2019-10-17T10:23:08-05:00 2018-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2018-01-01 380481580 MICHIGAN FIRST CREDIT UNION MICH 8006643828 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 MICHAEL POULOS PRESIDENT/CEO 8006643828 2019-10-14 1 ROBERT PARKS CPA P00740435 2482443000 64.95.240.2 2019-10-14 16:12:43 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2018 2020-03-31 21:24:44Z MICHAEL POULOS 27000 EVERGREEN LATHRUP VILLAGE MI 48076 81028069 0 1359 X WWW.MICHIGANFIRST.COM X 1926 MI TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS. 9 9 568 9 1203432 0 0 0 52195514 57350941 4237141 4579149 12080072 18373887 68512727 80303977 0 0 0 0 25944295 31515480 0 0 0 38124708 41790071 64069003 73305551 4443724 6998426 867109061 928918039 745646730 801528523 121462331 127389516 TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS. 0 0 ORIGINATED $300 MILLION IN LOANS DURING 2018. INCREASED MEMBER DEPOSITS BY $40 MILLION. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 17797 0 1 568 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X MELISSA ESPINOZA 2483954012 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 INES DE JESUS DIRECTOR 1.00 X 0 0 0 SHEILA ANDERSON TREASURER 1.00 X 0 0 0 RICHARD LEMOYNE DIRECTOR 1.00 X 0 0 0 DEIRDRE SCOTT VICE CHAIRPERSON 1.00 X 0 0 0 NADINE TIBBS-STALLWORTH SECRETARY 1.00 X 0 0 0 LINDA HEIGHT CHAIRPERSON 1.00 X 0 0 0 DANDRIDGE FLOYD DIRECTOR 1.00 X 0 0 0 MIKE HOHF DIRECTOR 1.00 X 0 0 0 DONNA VANDERVRIES DIRECTOR 1.00 X 0 0 0 MICHAEL POULOS PRESIDENT/CEO 50.00 X 614800 0 32775 JANET OSOSKI COO 50.00 X 266275 0 21994 MELISSA ESPINOZA CHIEF FINANCIAL OFFICER 50.00 X 182946 0 6942 ERIC SCHORNHORST CFO 50.00 X 143074 0 2430 JEFFREY FITRZYK CHIEF LENDING OFFICER 50.00 X 177788 0 25732 SUSAN POSTEMSKI CHIEF DATA ANALYTICS OFFICER 50.00 X 225910 0 20220 GERALD BETTENS CHIEF INFORMATION OFFICER 50.00 X 260465 0 9350 DAN SUGG CHIEF MORTGAGE OFFICER 50.00 X 488308 0 27621 MATT WEST MORTGAGE LOAN OFFICER 45.00 X 235569 0 28676 THEODORE LYONS MORTGAGE BRANCH OFFICER 45.00 X 214218 0 17274 2809353 0 193014 39 0 1 0 DEMARIA 45500 GRAND RIVER NOVI MI 48374 CONSTRUCTION 22427151 PRESIDIO PO BOX 677638 DALLAS TX 75267 TECHNOLOGY 1660858 MARXMODA PO BOX 675105 DETROIT MI 48267 FURNITURE 1509144 NERDS 31800 NORTHWESTERN HWY FARMINGTON HILLS MI 48334 TECHNOLOGY 1366213 DIEBOLD PO BOX 643543 PITTSBURGH PA 15264 ATM MACHINES 1102696 46 MEMBER LOAN INCOME 522100 40338511 40338511 FEE INCOME 522100 17012430 17012430 57350941 4430184 4430184 67253 0 67253 67253 67253 873057 724092 148965 148965 148965 MONEY NOW INCOME 522100 10774124 10774124 MORTGAGE SERVICING 525990 4152743 4152743 INSURANCE INCOME 524298 2365697 1438214 927483 1014070 738121 275949 18306634 80303977 74670361 1203432 4430184 X 1474756 23216352 1307931 3591864 1924577 301443 1188831 189782 14428 1919297 3690898 2128171 2210523 78165 276210 3752973 52667 4702727 269393 PROVISION FOR LOAN LOSS 9800000 LOAN SERVICING 2573145 ATM EXPENSES 2441884 MAINTENANCE 1670111 4529423 73305551 13544747 15315832 28268950 6867191 168970 5131342 591157946 654292101 2252366 2199717 97086954 24684097 32703274 72402857 164376673 139249392 7388100 12506712 263167 225572 26984868 20727323 867109061 928918039 4729239 20120515 100000000 100000000 640917491 681408008 745646730 801528523 X 0 0 0 0 121462331 127389516 121462331 127389516 867109061 928918039 X 6998426 -1371147 299906 X X 0 1 X 1 0 5888109 5888109 59653477 5276025 54377452 6715169 3245953 3469216 24830199 16162119 8668080 72402857 MEMBERS SHARE ACCOUNTS 681408008 681408008 X 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. 