2023-04-17T13:13:01-05:00 2022-12-31 381357951 PLANTE & MORAN PLLC 2601 CAMBRIDGE CT STE 300 AUBURN HILLS MI 48326 990 2022-01-01 381305916 MICHIGAN EDUCATIONAL CREDIT UNION MICH 7344559200 9200 HAGGERTY RD PLYMOUTH MI 48170 KEVIN F FINNERAN CHIEF FINANCIAL OFFICER 7344559200 2023-04-10 1 KEVIN FINNERAN XXX-XX-XXXX 0 TINA PETERS P00904574 2483757100 2023-04-10 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ROBERT G SANDERCOCK 9200 HAGGERTY RD PLYMOUTH MI 48170 73165870 0 X WWW.MICHEDCU.ORG X 1942 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 9 9 102 0 63994 0 0 0 21832853 21994174 5576073 8088620 22172 24639 27431098 30107433 0 0 0 0 10938412 10718890 0 0 0 14913879 15599892 25852291 26318782 1578807 3788651 1074921779 1037849743 966539456 972569560 108382323 65280183 TO PROVIDE MEMBERS WITH QUALITY, COMPREHENSIVE AND COST EFFECTIVE FINANICIAL SERVICES. 0 0 PROVIDE 50,274 MEMBERS WITH REGULAR SHARES, SHARE DRAFT, CERTIFICATES OF DEPOSIT, AND IRA ACCOUNTS TOTALING 95,737 PROVIDE 49,469 LOANS INCLUDING VEHICLE, CREDIT CARD, HOME EQUITY, BUSINESS, PERSONAL, BOAT, MOTORCYCLE, MOTOR HOME, AND MORTGAGES. OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, MONEY ORDERS, CHECK CASHING, TRAVELERS CHECKS, OVERDRAFT PROTECTION/COURTESY PAY, BILL PAY AND VARIOUS INSURANCE AND INVESTMENT PROGRAMS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 71333 0 1 102 1 1 1 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X KEVIN FINNERAN 7344559200 9200 HAGGERTY ROAD PLYMOUTH MI 48170 ALONZO GLAZE CHAIRPERSON 2.00 0.00 X X 0 0 0 STEVEN RODRIGUEZ VICE CHAIRPERSON 2.00 0.00 X X 0 0 0 WILLIAM WOOSTER TREASURER 2.00 0.00 X X 0 0 0 ROBIN J E LONG SECRETARY 2.00 0.00 X X 0 0 0 AMY MCQUISTON DIRECTOR 2.00 0.00 X 0 0 0 MICHELLE RANDALL DIRECTOR 2.00 0.00 X 0 0 0 GREGORY BARACY DIRECTOR 2.00 0.00 X 0 0 0 SCOTT SZUKAITIS DIRECTOR 2.00 0.00 X 0 0 0 DEBORAH ELLISTON DIRECTOR 2.00 0.00 X 0 0 0 ROBERT SANDERCOCK CHIEF EXECUTIVE OFFICER 38.00 0.00 X 1853686 0 102649 KEVIN FINNERAN CHIEF FINANCIAL OFFICER 38.00 0.00 X 270958 0 81261 HENRY WILLSON EXECUTIVE VICE PRESIDENT 38.00 0.00 X 445858 0 92950 JEFFREY CUSMANO VICE PRESIDENT 38.00 0.00 X 310164 0 60606 JOSEPH RASSETTE VICE PRESIDENT- IT 38.00 0.00 X 221506 0 67188 ELLEN GOERS VICE PRESIDENT- ACCOUNTING 38.00 0.00 X 217712 0 42754 LISA KANIA BRANCH MANAGER 38.00 0.00 X 166120 0 56370 ANDREA KLEBBA EXECUTIVE ASSISTANT 38.00 0.00 X 153510 0 54635 EMILY FRICKS MARKETING SUPERVISOR 38.00 0.00 X 149512 0 47565 KELLY BOROWSKI BRANCH MANAGER 38.00 0.00 X 129809 0 54186 NICHOLE HATCH BRANCH MANAGER 38.00 0.00 X 123844 0 50012 4042679 0 710176 16 0 1 0 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 CORE PROCESSING SYSTEM, ETC. 3239959 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 732870 CO-OP FINANCIAL SERVICES 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 SHARED BRANCHING, ATM NETWORK, DEBIT CAR 579556 CBTS - ALTAFIBER 221 E FOURTH ST CINCINNATI OH 45201 COMMUNICATION & NETWORK LINES 333086 DIEBOLD NIXDORF PO BOX 643543 PITTSBURGH PA 15264 ATM MACHINES & DRIVE THRU 231290 5 LOAN INTEREST 522100 18105637 18105637 FEE/OTHER INCOME 524298 3888537 3824543 63994 21994174 8081340 8081340 29604 4965 24639 24639 24639 43053478 7274 43053472 0 6 7274 7280 6 7274 30107433 30011526 63994 31913 3767272 3796183 980261 1711387 463787 349567 455000 1338948 4391322 1429191 6870 211689 2206262 717511 152775 LOAN SERVICING 2987125 PROVISION FOR LOAN LOSS 457100 DEBIT CARD EXPENSE 455783 OTHER OPERATING EXPENSE 292490 148259 26318782 3324091 1424098 97527882 16335579 448561108 521809011 1029553 967264 23521175 15844287 8376380 7676888 483231992 449271500 13601410 16306358 19269363 24059045 1074921779 1037849743 7450364 6640282 959089092 965929278 966539456 972569560 X 0 0 0 0 108382323 65280183 108382323 65280183 