2021-11-12T09:05:56-06:00 2020-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2020-01-01 380536242 CREDIT UNION ONE CRED 2483981210 400 E NINE MILE FERNDALE MI 48220 GARY MOODY PRESIDENT AND CEO 2483981210 2021-11-10 1 GARY MOODY 999009999 DOUGLAS J ORTH CPA P01076394 2482443000 2021-11-10 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z GARY MOODY 400 EAST NINE MILE ROAD FERNDALE MI 48220 96479301 0 1359 X WWW.CUONE.ORG X 1938 MI CREDIT UNION ONE'S PRIMARY EXEMPT PURPOSE IS TO EXEMPLIFY THE HISTORICAL CREDIT UNION PHILOSOPHY OF "PEOPLE HELPING PEOPLE". CREDIT UNION ONE ACCOMPLISHED THIS THROUGH FINANCIAL PERFORMANCE BY PAYING $5,284,373 IN DIVIDENDS AND INTEREST ON THE DEPOSITS HELD BY OUR 131,199 MEMBERS. WE WERE ALSO ABLE TO OFFER AND MAINTAIN COMPETITIVE LOAN RATES. 12 12 430 12 352417 0 0 0 62041093 64678385 4269051 3507414 406749 0 66716893 68185799 17500 10000 0 0 25746046 27497997 0 0 0 31449404 33157254 57212950 60665251 9503943 7520548 1490291033 1659764690 1368363980 1528933592 121927053 130831098 CREDIT UNION ONE IS COMMITTED TO PROVIDING EXCEPTIONAL VALUE TO ITS MEMBERS BY DELIVERING OUTSTANDING PRODUCTS AND SERVICES ANYTIME, ANYWHERE. 0 0 DURING 2020, CREDIT UNION ONE, A STATE CHARTERED CREDIT UNION LOCATED IN THE STATE OF MICHIGAN, PROVIDED FINANCIAL SERVICES TO MEMBERS WITHIN OUR FIELD OF MEMBERSHIP. CREDIT UNION ONE CONTINUED TO FULFILL ITS EXEMPT STATUS BY PROVIDING CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, OFFERING COMPETITIVE SHARE DEPOSIT PRODUCTS, AND PROVIDING MEMBERS WITH THE OPPORTUNITY TO IMPROVE THE THEIR ECONOMIC CONDITION. IN 2020, THE CREDIT UNION SERVED 131,199 MEMBERS. THERE WERE 15,539 LOANS GRANTED TOTALING $595,067,340. DEPOSITS GREW BY $184,318,823. 0 0 0 0 0 0 0 0 0 1 1 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 21562 0 1 430 1 1 1 0 0 0 0 0 0 0 X 12 12 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X TINA TRACY 2485845037 400 E NINE MILE FERNDALE MI 48220 GUADALUPE G LARA VICE CHAIRPERSON 3.00 X 0 0 0 PAUL W STUART BOARD CHAIRPERSON 3.00 X 0 0 0 JAN GILLESPIE BOARD MEMBER 3.00 X 0 0 0 JOAN STEFANSKI SECRETARY/TREASURER 3.00 X 0 0 0 RUDOLPH R MONTANO JR BOARD MEMBER 3.00 X 0 0 0 DAVID C PRYBYS BOARD DIRECTOR 3.00 X 0 0 0 RAYMOND F REDMOND BOARD MEMBER 3.00 X 0 0 0 JUANITA M REID BOARD MEMBER 3.00 X 0 0 0 GAIL WESTOVER BOARD MEMBER 3.00 X 0 0 0 NICKOLAS NICKOLOPOULOS BOARD MEMBER 3.00 X 0 0 0 CHRISTINE DOWHAN-BAILEY BOARD MEMBER 3.00 X 0 0 0 GARY MOODY PRESIDENT AND CEO 40.00 X 598680 0 31796 THOMAS SCHAEFFLER PRESIDENT/COO 40.00 X 362619 0 15391 CHRISTINA TRACY SVP/CFO 40.00 X 206758 0 25322 DAVID BREUER SVP/CIO 40.00 X 259199 0 7563 SWAMINATHAN SEETHARAMAN SVP/CHIEF MEMBER EXPERIENC 40.00 X 212082 0 23104 MARK OUIMET CHIEF LENDING OFFICER 40.00 X 289335 0 7384 MURALI SHESHAM VP DATA ANALYTICS AND INSIGHT 40.00 X 162998 0 25209 SCOTT BONACORSI SVP CHIEF EMPLOYEE EXPERIENCE 