2024-11-09T23:39:18-06:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 381480245 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN CRED 8006488035 115 RIVERSIDE DR BATTLE CREEK MI 49015 STEVEN J COBB CEO 2699657281 2024-11-09 1 0 BRANDON M WILSON P02447970 2482443000 2024-11-09 2023 2024-10-15 13:58:12Z BLUEOX CREDIT UNION STEVEN J COBB 115 RIVERSIDE DR BATTLE CREEK MI 49015 18569349 0 1359 X WWW.BLUEOXCU.ORG X 1936 MI BLUEOX CREDIT UNION'S MISSION IS TO PROVIDE QUALITY FINANCIAL SERVICES THAT WILL IMPROVE AND MAKE A DIFFERENCE IN THE LIVES OF OUR MEMBERS. 10 10 131 10 33078 11498 0 4470374 12722875 13150625 434139 831390 12834 15044 13169848 18467433 0 0 0 0 5467382 5907803 0 0 0 7010088 9371936 12477470 15279739 692378 3187694 222746006 224315902 204744291 204073087 18001715 20242815 X BLUEOX CREDIT UNION WAS FOUNDED UPON THE SEVEN COOPERATIVE PRINCIPLES BASED IN THE PHILOSOPHY OF COOPERATION AND THE CENTRAL VALUES OF EQUALITY, EQUITY AND MUTUAL SELF-HELP. BLUEOX CREDIT UNION'S MISSION STATEMENT ILLUSTRATES THE BROTHERHOOD OF MAN THROUGH PEOPLE WORKING TOGETHER TO ACHIEVE A BETTER LIFE FOR THEMSELVES AND THEIR COMMUNITY. 0 0 INCOME FROM CREDIT UNION'S MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP. 0 1 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 4726 0 1 131 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X JOHN ROOD 2699657281 115 RIVERSIDE DR BATTLE CREEK MI 49015 D HICKS DIRECTOR/ CHAIRPERSON 1.00 X 0 0 0 D VOSHELL DIRECTOR 1.00 X 0 0 0 M DUTCHER DIRECTOR 1.00 X 0 0 0 F HETHERWICK DIRECTOR 1.00 X 0 0 0 J KIRKPATRICK DIRECTOR/ SECRETARY 1.00 X 0 0 0 J RATTI DIRECTOR/VICE CHAIRPERSON 1.00 X 0 0 0 J MAES DIRECTOR/TREASURER 1.00 X 0 0 0 M WALLACE DIRECTOR 1.00 X 0 0 0 T JOHNSON ASSOCIATE DIRECTOR 1.00 X 0 0 0 A MUMFORD DIRECTOR 1.00 X 0 0 0 S COBB CEO 40.00 X 218078 0 39985 J ROOD SVP ACCOUNTING/FINANCE 40.00 X 108206 0 33812 W HEPPE VP HR 40.00 X 116297 0 38293 D SLAVENS VP IT 40.00 X 133514 0 10681 576095 0 122771 4 0 1 0 FIS 601 RIVERSIDE AVE JACKSONVILLE FL 32202 DEBIT/CREDIT PROCESSOR 1246468 CUANSWERS 6000 28TH STREET SUITE 100 GRAND RAPIDS MI 49546 CORE PROCESSOR 738340 ASPHALT SOLUTIONS PO BOX 151 MARSHALL MI 49068 ASPHALT COMPANY/DRIVEWAYS 111557 SHARPEN 101 W WASHINGTON ST STE 600E INDIANAPOLIS IN 46204 PHONE SYSTEM 109410 4 4470374 4470374 INCOME ON LOANS 522100 8851818 8851818 FEES/CHARGES/OTHER INCOME 522100 4265729 4265729 FINANCE & INSURANCE 520000 33078 33078 13150625 767876 767876 36660 21616 15044 15044 15044 143814 80300 63514 63514 63514 18467433 13963981 33078 0 X 400081 4106022 254815 753467 393418 291988 81200 315245 337704 712220 399124 273510 61384 129209 1588209 12667 363157 75228 PROVISION FOR LOAN LOSS 1963156 ATM/BANK SERVICE CHARGE 1492242 LOAN SERVICING 824650 OTHER EXPENSES 220546 230497 15279739 2119001 2527893 6290644 17761961 527015 467042 1384416 1419771 184921793 175311931 411026 357415 11863895 3770055 7967775 8093840 9243219 8097180 4078398 3980697 196706 72588 5606013 6225584 222746006 224315902 1406184 2256791 1000000 202338107 201816296 204744291 204073087 X 0 0 0 0 18001715 20242815 18001715 20242815 222746006 224315902 X 3187694 271186 -1217780 X X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1612091 1612091 6678894 2001268 4677626 2722730 1448165 1274565 850180 320622 529558 8093840 SHARE DRAFTS 47762112 SHARES 82760669 MONEY MARKET 30215574 IRA SHARES 1556049 CERTIFICATES 39521892 201816296 X 18489049 0 18489049 -21616 -21616 18467433 15301355 21616 21616 15279739 0 15279739 PART X, LINE 2: INCOME TAXES THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED NET OF REVENUE IN FORM 990 BUT REPORTED AS EXPENSES WITHIN THE AUDITED FINANCIAL STATEMENTS -21,616. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED NET OF REVENUE IN FORM 990 BUT REPORTED AS EXPENSES WITHIN THE AUDITED FINANCIAL STATEMENTS 21,616. X 1 1 X X X X 0 1 0 S COBB CEO 202062 0 7016 0 9000 0 17871 0 22114 0 258063 0 0 0 W HEPPE VP HR 112232 0 4065 0 0 0 10207 0 28086 0 154590 0 0 0 PART I, LINE 4B THE CREDIT UNION ENTERED INTO COLLATERAL ASSIGNED SPLIT DOLLAR AGREEMENTS WITH S. COBB (CEO) AND J. ROOD (SVP ACCOUNTING/FINANCE). THE AGREEMENTS INVOLVE A METHOD OF PAYING FOR INSURANCE COVERAGE BY SPLITTING THE ELEMENTS OF THE LIFE INSURANCE POLICIES. UNDER THESE AGREEMENTS, THE EXECUTIVES ARE THE OWNERS OF THE POLICIES AND MAKE COLLATERAL ASSIGNMENTS TO THE CREDIT UNION IN RETURN FOR LOANS EQUAL TO THE AMOUNT OF PREMIUMS PAID ON BEHALF OF THE EXECUTIVES PLUS ACCRUED INTEREST AT A SPECIFIC RATE. AT THE TIME OF DEATH, THE CREDIT UNION WILL BE PAID THE LOAN AMOUNT PLUS ACCRUED INTEREST AND THE BALANCE OF THE INSURANCE BENEFITS WILL BE PAID TO THE EXECUTIVES' DESIGNATED BENEFICIARIES. S COBB CEO TO FUND LIFE INSURANCE X 603407 624743 0 1 1 J ROOD SVP ACCOUNTING/FINANCE TO FUND LIFE INSURANCE X 764977 795028 0 1 1 1419771 FORM 990, SCH L, PART II THE CREDIT UNION ENTERED INTO COLLATERAL ASSIGNED SPLIT DOLLAR AGREEMENTS WITH STEVE COBB (CEO) AND JOHN ROOD (SVP ACCOUNTING/FINANCE). THE AGREEMENTS INVOLVE A METHOD OF PAYING FOR INSURANCE COVERAGE BY SPLITTING THE ELEMENTS OF THE LIFE INSURANCE POLICIES. UNDER THESE AGREEMENTS, THE EXECUTIVES ARE THE OWNERS OF THE POLICIES AND MAKE COLLATERAL ASSIGNMENTS TO THE CREDIT UNION IN RETURN FOR LOANS EQUAL TO THE AMOUNT OF PREMIUMS PAID ON BEHALF OF THE EXECUTIVES PLUS ACCRUED INTEREST AT A SPECIFIC RATE. AT THE TIME OF DEATH, THE CREDIT UNION WILL BE PAID THE LOAN AMOUNT PLUS ACCRUED INTEREST AND THE BALANCE OF THE INSURANCE BENEFITS WILL BE PAID TO THE EXECUTIVES' DESIGNATED BENEFICIARIES. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. 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 UPON RECEIPT OF THE COMPLETED FORM 990, MANAGEMENT REVIEWS THE DOCUMENT FOR ACCURACY AND REASONABLENESS. ONCE THIS REVIEW IS COMPLETED, THE GOVERNING BODY IS INFORMED THAT THE FORM HAS BEEN FILED WITH THE IRS AND A COPY IS AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C A LIST OF RELATED PARTIES IS COMPILED. EMPLOYEES WHO ARE AUTHORIZED TO TRANSACT WHERE A CONFLICT MIGHT OCCUR ARE RESTRICTED. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD'S PERSONNEL COMMITTEE REVIEWS THE PERFORMANCE OF THE PRESIDENT/CEO. THE BOARD APPROVES RECOMMENDATIONS. BLUEOX CREDIT UNION UTILIZES COMPEASE FOR COMPARABILITY DATA WHEN DETERMINING COMPENSATION FOR ALL EMPLOYEES. COMPEASE PROVIDES COMPETITIVE, MARKET-BASED SALARY RANGES DEVELOPED FROM EXTENSIVE SALARY SURVEY DATA THAT ENSURES THE RELIABILITY OF THE INFORMATION. SALARY RANGES ARE CREATED TO REFLECT THE LABOR MARKET IN WHICH BLUEOX CREDIT UNION COMPETES FOR LABOR, AND SALARY RANGES ARE UPDATED ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC ON THE NCUA'S WEBSITE VIA THE 5300 CALL REPORT FILING. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL/OUTSIDE FEES 315,245. FORM 990, PART IX, LINE 24E REPAIRS MAINTENANCE 190,762. ATM/DEBIT FRAUD 39,735. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -1,217,780. FORM 990, PART XII, LINE 2C WITH THE CHANGE IN THE MICHIGAN CREDIT UNION ACT, WE WERE ABLE TO ELIMINATE THE EXTERNAL SUPERVISORY COMMITTEE. THE SUPERVISORY COMMITTEE IS NOW COMPRISED OF MEMBERS OF BLUEOX CREDIT UNION'S BOARD OF DIRECTORS. THIS PROCESS HAS NOT CHANGED SINCE LAST YEAR.