2019-11-15T18:32:46-06:00 2018-12-31 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2018-01-01 381447620 Community Financial Credit Union COMM 7344531200 PO BOX 8050 PLYMOUTH MI 481708050 Margaret Pankow SENIOR VICE PRESIDENT/CFO 2019-11-15 true Danielle Tewes P01327423 3128997000 2018 2020-03-31 21:24:44Z WILLIAM LAWTON PO BOX 8050 PLYMOUTH MI 481708050 48432169 false X WWW.CFCU.ORG X 2012 MI Community Financial Credit Union is a state chartered, not-for-profit, full-service financial institution owned and governed by its membership. At Community Financial, we are committed to our members and our communities. For over 65 years, we've provided our Michigan members competitively-priced savings & loans products, outstanding service and support to their neighborhoods. 9 9 311 13 59880 35643 0 0 37062513 41460505 378100 675477 5873914 6296187 43314527 48432169 21000 324814 0 18608483 20785866 0 0 15765259 18671239 34394742 39781919 8919785 8650250 856824004 932017676 752589695 819147216 104234309 112870460 Community Financial Credit Union is a state chartered, not-for-profit, full-service financial institution owned and governed by its membership. At Community Financial, we are committed to our members and our communities. For over 65 years, we've provided our Michigan members competitively-priced savings & loans products, outstanding service and support to their neighborhoods. false false PROMOTE THRIFT TO 73,059 MEMBERS BY OFFERING COMPETITIVELY-PRICED SAVINGS & LOANS PRODUCTS AS WELL AS OTHER FINANCIAL PRODUCTS. 0 false false false false false false true false true false false false true true true false false false false false false false false false false true true true false true false false false false false false false false false false false false true 15304 0 true 311 true true true false false false false false false false X 9 9 false false false false true true true true false false false true true true true true false false false X MARGARET PANKOW 7345828820 PO BOX 8050 PLYMOUTH MI 481708050 DON BAIN BOARD CHAIR 1.0 X X 0 0 0 TERESA FOLINO 1ST VICE CHAIRPERSON 1.0 X X 0 0 0 DEB RONAYNE 2ND VICE CHAIRPERSON 1.0 X X 0 0 0 DAN HERRIMAN SECRETARY/TREASURER 1.0 X X 0 0 0 PAUL BEDICH BOARD MEMBER 1.0 X 0 0 0 AL BERRIE BOARD MEMBER 1.0 X 0 0 0 RON METEYER BOARD MEMBER 1.0 X 0 0 0 Mark RIEGAL BOARD MEMBER 1.0 X 0 0 0 ADI SATHI BOARD MEMBER 1.0 X 0 0 0 WILLIAM LAWTON CEO 40.0 X 451618 0 110930 MARGARET PANKOW CFO 40.0 X 309621 0 55452 RANDY PENNER CHIEF MARKETING & SALES OFFICER 40.0 X 263941 0 50331 ART BEARD CHIEF IT OFFICER 40.0 X 247999 0 43254 JILL JOHNSON CHIEF LENDING OFFICER 40.0 X 217094 0 49609 CATHY MEYERS CHIEF HUMAN RESOURCES OFFICER 40.0 X 215102 0 70570 ERIC ESSER CHIEF MORTGAGE OFFICER 40.0 X 191798 0 58040 CHRIS CURRY CHIEF EMERGING RISK OFFICER 40.0 X 165942 0 58101 WARREN Musson VP BUSINESS SERVICES 40.0 X 368594 0 30795 JAMES POTTER INVESTMENT REPRESENTATIVE 40.0 X 160328 0 12295 DIANE KENNY VP SALES 40.0 X 159998 0 13403 THOMAS VARGO MANAGER/CORE OPERATIONS 40.0 X 157309 0 15371 DAVID HEFFNER VP LENDING 40.0 X 141515 0 18671 3050859 0 586822 21 false true false CO-OP 1500 NW 118TH STREET DES MOINES IA 50325 CARD PROCESSOR 1480453 THE CASE GROUP 28175 HAGGERTY ROAD NOVI MI 48377 CONSTRUCTION 1085965 MASTERCARD 2000 PURCHASE STREET PURCHASE NY 10577 CREDIT CARD BRAND 787621 ADAPT TELEPHONY SERVICES LLC 600 ENTERPRISE DRIVE SUITE 204 OAKBROOK IL 60523 TELEPHONE SYSTEM 511574 SHAW CONSTRUCTION AND MANAGEMENT COMPANY 13980 FARMINGTON RD LIVONIA MI 48154 CONSTRUCTION AND MAINTENANCE SERVICES 507884 21 X 0 MEMBER LOAN INCOME 522100 36825813 36825813 FEE INCOME 522100 4634692 4576312 58380 0 0 0 0 41460505 675477 675477 0 0 0 0 INTERCHANGE INCOME 900099 4184194 4184194 SALE OF LOANS 900099 475435 475435 INVESTMENT & INSURANCE INCOME 900099 670409 670409 966149 964649 1500 0 6296187 48432169 47696812 59880 675477 302014 22800 0 0 2214584 14766828 925515 1558849 1320090 63216 72468 0 0 0 0 1377002 4060705 1577888 753431 5123265 624542 253151 Lending 2311149 Provision Expense 2231401 NCUA FEES 174392 Loss on Disposal 48629 0 