40.00 X 184205 0 24056 DONNA REID SVP CHIEF MEMBER EXPERIENCE OFFICER 40.00 X 177424 0 26692 MARK MACFARLANE VP ENTERPRISE SOLUTIONS 40.00 X 188235 0 22014 LANCE KRAJACIC SVP COMMERCIAL LENDING 40.00 X 214039 0 5730 2855574 0 214261 29 0 1 0 PSCU 560 CARILLON PARK WAY ST PETERSBURG FL 33716 CREDIT/DEBIT PROCESSOR AND SERVICING 2116030 CORRADO CONTRACTING LLC 27530 FAIRFIELD WARREN MI 48088 CONSTRUCTION 1261344 FISERV 75 REMITTANCE DR STE 1649 CHICAGO IL 60675 DATA PROCESSING 1179700 DIEBOLD INC 5995 MAYFAIR ROAD NORTH CANTON OH 44720 ATM SERVICING 742172 ALKAMI TECHNOLOGY 5601 GRANITE PWKY 120 PLANO TX 75024 ONLINE BANKING PLATFORM 591662 47 LOANS TO MEMBERS 522100 46293291 46293291 FEE INCOME 522100 18032677 18032677 FINANCE AND INSURANCE 520000 352417 352417 64678385 2814871 2814871 28986045 28293502 692543 692543 692543 68185799 67833382 352417 0 X 10000 2039233 20377787 434454 2955404 1691119 867124 49730 482913 666526 715693 1605051 3401153 2947978 49236 252080 6755067 85383 2860840 293412 LOAN SERVICING EXPENSE 3610716 DEBIT/ATM EXPENSES 3211648 PROVISION FOR LOAN LOSS 2645207 OTHER LOSSES 1344607 1312890 60665251 14522450 37230606 102272599 229490408 1187443 -720279 18532168 18989328 1124149290 1081684228 1587723 1489480 65058601 32375162 32261639 32683439 102976643 165790097 34684600 33467338 58116478 59660045 1490291033 1659764690 8040073 9280855 25000000 1335323907 1519652737 1368363980 1528933592 X 0 0 0 0 121927053 130831098 121927053 130831098 1490291033 1659764690 X 7520548 1362840 20657 X X 0 1 X 1 0 6653123 6653123 35420343 13827782 21592561 361717 318504 43213 22623418 18228876 4394542 32683439 3195553 F AVAILABLE FOR SALE SECURITIES 151963544 F CERTIFICATES OF DEPOSIT 10631000 C 165790097 SHARE ACCOUNTS 435863171 MONEY MARKET ACCOUNTS 406975211 IRA ACCOUNTS 27228189 SHARE DRAFT ACCOUNTS 388200604 SHARE AND IRA CERTIFICATES 183253420 NON-INTEREST BEARING SHARES 306166 NON-INTEREST BEARING SHARE DRAFTS 77825976 1519652737 X 68185799 0 68185799 0 68185799 60665251 0 60665251 0 60665251 PART X, LINE 2: INCOME TAXES 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. 1 CANCER RESEARCH SCHOLARSHIPS 10 10000 PART I, LINE 2: THE CHECKS ARE WRITTEN DIRECTLY TO THE SCHOOL FOR EACH SCHOLARSHIP. X X X 1 1 X X X X 0 1 0 GARY MOODY PRESIDENT AND CEO 515375 0 75481 0 7824 0 10400 0 21396 0 630476 0 0 0 THOMAS SCHAEFFLER PRESIDENT/COO 324456 0 31404 0 6759 0 7869 0 7522 0 378010 0 0 0 MARK OUIMET CHIEF LENDING OFFICER 269860 0 12500 0 6975 0 6660 0 724 0 296719 0 0 0 DAVID BREUER SVP/CIO 236514 0 16734 0 5951 0 6042 0 1521 0 266762 0 0 0 SWAMINATHAN SEETHARAMAN SVP/CHIEF MEMBER EXPERIENC 193100 0 13961 0 5021 0 4087 0 19017 0 235186 0 0 0 CHRISTINA TRACY SVP/CFO 188806 0 15000 0 2952 0 4479 0 20843 0 232080 0 0 0 LANCE KRAJACIC SVP COMMERCIAL LENDING 206539 0 7500 0 0 0 5096 0 634 0 219769 0 0 0 MARK MACFARLANE VP ENTERPRISE SOLUTIONS 170235 