2013-11-13T12:06:14-06:00 2012-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2012-01-01 380481580 MICHIGAN FIRST CREDIT UNION MICH 8006643828 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 MICHAEL POULOS 8006643828 2013-11-06 1 P00740435 2482443000 2012 2016-02-24 21:20:13Z MICHAEL POULOS 27000 EVERGREEN LATHRUP VILLAGE MI 48076 211051802 0 1359 X WWW.MICHIGANFIRST.COM X 1926 MI TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS. 9 9 331 0 1598564 -304039 0 0 42198475 42908839 5124096 5306282 2335931 1598564 49658502 49813685 0 0 0 0 13378129 14961323 0 0 0 31117521 29776652 44495650 44737975 5162852 5075710 598531338 644135984 511547626 551515982 86983712 92620002 TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS. 0 0 ORIGINATED $82 MILLION IN NEW MEMBER LOANS FOR THE YEAR. INCREASED MEMBER DEPOSITS BY $18 MILLION. PROVIDED DEPOSIT ACCOUNT SERVICES WORTH $14 MILLION. 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 1 1 1 0 1 13353 0 1 331 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 RAYMOND DUDUS 1.00 X 0 0 0 INES DE JESUS 1.00 X 0 0 0 DIANE MANICA 1.00 X 0 0 0 SHEILA ANDERSON 1.00 X 0 0 0 RASHINDERPAL GILL LEFT 32912 1.00 X 0 0 0 RICHARD LEMOYNE 1.00 X 0 0 0 DEIRDRE SCOTT 1.00 X 0 0 0 NADINE TIBBS-STALLWORTH 1.00 X 0 0 0 LINDA HEIGHT 1.00 X 0 0 0 DANDRIDGE FLOYD APPOINTED 33012 1.00 X 0 0 0 MICHAEL POULOS 50.00 X 352350 0 20927 JANET OSOSKI 50.00 X 167153 0 20469 CLIFFORD BROWN LEFT 62812 50.00 X 121311 0 17518 ERIC SCHORNHORST APPOINTED 5712 50.00 X 134097 0 18273 MONICA HORGER 50.00 X 143109 0 19352 CHERYL MALLARD 50.00 X 129662 0 21037 LINDA DOUGLAS 50.00 X 126414 0 20861 SANDRA TOMLIN 50.00 X 116335 0 11201 1290431 0 149638 8 0 1 0 CORELATION 2878 CAMINO DEL RIO SOUTH SAN DIEGO CA 92108 CORE SYSTEM TECHNOLOGY 608755 WINCOR NIXDORF PO BOX 13320 NEWARK NJ 07101 ATM VENDOR 469318 MILLENNIAL VISION INC 4578 HIGHLAND DRIVE SALT LAKE CITY UT 84117 IMAGING VENDOR 401606 DATAMAIL 747 E WHITCOMB AVE MADISON HEIGHTS MI 48071 MAILING SERVICE 401518 ALIMAR SECURITY INC 24870 FORTERRA DRIVE WARREN MI 48089 SECURITY 372941 25 MEMBER LOAN INCOME 522100 25921746 25921746 FEE INCOME 522100 16987093 16987093 42908839 6051771 6051771 159354604 1138024 159354604 1883513 0 -745489 -745489 -745489 INSURANCE INCOME 524298 1380259 1380259 ATM INCOME 525990 176625 176625 INVESTMENT SERVICES 525990 28184 28184 13496 13496 1598564 49813685 42908839 1598564 5306282 X 1867932 9712738 291235 2087291 1002127 368613 213000 276975 1511238 1640212 1482863 1691946 33503 131524 1130417 1915898 141853 PROVISION FOR LOAN LOSS 10315000 DIVIDENDS EXPENSE 2137980 LOAN SERVICING EXPENSE 1138891 HOME BANKING/SERVICE CE 1134325 4512414 44737975 9714811 11072168 32845749 7792546 314064 432073 315952614 311853704 966159 852606 38283130 12425272 26044877 25857858 199182322 273452760 13510742 12822269 598531338 644135984 4412922 4012054 507134704 547503928 511547626 551515982 X 0 0 0 0 86983712 92620002 86983712 92620002 598531338 644135984 X 5075710 477402 83178 X X 0 1 X 1 0 3207738 3207738 19377813 3023033 16354780 2323947 1078792 1245155 8031736 6014560 2017176 5341896 2308887 3033009 25857858 INVESTMENTS 271202760 F FHLB STOCK 2250000 C 273452760 CORPORATE BORROWINGS 67483615 MEMBERS SHARE ACCOUNTS 480020313 547503928 X 50559174 745489 745489 49813685 0 49813685 45483464 745489 745489 44737975 0 44737975 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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 AUDIT TAX PERIODS INCLUDE 2009 - 2012. PART XI, LINE 2D - OTHER ADJUSTMENTS: LOSSES ON DISPOSITION OF OREO 745,489. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSSES ON DISPOSITION OF OREO 745,489. X 1 1 X X X 1 0 0 MICHAEL POULOS 284365 0 20484 0 47501 0 5672 0 15255 0 373277 0 0 0 JANET OSOSKI 154423 0 8776 0 3954 0 7931 0 12538 0 187622 0 0 0 ERIC SCHORNHORST APPOINTED 5712 124231 0 10000 0 -134 0 5327 0 12946 0 152370 0 0 0 MONICA HORGER 137423 0 7314 0 -1628 0 6871 0 12481 0 162461 0 0 0 CHERYL MALLARD 124423 0 7314 0 -2075 0 6221 0 14816 0 150699 0 0 0 PART I, LINE 4A CLIFFORD BROWN RECEIVED $19,259 IN SEVERANCE PAYMENTS. 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. 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. ALL OTHER FUNCTIONAL EXPENSES FORM 990, PART IX, LINE 24E MISCELLANEOUS: TOTAL EXPENSES 891,042. ATM EXPENSES: TOTAL EXPENSES 790,938. CREDIT CARD EXPENSE: TOTAL EXPENSES 637,578. SECURITY EXPENSE: TOTAL EXPENSES 555,051. NCUA PREMIUM ASSESSMENT: TOTAL EXPENSES 427,549. EDUCATION/TRAINING: TOTAL EXPENSES 262,641. OREO EXPENSE: TOTAL EXPENSES 261,645. BAD CHECK/ATM LOSSES/FRAUD: TOTAL EXPENSES 213,068. PROGRAM SERVICES: TOTAL EXPENSES 197,547. OPERATING FEES: TOTAL EXPENSES 106,717. DONATIONS: TOTAL EXPENSES 95,035. DEBIT CARD EXPENSE: TOTAL EXPENSES 38,700. BOOKS AND SUBSCRIPTIONS: TOTAL EXPENSES 26,731. LOAN PROTECTION INSURANCE: TOTAL EXPENSES 8,172. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: NET UNREALIZED GAINS ON POSTRETIREMENT BENEFITS 83,178. 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 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 MICHIGAN FIRST FOUNDATION B 95035 CASH