1074921779 1037849743 X 3788651 -47110499 219708 X X 0 1 X 1 0 2910860 2910860 10003804 6242347 3761457 10606511 9601940 1004571 7676888 60000 C FEDERAL AGENCY SECURITIES 73575080 C CORPORATE BONDS 122756423 C MUNICIPAL BONDS 180750464 C COLLATERALIZED MORTGAGE OBLIGATIONS 71545006 C SMALL BUSINESS ADMINISTRATION SECURITY 584527 C 449271500 MEMBER SHARES 965929278 965929278 X 1 1 X X 0 0 0 ROBERT SANDERCOCK CHIEF EXECUTIVE OFFICER 972462 0 874000 0 7224 0 52919 0 49730 0 1956335 0 0 0 HENRY WILLSON EXECUTIVE VICE PRESIDENT 335967 0 46000 0 63891 0 46906 0 46044 0 538808 0 0 0 JEFFREY CUSMANO VICE PRESIDENT 269412 0 40000 0 752 0 43071 0 17535 0 370770 0 0 0 KEVIN FINNERAN CHIEF FINANCIAL OFFICER 231590 0 37500 0 1868 0 39186 0 42075 0 352219 0 0 0 JOSEPH RASSETTE VICE PRESIDENT- IT 201200 0 20000 0 306 0 31460 0 35728 0 288694 0 0 0 ELLEN GOERS VICE PRESIDENT- ACCOUNTING 206338 0 10450 0 924 0 26846 0 15908 0 260466 0 0 0 LISA KANIA BRANCH MANAGER 158891 0 7000 0 229 0 21343 0 35027 0 222490 0 0 0 ANDREA KLEBBA EXECUTIVE ASSISTANT 135879 0 17500 0 131 0 19591 0 35044 0 208145 0 0 0 EMILY FRICKS MARKETING SUPERVISOR 144804 0 4125 0 583 0 18331 0 29234 0 197077 0 0 0 KELLY BOROWSKI BRANCH MANAGER 124047 0 5500 0 262 0 16659 0 37527 0 183995 0 0 0 NICHOLE HATCH BRANCH MANAGER 117684 0 6000 0 160 0 15439 0 34573 0 173856 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS INCLUDED WITH EXECUTIVE TRAVEL. THE CREDIT UNION HAS POLICIES REGARDING PAYMENT OR REIMBURSEMENT FOR ALL EXPENSES. TRAVEL FOR COMPANIONS IS NOT TREATED AS TAXABLE INCOME. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE, AND VOTING. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED AT THE ANNUAL MEETING. EVERY YEAR THREE OF THE NINE SEATS ARE ELECTED FOR A THREE YEAR TERM. FORM 990, PART VI, SECTION A, LINE 7B CREDIT UNION DECISIONS THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE MERGERS, FIELD OF MEMBERSHIP CHANGES AND BY-LAW CHANGES. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE CFO PRIOR TO SUBMISSION TO THE IRS. THE RETURNS ARE MADE AVAILABLE TO THE BOARD OF DIRECTORS FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES SIGN AN ACKNOWLEDGEMENT OF THE CREDIT UNION POLICIES UPON HIRE WITH EACH REVISION. CONFLICT OF INTEREST IS INCLUDED. BOARD MEMBERS SIGN A CODE OF ETHICS AGREEMENT WHICH SPECIFICALLY ADDRESSES CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS PERFORMS AN EVALUATION OF THE CEO. COMPENSATION IS DETERMINED THROUGH SALARY SURVEY AND COMPARISON TO SELECT PEER GROUP. IT IS BASED ON AN EMPLOYMENT CONTRACT AND INCREASES ARE APPROVED BY THE BOARD OF DIRECTORS. CFO AND KEY EMPLOYEES ARE EVALUATED BY THE CEO. THE CEO DETERMINES THE SALARY BASED ON COMPENSATION SURVEYS, ETC. THE LAST COMPENSATION REVIEW WAS DURING THE BUDGET PROCESS IN 2022. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. OTHER DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN POSTRETIREMENT HEALTH BENEFITS 219,708. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART X, LINE 5 AND SCHEDULE L: SCHEDULE L IS NOT REQUIRED FOR LOANS RECEIVABLE BALANCES ON FORM 990, PART X, LINE 5 IF THE LOANS ARE MADE BY THE CREDIT UNION TO THE DIRECTORS, OFFICERS, AND KEY EMPLOYEES ON THE SAME TERMS OFFERED TO OTHER MEMBERS OF THE CREDIT UNION. THEREFORE, THE CREDIT UNION HAS INCLUDED $2,709,113 AND $2,033,965 OF RECEIVABLES FROM CURRENT OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES, AND HIGHEST COMPENSATED EMPLOYEES FOR 2022 AND 2021, RESPECTIVELY, WITHIN FORM 990, PART X, LINE 7. INTERCOUNTY FINANCIAL SERVICES INC DBA MICH EDU FIN SVCS 9200 HAGGERTY ROAD PLYMOUTH MI 48170 383245456 MORTGAGE LOAN WAREHOUSING MI MICHIGAN EDUCATIONAL CREDIT UNION C 196041 4988611 1.00000 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTERCOUNTY FINANCIAL SERVICES LTD A 151714 CASH PAYMENT