2020-09-21T22:21:40-05:00 2019-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2019-01-01 381480245 BLUEOX CREDIT UNION BLUE 8006488035 115 RIVERSIDE DR BATTLE CREEK MI 49015 DOUGLAS J ORTH PRESIDENT/CEO 2699657281 2020-09-01 1 DOUGLAS J ORTH P01076394 3052328272 104.11.88.150 2020-09-01 12:16:43 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B2EFC313AB4EEA4760135470907D022D8B217834 2019 2022-02-16 14:24:37Z FRAN GODFREY 115 RIVERSIDE DR BATTLE CREEK MI 49015 10885396 0 1359 X WWW.BLUEOXCU.ORG X 1936 MI BLUEOX CREDIT UNION'S MISSION IS TO PROVIDE QUALITY FINANCIAL SERVICES THAT WILL IMPROVE AND MAKE A DIFFERENCE IN THE LIVES OF OUR MEMBERS. 11 11 108 12 34499 18495 0 0 8855390 9631942 1061460 1130856 592981 0 10509831 10762798 0 0 0 0 4270780 4519968 0 0 0 5614762 6438570 9885542 10958538 624289 -195740 173046159 179407752 156568061 162482346 16478098 16925406 X BLUEOX CREDIT UNION WAS FOUNDED UPON THE SEVEN COOPERATIVE PRINCIPLES BASED IN THE PHILOSOPHY OF COOPERATION AND THE CENTRAL VALUES OF EQUALITY, EQUITY AND MUTUAL SELF-HELP. BLUEOX CREDIT UNION'S MISSION STATEMENT ILLUSTRATES THE BROTHERHOOD OF MAN THROUGH PEOPLE WORKING TOGETHER TO ACHIEVE A BETTER LIFE FOR THEMSELVES AND THEIR COMMUNITY. 0 0 INCOME FROM CREDIT UNION'S MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP. 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 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 3827 0 1 108 1 1 1 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X FRAN GODFREY 2699657281 115 RIVERSIDE DR BATTLE CREEK MI 49015 D HICKS DIRECTOR 1.00 X 0 0 0 D DITTMER DIRECTOR/TREASURER 1.00 X 0 0 0 J KIRKPATRICK DIRECTOR/SECRETARY 1.00 X 0 0 0 R HARVEY DIRECTOR 1.00 X 0 0 0 A MUMFORD DIRECTOR/VICE CHAIRPERSON 1.00 X 0 0 0 D VOSHELL DIRECTOR 1.00 X 0 0 0 J STANTON DIRECTOR/CHAIRPERSON 1.00 X 0 0 0 J RATTI DIRECTOR 1.00 X 0 0 0 M WALLACE DIRECTOR 1.00 X 0 0 0 M DUTCHER DIRECTOR 1.00 X 0 0 0 J MASS DIRECTOR 1.00 X 0 0 0 F HETHERWICK DIRECTOR 1.00 X 0 0 0 F GODFREY CEO 60.00 X 189431 0 110480 J JOHNSON VICE PRESIDENT 60.00 X 0 0 0 S COBB PRESIDENT 60.00 X 151646 0 66199 M FAUROT VP LENDING 50.00 X 141489 0 26552 R ENGLISH VP REAL ESTATE/COMMERCIAL 50.00 X 102116 0 37995 584682 0 241226 4 0 1 0 CUANSWERS 6000 28TH STREET SUITE 100 GRAND RAPIDS MI 49546 CORE PROCESSOR 636895 FIS 601 RIVERSIDE AVE JACKSONVILLE FL 32202 DEBIT/CREDIT PROCESSOR 375279 CU COOPERATIVE SYSTEMS 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 DEBIT CARD PROCESSING 293358 KASASA 416 SETON CENTER PKWY STE 300 AUSTIN TX 78759 REWARDS CHECKING 132486 VANTIV-WORLDPAY-FIS 601 RIVERSIDE AVE JACKSONVILLE FL 32204 CREDIT CARD PROCESSING 115355 5 INCOME ON LOANS 522100 6419961 6419961 FEES/CHARGES/OTHER INCOME 522100 3177482 3177482 MECHANICAL REPAIR WARRANTY FEES 524298 21200 21200 NON MEMBER ATM INCOME 900099 11660 11660 SHARED BRANCHING 525990 1639 1639 9631942 1104731 1104731 148723 122598 26125 26125 26125 10762798 10728299 34499 0 517756 2808916 271347 635572 286377 141685 35319 171123 345676 520600 429204 194374 79519 145320 861913 22257 