2016-11-14T12:55:29-06:00 2015-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2015-01-01 380481580 MICHIGAN FIRST CREDIT UNION MICH 8006643828 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 MICHAEL POULOS PRESIDENT/CEO 8006643828 2016-11-09 1 ROBERT PARKS CPA P00740435 2482443000 2015 2017-02-10 21:41:12Z MICHAEL POULOS 27000 EVERGREEN LATHRUP VILLAGE MI 48076 118054606 0 1359 X WWW.MICHIGANFIRST.COM X 1926 MI TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS. 9 9 511 0 1045111 -1154818 0 0 45950122 50444993 6173179 6424448 503162 1227295 52626463 58096736 0 0 0 0 16521379 19844581 0 0 0 29366484 33608030 45887863 53452611 6738600 4644125 696856773 763789784 594601074 655832636 102255699 107957148 TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS. 0 0 ORIGINATED $101 MILLION IN NEW MEMBER LOANS FOR THE YEAR. INCREASED MEMBER DEPOSITS BY $67 MILLION. PROVIDED DEPOSIT ACCOUNT SERVICES WORTH $15 MILLION. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 15432 0 1 511 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X ERIC SCHORNHORST 2483954012 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 INES DE JESUS DIRECTOR 1.00 X 0 0 0 DIANE MANICA LEFT 42015 DIRECTOR 1.00 X 0 0 0 SHEILA ANDERSON TREASURER 1.00 X X 0 0 0 RICHARD LEMOYNE DIRECTOR 1.00 X 0 0 0 DEIRDRE SCOTT VICE CHAIRPERSON 1.00 X X 0 0 0 NADINE TIBBS-STALLWORTH SECRETARY 1.00 X X 0 0 0 LINDA HEIGHT CHAIRPERSON 1.00 X X 0 0 0 DANDRIDGE FLOYD DIRECTOR 1.00 X 0 0 0 MIKE HOHF DIRECTOR 1.00 X 0 0 0 DONNA VANDERVRIES DIRECTOR 1.00 X 0 0 0 MICHAEL POULOS PRESIDENT/CEO 50.00 X 570665 0 22208 JANET OSOSKI COO 50.00 X 260312 0 21096 ERIC SCHORNHORST CFO 50.00 X 246169 0 25001 KELLY MCGRATH CHIEF LENDING OFFICER 50.00 X 181540 0 11533 PATRICIA JONES CHIEF HUMAN RESOURCES OFFICER 50.00 X 197570 0 23200 SUSAN POSTEMSKI CHIEF MARKETING OFFICER 50.00 X 208828 0 23306 GERALD BETTENS CHIEF INFORMATION OFFICER 50.00 X 241077 0 9038 JOAN GONTHIER AVP, MEMBER SERVICES 50.00 X 130913 0 18001 CHRISTOPHER BEALE DIRECTOR OF APPLICATION DEV & SUPP 50.00 X 158936 0 15582 JEFFREY FITRZYK AVP, EASTERN BRANCH OPERAT 50.00 X 124619 0 22183 JAMES HENSLEY ASST. VP OF PYMT SOL 50.00 X 137533 0 6527 MARK GUIMOND AVP, WESTERN BRANCH OPERAT 50.00 X 124259 0 18685 2582421 0 216360 17 0 1 0 DIEBOLD PO BOX 643543 PITTSBURGH PA 15264 ATM EQUIP & MAINT 1328935 ETKIN EQUITIES LLC 29100 NORTHWESTERN HWY SOUTHFIELD MI 48034 MAINTENANCE/CLEANING 883285 BROGAN & PARTNERS PO BOX 638004 CINCINNATI OH 45263 MARKET RESEARCH 811557 ALIMAR SECURITY INC 24870 FORTERRA DRIVE WARREN MI 48089 SECURITY 789022 KELLY BUILDING & DEVELOPMENT 2051 VILLA ROAD UNIT 106 BIRMINGHAM MI 48009 CONSTRUCTION 785995 38 MEMBER LOAN INCOME 522100 29629585 29629585 FEE INCOME 522100 20815408 20815408 50444993 5869412 5869412 60209666 303240 59435721 522149 773945 -218909 555036 555036 NON MEMBER MORTGAGES 525990 538269 538269 INSURANCE INCOME 524298 251630 251630 ATM INCOME 525990 199946 199946 237450 182184 55266 1227295 58096736 50627177 1045111 6424448 2041533 13179500 480237 2924588 1218723 591365 226733 1859010 2666308 2655862 