2016-11-14T10:27:23-06:00 2015-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2015-01-01 380536242 CREDIT UNION ONE CRED 2483981210 400 E NINE MILE FERNDALE MI 48220 GARY MOODY PRESIDENT AND CEO 2483981210 2016-11-09 1 ROBIN D HOAG CPA P00360662 2482443000 2015 2017-02-10 21:41:12Z GARY MOODY 400 EAST NINE MILE ROAD FERNDALE MI 48220 148261327 0 1359 X WWW.CUONE.ORG X 1938 MI CREDIT UNION ONE'S PRIMARY EXEMPT PURPOSE IS TO EXEMPLIFY THE HISTORICAL CREDIT UNION PHILOSOPHY OF "PEOPLE HELPING PEOPLE". CREDIT UNION ONE ACCOMPLISHED THIS THROUGH FINANCIAL PERFORMANCE BY PAYING $1,166,499 IN DIVIDENDS AND INTEREST ON THE DEPOSITS HELD BY OUR 120,230 MEMBERS. WE WERE ALSO ABLE TO OFFER AND MAINTAIN COMPETITIVE LOAN RATES AND WE HAVE EXTENDED TERMS ON LOANS TO MAKE THE PAYMENTS MORE AFFORDABLE.IN ADDITION, WE ACCOMPLISHED OUR EXEMPT PURPOSE BY COMMUNITY INVOLVEMENT. IN 2015 WE VOLUNTEERED OUR TIME AND TALENTS TO SUPPORT THE WALK FOR WARMTH PROGRAMS, THE CHILDREN'S HOSPITAL WALK FOR DIABETES, THE MOTTEP FOUNDATION WALK, THE STEP OUT WALK, AND THE THINK OUTSIDE YOURSELF WALK. CREDIT UNION ONE AWARDED $10,000 IN COLLEGE SCHOLARSHIPS TO GRADUATING HIGH SCHOOL SENIORS, CONTRIBUTED FUNDS TO SUPPORT BOTH THE KARMANOS CANCER INSTITUTE'S ONCOLOGY NURSING PROGRAM FOR HIGH SCHOOL MINORITY STUDENTS, AS WELL AS OUTREACH PROGRAMS. 10 10 407 12 515930 -86249 0 0 40896407 46408519 3498641 1332444 2398876 3103092 46793924 50844055 10000 10000 0 0 17003997 20069635 0 0 0 20913987 25705104 37927984 45784739 8865940 5059316 850302557 1023387544 768321329 931188645 81981228 92198899 CREDIT UNION ONE IS COMMITTED TO PROVIDING EXCEPTIONAL VALUE TO ITS MEMBERS BY DELIVERING OUTSTANDING PRODUCTS AND SERVICES ANYTIME, ANYWHERE. 0 0 IN 2015, THE CREDIT UNION MODIFIED ITS ORGANIZATIONAL DOCUMENTS IN ORDER TO ALLOW FOR AN OPEN MEMBERSHIP WITHIN THE STATE OF MICHIGAN. THIS WILL ALLOW THE CREDIT UNION TO PROVIDE FINANCIAL PRODUCTS AND SERVICES TO A GREATER POPULATION OF INDIVIDUALS ACROSS THE STATE OF MICHIGAN. THE CREDIT UNION AWARDED $10,000 IN COLLEGE SCHOLARSHIPS TO 9 GRADUATING HIGH SCHOOL STUDENTS IN WHICH CHECKS ARE WRITTEN DIRECTLY TO THE SCHOOL FOR EACH SCHOLARSHIP. CREDIT UNION ONE PARTICIPATED IN MANY CHARITABLE EVENTS INCLUDING: BEAUMONT HOSPITAL-CHILDREN'S MIRACLE NETWORK, WALK FOR WARMTH, WALK FOR MIRACLES, AND THE DETROIT MINORITY ORGAN TISSUE TRANSPLANT EDUCATION PROGRAM (MOTTEP). ALSO, CREDIT UNION ONE CONTRIBUTED $52,342 TO THE KARMANOS CANCER INSTITUTE. 