2025-10-01T11:58:50-05:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 380481580 MICHIGAN FIRST CREDIT UNION MICH 8006643828 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 JENNIFER BOROWY CEO 8006643828 2025-09-30 0 AUBREY CLEGG P01076395 3052328272 2025-09-25 2024 2025-03-06 01:10:19Z JENNIFER BOROWY 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 136551565 0 1359 X WWW.MICHIGANFIRST.COM X 1926 MI TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS. 9 9 616 12 1219909 0 465959 4017957 86027639 92658787 10259562 10839132 26877020 28914024 123630180 136429900 123000 133000 0 0 44162745 45584845 0 0 0 61917307 73812801 106203052 119530646 17427128 16899254 1510727460 1471891427 1330840147 1273322851 179887313 198568576 X TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS. 1 0 ORIGINATED $200 MILLION IN MORTGAGE LOANS DURING 2024. ORIGINATED $142 MILLION IN CONSUMER LOANS DURING 2024. SERVED NEARLY 166,000 MEMBERS WITH AGGREGATE DEPOSIT ACCOUNTS THAT APPROXIMATED $1.1 BILLION AS OF DECEMBER 31, 2024. 0 1 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 1 0 0 0 0 0 0 0 0 1 1 1 1 0 1 24699 0 1 616 1 1 1 0 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 JANET BARDEN 2487276715 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 LINDA HEIGHT CHAIRPERSON 1.00 X 0 0 0 DEIRDRE SCOTT VICE CHAIRPERSON 1.00 X 0 0 0 DAVID TURNER DIRECTOR 1.00 X 0 0 0 NADINE TIBBS-STALLWORTH SECRETARY 1.00 X 0 0 0 DANDRIDGE FLOYD TREASURER 1.00 X 0 0 0 DONNA VANDERVRIES DIRECTOR 1.00 X 0 0 0 INES DE JESUS DIRECTOR 1.00 X 0 0 0 JALEN JENNINGS DIRECTOR 1.00 X 0 0 0 LARRY FREEMAN DIRECTOR 1.00 X 0 0 0 JENNIFER BOROWY CHIEF EXECUTIVE OFFICER 50.00 X 673330 0 42886 JENNIFER GLENFIELD CHIEF MARKETING OFFICER 50.00 X 324975 0 52498 JANET BARDEN CHIEF FINANCIAL OFFICER 50.00 X 315527 0 69981 DELONAKA EDWARDS CHIEF OPERATIONS OFFICER 50.00 X 286242 0 18590 DANIEL SUGG CHIEF MORTGAGE OFFICER 50.00 X 493512 0 71740 GERALD BETTENS CHIEF INFORMATION OFFICER 50.00 X 360949 0 82883 PATRICIA JONES CHIEF HUMAN RESOURCES OFFI 50.00 X 356647 0 116221 SUSAN POSTEMSKI CHIEF DATA ANALYTICS OFFIC 50.00 X 695412 0 98429 JEFF FITRZYK CHIEF LENDING OFFICER 50.00 X 320991 0 79628 BRIAN MCCOWN AVP, MORTGAGE OPERATIONS 45.00 X 244543 0 33619 LARRY RICE SR. DIRECTOR OF IT SERVICE DEL 45.00 X 243192 0 32958 MATTHEW WEST MORTGAGE LOAN OFFICER 40.00 X 365392 0 32827 DIEGO ARTEAGA ARCILA MORTGAGE LOAN OFFICER 40.00 X 263344 0 40615 DONGCHAN VU SR SOFTWARE ENGINEERING MANAGER 45.00 X 192776 0 25973 ANDREW TOWNE MORTGAGE LOAN OFFICER 45.00 X 193324 0 33790 CLIFFORD MURRAY AVP, PAYMENT SOLUTIONS 45.00 X 165083 0 31953 5495239 0 864591 57 0 1 0 ETKIN 200 FRANKLIN CENTER 29100 NORTHWES SOUTHFIELD MI 48034 BLDG MAINTENANCE/ PROPERTY MANAGEMENT 2522948 ALIMAR SECURITY INC 24870 FORTERRA WARREN MI 48089 SECURITY GUARDS AT BRANCHES 1567129 TRACE3 PO BOX 603915 CHARLOTTE NC 28260 PHONE & NETOWRK SUPPORT AND LICENSING 1542428 DIEBOLD NIXDORF INC PO BOX 643543 PITTSBURGH PA 15264 ATM MACHINES 1133859 CONTINENTAL SERVICES 700 STEPHENSON HWY TROY MI 48083 CATERING & FOOD SERVICES 971179 79 