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 INCOME TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES AND OPEN AUDIT TAX PERIODS INCLUDE 2015 - 2018. THE MORTGAGE COMPANY IS TAXED AT THE CORPORATE LEVEL AND ITS INCOME TAX EXPENSE ON THE ACCOMPANYING CONSOLIDATED STATEMENTS OF EARNINGS IS BASED ON THE NET EARNINGS OF THE MORTGAGE COMPANY. X 1 1 X X X 0 1 0 MICHAEL POULOS PRESIDENT/CEO 546481 0 45630 0 22689 0 14423 0 18352 0 647575 0 0 0 JANET OSOSKI COO 259423 0 2601 0 4251 0 8609 0 13385 0 288269 0 0 0 MELISSA ESPINOZA CHIEF FINANCIAL OFFICER 182692 0 0 0 254 0 6942 0 0 0 189888 0 0 0 JEFFREY FITRZYK CHIEF LENDING OFFICER 180000 0 2081 0 -4293 0 9000 0 16732 0 203520 0 0 0 SUSAN POSTEMSKI CHIEF DATA ANALYTICS OFFICER 224077 0 2601 0 -768 0 7310 0 12910 0 246130 0 0 0 GERALD BETTENS CHIEF INFORMATION OFFICER 256192 0 2601 0 1672 0 9350 0 0 0 269815 0 0 0 DAN SUGG CHIEF MORTGAGE OFFICER 240000 0 252601 0 -4293 0 9269 0 18352 0 515929 0 0 0 MATT WEST MORTGAGE LOAN OFFICER 85000 0 155444 0 -4875 0 11944 0 16732 0 264245 0 0 0 THEODORE LYONS MORTGAGE BRANCH OFFICER 80615 0 135672 0 -2069 0 6944 0 10330 0 231492 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS ESTABLISHED NON-QUALIFIED DEFINED COMPENSATION PLANS CERTAIN KEY EXECUTIVES. THE DEFERRED COMPENSATION BENEFIT PAYABLE AS OF DECEMBER 31, 2018 FOR EACH PARTICIPANT WAS AS FOLLOWS: JANET OSOSKI $200,000 SUSAN POSTEMSKI $150,000 PATTY JONES $60,000 GERALD BETTENS $50,000 DAN SUGG $40,000 ERIC SCHORNHORST RECEIVED A 457(F) PAYOUT OF $64,800 IN 2018. FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THERE IS AN ANNUAL ELECTION IN WHICH THE MEMBERSHIP OF THE CREDIT UNION ELECTS THE BOARD OF DIRECTORS. 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 THE ACCOUNTING MANAGER AND PRESIDENT/CEO ARE RESPONSIBLE FOR THE COMPLETION AND REVIEW OF THE FORM 990 BEFORE FILING WITH THE IRS. THE ORGANIZATION DOES NOT PROVIDE A COPY OF FORM 990 TO THE GOVERNING BODY PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ANY CONFLICT OF INTEREST IS REPORTED TO THE CEO ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 SALARY RANGE REVIEW IS PERIODICALLY REVIEWED BY AN INDEPENDENT CONTRACTOR. THE LAST REVIEW WAS COMPLETED DURING 2016 FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 14,428. FORM 990, PART IX, LINE 24E CREDIT/DEBIT EXPENSES 1,372,619. MISCELLANEOUS 1,314,634. SECURITY 1,043,936. EDUCATION/TRAINING 488,654. HOME BANKING 309,580. FORM 990, PART XI, LINE 9: NET UNREALIZED GAINS ON POSTRETIREMENT BENEFITS 299,906. FORM 990, PART XII, LINE 2C: A COMMITTEE EXISTS THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE ANNUAL FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. MICHIGAN FIRST INSURANCE AGENCY LLC 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 320485685 INSURANCE SERVICES MI 731924 528537 MICHIGAN FIRST CREDIT UNION MICHIGAN FIRST FOUNDATION INC 27000 EVERGREEN RD LATHRUP VILLAGE MI 48076 272487933 SCHOLARSHIPS & CHARITABLE CONTRIBUTIONS MI 501(C)(3) PF MICHIGAN FIRST CREDIT UNION 1 MICHIGAN FIRST MORTGAGE FKA WATSON GROUP FINANCIAL CORPORATION 6501 HIGHLAND ROAD WATERFORD MI 48327 382964508 PROVIDES MORTGAGE ORIGINATION AND SERVICING TO MEMBERS OF THE ORGANIZATION MI MICHIGAN FIRST CREDIT UNION C 337932 48780 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MICHIGAN FIRST FOUNDATION B 96005 CASH