2024-11-11T13:05:50+00:00 2023-12-31 350921680 CROWE LLP 9600 Brownsboro Road Suite 400 Louisville KY 402413902 990 2023-01-01 381447620 Community Financial Credit Union COMM 7344531200 500 S HARVEY ST PLYMOUTH MI 481708050 Scott Cameron EVP/CFO 2024-11-11 true Kim Scifres P01316095 5023263996 2024-11-11 2023 2024-10-15 13:58:12Z Tansley Stearns 500 S HARVEY ST PLYMOUTH MI 481708050 99983788 false X WWW.CFCU.ORG X 2012 MI Community Financial Credit Union is a state chartered, not-for-profit, full-service financial institution owned and governed by its membership. At Community Financial, we are committed to our members and our communities. For over 70 years, we've provided our Michigan members competitively-priced savings & loans products, outstanding service and support to their neighborhoods. 9 9 431 15 56715 56715 0 65611595 93855386 1313989 4626020 1373455 1502382 68299039 99983788 812590 973333 0 32207843 37327847 0 0 25524125 57712429 58544558 96013609 9754481 3970179 1531731546 1594945276 1382194058 1445878056 149537488 149067220 Community Financial Credit Union is a state chartered, not-for-profit, full-service financial institution owned and governed by its membership. At Community Financial, we are committed to our members and our communities. For over 70 years, we've provided our Michigan members competitively-priced savings & loans products, outstanding service and support to their neighborhoods. false false PROMOTE THRIFT TO 83,566 MEMBERS BY OFFERING COMPETITIVELY-PRICED SAVINGS & LOANS PRODUCTS AS WELL AS OTHER FINANCIAL PRODUCTS. 0 false false false false false false true false true false false false true true false false false false false false false false false false false true false true false true false false false false false false false false false false false false true 31547 0 true 431 true true true false false false false false false false X 9 9 false false false false true true true true false true true false true true true true true false false false X SCOTT CAMERON 7345828876 PO BOX 8050 PLYMOUTH MI 481708050 DENNIS LAVOY SECRETARY/TREASURER 1.0 X X 0 0 0 MARK RIEGAL 1st VICE CHAIRPERSON 1.0 X X 0 0 0 PAUL BEDICH 2ND VICE CHAIRPERSON 1.0 X X 0 0 0 TERESA KUEHN BOARD CHAIR 1.0 X X 0 0 0 DAN HERRIMAN BOARD MEMBER 1.0 X 0 0 0 DEBORAH STARINSKY BOARD MEMBER 1.0 X 0 0 0 DON BAIN BOARD MEMBER 1.0 X 0 0 0 Kathy Neirynk Board Member (partial year) 1.0 X 0 0 0 PATRICIA REESE BOARD MEMBER 1.0 X 0 0 0 Ron Meteyer Board Member (partial year) 1.0 X 0 0 0 YASIR KHOGALI BOARD MEMBER 1.0 X 0 0 0 ART BEARD CHIEF INFORMATION AND DIGITAL OFFICER 40.0 X 410381 0 74645 CATHY MEYERS CHIEF PEOPLE OFFICER 40.0 X 372470 0 76810 CHRIS CURRY SVP OF OPERATIONS AND RISK 40.0 X 358191 0 91885 DANIELLE FRAWLEY CHIEF GROWTH OFFICER 40.0 X 206265 0 14127 DANIELLE MILNER CHIEF EXPERIENCE OFFICER 40.0 X 304084 0 20029 ELRY ARMAZA CHIEF OF STAFF 40.0 X 306142 0 3750 JILL JOHNSON CHIEF REVENUE AND LENDING OFFICER 40.0 X 390136 0 87173 SCOTT CAMERON EVP/CFO 40.0 X 376943 0 86731 TANSLEY STEARNS CEO 40.0 X 570686 0 28230 DAVID HEFFNER SVP Lending 40.0 X 220808 0 19359 JAMES POTTER INVESTMENT REPRESENTATIVE 40.0 X 228506 0 10362 MICHAEL ERFOURTH VP BUSINESS EXPERIENCE 40.0 X 221337 0 274 Thomas Vargo AVP of Core Systems & Development 40.0 X 217306 0 21087 TOMMY GASSO VP COMMERCIAL LENDING (THROUGH 9/30/23) 40.0 X 562645 0 11638 ERIC ESSER Former