4017957 4017957 MEMBER LOAN INCOME 522100 67464248 67464248 FEE INCOME 522100 25194539 25194539 92658787 10844905 10844905 49974 0 49974 49974 49974 115892 121665 -5773 -5773 -5773 MONEY NOW INCOME 522100 20398786 20398786 MORTGAGE SERVICING 522100 6118246 6118246 FINANCE AND INSURANCE INCOME 520000 1219909 1219909 1127109 1127109 28864050 136429900 120347129 1219909 10844905 X 105000 28000 5014753 31832157 1670904 4351495 2715536 1364980 1000292 118102 14000 3630883 4889385 5340940 3632458 461471 16599 17451300 6180894 241912 PROVISION FOR LOAN LOSS 12024467 CREDIT/DEBIT EXPENSES 6464899 TRAINING/DEVELOPMENT/ED 2386922 MAINTENANCE 2020773 6572524 119530646 17906946 22479791 124098761 97966117 3836191 1023848 7470060 16648010 1061828909 1034438119 2994149 4440179 125119878 54508914 70006320 70610964 164524472 159085745 12045100 13275865 37595 377400 45978957 51545389 1510727460 1471891427 31677700 32515840 1438629 1612351 250000000 180000000 1047723818 1059194660 1330840147 1273322851 X 0 0 0 0 179887313 198568576 179887313 198568576 1510727460 1471891427 X 16899254 1114435 667574 X X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 7023037 7023037 64228844 13976737 50252107 12087251 8712910 3374341 41780746 31819267 9961479 70610964 SHARES 502813160 SHARE DRAFTS 249554857 MONEY MARKET 140209915 CD 155081792 IRA SAVINGS 9848338 CLUB ACCOUNTS 1686598 1059194660 X PART IV, LINE 2B: THE CREDIT UNION COLLECTS (ON A MONTHLY BASIS) PAYMENT FROM MEMBERS WITH MORTGAGE LOANS OUTSTANDING. AS STIPULATED BY THE AGREEMENT SIGNED BY BOTH PARTIES, THE MONTHLY PAYMENT FOR EACH MEMBER INLCUDES PRINCIPAL, INTEREST, AND ESCROWS. ESCROWS ARE USED TO PAY TAXES AND INSURANCE ON THE PROPERTY. PART X, LINE 2: INCOME TAXES THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 MICHIGAN FIRST FOUNDATION INC 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 272487933 501(C)(3) 105000 0 TO ASSIST THE FOUNDATION IN SUPPORTING COMMUNITY AGENCIES AND ORGANIZATIONS AND TO PROVIDE SCHOLARSHIPS TO STUDENTS 1 0 SCHOLARSHIPS 14 28000 FORM 990, SCHEDULE I, PART III RAYMOND DUDUS SCHOLARSHIP - $2,000 SCHOLARSHIP GRANTED TO 14 TEAM MEMBERS' CHILDREN WHO GRADUATED FROM HIGH SCHOOL AND WILL ATTEND A COLLEGE OR TRADE SCHOOL IN THE FALL OF 2024. X X X X 0 1 0 SUSAN POSTEMSKI CHIEF DATA ANALYTICS OFFIC 280741 0 14671 0 400000 0 80370 0 18059 0 793841 0 400000 0 JENNIFER BOROWY CHIEF EXECUTIVE OFFICER 602299 0 55177 0 15854 0 19260 0 23626 0 716216 0 0 0 DANIEL SUGG CHIEF MORTGAGE OFFICER 268841 0 224671 0 0 0 49778 0 21962 0 565252 0 0 0 PATRICIA JONES CHIEF HUMAN RESOURCES OFFI 348976 0 7671 0 0 0 108635 0 7586 0 472868 0 0 0 GERALD BETTENS CHIEF INFORMATION OFFICER 340346 0 14671 0 5932 0 81740 0 1143 0 443832 0 0 0 JEFF FITRZYK CHIEF LENDING OFFICER 308320 0 12671 0 0 0 55617 0 24011 0 400619 0 0 0 MATTHEW WEST MORTGAGE LOAN OFFICER 98073 0 267319 0 0 0 11778 0 21049 0 398219 0 0 0 JANET BARDEN CHIEF FINANCIAL OFFICER 302856 0 12671 0 0 0 50067 0 19914 0 385508 0 0 0 JENNIFER GLENFIELD CHIEF MARKETING OFFICER 310384 0 14171 0 420 0 51900 0 598 0 377473 0 0 0 DELONAKA EDWARDS CHIEF