2023-11-03T08:39:04-05:00 2022-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2022-01-01 381489454 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN CRED 9898355100 600 W WACKERLY STREET MIDLAND MI 48641 TAMARA MCGOVERN CFO 9898355100 2023-10-13 1 TAMARA MCGOVERN 999009999 0 JACK C TRACY P01974742 2482443000 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z MEMBERS FIRST CREDIT UNION CARRIE IAFRATE 600 W WACKERLY STREET MIDLAND MI 48641 44711143 0 X WWW.MFCU.NET X 1936 MI THE MISSION OF MEMBERS FIRST CREDIT UNION IS TO ENCOURAGE A BETTER TOMORROW. 9 9 286 12 60219 32847 0 1826265 35436134 39123821 2814326 3761057 0 0 38250460 44711143 10000 10000 0 0 16438791 18155521 0 0 0 15814151 21754787 32262942 39920308 5987518 4790835 736881404 814371674 667169726 757904332 69711678 56467342 X OUR PROMISE IS TO BE TRUSTWORTHY, CARING AND ENTHUSIASTIC TO HELP MEMBERS SUCCEED. AT OUR CORE, WE WILL DELIVER EXCELLENCE THROUGH KNOWLEDGE. WE CAN BE DEPENDED UPON TO DO THE RIGHT THING AND EXCEED MEMBER EXPECTATIONS. WE ARE COMMITTED TO ENCOURAGEMENT AND POWER OF POSTITIVITY. 0 0 PROVIDED APPROXIMATELY 22,000 LOANS TO MEMBERS, INCLUDING CONSUMER, REAL ESTATE, CREDIT CARD AND SMALL BUSINESS LOANS. OFFER OVER 61,000 MEMBERS METHODS TO INCREASE THEIR FINANCIAL WELLBEING WITH SAVINGS, CHECKING, CERTIFICATES OF DEPOSIT AND OTHER DEPOSIT AND INVESTMENT PRODUCTS AND OPTIONS. OFFER MEMBERS VARIOUS METHODS TO ACHIEVE THEIR FINANCIAL GOALS THROUGH PERSONAL CONTACT, ELECTRONIC AND ONLINE SERVICES. 0 1 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 14399 0 1 286 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X MEMBERS FIRST CREDIT UNION 9898355100 600 W WACKERLY STREET MIDLAND MI 48641 ROBERT COOPER CHAIRPERSON 4.00 X 0 0 0 DAVID THOMPSON TREASURER 4.00 X 0 0 0 KEVIN BROTT DIRECTOR 4.00 X 0 0 0 CLARE TAYLOR JR DIRECTOR 4.00 X 0 0 0 ROBERT LANCASTER VICE CHAIRPERSON 4.00 X 0 0 0 GARY SCHENK DIRECTOR 4.00 X 0 0 0 DOUG TODD DIRECTOR 4.00 X 0 0 0 GRANT MURSCHEL DIRECTOR 4.00 X 0 0 0 JENNI BUSH DIRECTOR 4.00 X 0 0 0 CARRIE IAFRATE PRESIDENT/CEO 40.00 X 400465 0 43974 TAMARA MCGOVERN CFO 40.00 X 345035 0 45018 AMY GARVER COO 40.00 X 202632 0 25356 MARCIE LONG CSO 40.00 X 171769 0 31278 ANNA ZIELINSKI EXECUTIVE VP 40.00 X 298368 0 20296 KELLY KAMMER VP OF RISK MANAGEMENT 40.00 X 162312 0 38593 PAMELA AYERS VP OF LENDING 40.00 X 136642 0 18291 REID LUNDEEN VP OF LENDING 40.00 X 143545 0 34421 CASSANDRA CHASNIS TECHNOLOGY DIRECTOR 40.00 X 150087 0 13252 KRISTEN WALTERS HUMAN RESOURCES DIRECTOR 40.00 X 124600 0 23618 NITA HASS REAL ESTATE LENDING LEADER 40.00 X 123997 0 0 ERIC BRUBAKER FORMER PRESIDENT/CEO 40.00 X 137038 0 10963 2396490 0 305060 20 1 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE PROCESSING SYSTEMS 2172953 Q2 SOFTWARE INC 10355 PECAN PARK BLVD AUSTIN TX 78729 ONLINE BANKING 576547 DOXIM 747 E WHITCOMB AVE MADISON HEIGHTS MI 48071 PRINTER-STATEMENTS & MARKETING PIECES 538022 LENDING SOLUTIONS INC 2200 POINT BOULEVARD STE 110 ELGIN IL 60123 CALL CENTER/COLLECTIONS/LOAN PROCESSING 536821 YEO & YEO COMPUTER CONSULTING PO BOX 3275 SAGINAW MI 48605 COMPUTER CONSULTANTS 459101 24 1826265 1826265 LOAN INTEREST 522100 24783383 24783383 FEES AND OTHER 522100 14280219 14280219 FINANCE & INSURANCE 520000 60219 60219 39123821 3756657 3756657 4400 0 4400 4400 4400 44711143 42824659 60219 0 X 10000 1785096 12641998 962019 1517249 1249159 31574 212278 942751 1204545 8415326 936736 144621 420131 2545696 1388676 154288 PROVISION FOR LOAN LOSS 3504676 LOAN SERVICING FEES 1804528 LOSSES ON DEPOSIT ACCOU 39981 990T EXPENSE 8980 39920308 8107588 9163174 81671130 49648450 643849 389076 2750000 2750000 416286476 550076496 2637602 3827521 28545398 15522172 13620724 13023226 195805806 168704207 3938974 4515607 291067 209839 11128188 12064078 736881404 814371674 8843321 79826289 658326405 678078043 667169726 757904332 X 0 0 0 0 69711678 56467342 69711678 56467342 736881404 814371674 4790835 -18035171 0 X X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3022865 3022865 15786762 6891720 8895042 9735771 8630452 1105319 13023226 MEMBER DEPOSITS 678078043 678078043 X 44711143 0 44711143 0 44711143 39920308 0 39920308 0 39920308 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. 