2019-10-02T16:33:47-05:00 2018-12-31 382492570 DOEREN MAYHEW 305 W BIG BEAVER ROAD TROY MI 48084 990 2018-01-01 381642684 CREDIT UNIONS CHARTERED IN THE STATE OF MI 510 SUNRISE FAMILY CREDIT UNION CRED 9896841730 404 SOUTH EUCLID AVE BAY CITY MI 487063206 BARBARA WEILER PRESIDENT/CEO 9896841730 2019-09-30 1 ROBERT PARKS P00740435 2482443000 104.11.88.150 2019-09-30 11:32:27 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2018 2020-01-14 16:20:31Z BARBARA WEILER 404 SOUTH EUCLID AVE BAY CITY MI 487063206 5210709 0 X WWW.SUNRISEFAMILYCU.ORG X CREDIT UNION 1956 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 7 7 58 12 56321 0 0 0 4010664 4232850 714791 907378 0 0 4725455 5140228 0 0 0 0 1767018 1859555 0 0 0 2779267 2694985 4546285 4554540 179170 585688 109807813 111335306 100104550 101462361 9703263 9872945 MEMBER OWNED AND MEMBER CONTROLLED FINANCIAL COOPERATIVE DEDICATED TO PROVIDING SOUND COMPREHENSIVE FINANCIAL SERVICES TO ITS FAMILY OF MEMBERS. 0 0 PROVIDE 16,110 MEMBERS WITH REGULAR SAVINGS, SHARE DRAFTS, CERTIFICATE OF DEPOSIT, IRA, MONEY MARKET AND CLUB ACCOUNTS TOTALING 22,702. PROVIDE 7,123 LOANS INCLUDING VEHICLE, PERSONAL, HOME EQUITY, MORTGAGE BUSINESS, OVERDRAFT, SHARE SECURED, INDIRECT AND CREDIT CARD LOANS. OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, MONEY ORDERS, NO COST BILL PAYER, STUDENT SCHOLARSHIPS, FINANCIAL LITERACY WORKSHOPS IN-SCHOOL, BRANCHES, COURTESY PAY AND VARIOUS INSURANCE PROGRAMS. 0 0 0 0 0 0 0 0 0 1 1 1 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 3422 0 1 58 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 SUNRISE FAMILY CREDIT UNION 9896841730 404 SOUTH EUCLID AVENUE BAY CITY MI 48706 JUDY FLETCHER CHAIRPERSON 1.00 X 0 0 0 RICHARD NIEMANN VICE CHAIRPERSON 1.00 X 0 0 0 PATRICIA WILSON SECRETARY 1.00 X 0 0 0 DAVID WOLTHUIS TREASURER 1.00 X 0 0 0 DAVID ROYAL DIRECTOR 1.00 X 0 0 0 DAVID HUNT DIRECTOR 1.00 X 0 0 0 CJ MONTANA DIRECTOR 1.00 X 0 0 0 BARBARA A WEILER PRESIDENT/CEO 40.00 X 170303 0 22765 REBECCA ARNOLD VP ACCOUNTING 40.00 X 76681 0 12622 246984 0 35387 1 0 1 0 FISERV 75 REMITTANCE DRIVE CHICAGO IL 606751649 DATA PROCESSING, ATM, BILL PAY, WISDOM A 404412 CO-OP 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 ATM PROCESSING 367137 PSCU P O BOX 37603 PHILADELPHIA PA 19101 CREDIT CARDS 227544 3 LOAN INTEREST INCOME 522100 2690598 2690598 FEE AND OTHER INCOME 522100 1485931 1485931 NON-MEMBER INSURANCE I 524298 49129 49129 NON-MEMBER ATM FEES 900099 7192 7192 4232850 935231 935231 42628 70481 -27853 -27853 -27853 5140228 4148676 56321 935231 X 282371 1199863 120421 134331 122569 2676 42854 580284 137340 465679 271750 251450 2911 33452 148924 42961 50849 LOAN SERVICING 320869 PROVISION FOR LOAN LOSS 247232 MISCELLANEOUS OPERATING 60508 ASSOCIATION