0 18000 0 0 0 778 0 21236 0 210249 0 0 0 SCOTT BONACORSI SVP CHIEF EMPLOYEE EXPERIENCE 171169 0 11200 0 1836 0 4542 0 19514 0 208261 0 0 0 DONNA REID SVP CHIEF MEMBER EXPERIENCE OFFICER 165543 0 8500 0 3381 0 3927 0 22765 0 204116 0 0 0 MURALI SHESHAM VP DATA ANALYTICS AND INSIGHT 154998 0 8000 0 0 0 3973 0 21236 0 188207 0 0 0 PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE GARY MOODY, TOM SCHAEFFLER, DAVE BREUER, AND SWAMINATHAN SEETHARAMAN THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. CHRISTINA TRACY (SVP/CFO), DONNA REID (SVP CHIEF MEMBER EXPERIENCE OFFICER), AND SCOTT BONACORSI (SVP CHIEF EMPLOYEE EXPERIENCE OFFICER), PARTICIPATE IN A NON-QUALIFIED 457F PLAN. THE BENEFIT LIABILITIES ARE SECURED BY AN ANNUITY CONTRACT. THE BENEFIT LIABILITY RECORDED FOR EACH OF THE PARTICIPANTS AS OF DECEMBER 31, 2020 WAS AS FOLLOWS: CHRISTINA TRACY: $318,760 DONNA REID: $425,607 SCOTT BONACORSI: $400,392 GARY MOODY PRESIDENT AND CEO SPLIT DOLLAR LIFE INSURANCE X 3207339 4814063 0 1 1 TOM SCHAEFFLER EVP/COO SPLIT DOLLAR LIFE INSURANCE X 3112000 3903797 0 1 1 STEVE GRECH EVP/LENDING SPLIT DOLLAR LIFE INSURANCE X 2360000 2960464 0 1 1 DAVE BREUER SVP/CIO SPLIT DOLLAR LIFE INSURANCE X 1960000 2458690 0 1 1 DAVID SOMMERS SVP/CFO SPLIT DOLLAR LIFE INSURANCE X 1600000 2007094 0 1 1 SWAMINATHAN SEETHARAMAN SVP/MEMBER EXP. OFFICER SPLIT DOLLAR LIFE INSURANCE X 1417582 2845220 0 1 1 18989328 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO 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. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 EVERY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A EVERY MEMBER OF THE CREDIT UNION IS GIVEN ONE VOTE AND IS ABLE TO ELECT MEMBERS OF THE GOVERNING BODY AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B ONLY SUBSTANTIAL EVENTS ARE SUBJECT TO MEMBERSHIP APPROVAL. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WILL BE PRESENTED AT A MEETING OF THE AUDIT COMMITTEE OF CREDIT UNION ONE SUBSEQUENT TO THE FILING OF THE FORM. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ANNUALLY COMPLETES AND SIGNS A FORMAL CONFLICT OF INTEREST DISCLOSURE CONSISTENT WITH THE BOARD'S CODE OF ETHICS. THE DISCLOSURES ARE REVIEWED BY THE GOVERNANCE COMMITTEE FOR COMPLIANCE WITH THE CODE OF ETHICS. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION REVIEW IS PERFORMED BY THE BOARD OF DIRECTORS ANNUALLY. ALL TOP MANAGEMENT LEVEL EMPLOYEES' COMPENSATION ARE REVIEWED BY THE HEAD OF HR AND BENCHMARKED. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST ONLY. FORM 990, PART IX, LINE 24E MISCELLANEOUS EXPENSE 804,084. SERVICE CENTER EXPENSE 508,806. FORM 990, PART XI, LINE 9: POST RETIREMENT BENEFIT PLAN GAINS 43,882. POST RETIREMENT BENEFIT PLAN AMORTIZATION INCLUDED IN NET EARNINGS -23,225. 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 ACCOUNT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.