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 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 16628 0 1 407 1 1 1 0 0 0 0 0 X 10 10 0 0 1 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X TINA SAUCEDO 2485845037 400 E NINE MILE FERNDALE MI 48220 GUADALUPE G LARA VICE CHAIRWOMAN 3.00 X X 1218 0 0 PAUL W STUART BOARD CHAIRMAN 3.00 X X 0 0 0 JAN GILLESPIE BOARD DIRECTOR 3.00 X 0 0 0 JOAN STEFANSKI SECRETARY/TREASURER 3.00 X X 0 0 0 RUDOLPH R MONTANO JR BOARD DIRECTOR 3.00 X 899 0 0 DAVID C PRYBYS BOARD DIRECTOR 3.00 X 0 0 0 RAYMOND F REDMOND BOARD DIRECTOR 3.00 X 0 0 0 JUANITA M REID BOARD DIRECTOR 3.00 X 0 0 0 GAIL WESTOVER BOARD DIRECTOR 3.00 X 0 0 0 NICK NICKOLOPOULOS BOARD DIRECTOR 3.00 X 0 0 0 GARY MOODY PRESIDENT AND CEO 40.00 X 479390 0 15066 STEPHEN GRECH EVP/LENDING 40.00 X 261941 0 11771 THOMAS SCHAEFFLER EVP/COO 40.00 X 307478 0 10628 DAVID SCOTT SOMMERS SVP/CFO 40.00 X 197223 0 10477 PAUL LEONHARDT SVP/LENDING 40.00 X 170099 0 8218 STEVEN SMITH VP/ENTERPRISE SOLUTIONS 40.00 X 130253 0 3050 DAVID BREUER SVP/CIO 40.00 X 248327 0 5050 RENEE MUCCIOLI VP/SALES 40.00 X 134947 0 7002 SWAMINATHAN SEETHARAMAN SVP/CHIEF MEMBER EXPERIENC 40.00 X 184478 0 7077 SCOTT BONACORSI SVP/CHIEF HUMAN RESOURCE 40.00 X 145389 0 8034 2261642 0 86373 20 0 1 0 FISERV 75 REMITTANCE DR STE 1649 CHICAGO IL 60675 DATA PROCESSING 1835461 IDS 747 E WHITCOMB MADISON HEIGHTS MI 48071 PRINTING 626882 CORRADO CONTRACTING 27530 FAIRFIELD WARREN MI 48088 CONTRACTOR 315915 MCKENNA HEATING AND COOLING 6417 CENTER DRIVE STERLING HEIGHTS MI 48312 HEATING AND COOLING 302609 ALLIED PRINTING CO 22438 WOODWARD AVE FERNDALE MI 48304 PRINTING 295630 31 LOANS TO CU MEMBERS 522100 30184988 30184988 PROCESSING FEES FOR MEMBER ACTIVI 522100 16223531 16223531 46408519 590773 590773 7568537 90590406 7579000 89838272 -10463 752134 741671 741671 BARGAIN PURCHASE GAIN 522100 1344305 1344305 MISCELLANEOUS INCOME 522100 890493 890493 CAPITALIZATION OF SERVICE RIGHTS 522100 352364 352364 515930 515930 3103092 50844055 48995681 515930 1332444 10000 1474408 15936747 278812 1084568 1295100 575720 231615 1020618 2080769 1261795 1242607 1625731 284704 126601 36689 1192202 254794 PROVISION FOR LOAN LOSS 4073977 OFFICE OPERATIONS 3659705 EQUIPMENT RENTAL & MAIN 2682099 DEBIT CARD EXPENSE 1790588 3564890 45784739 18417504 15170107 42222860 88782692 344569 999035 11786420 13656921 703299435 815360328 1675324 1397978 54354652 21984543 30564786 32370109 13788196 22001932 28203463 33648442 850302557 1023387544 10305940 15110292 758015389 916078353 768321329 931188645 X 0 0 0 0 81981228 92198899 81981228 92198899 850302557 1023387544 X 5059316 -40003 5198358 X X 0 1 X 1 0 6205041 6205041 31129179 10625081 20504098 326837 304431 22406 11603427 9380334 2223093 5090168 1674697 3415471 32370109 MEMBER SHARES 916078353 916078353 X 49712768 0 49712768 1131287 1131287 50844055 44653452 0 44653452 1131287 1131287 45784739 PART X, LINE 2: 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 POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION'S INCOME TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES AND OPEN TAX PERIODS INCLUDE 2012 - 2015. PART XI, LINE 4B - OTHER ADJUSTMENTS: MISCELLANEOUS INCOME 890,493. WRITEDOWN OF COLI TO CSV 240,794. PART XII, LINE 4B - OTHER ADJUSTMENTS: MISCELLANEOUS INCOME 890,493. WRITEDOWN OF COLI TO CSV 240,794. 