0 0 0 39781919 0 0 0 4136450 4365736 0 3072584 0 790727361 861487694 30171706 12702936 15139717 17468770 39967556 38769408 0 6852920 6853484 856824004 932017676 11395869 9800009 2380721 2673506 0 738813105 806673701 752589695 819147216 X 104234309 112870460 104234309 112870460 856824004 932017676 8650250 -33554 19455 0 X false true X true false false true X 5074618 5074618 15304760 5938850 9365910 8191973 6764086 1427887 1600355 1600355 17468770 BORROWINGS 88000000 MEMBER SAVINGS 155222442 CHECKING 178017199 OTHER SAVINGS 37904413 MONEY MARKET 151352370 CERTIFICATES 196177277 806673701 X 48398615 -33554 0 -33554 48432169 0 0 48432169 39781919 0 0 39781919 0 0 39781919 Schedule D, Part IV, Line 2b Explanation of escrow agreement THE ORGANIZATION MAINTAINS MEMBERS SHARES ESCROWS AND FHLBI AND FNMA INVESTOR ESCROWS. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Credit Union is exempt, under Internal Revenue Code (IRC) 501(c)(14), from federal and state income taxes. The Credit Union has filed tax returns in the past for activities it has deemed taxable and has a minimal net operating loss carryforward as of the 2018 calendar year. The taxing authorities have the ability to assess taxes, penalties, and interest for any years for which no tax return was filed. In the opinion of management, any liability resulting from taxing authorities imposing income taxes on the net taxable income from activities potentially deemed to be unrelated to the Credit Union's exempt purpose is not expected to have a material effect on the Credit Union's financial position or results of operations. The Credit Union evaluated its tax positions and determined no uncertain tax positions exist as of March 31, 2019. The Credit Union's 2015 through 2018 tax years are open for examination by federal and state taxing authorities. true Heat and Warmth Fund 535 Griswold St Ste 200 Detroit MI 48226 382646924 501(c)(3) 10000 General Support The Salvation Army 16130 Northland Dr Southfield MI 48075 381370971 501(c)(3) 22500 General Support Plymouth Community United Way 960 W Ann Arbor Trl Ste 2 Plymouth MI 48170 237327248 501(c)(3) 16155 General Support Habitat for Humanity 14325 Jane St Detroit MI 48205 382708025 501(c)(3) 6000 General Support Gleaners Community Food Bank 2131 Beaufait Detroit MI 48207 382156255 501(c)(3) 10000 General Support 5 0 SCHOLARSHIPS 19 22800 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. COMMUNITY FINANCIAL CREDIT UNION WILL MAKE THE SCHOLARSHIP PAYMENTS DIRECTLY TO THE RECEIVING COLLEGE OR UNIVERSITY AS ITS METHOD OF ENSURING THE GRANT FUNDS ARE USED IN ALIGNMENT WITH ITS PURPOSE. false true false WILLIAM LAWTON CEO 364202 0 65280 0 22136 0 91959 0 18971 0 562548 0 0 0 MARGARET PANKOW CFO 256501 0 42449 0 10671 0 51859 0 3593 0 365073 0 0 0 RANDY PENNER CHIEF MARKETING & SALES OFFICER 221967 0 32607 0 9367 0 44076 0 6255 0 314272 0 0 0 ART BEARD CHIEF IT OFFICER 194255 0 31584 0 22160 0 43254 0 0 0 291253 0 0 0 JILL JOHNSON CHIEF LENDING OFFICER 184770 0 25982 0 6342 0 34238 0 15371 0 266703 0 0 0 CATHY MEYERS CHIEF HUMAN RESOURCES OFFICER 175295 0 33465 0 6342 0 55199 0 15371 0 285672 0 0 0 ERIC ESSER CHIEF MORTGAGE OFFICER 162219 0 23237 0 6342 0 42669 0 15371 0 249838 0 0 0 CHRIS CURRY CHIEF EMERGING RISK OFFICER 133948 0 25652 0 6342 0 38575 0 19526 0 224043 0 0 0 WARREN Musson VP BUSINESS SERVICES 124485 0 244109 0 0 0 18500 0 12295 0 399389 0 0 0 JAMES POTTER INVESTMENT REPRESENTATIVE 160328 0 0 0 0 0 0 0 12295 0 172623 0 0 0 DIANE KENNY VP SALES 142896 0 17102 0 0 0 7178 0 6225 0 173401 0 0 0 THOMAS VARGO MANAGER/CORE OPERATIONS 157309 0 0 0 0 0 0 0 15371 0 172680 0 0 0 DAVID HEFFNER VP LENDING 141515 0 0 0 0 0 0 0 18671 0 160186 0 0 0 Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan THE FOLLOWING INTERESTED PERSONS RECEIVED DEFERRALS TO THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2018: ART BEARD - $24,754 MARGARET PANKOW - $33,359 RANDY PENNER - $25,576 ERIC ESSER - $18,169 CATHY MEYERS - $26,254 WILLIAM LAWTON - $48,959 JILL JOHNSON - $20,309 CHRIS CURRY - $20,075 THE FOLLOWING INTERESTED PERSONS RECEIVED