2023-08-31T10:30:03-05:00 2022-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2022-01-01 381582963 FREESTAR FINANCIAL CREDIT UNION FREE 5864667800 PO BOX 2800 MT CLEMENS MI 48046 DREMA ISAAC PRESIDENT/CEO 5864667800 2023-08-28 1 DREMA ISAAC 999009999 0 JOSEPH A ZITO CPA P00648440 2482443000 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DREMA D ISAAC PO BOX 2800 MT CLEMENS MI 48046 14622959 0 1359 X WWW.FREESTARFINANCIAL.COM X 1957 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 8 8 113 9 29920 8185 0 0 11932040 13163731 787074 1386549 272105 29920 12991219 14580200 0 18026 0 0 5219707 6401000 0 0 0 5890692 7046685 11110399 13465711 1880820 1114489 281204430 305665605 255217477 283443325 25986953 22222280 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 22,000 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 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 5354 0 1 113 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X ALMA MUHOLLARI 5864667800 PO BOX 2800 MT CLEMENS MI 48046 RAYMOND W WHITE JR BOARD CHAIRPERSON 2.00 X 0 0 0 CLIFFORD BROWN 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 CHARLES LARSEN BOARD DIRECTOR 2.00 X 0 0 0 ASHLEY CIAMILLO BOARD DIRECTOR 2.00 X 0 0 0 MARC ALEXANDER ASSOCIATE BOARD DIRECTOR 2.00 X 0 0 0 JOHN BUSEMAN BOARD DIRECTOR 2.00 X 0 0 0 DREMA ISAAC PRESIDENT/CEO 40.00 X 342030 0 174154 ERIC HEINRICH CFO 40.00 X 181323 0 25485 JENNIFER MARTINES EXECUTIVE VICE PRESIDENT 40.00 X 152415 0 8161 ANNE LESTER VP BRANCH OPERATIONS 40.00 X 123167 0 12335 TIMOTHY STRENK VP OF INFORMATION TECHNOLOGY 40.00 X 115067 0 25211 CHRISTOPHER CLAPP VP OF LENDING 40.00 X 109502 0 6249 VICTORIA MCINSTOSH VP OF COMMUNITY AFFAIRS 40.00 X 100502 0 14249 1124006 0 265844 7 0 1 0 FISERV PO BOX 934057 ATLANTA GA 31193 DATA PROCESSING 1707377 THOMPSON PHELAN 9834 DIXIE HIGHWAY ANCHORVILLE MI 48004 CONSTRUCTION 136646 2 LOANS RECEIVABLE 522100 8688193 8688193 FEES, CHARGES, OTHER 522100 4475538 4475538 13163731 1352391 1352391 76917 42759 34158 34158 34158 FINANCE AND INSURANCE 520000 29920 29920 29920 14580200 14550280 29920 0 X 4026 14000 883568 4231650 184219 737828 363735 13312 30368 113208 483063 442291 716162 276084 125884 55816 1257955 18898 655520 53883 UNRELATED BUSINESS INCO 2700 DEBIT/CREDIT/ATM EXPENS 1146501 LOAN SERVICING 486671 REALIZED LOSSES ON DEFE 482060 686309 13465711 2490293 2868903 12587459 4692417 174514026 203926656 203683 334327 17417014 4972359 12040125 12444655 65684898 65937251 6518600 8092000 273699 7165346 7095697 281204430 305665605 2332454 3230989 438178 402628 7000000 10000000 245446845 269809708 255217477 283443325 X 0 0 0 0 25986953 22222280 25986953 22222280 281204430 305665605 X 1114489 -7031446 2152284 X X 0 1 X 1 0 0 1 X 3591931 3591931 10200738 2532558 7668180 53823 41495 12328 3570522 2398306 