1 MICHIGAN CREDIT UNION FOUNDATION PO BOX 8054 PLYMOUTH MI 481708054 386066911 501(C)(3) 10000 0 CHARITABLE CONTRIBUTION 1 0 PART I, LINE 2: THESE ARE CHARITABLE CONTRIBUTIONS, NOT GRANTS. THEREFORE, THERE IS NO SUBSEQUENT MONITORING BY THE CREDIT UNION. X X X 0 1 0 CARRIE IAFRATE PRESIDENT/CEO 327054 0 64631 0 8780 0 21402 0 22572 0 444439 0 0 0 TAMARA MCGOVERN CFO 286596 0 56025 0 2414 0 24400 0 20618 0 390053 0 0 0 ANNA ZIELINSKI EXECUTIVE VP 240568 0 49952 0 7848 0 20296 0 0 0 318664 0 0 0 AMY GARVER COO 170631 0 28783 0 3218 0 16180 0 9176 0 227988 0 0 0 MARCIE LONG CSO 153032 0 14759 0 3978 0 13800 0 17478 0 203047 0 0 0 KELLY KAMMER VP OF RISK MANAGEMENT 133102 0 26086 0 3124 0 13571 0 25022 0 200905 0 0 0 REID LUNDEEN VP OF LENDING 120258 0 20708 0 2579 0 11849 0 22572 0 177966 0 0 0 CASSANDRA CHASNIS TECHNOLOGY DIRECTOR 126080 0 20303 0 3704 0 11657 0 1595 0 163339 0 0 0 PAMELA AYERS VP OF LENDING 104710 0 29867 0 2065 0 10942 0 7349 0 154933 0 0 0 ERIC BRUBAKER FORMER PRESIDENT/CEO 40030 0 97008 0 0 0 10963 0 0 0 148001 0 0 0 PART I, LINE 4B ERIC BRUBAKER, FORMER PRESIDENT/CEO, PARTICIPATES IN A COLLATERAL ASSIGNED SPLIT DOLLAR ARRANGEMENT FOR WHICH NO ACTUAL FUNDS WERE DISTRIBUTED. ERIC BRUBAKER FORMER CEO DEFERRED RETIREMENT PROGRAM-COLLATERAL ASSIGNED X 2750000 2750000 0 1 1 2750000 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 MEMBERS OF THE BOARD OF DIRECTORS HAVE STAGGERED TERMS OF 3 YEARS AND THEIR ELECTION IS HELD ANNUALLY AT AN ANNUAL MEETING FOR THE FULL MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7B CREDIT UNION DECISIONS THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE BYLAW CHANGES. ANY CHANGE IN THE CREDIT UNION'S BYLAWS ARE APPROVED BY A VOTE OF THE FULL MEMBERSHIP AT THE ANNUAL MEETING OR A SPECIAL MEETING CALLED FOR THAT PURPOSE. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE VICE PRESIDENT PRIOR TO SUBMISSION TO THE IRS. A FULL COPY OF THE 990 RETURN IS PROVIDED TO THE BOARD OF DIRECTORS FOR THEIR ANNUAL REVIEW AND DISCUSSION AT A REGULAR MEETING OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION HAS A FULL-TIME AUDIT AND COMPLIANCE DEPARTMENT WHOM, WITH THE HUMAN RESOURCES MANAGER, ENSURES COMPLIANCE WITH REGULATIONS AND STATUTES. THE BOARD OF DIRECTORS AND SENIOR MANAGEMENT SIGN A CONFLICT OF INTEREST DISCLOSURE. ADDITIONALLY, COMPLIANCE WITH CONFLICT OF INTEREST POLICIES IS MONITORED BY THE SUPERVISIORY COMMITTEE, WHO ARE NOT MEMBERS OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 A PERSONNEL COMMITTEE COMPOSED OF SEVERAL MEMBERS OF THE BOARD OF DIRECTORS PERFORM AN ANNUAL REVIEW OF THE PRESIDENT/CEO WHICH IS THEN SUBMITTED TO THE FULL BOARD OF DIRECTORS. A PERSONNEL COMMITTEE COMPOSED OF SEVERAL MEMBERS OF THE BOARD OF DIRECTORS SET THE OVERALL EMPLOYEE COMPENSATION, BENEFIT PARAMETERS AND ANNUAL INCREASE GUIDELINES WHICH ARE THEN APPROVED BY THE FULL BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 MONTHLY FINANCIALS ARE POSTED AT EACH BRANCH AND ANNUAL FINANCIALS ARE PROVIDED TO ALL MEMBERS AT THE ANNUAL MEETING OF THE MEMBERSHIP. THEY ARE ALSO AVAILABLE UPON REQUEST. CREDIT UNION POLICIES ARE REVIEWED AT LEAST ANNUALLY AT A MEETING OF THE BOARD OF DIRECTORS AND ARE AVAILABLE UPON REQUEST TO BE REVIEWED AT THE CREDIT UNION'S CORPORATE HEADQUARTERS DURING REGULAR BUSINESS HOURS. THE CREDIT UNION'S GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST TO BE REVIEWED AT THE CREDIT UNION'S CORPORATE HEADQUARTERS DURING REGULAR BUSINESS HOURS. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 942,751. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR.