2018-11-13T16:31:28-06:00 2017-12-31 420714325 RSM US LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2017-01-01 520284053 MUNICIPAL EMPLOYEES CREDIT UNION OF BALTIMORE INC MUNI 4107528313 ONE SOUTH STREET BALTIMORE MD 21202 NATALIE J WOOMER VP ACCOUNTING AND CONTROLLER 4107528313 2018-11-08 1 GERALD B KISSELL P00092658 6123324300 108.171.131.187 2018-11-08 16:16:05 CS P BAAA55F19712D57DA335EB0D2886131656817A04 C0F43978DBA0C0105C9EC865D2B1B55C6AA9D490 2017 2019-02-21 02:37:17Z MECU OF BALTIMORE INC JOHN HAMILTON ONE SOUTH STREET BALTIMORE MD 21202 221407229 0 X WWW.MECU.COM X 1936 MD MECU IS A CREDIT UNION WHICH PROVIDES A FULL ARRAY OF FINANCIAL SERVICES TO ITS MEMBER OWNERS. 10 10 404 0 552853 -80210 0 0 57685056 60844269 6660155 6083648 0 0 64345211 66927917 290312 262351 6339418 6159795 23759802 24212247 0 0 0 29384124 31097607 59773656 61732000 4571555 5195917 1165151476 1172950849 1034688714 1038576561 130462762 134374288 X TO PROVIDE HIGH QUALITY FINANCIAL SERVICES TO OUR MEMBERS AND OUTSTANDING SERVICE TO OUR COMMUNITIES THROUGH SOUND MANAGEMENT AND INNOVATION. 0 0 MECU PROVIDES CONSUMER AND BUSINESS LOANS TO MEMBERS AT COMPETITIVE RATES. THESE LOANS INCLUDE: MORTGAGE, HOME EQUITY, VEHICLE, CREDIT CARD AND UNSECURED LOANS. IN 2017, MECU PAID A LOAN INTEREST REBATE TO ITS MEMBERS. MECU PROVIDES DEPOSIT PRODUCTS AND SERVICES TO CONSUMER AND BUSINESS MEMBERS. THESE DEPOSIT PRODUCTS INCLUDE SAVINGS, CHECKING, MONEY MARKET, CERTIFICATES OF DEPOSIT AND INDIVIUAL RETIREMENT ACCOUNTS. AS OF DECEMBER 31, 2017, MECU HAD 199,965 DEPOSIT ACCOUNTS OUTSTANDING. MECU'S DEPOSIT RATES CONTINUE TO BE SOME OF THE MOST COMPETITIVE RATES OFFERED BY FEDERALLY INSURED FINANCIAL INSTITUTIONS. MECU ALSO PAID AN EXTRAORDINARY DIVIDEND TO ITS MEMBERS IN 2017. MECU STRIVES TO OFFER PRODUCTS AND SERVICES DESIGNED TO IMPROVE THE ECONOMIC AND SOCIO WELL BEING OF ALL MEMBERS FROM ALL SOCIO-ECONOMIC BACKGROUNDS. MECU IS COMMITTED TO MEMBER FINANCIAL EDUCATION. SOME OF THE PROGRAMS THAT MECU PROVIDES INCLUDE DISCOUNTED MORTGAGE RATES THROUGH FIRST-TIME HOMEBUYER'S PROGRAMS AND BUY IN BALTIMORE LOANS, HOME BUYERS' WORKSHOPS, CREDIT REPAIR WORKSHOPS, BASICS OF MONEY MANAGEMENT, NEW EMPLOYEE AND PRE-RETIREMENT WORKSHOPS AND FREE CREDIT COUNSELING SERVICES. MECU ACTIVELY PARTICIPATES IN VARIOUS COMMUNITY OUTREACH PROJECTS IN ADDITION TO HOLDING AN ANNUAL GOLF TOURNAMENT TO RAISE MONEY FOR THE MECU FOUNDATION. FURTHER, MECU PROVIDED GRANTS TO BALTIMORE NEIGHBORHOODS FOR THE PURPOSE OF PRODUCING SPECIAL EVENTS. 0 0 0 0 0 0 0 1 0 1 1 0 1 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 30595 0 1 404 1 1 1 0 0 0 0 0 X 10 10 0 0 1 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X NATALIE J WOOMER 4107528313 ONE SOUTH STREET BALTIMORE MD 21202 HERMAN WILLIAMS JR CHAIR 2.00 X X 23300 0 0 ROMAN CLARK SR VICE CHAIR 2.00 X X 27800 0 0 GARY MCLHINNEY SECRETARY 2.00 X X 25700 0 0 G LOUISE GREEN TREASURER 2.00 X X 23900 0 0 BENJAMIN MELI JR DIRECTOR 1.80 X 23700 