DUES/EXAM F 35246 4554540 934412 1112953 210743 5884362 211964 71004 52396757 55604196 208258 200591 6780805 2701694 4182519 4079111 36903415 34201532 13421972 8732851 1337773 1448706 109807813 111335306 543347 529801 99561203 100932560 100104550 101462361 X 0 0 0 0 9703263 9872945 9703263 9872945 109807813 111335306 X 585688 -416882 876 X X 0 1 X 1 0 737437 737437 4918019 1770002 3148017 1125349 931692 193657 4079111 CERTIFICATES 17301000 C CO-OP NETWORK STOCK 100 C CU VILLAGE CUSO INVESTMENT 50000 C FEDERAL HOME LOAN BANK STOCK 192600 C FEDERAL AGENCY SECURITIES 16657832 F 34201532 ALLOYA CORPORATE FEDERAL CREDIT UNION 8732851 C 8732851 MEMBER SHARES AND DEPOSITS 100932560 100932560 X 5168081 0 5168081 -27853 -27853 5140228 4582393 27853 27853 4554540 0 4554540 PART X, LINE 2: SUNRISE FAMILY 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. PART XI, LINE 4B - OTHER ADJUSTMENTS: NET LOSS ON SALE OF ASSETS REPORTED NET OF REVENUE ON FORM 990, BUT INCLUDED IN EXPENSES WITHIN THE AUDITED FINANCIAL STATEMENTS. -27,853. PART XII, LINE 2D - OTHER ADJUSTMENTS: NET LOSS ON SALE OF ASSETS REPORTED NET OF REVENUE ON FORM 990, BUT INCLUDED IN EXPENSES WITHIN THE AUDITED FINANCIAL STATEMENTS. 27,853. X X X X 0 0 0 BARBARA A WEILER PRESIDENT/CEO 170303 0 0 0 0 0 13533 0 9232 0 193068 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE AND VOTING. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY THE MEMBERSHIP AT THE ANNUAL MEETING. EACH BOARD MEMBER IS ELECTED FOR A THREE YEAR TERM. FORM 990, PART VI, SECTION A, LINE 7B CREDIT UNION DECISIONS THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE MERGERS. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE VP ACCOUNTING PRIOR TO SUBMISSION TO THE IRS. SUBSEQUENT TO FILING, THE BOARD OF DIRECTORS IS PROVIDED WITH A COPY OF THE 990 RETURNS SUBMITTED. FORM 990, PART VI, SECTION B, LINE 12C MONITORED BY MANAGEMENT THROUGH PERIODIC AUDITS OF ACCOUNTS AND RELATIONSHIPS. SUPERVISORY COMMITTEE WOULD DISCUSS CONCERNS WITH THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS APPOINTS A PERSONNEL COMMITTEE THAT DISTRIBUTES EVALUATION FORMS TO THE BOARD OF DIRECTORS. THE PERSONNEL COMMITTEE'S SUMMARY OF INFORMATION IS PRESENTED TO THE BOARD OF DIRECTORS AND THE PRESIDENT/CEO. THE MCUL COMPENSATION SURVEY IS REVIEWED ANNUALLY. SALARY INCREASES ARE BASED ON PERFORMANCE BY THE PRESIDENT/CEO OF THE STANDARDS THAT WERE SET. THE PRESIDENT/CEO PERFORMS AN EVALUATION OF THE VP ACCOUNTING. SALARY INCREASES ARE GIVEN BY THE PRESIDENT/CEO. THE BOARD OF DIRECTORS APPROVES A SALARY RANGE FOR ALL EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. OTHER DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 213,147. ATM SERVICES 367,137. FORM 990, PART XI, LINE 9: MEMBERSHIP FEES 876.