2023-10-12T08:45:44-05:00 2022-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2022-01-01 381475121 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN CRED 7346767000 23670 TELEGRAPH ROAD BROWNSTOWN MI 48134 T SCOTT KREINBRING CFO 7346753757 2023-10-08 1 T SCOTT KREINBRING XXX-XX-XXXX 0 JACK C TRACY P01974742 2482443000 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ADVANTAGE ONE CREDIT UNION CHRISTOPHER D CORKERY 23670 TELEGRAPH ROAD BROWNSTOWN MI 48134 12777127 0 X WWW.MYAOCU.COM X 1952 MI THE MISSION OF ADVANTAGE ONE CU IS TO OPERATE IN A SAFE AND SOUND MANNER WHILE MEETING THE FINANCIAL NEEDS OF ITS MEMBERSHIP. 7 7 76 7 36950 0 0 0 10792380 11874217 667741 865960 35873 36950 11495994 12777127 7500 7500 0 0 4247414 4494525 0 0 0 5165509 5650661 9420423 10152686 2075571 2624441 211773207 233999482 192487827 216346889 19285380 17652593 THE MISSION OF ADVANTAGE ONE CU IS TO OPERATE IN A SAFE AND SOUND MANNER WHILE MEETING THE FINANCIAL NEEDS OF ITS MEMBERSHIP. 0 0 LOANS - TOTAL LOANS GREW $41.1 MILLION, OR 32.02% IN 2022. INDIRECT LOANS ACCOUNTED FOR $14.3 MILLION OF THAT GROWTH, GROWING AT A RATE OF 57%. STRONG LOAN GROWTH WAS RECOGNIZED IN 2022 INDUSTRY WIDE. USED VEHICLE LOANS GREW $7.0 MILLION, FOLLOWED BY PARTICIPATION LOANS, 1ST MORTGAGE LOANS AND HOME EQUITY LOANS. NOT INCLUDING WAGES AND BENEFITS, LOAN EXPENSES TOTALED $1.2 MILLION. DEBIT CARDS - AS OF 12/31/2022, ADVANTAGE ONE CU HAD 10,999 DEBIT CARDS (UP FROM 9,658 LAST YEAR) REPRESENTING 55% OF THE NUMBER OF TOTAL MEMBERS. THE ASSOCIATED EXPENSE WITH THE PROGRAM IN 2022, WAS $662,000, EXCLUDING WAGES AND BENEFITS. COURTESY PAY/NSF INCOME FOR 2022 APPROXIMATED $1.3 MILLION, DECREASING SLIGHTLY FROM $1.2 DURING 2021. GROWTH IN THIS REVENUE SOURCE FOR 2021 AND 2022 WAS IMPACTED BY CHANGES IN REPONSE TO INCREASING EXTERNAL POLITICAL PRESSURES, WHICH SERVED TO KEEP THE NUMBER DOWN. EXPENSES ASSOCIATED WITH UNCOLLECTED FEES TOTALED APPROXIMATELY $6.7K. 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 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 2540 0 1 76 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 T SCOTT KREINBRING 7346753757 23670 TELEGRAPH ROAD BROWNSTOWN MI 48134 RICHARD E LINDEMANN CHAIRPERSON 1.00 X 0 0 0 MARK RAGSDALE VICE CHAIRPERSON 1.00 X 0 0 0 MART BERTERA DIRECTOR 1.00 X 0 0 0 ANTHONY PASCARELLA SECRETARY 1.00 X 0 0 0 ROBERT J MATTERN TREASURER 1.00 X 0 0 0 SUE TRUSSEL DIRECTOR 1.00 X 0 0 0 MARLENE CADWELL DIRECTOR 1.00 X 0 0 0 BOB WALTERS DIRECTOR 1.00 X 0 0 0 CHRISTOPHER CORKERY CEO 55.00 X 274815 0 42398 SCOTT KREINBRING CFO 55.00 X 144384 0 19073 NICHOLAS SCHMITTER CLO 55.00 X 153649 0 19814 JESSICA WORKMAN VP OF MEMBER EXPERIENCE 45.00 X 110331 0 24888 KIMBERLEE MCEACHRAN VP OF MARKETING 45.00 X 101264 0 21393 784443 0 127566 5 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 DR/CR/ATM PROCESSING 857577 ALKAMI 5601 GRANITE PARKWAY PLANO TX 75024 HOME BANKING/ BILL PAY 286680 JACK HENRY 663 W HWY 60 MONETT MO 65708 CORE PROCESSING 283618 LKCS 4130 PLANK ROAD PERU IL 61354 STATEMENT MAILER/MARKETING 147122 MERIDIAN LINK 3560 HYLAND AVE SUITE 200 COSTA MESA CA 92626 LOAN ORIGINATION 