0 0 KALIOPE PARTHEMOS DIRECTOR 1.00 X 11100 0 0 PEGGY PEACOCK DIRECTOR 1.50 X 19500 0 0 ERNEST GLINKA DIRECTOR 1.50 X 17700 0 0 DEBORAH MOORE-CARTER DIRECTOR 1.50 X 17700 0 0 LORETTA JOHNSON DIRECTOR 1.00 X 8400 0 0 JOHN HAMILTON CEO 50.00 X 477811 0 52370 ADRIAN JOHNSON SENIOR VP AND CFO 45.00 X 208502 0 36418 KATHY DAY SHELTON SR VP AND COO 45.00 X 194660 0 51153 PATRICIA ROBERTS SR VP BRANCH OPERATIONS-RETIRED 2017 0.10 X 373234 0 0 RICHARD SMITH VICE PRESIDENT OF LENDING 45.00 X 183680 0 13800 NATALIE WOOMER VP OF ACCOUNTING AND CONTROLLER 45.00 X 159402 0 30668 DENISE JONES-FRASIER VP OF OPERATIONS 45.00 X 136841 0 31091 CHRISTOPHER LUMLEY VP OF INFORMATION SERVICES 45.00 X 155340 0 59590 MICHELLE WILLIAMS VP OF HUMAN RESOURCES 45.00 X 146291 0 32820 THOMAS POE VP OF MARKETING 45.00 X 173597 0 22263 BERT HASH FORMER CEO 0.10 X 192008 0 0 2600166 0 330173 20 1 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBERG FL 33716 DEBIT/CREDIT CARD PROCESSOR 3140298 FIS PO BOX 4535 CAROL STREAM IL 60197 DATA PROCESSOR/BILL PAYER 2087354 DOCUTRUST SERVICES INC PO BOX 771048 ORLANDO FL 328771048 MEMBER STATEMENT PRINTING & MAILING 754690 LENDING SOLUTIONS 2200 POINT BLVD SUITE 110 ELGIN IL 60123 LOAN APPLICATION PROCESSOR 629670 CO-OP FINANCIAL SERVICES 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 ATM NETWORK, SHARED BRANCHING, REMOTE DE 497497 20 INTEREST ON LOANS TO MEMBERS 522100 39074249 39074249 SERVICE CHARGES AND OTHER FEES 522100 15867529 15730616 136913 OTHER NONINTEREST INCOME 522100 5902491 5486551 415940 60844269 6028998 6028998 152808361 1725601 152580417 1898895 227944 -173294 54650 54650 66927917 60291416 552853 6083648 262351 6159795 1802211 15815806 2348619 2944152 1301459 245389 233055 625949 2135693 2421044 2578927 2206704 292238 217605 1736218 258485 PROVISION FOR LOAN LOSS 7160300 ATM/DEBIT CARD EXPENSE 4434206 LOAN SERVICING EXPENSE 3089660 MEMBER STATEMENT EXPENS 797228 2664906 61732000 12303813 8110937 22396896 50550269 14041730 10355380 753337078 756044563 1070081 848519 20821582 10181917 10998564 10639665 289668826 276840469 185020 138760 61149468 59422287 1165151476 1172950849 16801290 17281460 198013 177708 15172771 23904762 1002516640 997212631 1034688714 1038576561 X 0 0 0 0 130462762 134374288 130462762 134374288 1165151476 1172950849 X 5195917 -1056447 -227944 X 0 1 X 1 0 0 1 X 311898 311898 2689443 556361 2133082 6053929 1896708 4157221 11766312 7728848 4037464 10639665 AVAILABLE FOR SALE SECURITIES 272138469 F CERTIFICATES OF DEPOSIT 4702000 C 276840469 ACCRUED INTEREST RECEIVABLE 2970957 NCUSIF DEPOSIT 9975103 CASH SURRENDER VALUE OF LIFE INSURANCE 38981624 OTHER ASSETS 7258035 LOANS AVAILABLE-FOR-SALE 236568 59422287 MEMBERS' SHARES AND SAVINGS 996441852 CAPITAL LEASE OBLIGATION 770779 997212631 X 67101211 0 67101211 -173294 -173294 66927917 61905294 173294 173294 61732000 0 61732000 PART IV, LINE 2B: MECU HOLDS FUNDS IN ESCROW FOR BUSINESS REAL ESTATE LOANS FOR THE PURPOSE OF PAYING CERTAIN