1006095 2496517 45012 158008 811705 3260497 170792 PROVISION FOR LOAN LOSS 6020000 MISCELLANEOUS 2257127 ATM EXPENSES 2109191 DIVIDENDS EXPENSE 1960920 5312888 53452611 10950171 20761693 26255471 20630162 199904 242329 361913283 436082850 869093 1372314 44998854 12626892 29992190 32371962 252052326 238115459 14624335 14213015 696856773 763789784 7767157 7869170 586833917 647963466 594601074 655832636 X 0 0 0 0 102255699 107957148 102255699 107957148 696856773 763789784 X 4644125 -936092 30991 1962425 X X 0 1 X 0 0 4705462 4705462 23963539 3846786 20116753 3890839 1677287 2213552 10078126 5818203 4259923 2360888 1284616 1076272 32371962 INVESTMENTS 234740459 F FHLB STOCK 3375000 C 238115459 CORPORATE BORROWINGS 55000000 MEMBERS SHARE ACCOUNTS 592963466 647963466 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE 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 AUDIT TAX PERIODS INCLUDE 2012 - 2015. X 1 1 X X X 0 0 0 MICHAEL POULOS PRESIDENT/CEO 449754 0 82926 0 37985 0 6210 0 15998 0 592873 0 0 0 JANET OSOSKI COO 241846 0 13533 0 4933 0 8299 0 12797 0 281408 0 0 0 ERIC SCHORNHORST CFO 234808 0 11278 0 83 0 11740 0 13261 0 271170 0 0 0 KELLY MCGRATH CHIEF LENDING OFFICER 172462 0 11278 0 -2200 0 6200 0 5333 0 193073 0 0 0 PATRICIA JONES CHIEF HUMAN RESOURCES OFFICER 188077 0 11288 0 -1795 0 7202 0 15998 0 220770 0 0 0 SUSAN POSTEMSKI CHIEF MARKETING OFFICER 200000 0 11278 0 -2450 0 7308 0 15998 0 232134 0 0 0 GERALD BETTENS CHIEF INFORMATION OFFICER 239519 0 0 0 1558 0 9038 0 0 0 250115 0 0 0 CHRISTOPHER BEALE DIRECTOR OF APPLICATION DEV & SUPP 161250 0 0 0 -2314 0 6202 0 9380 0 174518 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THERE IS AN ANNUAL ELECTION IN WHICH THE MEMBERSHIP OF THE CREDIT UNION ELECTS THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11 THE ORGANIZATION DOES NOT PROVIDE A COPY OF FORM 990 TO THE GOVERNING BODY PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ANY CONFLICT OF INTEREST IS REPORTED TO THE CEO ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 SALARY RANGE REVIEW IS PERFORMED EVERY 2 YEARS BY AN INDEPENDENT CONTRACTOR (AMERICAN SOCIETY OF EMPLOYERS). OUR LAST COMPENSATION REVIEW WAS IN 2012. WE ARE IN THE PROCESS OF PERFORMING ONE IN 2016. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: NET UNREALIZED GAINS ON POSTRETIREMENT BENEFITS -229,242. AMORTIZATION 191,667. EQUITY ACQUIRED IN BUSINESS COMBINATION 2,000,000. FORM 990, PART XII, LINE 2C: A COMMITTEE EXISTS THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE ANNUAL FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. MICHIGAN FIRST FOUNDATION INC 27000 EVERGREEN RD LATHRUP VILLAGE MI 48076 272487933 SCHOLARSHIPS & CHARITABLE CONTRIBUTIONS MI 501(C)(3) PF MICHIGAN FIRST CREDIT UNION 1 MICHIGAN FIRST MORTGAGE FKA WATSON GROUP FINANCIAL CORPORATION 6501 HIGHLAND ROAD WATERFORD MI 48327 382964508 PROVIDES MORTGAGE ORIGINATION AND SERVICING SERVICES TO MEMBERS OF THE ORG. MI MICHIGAN FIRST CREDIT UNION C 2991091 5473993 0.60000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 MICHIGAN FIRST FOUNDATION B 130000 CASH