2023-11-13T12:23:46-06:00 2022-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2022-01-01 520284053 MUNICIPAL EMPLOYEES CREDIT UNION OF BALTIMORE INC MUNI 4107528313 ONE SOUTH STREET BALTIMORE MD 21202 ADRIAN JOHNSON SVP/CFO 4107528313 2023-11-13 ADRIAN JOHNSON 999009999 0 JOHN J MURNANE JR P03021572 2482443000 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z MECU OF BALTIMORE INC JOHN HAMILTON ONE SOUTH STREET BALTIMORE MD 21202 92938061 0 X WWW.MECU.COM X 1936 MD MECU IS A CREDIT UNION WHICH PROVIDES A FULL ARRAY OF FINANCIAL SERVICES TO ITS MEMBER OWNERS. 9 9 407 0 412571 0 0 1851515 54625074 54561571 5586009 5665831 0 0 60211083 62078917 173100 148562 0 0 25465765 26508514 0 0 0 28938307 30754434 54577172 57411510 5633911 4667407 1362108647 1322450560 1224282057 1215073758 137826590 107376802 OUR MISSION IS TO EMPOWER OUR MEMBERS TO IMPROVE THEIR FINANICAL WELL-BEING AND LIVE BETTER. 0 0 MECU PROVIDES CONSUMER AND BUSINESS LOANS TO MEMBERS AT COMPETITIVE RATES. THESE LOANS INCLUDE: MORTGAGE, HOME EQUITY, VEHICLE, CREDIT CARD, AND UNSECURED LOANS. MECU PROVIDES DEPOSIT PRODUCTS AND SERVICES TO CONSUMER AND BUSINESS MEMBERS. THESE DEPOSIT PRODUCTS INCLUDE SAVINGS, CHECKING, MONEY MARKET, CERTIFICATES OF DEPOSIT, AND INDIVIDUAL RETIREMENT ACCOUNTS. AS OF DECEMBER 31, 2022, MECU HAD 186,006 DEPOSIT ACCOUNTS OUTSTANDING. MECU'S DEPOSIT RATES CONTINUE TO BE SOME OF THE MOST COMPETITIVE RATES OFFERED BY FEDERALLY INSURED FINANCIAL INSTITUTIONS. MECU STRIVES TO OFFER PRODUCTS AND SERVICES DESIGNED TO IMPROVE THE ECONOMIC AND SOCIAL WELL BEING OF ALL MEMBERS FROM ALL SOCIO-ECONOMIC BACKGROUNDS. MECU IS COMMITTED TO MEMBER FINANCIAL EDUCATION. SOME OF THE PROGRAMS THAT MECU PROVIDES INCLUDE DISCOUNTED MORTGAGE RATES THROUGH FIRST-TIME HOMEBUYER'S PROGRAMS AND BUY IN BALTIMORE LOANS, HOME BUYER'S WORKSHOPS, CREDIT REPAIR WORKSHOPS, BASICS OF MONEY MANAGEMENT, NEW EMPLOYEE AND PRE-RETIREMENT WORKSHOPS, AND FREE CREDIT COUNSELING SERVICES. 0 1 0 0 0 0 0 1 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 17969 0 1 407 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X JEAN TYLER 4107528313 ONE SOUTH STREET BALTIMORE MD 21202 ROMAN CLARK SR CHAIRPERSON 2.00 X 17300 0 0 BENJAMIN MELI JR BOARD MEMBER 2.00 X 18000 0 0 ERNEST GLINKA BOARD MEMBER 2.00 X 10200 0 0 G LOUISE GREEN TREASURER 1.00 X 22100 0 0 GARY MCLHINNEY VICE CHAIRPERSON 1.50 X 18800 0 0 DEBORAH MOORE-CARTER SECRETARY 1.50 X 21500 0 0 PEGGY PEACOCK BOARD MEMBER 1.50 X 8700 0 0 LORRETTA JOHNSON BOARD MEMBER 1.00 X 8400 0 0 KARA KING-BASS BOARD MEMBER 1.00 X 10200 0 0 ADRIAN JOHNSON EVP AND CFO 45.00 X 270080 0 23671 JOHN HAMILTON PRESIDENT AND CEO 50.00 X 943018 0 44798 MICHELLE WILLIAMS SVP HUMAN RESOURCES 45.00 X 172289 0 32744 KATHY SHELTON SVP AND COO 45.00 X 227121 0 35331 MARY JO TAYLOR SVP CHIEF COMMERCIAL LENDING 45.00 X 190740 0 28781 JEAN TYLER VP ACCOUNTING/CONTROLLER 50.00 X 163137 0 31121 DONTE LEGGETTE VP OF IT SERVICES 45.00 X 158250 0 25660 TIMOTHY ROZALSKI VP OF MARKETING 45.00 X 177902 0 24430 DENISE JONES-FRASIER CHIEF OF STAFF SVP 45.00 X 534038 0 34722 MAYNARD HURD SVP CONSUMER LENDING 45.00 X 191743 0 26753 3163518 0 308011 36 0 1 0 PSCU 560 CARILLON PKWY ST PETERSBURG FL 33716 DEBIT/ CREDIT CARD PROCESSING 2377361 