BILLS SUCH AS REAL ESTATE TAXES AND INSURANCE. WE ALSO HAVE ESCROW FOR SITUATIONS WHERE IT CANNOT BE DETERMINED WHO OWNS THE LAND OR WHO GROUND RENT SHOULD BE PAID TO AT MORTGAGE SETTLEMENT, SO THE BUYER IS REQUIRED TO PAY 3 YEARS WORTH OF GROUND RENT AT SETTLEMENT. MECU HOLDS THESE FUNDS IN ESCROW TO PAY GROUND RENT ON BEHALF OF THE MEMBER. PART X, LINE 2: MANAGEMENT HAS ASSESSED THE CREDIT UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2016, 2015, AND 2014 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON SALE OF FIXED ASSETS RECLASSED FROM EXPENSES -173,294. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF FIXED ASSETS RECLASSED FROM EXPENSES 173,294. 1 AFRICAN AMERICAN CREDIT UNION COALITION PO BOX 392136 SNELLVILLE GA 30039 571091138 501(C)(3) 15000 TO INCREASE THE STRENGTH OF THE CREDIT UNION MOVEMENT. THE CREDIT UNION FOUNDATION OF MD & DC 8975 GUILFORD ROAD SUITE 190 COLUMBIA MD 21046 521749045 501(C)(3) 31500 SUPPORT CREDIT UNIONS AND THE COMMUNITIES THAT THEY SERVE. BALTIMORE OFFICE OF PROMOTION AND THE ARTS 10 E BALTIMORE ST 10TH FLOOR BALTIMORE MD 21202 900091850 501(C)(3) 50000 PROVIDE GRANTS FOR BALTIMORE CITY NEIGHBORHOODS. MARYLAND CHAPTER OF CYSTIC FIBROSIS FOUNDATION 10626 YORK RD SUITE A COCKEYSVILLE MD 21030 131930701 501(C)(3) 10000 SEARCH FOR A CURE FOR CYSTIC FIBROSIS. LIVE BALTIMORE 343 N CHARLES ST 1ST FLOOR BALTIMORE MD 21201 043627393 501(C)(3) 15000 WORK TO INCREASE RESIDENCY IN BALTIMORE CITY BALTIMORE CITY FOUNDATIONYOUTH WORKS 101 W 24TH ST BALTIMORE MD 21218 521212473 501(C)(3) 25000 BALTIMORE CITY SUMMER JOBS PROGRAM FOR YOUTH YORKWOOD ELEMENTARY SCHOOL 5931 YORKWOOD RD BALTIMORE MD 21239 10000 PURCHASE PRICE BOOKS FOR STUDENTS TO GIVE BOOKS TO THE SCHOOL FOR THE SCHOOL'S CHILDREN 7 PART I, LINE 2: MECU HAS A COMMITTEE THAT MEETS AND DETERMINES WHAT CHARITABLE CONTRIBUTIONS WILL BE MADE. THE COMMITTEE SELECTS 501(C)(3), PUBLIC CHARITIES, THAT BENEFIT THE CREDIT UNION MOVEMENT AND THE BALTIMORE COMMUNITY. X X X 0 1 0 JOHN HAMILTON CEO 410831 0 60000 0 6980 0 44274 0 11513 0 533598 0 0 0 ADRIAN JOHNSON SENIOR VP AND CFO 197712 0 9500 0 1290 0 17922 0 21913 0 248337 0 0 0 KATHY DAY SHELTON SR VP AND COO 183870 0 9500 0 1290 0 27687 0 25013 0 247360 0 0 0 PATRICIA ROBERTS SR VP BRANCH OPERATIONS-RETIRED 2017 93665 0 0 0 279569 0 0 0 0 0 373234 0 136500 0 RICHARD SMITH VICE PRESIDENT OF LENDING 175592 0 6500 0 1588 0 6054 0 11148 0 200882 0 0 0 NATALIE WOOMER VP OF ACCOUNTING AND CONTROLLER 151615 0 6500 0 1287 0 23072 0 9861 0 192335 0 0 0 DENISE JONES-FRASIER VP OF OPERATIONS 128678 0 6500 0 1663 0 31091 0 3235 0 171167 0 0 0 CHRISTOPHER LUMLEY VP OF INFORMATION SERVICES 148390 0 6500 0 450 0 35531 0 27394 0 218265 0 0 0 MICHELLE WILLIAMS VP OF HUMAN RESOURCES 138614 0 6500 0 1177 0 24564 0 11523 0 182378 0 0 0 THOMAS POE VP OF MARKETING 166827 0 6500 0 270 0 1470 0 24172 0 199239 0 0 0 BERT HASH FORMER CEO 0 0 0 0 192008 0 0 0 0 0 192008 0 0 0 PART I, LINE 4B THE FOLLOWING INDIVIDUALS