OFFICER 40.0 X 230615 0 0 4976515 0 546100 61 true true false COOP 560 CARILLON PARKWAY STPETERSBURG FL 33716 CARD PROCESSOR 2617812 SHAW CONSTRUCTION 13980 FARMINGTON RD LIVONIA MI 48154 Construction Services 1798343 Mastercard 2200 Mastercard Blvd OFallon MS 633687263 Cred Card Processor 968647 Jack Henry & Associates Inc 663 W Highway 60 Monet MO 65708 Core Processor Services 768292 NCR CORPORATION 14181 COLLECTIONS CENTER DR Chicago IL 60693 ATM INSTALL/SERVICER 355285 31 0 MEMBER LOAN INCOME 522130 80423095 80423095 INTERCHANGE INCOME 522130 6472708 6472708 Fee Income 522130 5794482 5737767 56715 Sale of Loans 522130 1165101 1165101 0 0 0 0 93855386 2211204 2211204 0 0 686590 1728226 686590 1728226 2414816 2414816 other non-interest income 522130 1083345 1083345 MISC Income 900099 419037 419037 0 0 0 0 1502382 99983788 95301053 56715 4626020 968333 5000 3778678 26824744 2006348 2497952 2220125 60917 201788 227011 0 2791643 9876768 2457232 574307 512645 30610493 1087315 404530 Lending 4590943 Provision Expense 3141403 CARD FRAUD & DISPUTES 323061 Operating Expense 182283 670090 96013609 6985914 6709724 0 0 0 2870948 3268571 0 0 1399756890 1471641195 0 0 45080719 19411092 19552507 25669627 0 91944036 66812222 0 0 10621251 20843937 1531731546 1594945276 15915367 17666113 0 0 0 5256467 4596931 0 0 1361022224 1423615012 1382194058 1445878056 0 0 X 0 0 149537488 149067220 149537488 149067220 1531731546 1594945276 X 3970179 1219008 -5659455 X false true X true false false true X 8296341 8296341 21717764 9670937 12046827 12704394 9740155 2964239 2362220 2362220 25669627 BORROWINGS 88000000 MEMBER SAVINGS 238494321 CHECKING 271886006 OTHER SAVINGS 32168877 MONEY MARKET 260165596 CERTIFICATES 532900212 1423615012 X Schedule D, Part IV, Line 2b Explanation of escrow agreement THE ORGANIZATION MAINTAINS MEMBERS SHARES ESCROWS AND FHLBI AND FNMA INVESTOR ESCROWS. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Credit Union is exempt, under Internal Revenue Code (IRC) 501(c)(14), from federal and state income taxes. The Credit Union has filed tax returns in the past for activities it has deemed taxable and has a minimal net operating loss carryforward as of the 2020 calendar year. The taxing authorities have the ability to assess taxes, penalties, and interest for any years for which no tax return was filed. In the opinion of management, any liability resulting from taxing authorities imposing income taxes on the net taxable income from activities potentially deemed to be unrelated to the Credit Union's exempt purpose is not expected to have a material effect on the Credit Union's financial position or results of operations. The Credit Union evaluated its tax positions and determined no uncertain tax positions exist as of March 31, 2023. The Credit Union's 2019 through 2022 tax years are open for examination by federal and state taxing authorities. true American Cancer Society 20450 CIVIC CENTER DR SOUTHFIELD MI 48076 131788491 501(c)(3) 13163 GENERAL SUPPORT Atlanta Community Schools PO BOX 619 ATLANTA MI 49709 382603570 School 9000 GENERAL SUPPORT Buddy's Pals PO BOX 70 DEWITT MI 48820 883824936 501(c)(3) 5460 GENERAL SUPPORT Canton Chamber of Commerce 45525 HANFORD CANTON MI 48187 382087835 501(c)(6) 8100 GENERAL SUPPORT Canton Community Foundation 50430 SCHOOL HOUSE RD CANTON MI 48187 382898615 501(c)(3) 45417 GENERAL SUPPORT Caring Place 