2024-10-24T09:45:09-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 381582963 FREESTAR FINANCIAL CREDIT UNION FREE 5864667800 PO BOX 2800 MT CLEMENS MI 48046 DREMA ISAAC PRESIDENT/CEO 5864667800 2024-08-21 1 0 JOSEPH A ZITO CPA P00648440 2482443000 2023 2024-10-15 13:58:12Z DREMA D ISAAC PO BOX 2800 MT CLEMENS MI 48046 17137740 0 1359 X WWW.FREESTARFINANCIAL.COM X 1957 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 7 7 104 7 32198 13195 0 0 13163731 14947577 1386549 2157965 29920 32198 14580200 17137740 18026 4600 0 0 6401000 6133793 0 0 0 7046685 9926429 13465711 16064822 1114489 1072918 305665605 318693723 283443325 294485618 22222280 24208105 TO POSITIVELY IMPACT THE LIVES OF OUR MEMBERS, TEAM MEMBERS, AND COMMUNITY THROUGH MEANINGFUL CONNECTIONS AND PROGRESSIVE FINANCIAL SOLUTIONS. 0 0 PROMOTED THRIFT TO APPROXIMATELY 21,700 MEMBERS BY OFFERING LOANS, DEPOSITS, AND OTHER FINANCIAL INSTRUMENTS. 0 0 0 0 0 0 0 1 0 1 0 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 1 1 1 0 0 1 5729 0 1 104 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X ABIGAIL WARD 5864667800 PO BOX 2800 MT CLEMENS MI 48046 RAYMOND W WHITE JR BOARD CHAIRPERSON 2.00 X 0 0 0 CHARLES LARSEN BOARD VICE CHAIRPERSON 2.00 X 0 0 0 KRISTI LE BOARD TREASURER 2.00 X 0 0 0 JEFFREY BRUSS BOARD SECRETARY 2.00 X 0 0 0 CATHERINE PATYI BOARD DIRECTOR 2.00 X 0 0 0 ASHLEY CIAMILLO BOARD DIRECTOR 2.00 X 0 0 0 MARC ALEXANDER BOARD DIRECTOR 2.00 X 0 0 0 DREMA ISAAC PRESIDENT/CEO 40.00 X 377975 0 163792 ERIC HEINRICH CFO (THROUGH 08/18/23) 40.00 X 126427 0 18524 JENNIFER MARTINES CHIEF GROWTH OFFICER 40.00 X 167394 0 10210 TIMOTHY STRENK CHIEF INFORMATION OFFICER 40.00 X 131929 0 28066 ANNE LESTER VP BRANCH OPERATIONS 40.00 X 128379 0 13226 VICTORIA MCINTOSH VP OF COMMUITY AFFAIRS 40.00 X 107108 0 11510 1039212 0 245328 6 0 1 0 FISERV PO BOX 934057 ATLANTA GA 31193 DATA PROCESSING 1705517 CDW DIRECT PO BOX 75723 CHICAGO IL 60675 DATA PROCESSING 174042 2 LOANS RECEIVABLE 522100 10483098 10483098 FEES, CHARGES, OTHER 522100 4464479 4464479 14947577 2157965 2157965 FINANCE AND INSURANCE 520000 32198 32198 32198 17137740 17105542 32198 0 X 1600 3000 864322 4048066 174563 670192 376650 12411 63800 68598 599870 452151 762043 279903 102371 67915 3428917 20905 681803 84737 UNRELATED BUSINESS INCO 1800 DEBIT/CREDIT/ATM EXPENS 1181116 PROVISION FOR LOAN LOSS 971144 LOAN SERVICING 472335 674610 16064822 2868903 2532410 4692417 13751635 203926656 209818606 334327 315729 18020924 5611436 12444655 12409488 65937251 65431954 8092000 6843000 273699 228082 7095697 7362819 305665605 318693723 3230989 4367813 402628 390833 10000000 5000000 269809708 284726972 283443325 294485618 X 0 0 0 0 22222280 24208105 22222280 24208105 305665605 318693723 X 1072918 1813610 -900703 X X 0 1 X 1 0 0 1 X 3591931 3591931 10387451 2828041 7559410 53823 47467 6356 3987719 2735928 1251791 12409488 MEMBER SHARES 284726972 284726972 X 17137740 0 17137740 0 17137740 16064822 0 16064822 0 16064822 PART IV, LINE 2B: THE CREDIT UNION RECEIVES PRINCIPAL PAYMENTS, INTEREST PAYMENTS, TAX PAYMENTS AND INSURANCE PAYMENTS, IN ITS ROLE AS LOAN SERVICER, AND THEN REMITS THESE FUNDS TO THE APPLICABLE THIRD PARTIES FOR TAXES, INSURANCE, AND MORTGAGE INSURANCE FOR CERTAIN MORTGAGE LOANS. PART X, LINE 2: 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. X X 1 1 X X 0 1 0 DREMA ISAAC PRESIDENT/CEO 311868 0 43607 0 22500 0 150724 0 13068 0 541767 0 0 0 JENNIFER MARTINES CHIEF GROWTH OFFICER 148178 0 4428 0 14788 0 9010 0 1200 0 177604 0 0 0 TIMOTHY STRENK CHIEF INFORMATION OFFICER 122527 0 3606 0 5796 0 7753 0 20313 0 159995 0 0 0 PART I, LINE 4B THE CEO PARTICIPATES IN A NON-QUALIFIED 457(F) DEFERRED COMPENSATION PLAN. THE ESTIMATED LIABILITY IS BEING ACCRUED OVER THE REMAINING YEARS OF THE AGREEMENT AND APPROXIMATED $1,137,900 AS OF DECEMBER 31, 2023. 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 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 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 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 IX, LINE 11G OTHER PROFESSIONAL FEES 68,598. FORM 990, PART IX, LINE 24E SERVICE BUREAU 364,595. MAINTENANCE 238,475. MISCELLANEOUS 47,913. SHARE LOSSES 23,627. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -900,703. FORM 990, PART XII, LINE 2C WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. MIT CUSO LLC 28366 FRANKLIN ROAD SOUTHFIELD MI 48034 872529367 IT SERVICES MI 0 48918 FREESTAR CREDIT UNION FREESTAR FINANCIAL FOUNDATION PO BOX 2800 MOUNT CLEMENS MI 48046 932371902 COMMUNITY CHARITY AND FINANCIAL SERVICES MI 501(C)(3) PF FREESTAR CREDIT UNION 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0