PARTICIPATED IN A NON-QUALIFIED RETIREMENT PLAN AND ALL COMPENSATION HAS BEEN PROPERLY REPORTED IN PART VII AND SCHEDULE J: ADRIAN JOHNSON - NO DISBURSEMENT IN 2017 JOHN HAMILTON - NO DISBURSEMENT IN 2017 KATHY DAY SHELTON - NO DISBURSEMENT IN 2017 NATALIE WOOMER - NO DISBURSEMENT IN 2017 DENISE JONES-FRASIER - NO DISBURSEMENT IN 2017 CHRISTOPHER LUMLEY - NO DISBURSEMENT IN 2017 MICHELLE WILLIAMS - NO DISBURSEMENT IN 2017 PATRICIA ROBERTS RECEIVED A $279,417 DISTRIBUTION IN 2017. FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS WERE AMENDED IN 2017, AS FOLLOWS: AMENDMENT 1 CONFORMS MECU'S BYLAWS TO THE MARYLAND CREDIT UNION ACT. AMENDMENT 2 REDUCES THE SIZE OF THE BOARD OF DIRECTORS, CHANGES THE MANDATED COMPOSITION OF THE BOARD, CLARIFIES THE STATUS OF DIRECTOR EMERITUS, DESCRIBES CERTAIN DIRECTOR RESPONSIBILITIES, CLARIFIES CERTAIN DIRECTOR REIMBURSEMENTS, ADDRESSES THE SCHEDULE FOR BOARD MEETINGS, DEFINES WHAT CONSTITUTES A QUORUM FOR BOARD MEETINGS, DESCRIBES DIRECTOR REQUIREMENTS, ADDRESSES HOW THE BOARD FILLS VACANCIES, AND MAKES NON-SUBSTANTIVE STYLISTIC CHANGES. AMENDMENT 3 ESTABLISHES A PROCESS FOR BOARD NOMINATIONS OF CANDIDATES FOR DIRECTOR POSITIONS AND CLARIFIES AUTHORIZED VOTING METHODS FOR THE ELECTION OF DIRECTORS. AMENDMENT 4 IS NEW LANGUAGE WHICH WILL ALLOW MECU TO EXPAND THE SERVICES IT PROVIDES TO MEMBERS. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY. 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. THEY MUST APPROVE AMENDMENTS TO CHANGE THE ARTICLES OF INCORPORATION. THE MEMBERSHIP MUST ALSO APPROVE CHANGES TO THE BYLAWS THAT IMPACT MEMBERSHIP MEETINGS, VOTING RIGHTS OF THE MEMBERS, ANY CHANGE IN THE FIELD OF MEMBERSHIP AND ANY CHANGE TO THE BYLAWS REGARDING THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE VP OF ACCOUNTING/CONTROLLER PERFORMS A DETAILED REVIEW OF THE TAX RETURN. THE CFO AND BOARD THEN REVIEW THE TAX RETURN PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C BOARD DIRECTORS, MECU EMPLOYEES AND SUPERVISORY AND CREDIT COMMITTEE MEMBERS ARE REQUIRED TO COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE ANNUALLY. THE RESPONSES ARE REVIEWED BY MECU'S HUMAN RESOURCES DEPARTMENT TO VERIFY THAT EVERYONE IS IN COMPLIANCE WITH MECU'S CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 FOR THE CEO, A DESIGNATED COMMITTEE AND THE BOARD REVIEW DATA FROM INDUSTRY RELATED SURVEYS. OTHER ANALYSIS MAY BE PREPARED BY AN EXTERNAL CONSULTANT AS NEEDED. THIS DATA IS USED TO REVIEW COMPENSATION ALONG WITH CEO PERFORMANCE TO DETERMINE SALARY. FOR VP LEVEL EMPLOYEES AND ABOVE, A DISIGNATED COMMITTEE AND THE BOARD REVIEW DATA FROM INDUSTRY RELATED SURVEYS. OTHER ANALYSIS AS NEEDED MAY BE PREPARED BY AN EXTERNAL CONSULTANT AND IS ALSO REVIEWED. WITH DIRECTION FROM THE BOARD, THE CEO WORKING WITH THE HR DEPARTMENT, MAKES DECISIONS ON EXECUTIVE LEVEL COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: ADJUSTMENT FOR REALIZED GAINS ON INVESTMENT INCLUDED IN NET INCOME -227,944.