318441 46663 PROVISION FOR LOAN LOSS 1201412 ATM/BANK SERVICE CHARGE 1008366 LOAN SERVICING 480515 REPAIRS MAINTENANCE 232477 203706 10958538 2575975 2471835 13811750 25384357 75078 65445 106843234 114319827 119090 225140 9907361 4710840 3753154 5196521 23313910 15867843 16049007 9633689 464692 376651 6040269 5866444 173046159 179407752 1525043 1253799 155043018 161228547 156568061 162482346 X 0 0 0 0 16478098 16925406 16478098 16925406 173046159 179407752 -195740 643048 0 X X 0 1 X 1 0 511439 511439 5610041 1531002 4079039 6581 6581 0 3503793 2936147 567646 275507 237110 38397 5196521 FHLB STOCK 333200 C LONG TERM CDS 8189489 C CENTRAL CORPORATE CU PPC 717900 C INVESTMENT IN CUSOS 393100 C 9633689 SHARE DRAFTS 25359802 SHARES 64920428 MONEY MARKET 40253581 IRA SHARES 2418404 CERTIFICATES 28276332 161228547 X 10762798 0 10762798 0 10762798 10958538 0 10958538 0 10958538 PART X, LINE 2: THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE ("IRC") SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS HAS BEEN AN ISSUE FOR MANY YEARS. IN 2007, THE INTERNAL REVENUE SERVICE ("IRS") ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA ("TAM") TO A NUMBER OF STATE-CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. IN THESE TAMS, THE IRS RULED CERTAIN PRODUCTS AND SERVICES TO BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. IN LIGHT OF THE TAMS, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL CONDITION OR RESULTS OF OPERATIONS. X 1 1 X X X 0 1 0 F GODFREY CEO 188323 0 300 0 808 0 70267 0 40213 0 299911 0 0 0 S COBB PRESIDENT 150888 0 300 0 458 0 15166 0 51033 0 217845 0 0 0 M FAUROT VP LENDING 86819 0 300 0 54370 0 8948 0 17604 0 168041 0 0 0 PART I, LINE 4B CERTAIN KEY EXECUTIVES PARTICIPATE IN A 457(F) DEFERRED COMPENSATION PLAN. DURING 2019, THE CREDIT UNION PAID OUT BENEFITS OF 54,050 TO M. FAUROT (VP LENDING). THE CREDIT UNION ALSO ACCRUED BENEFITS FOR F. GODFREY (CEO) IN THE AMOUNT OF $55,192 AND FOR S. COBB (PRESIDENT) IN THE AMOUNT OF $3,066 TOWARD EACH EXECUTIVE'S FUTURE BENEFIT. F. GODFREY'S BENEFIT IS SCHEDULED TO BE PAID OUT DURING 2021 WHILE S. COBB'S BENEFIT IS SCHEDULED TO BE PAID OUT IN 2032. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. 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 UPON RECEIPT OF THE COMPLETED FORM 990, MANAGEMENT REVIEWS THE DOCUMENT FOR ACCURACY AND REASONABLENESS. ONCE THIS REVIEW IS COMPLETED, THE GOVERNING BODY IS INFOMED THAT THE FORM HAS BEEN FILED WITH THE IRS AND A COPY IS AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C A LIST OF RELATED PARTIES IS COMPILED. EMPLOYEES WHO ARE AUTHORIZED TO TRANSACT WHERE A CONFLICT MIGHT OCCUR ARE RESTRICTED. FORM 990, PART VI, SECTION B, LINE 15 THE PERSONNEL COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC ON THE NCUA'S WEBSITE VIA THE 5300 CALL REPORT FILING. FORM 990, PART XII, LINE 2C WITH THE CHANGE IN THE MICHIGAN CREDIT UNION ACT, WE WERE ABLE TO ELIMINATE THE EXTERNAL SUPERVISORY COMMITTEE. THE SUPERVISORY COMMITTEE IS NOW COMPRISED OF MEMBERS OF BLUEOX CREDIT UNION'S BOARD OF DIRECTORS.