TELEGRAPH ROAD BROWNSTOWN MI 48134 10999420 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 60 9 186624 0 0 0 9925838 10203196 775477 609600 208648 186624 10909963 10999420 7500 7500 0 0 3888088 4084662 0 0 0 5603843 5608509 9499431 9700671 1410532 1298749 149585346 187198159 133300370 169176800 16284976 18021359 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 THE LOAN PORTFOLIO SHRUNK SLIGHTLY (.98%) IN 2020. NOTABLE CATEGORY CHANGES INCLUDE AN INCREASE OF $2.9 MILLION OR 20.53% IN 1ST MORTGAGES LOANS, AN INCREASE OF $1.9 MILLION OR 15.83% IN BUSINESS PARTICIPATION LOANS, A DECREASE OF $817,000 OR 16.75% IN NEW AUTO LOANS AND A DECREASE OF $2.2 MILLION OR 26.19% IN UNSECURED LOANS. EXPENSES ASSOCIATED WITH THIS AREA TOTALLED $1.02 MILLION (NOT INLCUDING ALLOCABLE SALARIES, WAGES AND BENEFITS). AS OF 12/31/2020 ADVANTAGE ONE HAD 7,375 DR CARDS. THIS REPRESENTS 45% OF OUR TOTAL MEMBERSHIP. THE ASSOCIATED EXPENSE FOR THIS PROGRAM WAS ABOUT $552,000 (NOT INCLUDING WAGES AND BENEFITS). EARNINGS FROM THE COURTESY PAY PROGRAM DECREASED 31.42% IN 2020 TO $910,167. THE DECREASE WAS RELATED TO ELEVATED BALANCES DUE TO COVID-19 STIMULUS PAYMENTS. EXPENSES ASSOCIATED WITH UNCOLLECTED FEES AMOUNTED TO ABOUT $11,025. 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 2200 0 1 60 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 RORY RENAUD VICE CHAIRPERSON 1.00 X 0 0 0 MART BERTERA DIRECTOR 1.00 X 0 0 0 MARK RAGSDALE 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 JERRY UCHTORFF DIRECTOR 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 238273 0 37529 VINCENT NEYLAND CFO 55.00 X 45500 0 5907 NICHOLAS SCHMITTER CLO 55.00 X 135252 0 17620 DWIGHT EMANUEL COO 55.00 X 136817 0 13501 SCOTT KREINBRING CFO 55.00 X 87535 0 5949 THOMAS NEWMAN CIO 45.00 X 101989 0 10177 745366 0 90683 4 0 1 0 COOP FINANCIAL SERVICES 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 DEBIT/ATM PROCESSING 440197 FIS 601 RIVERSIDE AVENUE JACKSONVILLE FL 32204 CARD PROCESSOR 293187 JFA 8985 BALBOA AVENUE SAN DIEGO CA 92123 CORE SERVICES 246992 ALKAMI 5601 GRANITE PARKWAY PLANO TX 75024 HOME BANKING/ BILL PAY 202996 DIEBOLD 5995 MAYFAIR RD NORTH CANTON OH 44720 ATM SERVICES 152619 8 INCOME ON LOANS 522100 7064720 7064720 FEES/CHARGES/OTHER 522100 3138476 3138476 10203196 609600 609600 FINANCE AND INSURANCE 520000 186624 186624 186624 10999420 10812796 186624 0 X 7500 723884 2550881 248264 304231 257402 569583 82819 1734836 377396 3319 99208 482407 22541 312775 LOAN SERVICING 1021495 PROVISION FOR LOAN LOSS 765090 MISCELLANEOUS 61878 DIFS FEES 33007 42155 9700671 8515843 11562606 769413 2560389 1500000 1531784 109744194 108620066 685014 472673 4744104 0 4733542 4744104 21031608 54828426 433000 433000 2172732 2445111 149585346 187198159 911874 1193424 132388496 167983376 133300370 169176800 X 0 0 0 0 16284976 18021359 16284976 18021359 149585346 187198159 1298749 437634 0 X X 0 1 X 1 0 1123759 1123759 2608108 2608108 1012237 1012237 4744104 MEMBER DEPOSITS 167983376 167983376 X 10999420 0 10999420 0 10999420 9700671 0 9700671 0 9700671 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 UNRELATED BUSINESS INCOME. 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 214038 0 17035 0 7200 0 19084 0 18445 0 275802 0 0 0 NICHOLAS SCHMITTER CLO 126002 0 9250 0 0 0 10820 0 6800 0 152872 0 0 0 DWIGHT EMANUEL COO 127404 0 9413 0 0 0 10945 0 2556 0 150318 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 1531784 0 1 1 1531784 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 569,583. FORM 990, PART IX, LINE 24E TRAINING/DEVELOPMENT/EDUCATION 31,198. NO BOUNCE PROVISION 10,957. 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.