11653 M-33 NORTH ATLANTA MI 49709 900282237 501(c)(3) 10000 GENERAL SUPPORT Children's Miracle Network 205 W 700 S SALT LAKE CITY UT 841012715 870387205 501(c)(3) 75000 GENERAL SUPPORT Detroit Cristo Rey 5679 W VERNOR HWY DETROIT MI 48209 262994633 501(c)(3) 23600 GENERAL SUPPORT Develop Detroit 1452 RANDOLPH DETROIT MI 48226 811368616 501(c)(3) 10000 GENERAL SUPPORT First Step 44567 PINETREE DRIVE PLYMOUTH MI 48170 382208980 501(c)(3) 10079 GENERAL SUPPORT Foundation For Excellence (WLCSD) 850 LADD RD BLDG D WALLED LAKE MI 48390 383041277 501(c)(3) 6000 GENERAL SUPPORT Gaylord Community Schools 615 South Elm Avenue Gaylord MI 49735 382615730 School 10500 GENERAL SUPPORT Giving Tree Food Pantry 10722 East M-32 Johannesburg MI 49751 383422346 501(c)(3) 15000 GENERAL SUPPORT Gleaners Community Food Bank 2131 Beaufait DETROIT MI 48207 382156255 501(c)(3) 12000 GENERAL SUPPORT Growing Hope Urban Farm 922 W Michigan Ave Ypsilanti MI 48197 743091845 501(c)(3) 6500 GENERAL SUPPORT Habitat for Humanity of Michigan 618 S Creyts Road LANSING MI 48917 383142455 501(c)(3) 10000 GENERAL SUPPORT Hillman Community Schools 26042 M-32 SOUTH HILLMAN MI 49746 School 7953 GENERAL SUPPORT Hillman Lions Club (International Association of Lions Clubs) PO Box 151 Hillman MI 49746 383650001 501(c)(4) 5500 GENERAL SUPPORT Hospitality House 2075 E West Maple Rd COMMERCE MI 48390 383635226 501(c)(3) 30000 GENERAL SUPPORT Johannesburg-Lewiston Area Schools PO Box 69 Johannesburg MI 49751 382619890 School 14000 GENERAL SUPPORT LPS Education Foundation 15125 Farmington Livonia MI 48154 201085968 501(c)(3) 13500 GENERAL SUPPORT MCHS Family of Services 26645 W Six Mile Rd Redford MI 48240 381240951 501(c)(3) 10000 GENERAL SUPPORT MI Founders Fund 455 E EISENHOWER PKWY STE 300 Ann Arbor MI 48108 863992946 501(c)(3) 15000 GENERAL SUPPORT New Hope Center for Grief Support 133 W MAIN ST SUITE 113 NORTHVILLE MI 48167 383517205 501(c)(3) 5985 GENERAL SUPPORT Northville Community Foundation 195 S Main St Northville MI 48167 383361844 501(c)(3) 6000 GENERAL SUPPORT Northville Education Foundation 405 W MAIN STREET NORTHVILLE MI 48167 383503644 501(c)(3) 18000 GENERAL SUPPORT Northville Public Schools 405 W MAIN STREET NORTHVILLE MI 48167 382625980 School 6750 GENERAL SUPPORT Novi Education Foundation 25345 Taft Road NOVI MI 48374 382665305 501(c)(3) 10000 GENERAL SUPPORT Novi Public Library 45255 W Ten Mile Rd NOVI MI 48375 386032551 Government 11000 GENERAL SUPPORT Novi Rotary Foundation PO Box 159 Novi MI 48376 582536723 501(c)(3) 9000 GENERAL SUPPORT Plym UW (On behalf of Plym Salv Arm) 960 W Ann Arbor Trail Suite 2 Plymouth MI 48170 237327248 501(c)(3) 7000 GENERAL SUPPORT Plymouth Chamber of Commerce 850 W Ann Arbor Trail Plymouth MI 48170 380933390 501(c)(6) 6800 GENERAL SUPPORT Plymouth Community Arts Council 774 Sheldon Rd Plymouth MI 48170 382132636 501(c)(3) 10000 GENERAL SUPPORT Plymouth-Canton Community Schools 454 South Harvey St Plymouth MI 48170 382628560 School 13547 GENERAL SUPPORT Plymouth-Canton Educational Foundation 454 S Harvey St Plymouth MI 48170 382638321 501(c)(3) 25000 GENERAL SUPPORT The Heat and Warmth Fund 535 Griswold St 200 Detroit MI 48226 382646924 501(c)(3) 10000 GENERAL SUPPORT The Refuge in Otsego County 116 E 5th Gaylord MI 49735 464617368 501(c)(3) 10000 GENERAL SUPPORT Wayne-Westland Community School District 36745 Marquette St Westland MI 48185 386004180 School 6780 GENERAL SUPPORT Wayne-Westland Foundation for Improvement of Instruction 36745 Marquette St Westland MI 48185 382336370 501(c)(3) 20750 GENERAL SUPPORT 36 3 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. COMMUNITY FINANCIAL CREDIT UNION WILL MAKE THE SCHOLARSHIP PAYMENTS DIRECTLY TO THE RECEIVING COLLEGE OR UNIVERSITY AS ITS METHOD OF ENSURING THE GRANT FUNDS ARE USED IN ALIGNMENT WITH ITS PURPOSE. CFCU's Community Relations Department chooses public charities throughout the community to provide funds to. CFCU is active in the community's it serves and supports organizations providing social services, scholarships and governmental services. Support provided to the selected public charities is typically intended for general support. Community Financial also provides tuition reimbursement up to $4,000/year per employee based on grade received. X true true false ELRY ARMAZA CHIEF OF STAFF 266252 0 38674 0 1216 0 0 0 3750 0 309892 0 0 0 ART BEARD CHIEF INFORMATION AND DIGITAL OFFICER 299238 0 78564 0 32579 0 74645 0 0 0 485026 0 31613 0 SCOTT CAMERON EVP/CFO 300974 0 74875 0 1094 0 75140 0 11591 0 463674 0 0 0 CHRIS CURRY SVP OF OPERATIONS AND RISK 259588 0 74668 0 23935 0 74926 0 16959 0 450076 0 23256 0 DANIELLE FRAWLEY CHIEF GROWTH OFFICER 185543 0 20292 0 430 0 14092 0 35 0 220392 0 0 0 JILL JOHNSON CHIEF REVENUE AND LENDING OFFICER 278911 0 77311 0 33914 0 77242 0 9931 0 477309 0 32071 0 CATHY MEYERS CHIEF PEOPLE OFFICER 247622 0 71600 0 53248 0 72315 0 4495 0 449280 0 29519 0 DANIELLE MILNER CHIEF EXPERIENCE OFFICER 268487 0 34054 0 1543 0 7465 0 12564 0 324113 0 0 0 TANSLEY STEARNS CEO 491284 0 78609 0 793 0 22500 0 5730 0 598916 0 0 0 ERIC ESSER Former OFFICER 0 0 0 0 230615 0 0 0 0 0 230615 0 24896 0 MICHAEL ERFOURTH VP BUSINESS EXPERIENCE 149449 0 70791 0 1097 0 0 0 274 0 221611 0 0 0 TOMMY GASSO VP COMMERCIAL LENDING (THROUGH 9/30/23) 189583 0 372925 0 137 0 5861 0 5777 0 574283 0 0 0 DAVID HEFFNER SVP Lending 155805 0 42976 0 22027 0 7768 0 11591 0 240167 0 0 0 JAMES POTTER INVESTMENT REPRESENTATIVE 47220 0 180977 0 309 0 5500 0 4862 0 238868 0 0 0 Thomas Vargo AVP of Core Systems & Development 189166 0 26952 0 1188 0 18765 0 2322 0 238393 0 0 0 Schedule J, Part I, Line 4a Severance or change-of-control payment THE FOLLOWING PERSONS RECEIVED PAYMENTS AS PART OF A SEVERANCE AGREEMENT IN 2023: ERIC ESSER - $230,615 Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan THE FOLLOWING INTERESTED PERSONS RECEIVED DEFERRALS TO THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2023: ART BEARD - $55,822 SCOTT CAMERON- $52,640 CATHY MEYERS - $49,815 JILL JOHNSON - $54,742 CHRIS CURRY - $52,426 THE FOLLOWING INTERESTED PERSONS RECEIVED DISTRIBUTIONS FROM THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2023: ART BEARD - $31,613 ERIC ESSER - $24,896 CATHY MEYERS - $29,519 JILL JOHNSON - $32,071 CHRIS CURRY - $23,256 ARMAZAELRY CHIEF OF STAFF PERSONAL OR BUSINESS LOAN X 540000 530092 false true true BAINDONALD BOARD CHAIR PERSONAL OR BUSINESS LOAN X 14873 89 false true true BEARDARTHUR CHIEF IT OFFICER PERSONAL OR BUSINESS LOAN X 489977 408346 false true true BERRIEALBERT C BOARD MEMBER PERSONAL OR BUSINESS LOAN X 350506 346679 false true true CAMERONSCOTT M CFO PERSONAL OR BUSINESS LOAN X 519892 457907 false true true CURRYCHRISTOPHE CHIEF ENTERPRISE RISK MANAGER PERSONAL OR BUSINESS LOAN