1172216 12444655 MEMBER SHARES 269809708 269809708 X 14098140 -482060 -482060 14580200 0 14580200 12983651 0 12983651 482060 482060 13465711 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: REALIZED LOSSES ON DEFERRED COMPENSATION INVESTMENTS REPORTED AS A REDUCTION OF REVENUE WITHIN THE AUDITED FINANCIAL STATEMENTS BUT REPORTED AS A COMPONENT OF EXPENSES WITHIN THE STATEMENT OF EXPENSES ON FORM 990 -482,060. PART XII, LINE 4B - OTHER ADJUSTMENTS: REALIZED LOSSES ON DEFERRED COMPENSATION INVESTMENTS REPORTED AS A REDUCTION OF REVENUE WITHIN THE AUDITED FINANCIAL STATEMENTS BUT REPORTED AS A COMPONENT OF EXPENSES WITHIN THE STATEMENT OF EXPENSES ON FORM 990 482,060. 1 0 0 AWARD GIVE AWAY 1 10000 SCHOLARSHIPS 4 4000 PART I, LINE 2: FREESTAR FINANCIAL CREDIT UNION LAUNCHED ITS $10K GIVEAWAY PROMOTION OF 2022. ANY MEMBER WHO APPLIED FOR AND CLOSED ON A QUALIFYING HOME EQUITY LINE OF CREDIT OR MORTGAGE LOAN OF $25,000 OR MORE DURING THE PROMOTION PERIOD WAS AUTOMATICALLY ENTERED TO WIN THE $10,000 GRAND PRIZE. FREESTAR FINANCIAL CREDIT UNION IS PROUD TO AWARD $4,000 TO GRADUATING HIGH SCHOOL SENIORS. WE OFFER TWO CATEGORIES FOR OUR SCHOLARSHIPS: MILITARY HONOR SCHOLARSHIPS (TWO $1,000 SCHOLARSHIPS ARE AVAILABLE) AND COMMUNITY ACTION SCHOLARSHIPS (TWO $1,000 SCHOLARSHIPS ARE AVAILABLE). APPLICANTS MUST MEET THE FOLLOWING CRITERIA: -GRADE POINT AVERAGE OF 3.0 OR BETTER -STUDENTS MUST BE ACCEPTED TO QUALIFIED EDUCATIONAL INSTITUTION -IF APPLYING FOR THE MILITARY HONOR SCHOLARSHIP, PROOF OF MILITARY AFFILIATION IS REQUIRED APPLICANTS ARE REQUIRED TO SUBMIT A RESUME', A HIGH SCHOOL TRANSCRIPT, AN ESSAY DETAILING HIGHLIGHTS OF THE APPLICANT'S ACHIEVEMENTS AND COMMUNITY INVOLVEMENT, AND LETTER(S) OF RECOMMENDATION. X X 1 1 X X 0 1 0 DREMA ISAAC PRESIDENT/CEO 319497 0 22533 0 0 0 162335 0 11819 0 516184 0 0 0 ERIC HEINRICH CFO 173668 0 7655 0 0 0 10204 0 15281 0 206808 0 0 0 JENNIFER MARTINES EXECUTIVE VICE PRESIDENT 146335 0 6080 0 0 0 8161 0 0 0 160576 0 0 0 PART I, LINE 4B THERE ARE FOUR EMPLOYEES OF THE ORGANIZATION WHO PARTICIPATE IN A NON-QUALIFIED 457(B) DEFERRED COMPENSATION PLAN ESTABLISHED BY THE CREDIT UNION. THE LIABILITY ASSOCIATED WITH THIS BENEFIT AS OF DECEMBER 31, 2022 FOR EACH PARTICIPANT WAS: DREMA D. ISAAC - $283,060 ERIC HEINRICH - $87,187 VICTORIA MCINSTOSH - $33,057 JENNIFER MARTINES - $13,269 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 $1,002,900 AS OF DECEMBER 31, 2022. 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 113,208. FORM 990, PART IX, LINE 24E SERVICE BUREAU 333,170. MAINTENANCE 220,456. PROVISION FOR LOAN LOSSES 61,266. MISCELLANEOUS 43,791. SHARE LOSSES 27,626. FORM 990, PART XI, LINE 9: EQUITY ACQUIRED IN THE BUSINESS COMBINATION WITH BELLE RIVER COMMUNITY CREDIT UNION 2,152,284. 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.