2019-08-27T21:16:25-05:00 2018-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2018-01-01 381418180 CHRISTIAN FINANCIAL CREDIT UNION CHRI 5867726330 18441 UTICA RD ROSEVILLE MI 48066 PATRICIA CAMPBELL PRESIDENT & CEO 5867726330 2019-08-23 1 JOSEPH ZITO CPA P00648440 2482443000 64.95.240.2 2019-08-23 14:53:36 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2018 2019-02-21 02:37:17Z PATRICIA CAMPBELL 18441 UTICA ROSEVILLE MI 48066 28152840 0 1359 X WWW.CHRISTIANFINANCIALCU.COM X 1950 MI AT CHRISTIAN FINANCIAL CREDIT UNION, OUR MISSION IS TO PROVIDE AN ENVIRONMENT THAT DELIVERS HIGH-QUALITY PRODUCTS AND SERVICES THAT PROMOTE CONVENIENCE, TRUST, AND PERSONAL SERVICE TO ASSIST OUR MEMBERS IN ACHIEVING THEIR FINANCIAL SUCCESS. 7 7 196 7 1633091 0 0 0 20348279 22780042 1333409 1571183 2106661 38163 23788349 24389388 0 0 0 0 8374497 8996325 0 0 0 11910526 11525069 20285023 20521394 3503326 3867994 381310206 389195815 340937752 345310221 40372454 43885594 X CHRISTIAN FINANCIAL SERVICES OVER 40,000 MEMBERS IN METROPOLITAN DETROIT. CHARTERED IN 1950 THE CREDIT UNION'S MISSION IS TO PROVIDE MEMBERS CUSTOMIZED SOLUTIONS TO ENHANCE THEIR FINANCIAL WELL-BEING THROUGH A TRUSTED PARTNERSHIP WITH A DEDICATED TEAM OF PROFESSIONALS FOCUSED ON EXCEEDING THEIR EXPECTATIONS. 0 0 THE CREDIT UNION ORIGINATED $85 MILLION IN LOANS TO MEMBERS DURING 2018. LOANS ARE GENERALLY ORIGINATED AT BELOW MARKET INTEREST RATES HIGHLIGHTING MEMBER LOYALTY. THE CREDIT UNION COMPLETED A SYSTEM CONVERSION IN 2015 WITH ASSOCIATED COSTS IN 2018 OF $348,000 IN ADDITION TO OPERATING AND MAINTENANCE COSTS OF $300,000. THE SYSTEM CONTINUES TO IMPROVE THE MEMBER EXPERIENCE THROUGH THE OFFERING OF PRODUCTS SUCH AS LENDING AND ACCOUNT ORIGINATIONS ONLINE AND MOBILE BANKING. THE CREDIT UNION OFFERS CONVENIENT DELIVERY CHANNELS FOR MEMBERS WHERE WE FULLY ABSORB THE COST OF THE ABILITY TO USE 30,000 ATMS, ACCESS TO THE SHARED BRANCHING NETWORK WITH 5,641 OUTLETS NATIONWIDE, FREE ACCESS TO ONLINE BANKING AND BILL PAYMENT FOR ALL CONSUMERS. 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 13728 0 1 196 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X VALLORIE MCBRIDE CPA 5864981592 18441 UTICA ROAD ROSEVILLE MI 48066 PAUL AVERY SECRETARY 2.00 X 0 0 0 JAMES BANASZAK TREASURER 2.00 X 0 0 0 JAMES BEAUDOIN BOARD DIRECTOR 2.00 X 0 0 0 WILLIAM AMRHEIN BOARD DIRECTOR 2.00 X 0 0 0 SHELLEY BOEDEKER BOARD DIRECTOR 2.00 X 0 0 0 MIKE DOMZALSKI BOARD CHAIRMAN 2.00 X 0 0 0 JAMES SHEREDA BOARD VICE-CHAIRMAN 2.00 X 0 0 0 PATRICIA CAMPBELL PRESIDENT & CEO 40.00 X 352746 0 19869 VALLORIE MCBRIDE CFO 40.00 X 44287 0 5033 DOUGLAS DINNING LEGAL COUNSEL 40.00 X 119293 0 22538 JAMES SPESHOCK COO 40.00 X 132886 0 21074 LAUREN J FOGARTY CHIEF STRATEGY OFFICER 40.00 X 108588 0 15827 DONNA M ANARGYROS CHIEF LENDING OFFICER 40.00 X 111877 0 18174 DAVID MAURER DIRECTOR OF INFORMATION SYSTEMS 40.00 X 113569 0 9457 983246 0 111972 6 0 1 0 THOMPSON-PHELAN GROUP INC PO BOX 105 ANCHORVILLE MI 48004 CONSTRUCTION 4592712 FISERV 75 REMITTANCE DRIVE DEPT 1649 CHICAGO IL 606751649 CORE SYSTEM PROCESSOR 910829 DIEBOLD INC PO BOX 643543 PITTSBURGH PA 152643543 ATM SERVICER 173866 AT&T MPLS PO BOX 5019 CAROL STREAM IL 601975019 PHONE AND DATA LINES 162244 BAE SYSTEMS 440 WHEELERS FARMS RD SUITE 202 MILFORD CT 