X 185615 110383 false true true HERRIMANDANIEL BOARD MEMBER PERSONAL OR BUSINESS LOAN X 3000 721 false true true JOHNSONJILL CHIEF LENDING OFFICER PERSONAL OR BUSINESS LOAN X 297989 219957 false true true JOHNSONRUSTY FAMILY MEMBER OF INTERESTED PERSON PERSONAL OR BUSINESS LOAN X 95000 72000 false true true LAVOYDENNIS L BOARD MEMBER PERSONAL OR BUSINESS LOAN X 290500 259854 false true true MEYERSCATHY L CHIEF HUMAN RESOURCES OFFICER PERSONAL OR BUSINESS LOAN X 73266 6325 false true true MEYERSEMILY E FAMILY MEMBER OF INTERESTED PERSON PERSONAL OR BUSINESS LOAN X 1622 859 false true true MEYERSLAUREN N FAMILY MEMBER OF INTERESTED PERSON PERSONAL OR BUSINESS LOAN X 1000 61 false true true NEIRYNCKKATHY F SUPERVISORY COMMITTEE PERSONAL OR BUSINESS LOAN X 3669 1558 false true true PENNERRANDOLPH CHIEF SALES & MARKETING OFFICER PERSONAL OR BUSINESS LOAN X 59685 56664 false true true REESEPATRICIA BOARD MEMBER PERSONAL OR BUSINESS LOAN X 50643 46216 false true true RIEGALBAILEY M BOARD MEMBER PERSONAL OR BUSINESS LOAN X 27156 1377 false true true RIEGALJACOB D BOARD MEMBER PERSONAL OR BUSINESS LOAN X 3000 224 false true true RIEGALMARK C BOARD MEMBER PERSONAL OR BUSINESS LOAN X 1000 77 false true true ROWLEYSTEPHEN K SUPERVISORY COMMITTEE PERSONAL OR BUSINESS LOAN X 251715 228 false true true SUTTONMARIE A FAMILY MEMBER OF INTERESTED PERSON PERSONAL OR BUSINESS LOAN X 267500 7837 false true true SING TEJKIRAN FAMILY MEMBER OF INTERESTED PERSON PERSONAL OR BUSINESS LOAN X 34149 29933 false true true STEARNS TANSLEY CEO PERSONAL OR BUSINESS LOAN X 747102 711184 false true true 3268572 6537143 Form 990, Part IV, Line 12a FINANCIAL STATEMENTS FOR THE TAX YEAR THE AUDITED FINANCIALS USE A REGULATORY YEAR END OF MARCH 31. AN AUDIT WILL NEXT BE PERFORMED FOR THE MARCH 31, 2024 YEAR END. Form 990, Part VI, Line 15 process for determining compensation Every other year the credit union engages with D Hilton to have compensation grades repriced and evaluated. The last review was done in 2022. Form 990, Part VI, Line 6 Classes of members or stockholders Each account holder is a member of the credit union. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body The members of the credit union vote on board member changes and charter changes. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders The members of the credit union vote on board member changes and charter changes. Form 990, Part VI, Line 11b Review of form 990 by governing body The Manager/Accounting reviews both Form 990 and 990T prior to filing. Form 990, Part VI, Line 12c Conflict of interest policy THE ORGANIZATION'S OFFICERS, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO ANNUALLY DISCLOSE ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST THEY MAY HAVE WITH THE ORGANIZATION. EACH SIGNED POLICY STATEMENT IS REVIEWED TO DETERMINE IF ANY CONFLICTS EXIST AND NEED TO BE BROUGHT TO THE ATTENTION OF THE BOARD. IF A CONFLICT ARISES, THE RESPECTIVE BOARD MEMBER WILL ABSTAIN FROM ANY RELATED DISCUSSION, VOTE, OR SIMILAR ACTION ON THE MATTER. Form 990, Part VI, Line 19 Required documents available to the public THE FINANCIAL STATEMENTS ARE POSTED IN EACH BRANCH OFFICE, UPDATED MONTHLY. THE GOVERNING DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC. Form 990, Part XI, Line 9 Other changes in net assets or fund balances CECL ADOPTION - CHANGE IN ACCOUNTING PRINCIPLE - -5659455;