2015-05-15T07:16:51-05:00 2014-12-31 381357951 PLANTE & MORAN PLLC 2601 CAMBRIDGE CT SUITE 500 AUBURN HILLS MI 48326 990 2014-01-01 381629793 MICHIGAN SCHOOLS & GOVERNMENT CREDIT UNION MICH 5862638800 40400 GARFIELD RD CLINTON TOWNSHIP MI 48038 STEVE BREWER CFO 5862638800 2015-05-13 1 LYNNE HUISMANN P00053811 2483757100 2014 2016-04-25 22:37:26Z PETER GATES 40400 GARFIELD RD CLINTON TOWNSHIP MI 48038 211245249 0 1359 X WWW.MSGCU.ORG X 1954 MI CREDIT UNION OPERATED FOR MUTUAL PURPOSES. 9 9 336 11 0 0 0 0 51715939 66126851 5765889 2976826 0 0 57481828 69103677 97309 85686 0 0 16790013 19165927 0 0 0 25887057 36837385 42774379 56088998 14707449 13014679 1441874463 1543993714 1287355998 1376460570 154518465 167533144 X WE ARE A CARING ORGANIZATION DEDICATED TO PROMOTING FINANCIAL SUCCESS FOR OUR MEMBERS. 0 0 MSGCU HAS BEEN PROVIDING QUALITY FINANCIAL SERVICES TO THE COMMUNITY FOR MORE THAN 60 YEARS. FIELD OF MEMBERSHIP INCLUDES ALL PERSONS WHO RESIDE, WORK; ATTEND SCHOOL OR WORSHIP IN ANY COUNTY IN MICHIGAN'S LOWER PENINSULA. FOUNDED BY A SMALL GROUP OF EDUCATORS, MSGCU OFFERS A FULL RANGE OF LOAN, SAVINGS AND CHECKING, CREDIT CARD, MORTGAGE AND INSURANCE PRODUCTS FOR CONSUMERS AND BUSINESSES. MSGCU CURRENTLY HAS 11 OFFICES IN MACOMB AND OAKLAND COUNTIES, MORE THAN 100,000 MEMBERS, 1.5 BILLION IN ASSETS AND A 97% SATISFACTION RATING FOR THE PAST 10 YEARS. AT THE END OF 2014, MSGCU'S LENDING PORTFOLIO TOTALED JUST OVER $1.178 BILLION. THE CONSUMER LENDING PORTION OF THE PORTFOLIO WAS JUST OVER $659 MILLION. THE MORTGAGE PORTFOLIO WAS OVER $446 MILLION AND THE BUSINESS LOAN PORTFOLIO WAS ALMOST $74 MILLION. THE SAVINGS PORTFOLIO WAS $1.290 BILLION. DURING 2014 THE CREDIT UNION PROVIDED FINANCIAL EDUCATION WORKSHOPS TO THOUSANDS OF OUR MEMBERS, WHICH INCLUDED TOPICS SUCH AS HOME BUYING, HOME EQUITY, WILLS AND TRUSTS, UNDERSTANDING CREDIT REPORTS, CREDIT SCORES, SOCIAL SECURITY AND RETIREMENT. MSGCU PARTNERED WITH 66 SCHOOLS AND TOOK PART IN 105 COMMUNITY EVENTS. THIS INCLUDED 68 CLASSROOM PRESENTATIONS AND 138 FINANCIAL EDUCATION WORKSHOPS WITH OVER 3,600 IN ATTENDANCE. IN 2014, MSGCU AWARDED MORE THAN $70,000 IN SCHOLARSHIPS TO HIGH SCHOOL AND COLLEGE STUDENTS. AN ADDITIONAL $10,000 WAS AWARDED IN SCHOLARSHIPS TO THE POLICE AND FIRE PROGRAMS AT MACOMB COMMUNITY COLLEGE AND OAKLAND COMMUNITY COLLEGE FOR FUTURE FIRST RESPONDERS. SIXTY CLASSROOM CASH GRANTS TOTALING MORE THAN $43,000 WERE AWARDED TO HELP FUND INNOVATIVE LEARNING EXPERIENCES IN SCHOOLS. DURING 2014 MORE THAN 75 LOCAL ORGANIZATIONS BENEFITED FROM 1,500 HOURS OF COMMUNITY SERVICE FROM MSGCU MANAGEMENT AND SUPERVISORY LEVEL EMPLOYEES.MSGCU WAS RECOGNIZED BY THE MICHIGAN CREDIT UNION LEAGUE (MCUL) WITH SEVERAL AWARDS FOR GROWTH, SERVICE TO ITS SURROUNDING COMMUNITIES AND DEDICATION TO ITS MEMBERS. AWARDS INCLUDED THE DESJARDINS YOUTH FINANCIAL EDUCATION AWARD, DORA MAXWELL SOCIAL RESPONSIBILITY COMMUNITY SERVICE AWARD, AND LOUISE HERRING CREDIT UNION PHILOSOPHY-IN-ACTION MEMBER SERVICE AWARD. MSGCU WAS ALSO NAMED OUTSTANDING CREDIT UNION OF THE YEAR BY MCUL AND ONE OF THE TOP 100 WORKPLACES BY THE DETROIT FREE PRESS FOR THE SECOND CONSECUTIVE YEAR. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 22285 0 1 336 1 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X PETER GATES 5862638800 40400 GARFIELD RD CLINTON TOWNSHIP MI 48038 MILO PERREAULT CHAIRMAN 1.00 X X 0 0 0 WILLIAM CAYEN VICE CHAIRMAN 1.00 X X 0 0 0 RICHARD MAIERLE SECRETARY 1.00 X X 0 0 0 STEPHEN THOMAS DIRECTOR 1.00 X 0 0 0 DOUGLAS SMITH DIRECTOR 1.00 X 0 0 0 EDWARD CALLAGHAN DIRECTOR 1.00 X 0 0 0 JAMES MCCANN TREASURER 1.00 X X 0 0 0 RICHARD SHOEMAKER DIRECTOR 1.00 X 0 0 0 CHARLES THOMAS DIRECTOR 1.00 X 0 0 0 TERESA DIMARIA AUDIT COMMITTEE - AT LARGE 1.00 X 0 0 0 ELIZABETH ARGIRI AUDIT COMMITTEE - AT LARGE 1.00 X 0 0 0 PETER GATES CEO 40.00 X 606938 0 38058 ROBERT BREWER CFO 40.00 X 264513 0 40497 SCOTT TOWNSEND CIO 40.00 X 227773 0 32978 TODD GUNDERSON CHIEF LENDING OFFICER 40.00 X 158028 0 22341 MICHAEL ZALEWSKI VP HR 40.00 X 172084 0 31656 LORI DIETZ VP MARKETING & BUSINESS DEVELOPMENT 40.00 X 151997 0 30628 1581333 0 196158 8 0 1 0 FRANK REWOLD AND SON INC 333 E SECOND STREET ROCHESTER MI 48307 CONSTRUCTION COMPANY 5644446 FIDELITY NATIONAL INFORMATION SERVICES 601 RIVERSIDE AVE JACKSON FL 32204 PLASTIC CARD SERVICES 1333463 AMCOMM TELECOMMUNICATIONS INC 10431 HIGHLAND ROAD WHITE LAKE MI 48386 IS RELATED CONSTRUCTION 818311 IDSCOM 747 E WHITCOMB AVE MADISON HEIGHTS MI 48071 STATEMENT PROCESSING 768835 AMERICAN INTERIORS PO BOX 73442 CLEVELAND OH 44193 INTERIOR DESIGN 698708 37 LOAN INCOME 522100 53931215 53931215 FEE INCOME 522100 11974858 11974858 SALE OF LOANS 522100 220778 220778 66126851 3381534 3381534 134151760 7585104 133802996 8338576 348764 -753472 -404708 -404708 69103677 69508385 0 -404708 43686 42000 644996 12186121 1090147 4160590 1084073 196704 1506758 972126 1572332 1593603 1489547 81168 71376 534861 1979340 PROVISION FOR LOAN LOSS 13500000 DIVIDEND AND INTEREST E 7567624 OPERATING EXPENSES 3186836 LOAN SERVICING EXPENSE 1845237 739873 56088998 3786194 4277270 208850 66662051 1006635339 1165982116 788735 1027241 44410713 12780680 19970548 31630033 360049256 221950071 13710400 13622200 36725141 38842732 1441874463 1543993714 6322222 6448889 1439897 1533592 1279593879 1368478089 1287355998 1376460570 X 0 0 0 0 154518465 167533144 154518465 167533144 1441874463 1543993714 13014679 0 X X 0 1 X 1 0 0 1 X 9408919 9408919 22323072 5150561 17172511 12678722 7630119 5048603 31630033 MEMBERS SHARES 1368478089 1368478089 X PART IV, LINE 2B: ESCROW ACCOUNTS WERE HELD IN RELATION TO MEMBER MORTGAGE LOANS. PART X, LINE 2: MSGCU IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. MSGCU IS SUBJECT TO UNRELATED BUSINESS INCOME TAX. MSGCU'S WHOLLY OWNED SUBSIDIARY, SOCRE, HOWEVER, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. MANAGEMENT EVALUATED MSGCU'S TAX POSITIONS AND CONCLUDED THAT MSGCU HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADUSTMENT TO THE CONSOLIDATED FINANCIAL STATMENTS. MSGCU FILES FORM 990 IN THE U.S. FEDERAL JURISDICTION AND THE STATE OF MICHIGAN. 