2020-11-13T14:13:04-06:00 2019-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2019-01-01 381449622 CREDIT UNIONS CHARTERED IN THE STATE OF MONROE COUNTY COMMUNITY CREDIT UNION CRED 7342423222 715 N TELEGRAPH ROAD MONROE MI 48162 KRISTINE BRENNER CEO 7342423222 2020-11-13 1 JOSEPH ZITO CPA P00648440 2482443000 2020-11-13 104.11.88.150 2020-11-13 09:26:58 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B2EFC313AB4EEA4760135470907D022D8B217834 2019 2022-01-07 14:23:13Z KRISTINE BRENNER 715 N TELEGRAPH ROAD MONROE MI 48162 13028517 0 1359 X WWW.MCCCU.ORG X 1953 MI A MEMBER OWNED, QUALITY SERVICE ORIENTED FINANCIAL INSTITUTION, POSITIONED TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS IN A PERSONABLE AND COURTEOUS MANNER. 7 7 95 8 61046 1980 0 0 9927170 9815242 1176022 2036229 111196 61046 11214388 11912517 0 0 0 0 4400410 4624057 0 0 0 4779799 5009422 9180209 9633479 2034179 2279038 204472303 221708515 184796878 199052493 19675425 22656022 A MEMBER OWNED, QUALITY SERVICE ORIENTED FINANCIAL INSTITUTION, POSITIONED TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS IN A PERSONABLE AND COURTEOUS MANNER. 0 0 LOANS TO MEMBERS CARD SERVICES COURTESY PAY 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 4336 0 1 95 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 MARK RADWANSKI 7343842704 715 N TELEGRAPH RD MONROE MI 48162 ROBERT DEGRAER DIRECTOR 2.00 X 0 0 0 MICHAEL MILLER CHAIRPERSON 2.00 X 0 0 0 GARY SIEVERT VICE CHAIRPERSON 2.00 X 0 0 0 JENNIFER POUPARD SECRETARY 2.00 X 0 0 0 CONNIE OCHS DIRECTOR 2.00 X 0 0 0 KENNETH STRITT TREASURER 2.00 X 0 0 0 MARIA ZAGORSKI DIRECTOR 2.00 X 0 0 0 MARK RADWANSKI CFO 50.00 X 162080 0 39636 STEPHEN GRECH CEO 50.00 X 250424 0 47138 SUSAN RAFKO-BAYER SVP COO 50.00 X 135112 0 32541 MICHELLE MICALLEF SVP CLO 50.00 X 103043 0 25842 650659 0 145157 4 0 1 0 FIS 601 RIVERSIDE AVENUE JACKSONVILLE FL 32204 CREDIT/DEBIT CARD PROCESSOR 1095016 CU ANSWERS 6000 28TH SE STE 100 GRAND RAPIDS MI 49546 DATA PROCESSING 626945 DIEBOLD 5995 MAYFAIR ROAD NORTH CANTON OH 44720 ATM PROCESSING 294177 JAMES S JACOBS ARCHITECT 25 WASHINGTON STREET MONROE MI 48161 BUILDING ARCHITECT 236625 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT/DEBIT CARD PROCESSOR 197649 7 INCOME ON MEMBER LOANS 522100 5877380 5877380 FEES/CHARGES/OTHER 522100 3937862 3937862 9815242 1915796 1915796 1236433 1116000 120433 120433 120433 ATM INCOME 525990 61046 61046 61046 11912517 11851471 61046 0 X 499278 2735453 343765 780877 264684 107752 49306 278478 151171 448874 521386 319327 120943 436754 23425 286840 107897 DEBIT/CREDIT EXPENSE 1323388 LOAN SERVICING 266583 EQUIPMENT/BUILDING MAIN 258050 PROVISION FOR LOAN LOSS 147700 161548 9633479 2280662 3153806 28732979 32759465 771924 968269 117651556 118611045 254976 233157 6758949 3103879 3739633 3655070 34483609 37264806 13262600 17257600 41051 25980 3253313 7779317 204472303 221708515 2461407 3170015 182335471 195882478 184796878 199052493 X 0 0 0 0 19675425 22656022 19675425 22656022 204472303 221708515 X 2279038 895893 -194334 X X 0 1 X 1 0 1325867 1325867 3165074 1398656 1766418 135077 135077 0 2132931 1570146 562785 3655070 FHLB STOCK 395800 C PERPETUAL CONTRIBUTED CAPITAL 566800 C LONG TERM CDS 16295000 C 17257600 MEMBERS SHARES 195882478 195882478 X 11912517 0 11912517 0 11912517 9633479 0 9633479 0 9633479 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. 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. THE CREDIT UNION'S OPEN AUDIT PERIOD IS FOR THE THREE YEAR PERIOD ENDED DECEMBER 31,2019. X X X 0 0 0 MARK RADWANSKI CFO 145721 0 10000 0 6359 0 15157 0 24479 0 201716 0 0 0 STEPHEN GRECH CEO 215815 0 20000 0 14609 0 22189 0 24949 0 297562 0 0 0 SUSAN RAFKO-BAYER SVP COO 124904 0 5250 0 4958 0 12991 0 19550 0 167653 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 EVERY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION CAN ELECT MEMBERS OF THE GOVERNING BODY. 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 990 IS PREPARED BY 3RD PARTY AND A DRAFT RETURN IS THEN SENT TO THE CFO FOR REVIEW AND FINAL APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C DISCLOSURE FORMS ARE REVIEWED BY COMPLIANCE OFFICER AND ADDED TO EMPLOYEE/DIRECTOR THIRD PARTY ACCOUNT RELATIONSHIPS. FORM 990, PART VI, SECTION B, LINE 15 SALARIES ARE PAID BASED ON PERFORMANCE REVIEWS AND REVIEW OF MARKETPLACE SALARY DATA. THE BOARD CONDUCT THE REVIEW OF THE CEO. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTING FEES 168,014. OTHER PROFESSIONAL FEES 110,464. FORM 990, PART IX, LINE 24E LOSS ON DISPOSAL OF BUILDING 147,617. ATM EXPENSE 13,931. FORM 990, PART XI, LINE 9: NET CHANGE IN ACTUARIAL LOSSES ON POST-RETIREMENT BENEFIT PLAN -194,334. FORM 990, PART XII, LINE 2C: WE HAVE A COMMITTEE COMPRISED OF THE BOARD OF DIRECTORS THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.