2015-11-16T08:04:10-06:00 2014-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2014-01-01 381582963 CREDIT UNIONS CHARTERED IN THE STATE OF CENTRAL MACOMB COMMUNITY CREDIT UNION CRED 5864667800 PO BOX 2800 MT CLEMENS MI 48046 DREMA D ISAAC PRESIDENT/CEO 5864667800 2015-11-11 1 JOSEPH A ZITO CPA P00648440 2482443000 2014 2016-02-25 16:41:14Z DREMA D ISAAC PO BOX 2800 MT CLEMENS MI 48046 35718101 0 1359 X WWW.CMCCU.COM X 1957 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 7 7 74 7 28250 16001 0 0 7263749 7235601 818151 861186 227344 39531 8309244 8136318 0 0 0 0 2853415 3350604 0 0 0 3906291 3386274 6759706 6736878 1549538 1399440 164498280 175588735 148531953 158209329 15966327 17379406 TO ASSIST THE COMMUNITY BY PROVIDING SUPERIOR SERVICE AND INNOVATIVE FINANCIAL SOLUTIONS. 0 0 PROMOTED THRIFT TO 16,550 MEMBERS BY OFFERING LOANS, DEPOSITS, AND OTHER FINANCIAL INSTRUMENTS. 0 0 0 0 0 0 0 1 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 4701 0 1 74 1 1 1 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 0 1 1 1 0 X MELINDA REDMAN 5864667800 PO BOX 2800 MT CLEMENS MI 48046 JAMES D ELLIS BOARD MEMBER 2.00 X 0 0 0 CHRISTINA J NUTTALL SECRETARY 2.00 X X 0 0 0 EDWARD J COTTER VICE-CHAIRPERSON 2.00 X X 0 0 0 CLIFFORD BROWN TREASURER 2.00 X X 0 0 0 JEFFREY BRUSS BOARD MEMBER 2.00 X 0 0 0 RAYMOND W WHITE JR CHAIRPERSON 2.00 X X 0 0 0 JAMES MILLER RESIGNED 082014 BOARD MEMBER 2.00 X 0 0 0 THOMAS CHURCHWELL BOARD MEMBER 2.00 X 0 0 0 DREMA ISAAC PRESIDENT/CEO 40.00 X 205042 0 45784 MELINDA REDMAN CFO 40.00 X 102853 0 6881 PETER MANCINI LEFT 041514 VICE PRESIDENT 40.00 X 32177 0 7668 HOWARD BROWN VICE PRESIDENT 40.00 X 82452 0 6514 PAULA ROSE VICE PRESIDENT 40.00 X 78093 0 18581 CRYSTAL GRACZ VICE PRESIDENT 40.00 X 74285 0 16506 ANNE LESTER VICE PRESIDENT 40.00 X 69900 0 9716 644802 0 111650 2 0 1 0 THOMPSON-PHELAN GROUP INC 9334 DIXIE HWY ANCHORVILLE MI 48004 CONSTRUCTION/REMODELING 834250 FISERV 75 REMITTANCE DRIVE CHICAGO IL 606751649 DATA PROCESSING 784825 2 LOANS RECEIVABLE 522100 4890743 4890743 FEES AND CHARGES 522100 2344858 2344858 7235601 710231 710231 25000 13719 11281 11281 11281 25596711 2122308 25546989 2021075 49722 101233 150955 150955 NON MEMBER ATM FEES 525990 27625 27625 INSURANCE PRODUCT SALES 524298 625 625 28250 8136318 7235601 28250 872467 756452 1991568 62444 302648 237492 16823 36000 76611 178128 217172 156264 183999 25409 4590 343308 MEMBERS INTEREST/DIVIDE 861378 SERVICE CENTER EXPENSE 253665 LOAN SERVICING EXPENSE 233891 DEBIT/CREDIT CARD EXPEN 233351 565685 6736878 14071059 616782 5858754 86988674 110814735 205196 191455 6772596 1787513 4232103 4985083 54179265 48535117 4821983 4586809 164498280 175588735 1308593 1093536 185060 215494 147038300 156900299 148531953 158209329 X 0 0 0 0 15966327 17379406 15966327 17379406 164498280 175588735 1399440 13639 0 X X 0 1 X 1 0 0 1 X 1509638 1509638 3819236 990018 2829218 47932 399 47533 1376817 797096 579721 18973 18973 4985083 AVAILABLE FOR SALE SECURITIES 45430517 F CORPORATE CAPITAL 545900 C FHLB STOCK 574700 C HELD-TO-MATURITY 1984000 C 48535117 MEMBER SHARES 156900299 156900299 X 8150037 13719 13719 8136318 0 8136318 6750597 13719 13719 6736878 0 6736878 PART IV, LINE 2B: ESCROW ACCOUNT IS HELD FOR TAXES, INSURANCE, AND MORTGAGE INSURANCE FOR SOME MORTGAGE LOANS. 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 MANAGMENT, 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 UNIONS'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 ARE 2011-2014. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 13,719. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 13,719. X 1 1 X X 0 1 0 DREMA ISAAC PRESIDENT/CEO 182520 0 19035 0 3487 0 29943 0 15841 0 250826 0 0 0 PART I, LINE 4B DURING 2009 THE CREDIT UNION ESTABLISHED A DEFERRED COMPENSATION AGREEMENT FOR ITS PRESIDENT/CEO, DREMA ISAAC. THE CREDIT UNION INVESTED FUNDS INTO A VARIABLE ANNUITY IN THE AMOUNT OF $1,000,000. DREMA ISAAC DID NOT RECEIVE ANY PAYMENTS FROM THE PLAN IN THE CURRENT YEAR. FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A ALL OF THE CREDIT UNION'S MEMBERS (CUSTOMERS) VOTE FOR THE DIRECTORS ON A YEARLY BASIS. FORM 990, PART VI, SECTION B, LINE 11 THE CEO AND THE CFO BOTH REVIEW THE FORM 990. A LINK IS PROVIDED TO THE BOARD OF DIRECTORS TO REVIEW IF THEY CHOOSE. ALSO, A COPY IS PROVIDED TO MEMBERS UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C A REVIEW IS COMPLETED AT VARIOUS TIMES THROUGH THE YEAR. COMPLIANCE WITH THE POLICY IS MONITORED BY THE VP OF HUMAN RESOURCES. EMPLOYEES MUST DISCLOSE ANY CONFLICTS WHEN HIRED AS THEY ARE NOT ALLOWED TO PROCESS TRANSACTIONS WHEN THERE IS A RELATIONSHIP WITH A MEMBER AND CAN BE TERMINATED FOR FAILURE TO COMPLY WITH THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S SALARY IS REVIEWED AND APPROVED BY THE BOARD. THE PROCESS WAS LAST UNDERTAKEN IN SEPTEMBER OF 2014. THE BOARD REVIEWS AND APPROVES ANNUALLY THE SALARY ADMINISTRATION POLICY FOR OFFICERS AND EMPLOYEES. ALL SALARY INCREASES ARE DOCUMENTED IN WRITING. VARIOUS TRADE SALARY AND BENEFIT SURVEYS WERE USED TO ASSIST IN SETTING THE SALARY OF THE OFFICERS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: FORM 990, PART XII, LINE 2C: WE HAVE A COMMITTEE 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.