1 UTICA COMMUNITY SCHOOLS 11303 GREENDALE STERLING HEIGHTS MI 48312 386002552 115 10500 TO FUND CLASSROOM PROJECTS COLLEGE SCHOLARSHIPS 43 42000 PART I, LINE 2: AN APPLICATION IS REQUIRED FROM THE TEACHER APPLYING FOR THE GRANT. GRANTS ARE PAYABLE DIRECTLY TO THE SCHOOL AND TEACHERS FILE PAPERWORK WITH THEIR SCHOOL FOR REIMBURSEMENT OF CLASSROOM EXPENSES. WE HAVE A COMMITTEE THAT REVIEWS APPLICATIONS AND AWARDS SCHOLARSHIPS TO SELECTED INDIVIDUALS. X X 1 1 X X X X 0 1 0 PETER GATES CEO 531000 0 63718 0 12220 0 19150 0 18908 0 644996 0 0 0 ROBERT BREWER CFO 222170 0 37253 0 5090 0 23503 0 16994 0 305010 0 0 0 SCOTT TOWNSEND CIO 191127 0 32527 0 4119 0 16108 0 16870 0 260751 0 0 0 TODD GUNDERSON CHIEF LENDING OFFICER 124040 0 31723 0 2265 0 10900 0 11441 0 180369 0 0 0 MICHAEL ZALEWSKI VP HR 150760 0 20150 0 1174 0 15079 0 16577 0 203740 0 0 0 LORI DIETZ VP MARKETING & BUSINESS DEVELOPMENT 143085 0 8132 0 780 0 14320 0 16308 0 182625 0 0 0 PART I, LINE 1A BOARD MEMBERS ARE ALLOWED TRAVEL FOR COMPANIONS. THE AMOUNTS ARE INCLUDED IN TAXABLE COMPENSATION. WE ALSO HAVE A WELLNESS INCENTIVE WHICH ALL EMPLOYEES ARE ELIGIBLE FOR AND IS TAXABLE. PART I, LINE 4B THE CEO PARTICIPATES IN A 457(F) PLAN. HE RECEIVED NO PAYMENTS IN 2014. FORM 990, PART VI, SECTION A, LINE 6 EACH INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. 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, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. 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 11 THE CEO, CFO, AND ACCOUNTING MANAGER REVIEW THE COMPLETED 990 FORM PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, THE BOARD OF DIRECTORS COMPLETES A CONFLICT OF INTEREST DISCLOSURE. FORM 990, PART VI, SECTION B, LINE 15 ON AN ANNUAL BASIS, CEO COMPENSATION IS RECOMMENDED BY THE PERSONNEL COMMITTEE, A SUBCOMMITTEE OF THE BOARD OF DIRECTORS, AND APPROVED BY THE ENTIRE BOARD OF DIRECTORS. ON AN ANNUAL BASIS, ALL OTHER EMPLOYEE COMPENSATION IS SET BY THE CEO, EXECUTIVE TEAM, AND HUMAN RESOURCES. WE UTILIZE D. HILTON, A THIRD PARTY COMPENSATION CONSULTANT IN JOB PRICING. THE DECEMBER 2014 BOARD MEETING WAS HELD ON 12/18/2014. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST ONLY. GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XII, LINE 2C: THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBLITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. 20595 LIVONIA LLC 28366 FRANKLIN SOUTHFIELD MI 48034 455324142 HOLDING COMPANY FOR LAND MI 0 670731 MICHIGAN SCHOOLS AND GOVERNMENT CREDIT UNION SOC REAL ESTATE INC 40400 GARFIELD RD CLINTON TOWNSHIP MI 48038 382658390 REAL ESTATE MI MICHIGAN SCHOOLS AND GOVERNMENT CREDIT UNION C -176905 3621757 1.00000 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 SOC REAL ESTATE INC K 558548 MARKET LEASE RATES PER SQ FOOT SOC REAL ESTATE INC K 12456 ACTUAL COST SOC REAL ESTATE INC Q 120000 ALLOCATION