1 CANCER RESEARCH SCHOLARSHIPS 9 10000 PART I, LINE 2: THE CHECKS ARE WRITTEN DIRECTLY TO THE SCHOOL FOR EACH SCHOLARSHIP. X 1 1 X X X X 0 0 0 GARY MOODY PRESIDENT AND CEO 436350 0 25000 0 18040 0 9227 0 5839 0 494456 0 0 0 STEPHEN GRECH EVP/LENDING 242365 0 10000 0 9576 0 5047 0 6724 0 273712 0 0 0 THOMAS SCHAEFFLER EVP/COO 279002 0 10000 0 18476 0 5780 0 4848 0 318106 0 0 0 DAVID SCOTT SOMMERS SVP/CFO 187640 0 0 0 9583 0 3753 0 6724 0 207700 0 0 0 PAUL LEONHARDT SVP/LENDING 163099 0 7000 0 0 0 3494 0 4724 0 178317 0 0 0 DAVID BREUER SVP/CIO 212082 0 20000 0 16245 0 4642 0 408 0 253377 0 0 0 SWAMINATHAN SEETHARAMAN SVP/CHIEF MEMBER EXPERIENC 170029 0 5000 0 9449 0 3501 0 3576 0 191555 0 0 0 SCOTT BONACORSI SVP/CHIEF HUMAN RESOURCE 138389 0 7000 0 0 0 3010 0 5024 0 153423 0 0 0 GARY MOODY PRESIDENT AND CEO SPLIT DOLLAR LIFE INSURANCE X 3207339 3207339 0 1 1 TOM SCHAEFFLER EVP/COO SPLIT DOLLAR LIFE INSURANCE X 3112000 3112000 0 1 1 STEVE GRECH EVP/LENDING SPLIT DOLLAR LIFE INSURANCE X 2360000 2360000 0 1 1 DAVE BREUER SVP/CIO SPLIT DOLLAR LIFE INSURANCE X 1960000 1960000 0 1 1 DAVID SOMMERS SVP/CFO SPLIT DOLLAR LIFE INSURANCE X 1600000 1600000 0 1 1 SWAMINATHAN SEETHARAMAN SVP/MEMBER EXP. OFFICER SPLIT DOLLAR LIFE INSURANCE X 1417582 1417582 0 1 1 13656921 FORM 990, PART VI, SECTION A, LINE 4 CREDIT UNION ONE MERGED WITH GOOD SHEPHARD CREDIT UNION EFFECTIVE 7/1/15. CREDIT UNION ONE ALSO OPENED OUR FIELD OF MEMBERSHIP TO ALL OF MICHIGAN. FORM 990, PART VI, SECTION A, LINE 6 EVERY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A EVERY MEMBER OF THE CREDIT UNION IS GIVEN ONE VOTE AND IS ABLE TO ELECT MEMBERS OF THE GOVERNING BODY AT THE ANNUAL MEETING FORM 990, PART VI, SECTION A, LINE 7B ONLY SUBSTANTIAL EVENTS ARE SUBJECT TO MEMBERSHIP APPROVAL. FORM 990, PART VI, SECTION B, LINE 11 THE 990 WILL BE PRESENTED AT A MEETING OF THE AUDIT COMMITTEE OF CREDIT UNION ONE. THE MEETING WILL TAKE PLACE IN JANUARY 2017. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ANNUALLY COMPLETES AND SIGNS A FORMAL CONFLICT OF INTEREST DISCLOSURE CONSISTENT WITH THE BOARD'S CODE OF ETHICS. THE DISCLOSURES ARE REVIEWED BY THE GOVERNANCE COMMITTEE FOR COMPLIANCE WITH THE CODE OF ETHICS. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION REVIEW IS PERFORMED BY THE BOARD OF DIRECTORS ANNUALLY. ALL TOP MANAGEMENT LEVEL EMPLOYEES' COMPENSATION ARE REVIEWED BY THE HEAD OF HR AND BENCHMARKED. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST ONLY. FORM 990, PART XI, LINE 9: EQUITY ACQUIRED IN BUSINESS COMBINATION 5,198,358. 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 ACCOUNT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.