DISTRIBUTIONS FROM THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2018: ART BEARD - $15,818 MARGARET PANKOW - $4,329 RANDY PENNER - $3,125 WILLIAM LAWTON - $4,772 ALBERT C BERRIE Board Member personal or business loan X 345218 345218 false true true ARTHUR BEARD CHIEF IT OFFICER personal or business loan X 741978 741978 false true true CATHY L MEYERS CHIEF HUMAN RESOURCES OFFICER personal or business loan X 102040 102040 false true true CHRISTOPHER B CURRY CHIEF EMERGING RISK OFFICER personal or business loan X 747 747 false true true DANIEL A HERRIMAN Secretary/treasurer personal or business loan X 737 737 false true true DEBORAH RONAYNE 2ND VICE CHAIRPERSON personal or business loan X 351120 351120 false true true DONALD BAIN BOARD CHAIR personal or business loan X 1696 1696 false true true ERIC M ESSER CHIEF MORTGAGE OFFICER personal or business loan X 382223 382223 false true true JILL M JOHNSON CHIEF LENDING OFFICER personal or business loan X 284114 284114 false true true KYLE J PANKOW Family member of interested person personal or business loan X 12686 12686 false true true MARGARET PANKOW CFO personal or business loan X 345558 345558 false true true MARK C RIEGAL Board Member personal or business loan X 30000 30000 false true true PAUL G BEDICH Board Member personal or business loan X 24674 24674 false true true RANDOLPH H PENNER CHIEF MARKETING & SALES OFFICER personal or business loan X 90093 90093 false true true THE RONAYNE TEAM INC Entity more than 35% owned by board member personal or business loan X 16241 16241 false true true WILLIAM F LAWTON CEO personal or business loan X 343459 343459 false true true 3072584 Form 990, Part IV, Line 12a FINANCIAL STATEMENTS FOR THE TAX YEAR THE AUDITED FINANCIALS USE A REGULATORY YEAR END OF MARCH 31. AN AUDIT WILL NEXT BE PERFORMED FOR THE MARCH 31, 2018 YEAR END. Form 990, Part VI, Line 15 process for determining compensation Every other year the credit union engages with D Hilton to have compensation grades repriced and evaluated. The last review was done in 2018. Form 990, Part VI, Line 6 Classes of members or stockholders Each account holder is a member of the credit union. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body The members of the credit union vote on board member changes and charter changes. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders The members of the credit union vote on board member changes and charter changes. Form 990, Part VI, Line 11b Review of form 990 by governing body The AVP of Electronic & Financial Solutions reviews both Form 990 and 990T prior to filing. Form 990, Part VI, Line 12c Conflict of interest policy THE ORGANIZATION'S OFFICERS, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO ANNUALLY DISCLOSE ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST THEY MAY HAVE WITH THE ORGANIZATION. EACH SIGNED POLICY STATEMENT IS REVIEWED TO DETERMINE IF ANY CONFLICTS EXIST AND NEED TO BE BROUGHT TO THE ATTENTION OF THE BOARD. IF A CONFLICT ARISES, THE RESPECTIVE BOARD MEMBER WILL ABSTAIN FROM ANY RELATED DISCUSSION, VOTE, OR SIMILAR ACTION ON THE MATTER. Form 990, Part VI, Line 19 Required documents available to the public THE FINANCIALS ARE POSTED IN EACH BRANCH OFFICE, UPDATED MONTHLY. THE GOVERNING DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC. Form 990, Part VIII, Line 11d Other Miscellaneous Revenue INC OTHER MISC - Total Revenue: 526323, Related or Exempt Function Revenue: 526323, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; INC MC INCENTIVE - Total Revenue: 144922, Related or Exempt Function Revenue: 144922, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; INC SVC ASSET AMORT FHLB - Total Revenue: -498145, Related or Exempt Function Revenue: -498145, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; INC LN SVC - Total Revenue: 761262, Related or Exempt Function Revenue: 761262, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; INC LRA - Total Revenue: 31787, Related or Exempt Function Revenue: 30287, Unrelated Business Revenue: 1500, Revenue Excluded from Tax Under Sections 512, 513, or 514: ;