2024-11-12T11:25:55-06:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 381449622 CREDIT UNIONS CHARTERED IN THE STATE OF MONROE COMMUNITY CREDIT UNION CRED 7342423222 715 N TELEGRAPH ROAD MONROE MI 48162 KRISTINE BRENNER PRESIDENT/CEO 7342423222 2024-11-12 1 0 JOSEPH ZITO CPA P00648440 2482443000 2024-11-12 2023 2024-10-15 13:58:12Z MONROE COMMUNITY CREDIT UNION KRISTINE BRENNER 715 N TELEGRAPH ROAD MONROE MI 48162 18533110 0 X WWW.MONROECOMMUNITYCU.ORG X 1953 MI MONROE COMMUNITY CREDIT UNION IS A CRITICAL PART OF THE COMMUNITIES WE SERVE. AS A NOT-FOR-PROFIT FINANCIAL INSTITUTION, OUR DAY JOB IS TO PROVIDE EXCEPTIONAL BANKING SERVICES TO EACH AND EVERY MEMBER OF OUR CREDIT UNION, BUT OUR REAL PASSION IS TO MAKE AN IMPACT IN THE LIVES OF EACH AND EVERY MEMBER OF OUR COMMUNITY. TOGETHER WITH OUR EMPLOYEES, VOLUNTEERS, AND MEMBERS, WE DON'T JUST SERVE THE COMMUNITY, WE ARE THE COMMUNITY. 7 7 92 9 49214 0 0 0 11410219 14477453 2277406 3060963 56630 49214 13744255 17587630 5000 5000 0 0 5315951 5642362 0 0 0 5545952 7357045 10866903 13004407 2877352 4583223 328301890 339911186 306469587 311189286 21832303 28721900 X MONROE COMMUNITY CREDIT UNION IS A CRITICAL PART OF THE COMMUNITIES WE SERVE. AS A NOT-FOR-PROFIT FINANCIAL INSTITUTION, OUR DAY JOB IS TO PROVIDE EXCEPTIONAL BANKING SERVICES TO EACH AND EVERY MEMBER OF OUR CREDIT UNION, BUT OUR REAL PASSION IS TO MAKE AN IMPACT IN THE LIVES OF EACH AND EVERY MEMBER OF OUR COMMUNITY. TOGETHER WITH OUR EMPLOYEES, VOLUNTEERS, AND MEMBERS, WE DON'T JUST SERVE THE COMMUNITY, WE ARE THE COMMUNITY. 0 0 LOANS TO MEMBERS CARD SERVICES OVERDRAFT PROTECTION/COURTESY PAY 0 0 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 4131 0 1 92 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 1 1 1 1 0 X DENISE MILLER 7342440312 715 N TELEGRAPH RD MONROE MI 48162 GARY SIEVERT CHAIRPERSON 2.00 X 0 0 0 JENNIFER POUPARD VICE CHAIRPERSON 2.00 X 0 0 0 CONNIE OCHS SECRETARY 2.00 X 0 0 0 KENNETH STRITT JR TREASURER 2.00 X 0 0 0 MARIA ZAGORSKI DIRECTOR 2.00 X 0 0 0 DANIEL CARLETON DIRECTOR 2.00 X 0 0 0 VINCENT RIMANELLI DIRECTOR 2.00 X 0 0 0 ROBERT DEGRAER DIRECTOR (EMERITUS) 2.00 X 0 0 0 NICHOLAS OLEXA ASSOCIATE DIRECTOR 2.00 X 0 0 0 KRISTINE BRENNER PRESIDENT/CEO 45.00 X 271432 0 41523 MARK RADWANSKI SVP/CFO 45.00 X 180472 0 38858 DENISE MILLER VP/CONTROLLER 45.00 X 147109 0 35080 AARON MASON VP/CLO 45.00 X 154199 0 25617 AMY ZANGARA VP/HUMAN RESOURCES 45.00 X 149625 0 26458 902837 0 167536 5 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT/DEBIT CARD PROCESSOR 1297753 CU ANSWERS 6000 28TH SE STE 100 GRAND RAPIDS MI 49546 DATA PROCESSING 652124 CDW PO BOX 75723 CHICAGO IL 60675 COMPUTER/IT EQUIPMENT 289346 COMMERCIAL ALLIANCE 1607 BIG BEAVER RD 201 TROY MI 48083 COMMERCIAL LENDING SERVICES 220690 DIEBOLD PO BOX 643543 PITTSBURGH PA 15264 ATM/RECYCLER EQUIPMENT 164846 6 INCOME ON MEMBER LOANS 522100 9777130 9777130 FEES/CHARGES/OTHER 522100 4700323 4700323 14477453 3045106 3045106 961337 945480 15857 15857 