114672 5 INCOME ON LOANS 522100 7758770 7758770 FEES/CHARGES/OTHER 522100 4115447 4115447 11874217 865960 865960 FINANCE AND INSURANCE 520000 36950 36950 36950 12777127 12740177 36950 0 X 7500 654133 2892569 251578 410763 285482 665339 95642 1888672 422785 17604 169320 555355 28072 291262 LOAN SERVICING 1173774 MISCELLANEOUS 179619 TRAINING/DEVELOPMENT/ED 122439 DIFS FEES 34625 6153 10152686 9932311 8189603 1253003 610268 1563798 1596482 127492673 168771110 666478 887867 4457553 305135 4457553 4152418 62658363 45739900 433000 433000 3316028 3618834 211773207 233999482 1319857 1203054 191167970 215143835 192487827 216346889 X 0 0 0 0 19285380 17652593 19285380 17652593 211773207 233999482 2624441 -4257228 0 X X 0 1 X 1 0 1123759 1123759 2477231 133936 2343295 856563 171199 685364 4152418 MEMBER DEPOSITS 215143835 215143835 X 12777127 0 12777127 0 12777127 10152686 0 10152686 0 10152686 PART X, LINE 2: INCOME TAX IS NOT PROVIDED IN THE STATEMENTS OF INCOME AS THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES EXCEPT FOR TAXES ON UNRELATED BUSINESS INCOME, IF ANY. 1 0 0 SCHOLARSHIPS 3 7500 PART III SCHOLARSHIPS ARE AWARDED BASED ON VARIOUS CRITERIA INCLUDING BUT NOT LIMITED TO THE APPLICANTS' SCHOLASTIC ACHIEVEMENTS, COMMUNITY SERVICE AND CHARITY WORK. APPLICANTS ALSO ANSWER A SERIES OF ESSAY QUESTIONS. X 1 1 X X 0 1 0 CHRISTOPHER CORKERY CEO 229999 0 35400 0 9416 0 21760 0 20638 0 317213 0 0 0 NICHOLAS SCHMITTER CLO 141124 0 12525 0 0 0 12292 0 7522 0 173463 0 0 0 SCOTT KREINBRING CFO 133754 0 10630 0 0 0 11551 0 7522 0 163457 0 0 0 PART I, LINE 4B THE CEO, CHRISTOPHER CORKERY PARTICIPATES IN A COLLATERAL ASSIGNED SPLIT DOLLAR ARRANGEMENT. CHRIS CORKERY CEO EXECUTIVE RETENTION PLAN X 1500000 1596482 0 1 1 1596482 SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE PARTICIPANT'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME UP TO THE PREMIUMS PAID INTO THE POLICIES. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOANS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE ORGANIZATION VOTE FOR VOLUNTEERS, OR BOARD OF DIRECTORS, THROUGH AN ELECTION PROCESS CONDUCTED AT AN ANNUAL MEETING. 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 CFO OVERSEE THE PREPARATION OF THE FORM 990 AS WELL AS THE REVIEW OF THE FORMS PRIOR TO FILING WITH THE IRS. A COPY WILL BE PROVIDED TO THE AUDIT COMMITTEE, WHICH IS A SUBSET OF THE BOARD OF DIRECTORS, AT THE FIRST QUARTERLY MEETING FOLLOWING THE FILING OF THIS RETURN. FORM 990, PART VI, SECTION B, LINE 12C POLICIES ARE REVIEWED REGULARLY, REVISED AS NECESSARY AND PRESENTED TO THE BOARD FOR APPROVAL. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE COMPRISED OF THE BOARD OF DIRECTORS APPROVES THE CEO'S COMPENSATION. THE CEO APPROVES COMPENSATION OF OTHER OFFICERS/KEY EMPLOYEES AND ESTABLISHES TERM CONTRACTUAL AGREEMENTS AFTER NOTIFYING THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. THE CREDIT UNIONS CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 665,339. FORM 990, PART IX, LINE 24E NO BOUNCE PROVISION 6,922. PROVISION FOR LOAN LOSSES -769. FORM 990, PART XII, LINE 2C WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.