2025-11-03T09:09:07-06:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 380546210 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN SOVITA CREDIT UNION CRED 8107208300 PO BOX 320830 FLINT MI 48532 PATRICK WHITE GENERAL MANAGER/CEO 8107208300 2025-11-01 1 0 AUBREY CLEGG P01076395 3052328272 2024 2025-03-06 01:10:19Z SOVITA CREDIT UNION PATRICK WHITE 4411 CALKINS ROAD FLINT MI 48532 21313191 0 1359 X SOVITACU.ORG X 1934 MI TO BECOME THE PRIMARY FINANCIAL SERVICES PROVIDER FOR OUR MEMBERS THROUGH OUR CONTINUAL EFFORT TO EXEMPLIFY COURTEOUS, RELIABLE, COMPREHENSIVE AND PROMPT SERVICES THAT ARE COMPETITIVE WITH THE MARKET AND CORRESPOND TO THE NEEDS OF OUR MEMBERS. 7 5 107 7 19854 0 0 0 8685209 10070922 9564103 11222415 25658 19854 18274970 21313191 96746 112855 0 0 4841583 5289736 0 0 0 7836044 11316275 12774373 16718866 5500597 4594325 508496724 529376259 444865823 455711137 63630901 73665122 TO BECOME THE PRIMARY FINANCIAL SERVICES PROVIDER FOR OUR MEMBERS THROUGH OUR CONTINUAL EFFORT TO EXEMPLIFY COURTEOUS, RELIABLE, COMPREHENSIVE AND PROMPT SERVICES THAT ARE COMPETITIVE WITH THE MARKET AND CORRESPOND TO THE NEEDS OF OUR MEMBERS. 0 0 SHARE DRAFTS AND MONEY MARKET ACCOUNTS - $ 234,512,934 SHARE ACCOUNTS - $136,681,213 SHARE AND IRA CERTIFICATES - $82,432,129 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 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 8775 0 1 107 1 1 1 0 0 0 0 0 0 0 X 7 5 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X PATRICK WHITE 8107208300 4411 CALKINS RD FLINT MI 48532 PATRICK WHITE CEO 40.00 X X 495059 0 21673 PATRICK HAGEDORN COO/BOARD SECRETARY 3.00 X X 19759 0 0 JEFFREY CLOTHIER BOARD MEMBER 1.00 X 0 0 0 PATRICIA R GOOCH BOARD PRESIDENT 1.00 X 0 0 0 SAM PARASCHOS BOARD VICE PRESIDENT 1.00 X 0 0 0 JOSEPH EUFINGER BOARD TREASURER 1.00 X 0 0 0 ANDRE WEATHERS BOARD MEMBER 1.00 X 0 0 0 DANIEL FONDREN VICE PRESIDENT OF FINANCE 40.00 X 176197 0 98271 JILL KRUYER VICE PRESIDENT OF MEM SERV 40.00 X 167833 0 129470 MICHAEL FURST VICE PRESIDENT OF LENDING 40.00 X 168840 0 12812 JENNIFER SHEW DIRECTOR OF MARKETING 40.00 X 102509 0 53380 1130197 0 315606 5 0 1 0 FISERV 75 REMITTANCE DR STE 1649 CHICAGO IL 60675 DATA PROCESSING 1093355 THE KARMA GROUP 118 S ADAMS ST GREEN BAY WI 54301 MARKETING AND ADVERTISING 375501 VISA USA PO BOX 742233 LOS ANGELES CA 90074 DEBIT & CREDIT CARD PROCESSING 310046 FIS GLOBAL (METAVANTE) PO BOX 4535 CAROL STREAM IL 60197 ATM & DEBIT CARD PROCESSING 243594 FIS (CERTEGY) 11601 N ROOSEVELT BLVD ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 238493 7 LOAN INCOME 522100 6988135 6988135 FEE INCOME 522100 3082787 3082787 10070922 11202415 11202415 20000 0 20000 20000 20000 FINANCE & INSURANCE 520000 19854 19854 19854 21313191 21293337 19854 0 X 112855 1121002 3022670 237494 596839 311731 58948 76968 105000 71916 561578 713044 1157333 406805 22248 5843476 18929 357322 113994 DEBIT/CREDIT EXPENSES 854532 PROVISION FOR LOAN LOSS 420136 MAINTENANCE 239771 ATM EXPENSES 227976 66299 16718866 1351176 1267862 58955496 75033464 898186 682646 129471839 137101578 201557 679070 10748523 6104086 4386589 4644437 284783516 279850787 17908339 18587559 10540026 11528856 508496724 529376259 2133744 2084861 442732079 453626276 444865823 455711137 X 0 0 0 0 63630901 73665122 63630901 73665122 508496724 529376259 X 4594325 4569147 870749 X X 0 1 X 1 0 937807 937807 7897445 4632877 3264568 82534 46324 36210 1830737 1424885 405852 4644437 SHARE DRAFTS 81191249 SHARES 136681213 MONEY MARKET 153321685 SHARE AND IRA CERTIFICATES 82432129 453626276 X 21313191 0 21313191 0 21313191 16718866 0 16718866 0 16718866 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. 