15857 FINANCE AND INSURANCE 520000 49214 49214 49214 17587630 17538416 49214 0 X 5000 532285 3747998 209394 812515 340170 4628 60747 199713 134929 599996 825442 306711 118030 1491463 26855 583346 75545 DEBIT/CREDIT EXPENSE 1752871 PROVISION FOR LOAN LOSS 558000 LOAN SERVICING 356660 EQUIPMENT/BUILDING MAIN 285182 -23073 13004407 2912149 2642851 30479820 23403731 845335 2422988 2670000 2378937 182210466 212284113 13515214 5396519 8413801 8118695 91151113 79870526 3918100 1688100 7972 3976 5693134 7097269 328301890 339911186 3729834 2562694 302739753 308626592 306469587 311189286 X 0 0 0 0 21832303 28721900 21832303 28721900 328301890 339911186 X 4583223 2582014 -275640 X X 0 1 X 1 0 1559716 1559716 7083665 2104813 4978852 209769 172248 37521 3806329 2846543 959786 855735 272915 582820 8118695 MEMBERS SHARES 308626592 308626592 X 17587630 0 17587630 0 17587630 13004407 0 13004407 0 13004407 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 0 1 0 KRISTINE BRENNER PRESIDENT/CEO 238692 0 25024 0 7716 0 23218 0 18305 0 312955 0 0 0 MARK RADWANSKI SVP/CFO 166163 0 13793 0 516 0 16173 0 22685 0 219330 0 0 0 DENISE MILLER VP/CONTROLLER 136239 0 10690 0 180 0 12750 0 22330 0 182189 0 0 0 AARON MASON VP/CLO 145263 0 8660 0 276 0 8982 0 16635 0 179816 0 0 0 AMY ZANGARA VP/HUMAN RESOURCES 145265 0 4084 0 276 0 3954 0 22504 0 176083 0 0 0 PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE PRESIDENT/CEO, KRISTINE BRENNER, THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. KRISTINE BRENNER PRESIDENT/CEO SPLIT DOLLAR LIFE INSURANCE PLAN (CASD) X 2670000 2378937 0 1 1 2378937 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE PRESIDENT/CEO, KRISTINE BRENNER, THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. FORM 990, PART VI, SECTION A, LINE 6 EVERY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION CAN ELECT MEMBERS OF THE GOVERNING BODY. 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 FORM 990 IS PREPARED BY 3RD PARTY. A DRAFT IS SENT TO THE VP/CONTROLLER FOR REVIEW AND APPROVAL PRIOR TO FILING. THE BOARD OF DIRECTORS IS NOTIFIED OF THE FILING OF THE RETURN AT THE NEXT BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C DISCLOSURE FORMS ARE REVIEWED BY THE BSA/COMPLIANCE OFFICER AND ADDED TO EMPLOYEE/DIRECTOR THIRD PARTY ACCOUNT RELATIONSHIPS. FORM 990, PART VI, SECTION B, LINE 15 SALARIES ARE PAID BASED ON PERFORMANCE REVIEWS AND REVIEW OF MARKETPLACE SALARY REVIEW. THE PRESIDENT/CEO HAS A SIGNED CONTRACT. THE BOARD OF DIRECTORS CONDUCTS A REVIEW OF THE PRESIDENT/CEO. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTING FEES 60,301. OTHER PROFESSIONAL FEES 139,412. FORM 990, PART IX, LINE 24E ATM EXPENSE -23,073. FORM 990, PART XI, LINE 9: NET CHANGE IN ACTUARIAL GAINS/(LOSSES) ON POST-RETIREMENT BENEFIT PLAN -125,640. CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -150,000. FORM 990, PART XII, LINE 2C: WE HAVE A COMMITTEE COMPRISED OF THE BOARD OF DIRECTORS 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.