06461 NETWORK SECURITY 130839 7 INCOME FROM MEMBER LOANS 522100 12950371 12950371 FEES 522100 8196580 8196580 SHARED BRANCHING FEE INCOME 900099 1555472 1555472 NON-MEMBER ATM FEE INCOME 900099 64553 64553 MECHANICAL BREAKDOWN INSURANCE IN 524298 13066 13066 22780042 1605227 1605227 3610225 119183 3625952 137500 -15727 -18317 -34044 -34044 EQUITY IN EARNINGS OF CUSO 522100 38163 38163 38163 24389388 21151070 1633091 1605227 X 421935 6767710 415324 839395 551961 33989 120933 111607 49030 66158 402953 1018313 1476792 644470 55222 178283 1710671 98539 1066223 155220 DEBIT/CREDIT CARD EXPEN 1516592 LOAN SERVICING 774207 MAINTENANCE 603138 PROVISION FOR LOAN LOSS 565000 877729 20521394 3911119 4595722 28075057 24256927 1645197 2768526 263669999 280845228 839232 938093 19005399 6583860 13039552 12421539 54304029 43869110 9990449 9168912 395497 242346 5440075 10089412 381310206 389195815 1753128 2393453 339184624 342916768 340937752 345310221 X 0 0 0 0 40372454 43885594 40372454 43885594 381310206 389195815 X 3867994 -379046 24192 X X 0 1 X 1 0 6816029 6816029 7014055 3041634 3972421 5175315 3542226 1633089 12421539 POSTRETIREMENT HEALTHCARE 792883 MEMBER SHARES 342123885 342916768 X 24409075 0 24409075 -19687 -19687 24389388 20541081 19687 19687 20521394 0 20521394 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 INCOME TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES AND OPEN TAX PERIODS INCLUDE 2016 - 2018. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSSES ON OREO REPORTED AS EXPENSES IN AUDITED FINANCIALS BUT REPORTED AS A REDUCTION OF REVENUE IN THE FORM 990 STATEMENT OF REVENUE -19,687. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSSES ON OREO REPORTED AS EXPENSES IN AUDITED FINANCIALS BUT REPORTED AS A REDUCTION OF REVENUE IN THE FORM 990 STATEMENT OF REVENUE 19,687. X 1 1 X X X X X 0 0 0 PATRICIA CAMPBELL PRESIDENT & CEO 262063 0 70066 0 20617 0 16001 0 3868 0 372615 0 0 0 JAMES SPESHOCK COO 115779 0 11108 0 5999 0 9562 0 11512 0 153960 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 ANY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS CONSIDERED A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER IS GIVEN ONE VOTE TO ELECT ONE OR MORE MEMBERS OF THE GOVERNING BODY AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR AND AS REQUIRED BY THE MICHIGAN CREDIT UNION ACT AND THE BY-LAWS OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PRESENTED AT A REGULAR BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR ALL EMPLOYEES, MANAGEMENT AND BOARD MEMBERS ARE PROVIDED WITH COPIES OF THE POLICIES AND MUST SIGN FOR ACKNOWLEDGEMENT. FORM 990, PART VI, SECTION B, LINE 15 PRESIDENT/CEO COMPENSATION IS DETERMINED BY THE BOARD OF DIRECTORS; COMPENSATION SURVEY DATA IS USED. SENIOR MANAGEMENT COMPENSATION IS APPROVED BY PRESIDENT/CEO; COMPENSATION SURVEY DATA IS USED. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENT ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST AND ARE POSTED IN ALL CREDIT UNION BRANCH LOCATIONS. FORM 990, PART IX, LINE 24E MISCELLANEOUS 489,265. ATM EXPENSES 342,284. EDUCATION 46,180. FORM 990, PART XI, LINE 9: AMORTIZATION OF UNREALIZED LOSSES ON POSTRETIREMENT BENEFIT PLAN 24,192. FORM 990, PART XII, LINE 2C: WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.