1 HURLEY FOUNDATION ONE HURLEY PLAZA FLINT MI 48503 383085047 501(C)(3) 10500 0 TO SUPPORT PATIENT CARE, CHILDREN'S HEALTH PROGREMAS, AND COMMUNITY WELLNESS INITIATIVES MCLAREN FOUNDATION 401 BALLENGER HWY FLINT MI 48532 382383119 501(C)(3) 6500 0 PROVIDING RESOURCES FOR THE HOSPITAL, IMPROVING MEDICAL EQUIPMENT, CANCER TREATMENT, AND PATIENT SUPPORT SERVICES GENESEE COUNTY MEDICAL SOCIETY 4438 OAK BRIDGE DR SUITE B FLINT MI 48532 381347755 501(C)(3) 16000 0 TO SUPPORT LOCAL PHYSICIANS AND COMMUNITY HEALTH PROGRMAS, FUNDING INITIATIVES THAT IMPROVE MEDICAL EDUCATION AND PATIENT CARE EDUCATION FOUNDATION FOR FLINT COMMUNITY SCHOOLS PO BOX 13443 FLINT MI 48501 261289650 501(C)(3) 7500 0 INVEST IN EDUCATION BY FUNDING PROGRAMS, SUPPLIES AND SCHOLARSHIPS FOR FLINT'S STUDENTS AND TEACHERS UNITED CANCER ALLIANCE 2486 NERREDIA ST STE C FLINT MI 44532 923211736 501(C)(3) 6500 0 ASSISTING CANCER PATIENTS AND FAMILIES IN FLINT THROUGH SUPPORT SERVICES FLINT FIREBIRDS FOUNDATION 3501 LAPEER RD FLINT FLINT MI 48503 475056117 501(C)(3) 6000 0 TO SUPPORT THE LOCAL HOCKEY TEAM, THE YOUTH SPORTS, AND COMMUNITY ENGAGAMENTES 6 0 PART I, LINE 2: SOVITA CREDIT UNION IS THE LEAD SPONSOR OF THE EDUCATION FOUNDATION FOR FLINT COMMUNITY SCHOOLS. ADDITIONALLY, A CREDIT UNION EMPLOYEE SITS ON THE FOUNDATION'S COMMITTEE. EACH MONTH, PRINCIPALS OF FLINT COMMUNITY SCHOOLS NOMINATE A TEACHER FROM HIS/HER SCHOOL TO BE RECOGNIZED BY THE FOUNDATION FOR OUTSTANDING PERFORMANCE. THE WINNER IS AWARDED A GIFT CARD AT A CEREMONY PUT ON BY THE FOUNDATION. THEN, ONCE A YEAR, THE FOUNDATION HOLDS A DINNER/AWARDS CEREMONY TO RECOGNIZE THOSE AWARDED THROUGHOUT THE YEAR AND TO PRESENT AWARDS TO OTHER EDUCATORS AND ADMINISTRATORS. CREDIT UNION PERSONNEL ATTEND THIS EVENT AS WELL. THE HURLEY AND MCLAREN FOUNDATIONS SUPPORT THE ACTIVITIES OF THE HOSPITALS BY PROVIDING FUNDING FOR EQUIPMENT AND ITEMS THAT SUPPORT THE HOSPITALS, STAFF, AND PATIENTS. CREDIT UNION PERSONNEL ATTEND EVENTS SPONSORED BY THE FOUNDATIONS AND SIT ON COMMITTEES THAT PLAN FUNDRAISING EVENTS AND ACTIVITIES. HIGHLIGHTS REGARDING EACH FOUNDATION'S USE OF FUNDS ARE SHARED WITH THE CREDIT UNION. THE GENESEE COUNTY MEDICAL SOCIETY PROVIDES EDUCATION AND TRAINING TO PHYSICIANS AND THEIR STAFF. THE CREDIT UNION PARTICIPATES IN THE EDUCATION AND TRAINING EVENTS AND COMMUNICATES REGULARLY WITH THE PRESIDENT AND BOARD ABOUT THE SOCIETY'S ACTIVITIES. THE UNITED CANCER ALLIANCE IS A NONPROFIT ORGANIZATION DEVOTED TO BRINGING SUPPORT SERVICES TO CANCER PATIENTS, THEIR FAMILY MEMBERS, AND CAREGIVERS. THE ORGANIZATION PARTNERS WITH REGIONAL MEDICAL IMAGING (RMI) IN CHANGE YOUR OIL - CHANGE A LIFE BREAST CANCER MONTH FUNDRAISER AND THE MEN'S HEALTH MONTH FUNDRAISER WHERE SOVITA CREDIT UNION IS THE TITLE SPONSOR. THROUGH OUR SPONSORSHIP, WE ARE GUARANTEED A SIGNIFICANT AMOUNT OF RADIO ADVERTISING AND VIA THE CHANNELS THAT RMI AND UNITED CANCER ALLIANCE HAVE. ALL OF THE FUNDS RAISED ASSIST PATIENTS WHO RECEIVE TREATMENT AT LOCAL HOSPITALS. SOVITA