2018-10-19T11:59:04-05:00 2017-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2017-01-01 381449622 CREDIT UNIONS CHARTERED IN THE STATE OF MONROE COUNTY COMMUNITY CREDIT UNION CRED 7342423222 715 N TELEGRAPH ROAD MONROE MI 48162 STEPHEN GRECH CEO 7342423222 2018-10-19 1 JOSEPH ZITO CPA P00648440 2482443000 64.95.240.2 2018-10-19 09:21:19 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2017 2018-06-14 16:35:46Z STEPHEN GRECH PO BOX 1307 MONROE MI 48161 10553075 0 1359 X WWW.MCCCU.ORG X 1953 MI A MEMBER OWNED, QUALITY SERVICE ORIENTED FINANCIAL INSTITUTION, POSITIONED TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS IN A PERSONABLE AND COURTEOUS MANNER. 7 7 104 7 82601 64695 0 0 9343106 9460661 817271 1009813 88306 82601 10248683 10553075 0 0 0 0 4057992 4000820 0 0 0 5695742 4887410 9753734 8888230 494949 1664845 187050883 193061765 170098265 174741953 16952618 18319812 A MEMBER OWNED, QUALITY SERVICE ORIENTED FINANCIAL INSTITUTION, POSITIONED TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS IN A PERSONABLE AND COURTEOUS MANNER. 0 0 LOANS TO MEMBERS CARD SERVICES COURTESY PAY 0 0 0 0 0 0 0 0 0 1 1 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 3226 0 1 104 1 1 1 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 MARK RADWANSKI 7343842704 715 N TELEGRAPH RD MONROE MI 48162 ROBERT DEGRAER DIRECTOR 5.00 X 0 0 0 MICHAEL MILLER VICE CHAIRMAN 5.00 X 0 0 0 GARY SIEVERT SECRETARY 5.00 X 0 0 0 BARRY KINSEY CHAIRMAN 5.00 X 0 0 0 JENNIFER POUPARD TREASURER 5.00 X 0 0 0 CONNIE OCHS DIRECTOR 5.00 X 0 0 0 KENNETH STRITT DIRECTOR 5.00 X 0 0 0 MICHAEL NEWMAN CEO 50.00 X 88764 0 11893 MARK RADWANSKI CFO & INTERIM CEO 50.00 X 182560 0 39226 STEPHEN GRECH CEO 50.00 X 29469 0 2592 DAVID MILLERWISE COMMERCIAL LOAN OFFICER 50.00 X 116033 0 30938 SUSAN RAFKO-BAYER COMPLIANCE OFFICER 50.00 X 106499 0 18572 523325 0 103221 3 0 1 0 FIS 601 RIVERSIDE AVENUE JACKSONVILLE FL 32204 CREDIT/DEBIT CARD PROCESSOR 1081631 CU ANSWERS 6000 28TH SE STE 100 GRAND RAPIDS MI 49546 CORE SYSTEM PROCESSOR 607436 2 INCOME ON MEMBER LOANS 522100 5736420 5736420 FEES/CHARGES/OTHER 522100 3724241 3724241 9460661 1009813 1009813 ATM INCOME 525990 81041 81041 BROKERAGE INCOME 525990 1560 1560 82601 10553075 9460661 82601 1009813 X 354504 2564201 216008 612160 253947 123249 65531 226527 149472 519643 518012 323700 166503 172775 31505 233848 82552 DEBIT/CREDIT EXPENSE 1159322 PROVISION FOR LOAN LOSS 679900 LOAN SERVICING 223487 EQUIPMENT/BUILDING MAIN 194921 16463 8888230 4191317 2819798 23243822 23448711 1255485 766625 108608945 114380567 194218 255194 6544474 2744825 3325528 3799649 30098498 31523470 12858700 12766600 76371 58711 3197999 3242440 187050883 193061765 1475108 1462678 168623157 173279275 170098265 174741953 X 0 0 0 0 16952618 18319812 16952618 18319812 187050883 193061765 X 1664845 -320897 23246 X X 0 1 X 1 0 1357795 1357795 3370193 1417662 1952531 135077 10463 124614 1681409 1316700 364709 3799649 FHLB STOCK 395800 C PERPETUAL CONTRIBUTED CAPITAL 566800 C LONG TERM CDS 11804000 C 12766600 MEMBERS SHARES 173279275 173279275 X 10553075 0 10553075 0 10553075 8888230 0 8888230 0 8888230 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 2014 - 2017. X X 1 1 X X X X 0 0 0 MARK RADWANSKI CFO & INTERIM CEO 165424 0 10000 0 7136 0 17221 0 22005 0 221786 0 0 0 PART I, LINE 1A THE CEO, MICHAEL NEWMAN, PAID TAX ON THE INTEREST ON HIS COLLATERAL SPLIT DOLLAR PLAN BASED ON THE BLENDED ANNUAL TAX RATE IN EFFECT. THIS WAS ADDED TO HIS W-2. HE WAS THEN REIMBURSED THROUGH PAYROLL FOR HIS TAXES PAID AT 30% OF THE INCOME AMOUNT. FORM 990, PART VI, SECTION A, LINE 6 EVERY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION CAN ELECT MEMBERS OF THE 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, 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 990 IS PREPARED BY 3RD PARTY AND A DRAFT RETURN IS THEN SENT TO THE CFO FOR REVIEW AND FINAL APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C DISCLOSURE FORMS ARE REVIEWED BY COMPLIANCE OFFICER AND ADDED TO EMPLOYEE/DIRECTOR THIRD PARTY ACCOUNT RELATIONSHIPS. FORM 990, PART VI, SECTION B, LINE 15 SALARIES ARE PAID BASED ON THE RESULTS OF AN INDUSTRY COMPENSATION SURVEY COMPILED BY THE CREDIT UNION NATIONAL ASSOCIATION. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTING FEES 92,483. OTHER PROFESSIONAL FEES 134,044. FORM 990, PART XI, LINE 9: UNREALIZED GAIN ON POST/RET AND UNREALIZED HOLDINGS 23,246. FORM 990, PART XII, LINE 2C: WE HAVE A COMMITTEE COMPRISED OF THE BOARD OF DIRECTORS THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.