OPERATIONS OFFICER 271571 0 14671 0 0 0 13740 0 4850 0 304832 0 0 0 DIEGO ARTEAGA ARCILA MORTGAGE LOAN OFFICER 93179 0 170165 0 0 0 13554 0 27061 0 303959 0 0 0 BRIAN MCCOWN AVP, MORTGAGE OPERATIONS 240806 0 3737 0 0 0 12360 0 21259 0 278162 0 0 0 LARRY RICE SR. DIRECTOR OF IT SERVICE DEL 236955 0 6237 0 0 0 12046 0 20912 0 276150 0 0 0 ANDREW TOWNE MORTGAGE LOAN OFFICER 94490 0 98834 0 0 0 9779 0 24011 0 227114 0 0 0 DONGCHAN VU SR SOFTWARE ENGINEERING MANAGER 189974 0 2802 0 0 0 7788 0 18185 0 218749 0 0 0 CLIFFORD MURRAY AVP, PAYMENT SOLUTIONS 158846 0 6237 0 0 0 7942 0 24011 0 197036 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS ESTABLISHED NON-QUALIFIED DEFINED COMPENSATION PLANS FOR CERTAIN KEY EXECUTIVES. THE DEFERRED COMPENSATION BENEFIT PAYABLE AS OF DECEMBER 31, 2024 FOR EACH PARTICIPANT WAS AS FOLLOWS: GERALD BETTENS $210,000 DANIEL SUGG $280,000 JEFFREY FITRZYK $200,000 JENNIFER GLENFIELD: $200,000 SUSAN POSTEMSKI: $70,000 PATRICIA JONES: $200,000 JANET BARDEN: $40,000 SUSAN POSTEMSKI RECEIVED A DEFERRED COMPENSATION PAYOUT OF $400,000 DURING 2024. MICHAEL POULOS FORMER PRESIDENT/CEO FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICIES X 6500000 7688043 0 1 1 JENNIFER BOROWY PRESIDENT/CEO FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICIES X 8900000 8959967 0 1 1 16648010 FORM 990, PART III, LINE 2 A NEW LOAN WAS INTRODUCED IN 2024- THE MINUTE MONEY LOAN PRODUCT. THIS IS A SHORT TERM, UNSECURED LOAN PRODUCT FOR MEMBERS. 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 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 11B THE CFO AND ACCOUNTING/FINANCE MANAGER ARE RESPONSIBLE FOR THE COMPLETION AND REVIEW OF THE FORM 990 BEFORE FILING WITH THE IRS. 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 PERIODICALLY REVIEWED AND EVALUATED THROUGH THE ENGAGEMENT OF AN INDEPENDENT CONTRACTOR. THE LAST REVIEW WAS COMPLETED IN 2024. 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 IX, LINE 24E LOAN SERVICING 1,817,973. MISCELLANEOUS 1,785,075. SECURITY 1,709,827. ATM EXPENSES 983,327. FRAUD LOSSES 129,668. ASSOCIATION DUES 122,420. IRA ADMIN FEES 24,234. FORM 990, PART XI, LINE 9: POSTRETIREMENT BENEFIT PLAN: NET GAINS/(LOSSES) FROM CHANGES IN ACTUARIAL ASSUMPTIONS 176,428. POSTRETIREMENT BENEFIT PLAN: AMORTIZATION OF GAINS RECLASSIFIED INTO EARNINGS -421,487. EQUITY ACQUIRED IN MERGER WITH TEAMSTERS CREDIT UNION 912,633. 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 INSURANCE AGENCY LLC 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 320485685 INSURANCE SERVICES MI 917424 2705689 MICHIGAN FIRST CREDIT UNION 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 TITLE AGENCY LLC 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 884060473 TITLE INSURANCE MI MICHIGAN FIRST CU RELATED 84217 32006 0 0 0.65000 MICHIGAN FIRST MORTGAGE 6501 HIGHLAND ROAD WATERFORD MI 48327 382964508 PROVIDES MORTGAGE ORIGINATION AND SERVICING TO MEMBERS OF THE ORGANIZATION MI MICHIGAN FIRST CREDIT UNION C 4785776 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MICHIGAN FIRST FOUNDATION INC B 105000 ACTUAL CONTRIBUTION