CREDIT UNION MEETS WITH THE ALLIANCE ON A REGULAR BASIS TO ENSURE THE EXECUTION OF PROMISED DELIVERABLES. THE FLINT FIREBIRDS FOUNDATION SUPPORTS AND ASSISTS YOUTH HOCKEY AND GENERAL YOUTH INITIATIVES IN THE COUNTIES OF GENESEE AND LAPEER, MICHIGAN. THE FOUNDATION HAS A SPECIFIC FUND, IN PARTNERSHIP WITH SOVITA CREDIT UNION, THE MEA AND THE GENESEE EDUCATION CONSORTIUM TO PROVIDE GRANTS TO LOCAL EDUCATORS WITH AN ANNUAL TEACHER OF THE YEAR AWARD. REPRESENTATIVES FROM SOVITA CREDIT UNION MEET WITH THE FOUNDATION ON A REGULAR BASIS TO ENSURE THE EXECUTION OF PROMISED DELIVERABLES. SOVITA CREDIT UNION RECEIVES ADVERTISING AT THE GAME, ON SOCIAL MEDIA PRIOR TO THE GAME, IN THE NEWS, IN PRESS RELEASES, AND HAS SPEAKING OPPORTUNITIES AT EACH GAME. SOVITA CREDIT UNION IS PART OF A PRESENTATION DURING TEACHER OF THE YEAR AWARD AND A PUCK DROP. X 1 1 X X X X 0 1 0 PATRICK WHITE CEO 305498 0 2250 0 187311 0 0 0 21673 0 516732 0 168912 0 JILL KRUYER VICE PRESIDENT OF MEM SERV 164569 0 2450 0 814 0 66239 0 63231 0 297303 0 0 0 DANIEL FONDREN VICE PRESIDENT OF FINANCE 173216 0 2450 0 531 0 50924 0 47347 0 274468 0 0 0 MICHAEL FURST VICE PRESIDENT OF LENDING 164945 0 2450 0 1445 0 5331 0 7481 0 181652 0 0 0 JENNIFER SHEW DIRECTOR OF MARKETING 100613 0 1640 0 256 0 17019 0 36361 0 155889 0 0 0 PART I, LINE 4B THE FOLLOWING INDIVDUALS PARTICIPATES IN A 457(F) DEFERRED COMPENSATION PLAN. AS OF DECEMBER 31, 2024: PATRICK WHITE : $168,912 (PAYOUT) DANIEL FONDREN: $25,772 (ACCRUAL) JILL KRUYER: $25,338 (ACCRUAL) PATRICK HAGEDORN'S W-2 COMPENSATION REPORTED PART VII INCLUDES A 457(B) BENEFIT DISTRIBUTION. THE EXECUTIVE'S ANNUAL 457(B) DEFERRALS WERE REPORTED AS A COMPONENT OF BOX 5 COMPENSATION WITHIN PRIOR YEARS' FORMS W-2. SINCE BOX 5 HAS HISTORICALLY EXCEEDED THE DOLLAR AMOUNT REPORTED IN BOX 1, THE COMPENSATION RELATIVE TO THE 457(B) DISTRIBUTION OF $17,510 INCLUDED IN 2024 COMPENSATION, HAS ALREADY BEEN REPORTED AS W-2 COMPENSATION IN PRIOR YEARS' FORMS 990. IN 2024, THE COMPENSATION AMOUNT REPORTED IN FORM 990 REPRESENTS THE AMOUNT REPORTED IN BOX 1 OF FORM W-2. THAT IS, BOX 1 COMPENSATION EXCEEDED THE AMOUNT REPORTED IN BOX 5, AS A RESULT OF THE DISTRIBUTION OF PARICK HAGEDORN'S 457(B) BENEFIT. FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A WHEN A BOARD MEMBER'S TERM IS UP, WE HAVE AN ELECTION WHERE OUR MEMBERSHIP VOTES, TO EITHER RE-ELECT A DIRECTOR OR ELECT A NEW DIRECTOR. 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 INFORMATION IS PROVIDED TO A CPA FIRM THAT COMPILES THE RETURN. FORM 990 IS REVIEWED BY ACCOUNTANTS AND MANAGEMENT PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C TOP OFFICIALS AND ALL EMPLOYEES ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 CUNA COMPENSATION SURVEYS ARE USED BY BOARD OF DIRECTORS TO DETERMINE THE COMPENSATION OF OFFICERS AND TOP MANAGEMENT. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. QUARTERLY FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC VIA NCUA.GOV. FORM 990, PART IX, LINE 24E LOAN SERVICING 213,909. TRAINING/DEVELOPMENT/EDUCATION 50,024. MISCELLANEOUS EXPENSES -197,634. FORM 990, PART XI, LINE 9: NET CHANGE IN DEFINED BENEFIT PENSION PLAN 870,749. FORM 990, PART XII, LINE 2C: WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE CREDIT UNION'S FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.