NCR CORPORATION 864 SPRING ST NW ATLANTA GA 30308 REMOTE ATM SUPPORT/MONITORING 2019848 ONE SOUTH STREET LLC 1 SOUTH STREET SUITE 820 BALTIMORE MD 212023201 LEASE FOR 1 SOUTH STREET 1634554 FIS PO BOX 4535 CAROL STREAM IL 601974535 DATA PROCESSOR/BILL PAYER 805734 DOCU TRUST SERVICES LLC PO BOX 771048 ORLANDO FL 32877 MEMBER STATEMENTS 667703 45 1851515 1851515 INTEREST ON LOANS TO MEMBERS 522100 33743400 33743400 SERVICE CHARGES AND OTHER FEES 522100 18085688 18085688 OTHER NONINTEREST INCOME 522100 2319912 2319912 FINANCE AND INSURANCE 520000 412571 412571 54561571 6084651 6084651 30307340 132984 30717252 141892 -409912 -8908 -418820 -418820 62078917 59814831 412571 0 X 148562 1616937 18419130 1210071 3733049 1529327 203622 499592 599797 934545 1647272 1328330 2602909 356455 4530037 2333331 269504 ATM/DEBIT CARD EXPENSE 5418676 PROVISION FOR LOAN LOSS 2429691 MAINTENANCE 2139889 LOAN SERVICING 1853755 3607029 57411510 13515971 20730757 75980995 25365279 19591776 25298926 5912694 6035678 714190033 775375163 8246758 5618041 25226700 17588169 8668745 7638531 461239374 389480081 248000 990000 54514301 65918104 1362108647 1322450560 16000910 27306961 146454 95671 5428571 27500000 1202706122 1160171126 1224282057 1215073758 X 0 0 0 0 137826590 107376802 137826590 107376802 1362108647 1322450560 X 4667407 -34382435 -734760 X X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 311898 311898 2677361 1218113 1459248 7174560 3547948 3626612 15062881 12822108 2240773 7638531 MEMBER SHARES AND SAVINGS 1160171126 1160171126 X 62488829 0 62488829 -409912 -409912 62078917 57821422 409912 409912 57411510 0 57411510 PART IV, LINE 2B: THE CREDIT UNION HOLDS ESCROWED FUNDS FOR THE PAYMENT OF PROPERTY TAXES AND HOMEOWNERS' INSURANCE. THE CREDIT UNION THEN REMITS THESE FUNDS TO THE APPLICABLE THIRD PARTIES ON BEHALF OF THE BORROWERS AS A SERVICE TO OUR MEMBERS WHO HAVE MORTGAGES WITH THE CREDIT UNION OR HAVE MORTGAGES SERVICED BY THE CREDIT UNION. 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 4B - OTHER ADJUSTMENTS: LOSSES ON SALES OF INVESTMENTS REPORTED IN THE STATEMENT OF REVENUE IN FORM 990 BUT REPORTED AS EXPENSES ON THE STATEMENT OF INCOME WITHIN THE AUDITED FINANCIAL STATEMENTS. -409,912. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSSES ON SALES OF INVESTMENTS REPORTED IN THE STATEMENT OF REVENUE IN FORM 990 BUT REPORTED AS EXPENSES ON THE STATEMENT OF INCOME WITHIN THE AUDITED FINANCIAL STATEMENTS. 409,912. 1 AACUC CORP CONTRIBUTION PO BOX 392136 SNELLVILLE GA 30039 571091138 501(C)(3) 15000 0 CHARITABLE CONTRIBUTION CU FOUNDATION ANNUAL SUPPORT PO BOX 190 GLENELG MD 21737 521749045 501(C)(3) 27000 0 CHARITABLE CONTRIBUTION ARTS EVERY DAY 20192020 120 W NORTH AVE SUITE 303 BALTIMORE MD 21201 900091850 501(C)(3) 46375 0 CHARITABLE CONTRIBUTION COLLEGE BOUND SCHOLARS 300 WATER STREET SUITE 300 BALTIMORE MD 21202 521598921 501(C)(3) 6000 0 CHARITABLE CONTRIBUTION CYSTIC FIBROSIS FOUNDATION 1026 YORK ROAD SUITE A COCKEYSVILLE MD 21030 131930701 501(C)(3) 10000 0 CHARITABLE CONTRIBUTION 5 0 PART I, LINE 2: MECU HAS A COMMITTEE THAT MEETS AND DETERMINES WHAT CHARITABLE CONTRIBUTIONS WILL BE MADE. THE COMMITTEE SELECTS 501(C)(3), PUBLIC CHARITIES, THAT BENEFIT THE CREDIT UNION MOVEMENT AND THE BALTIMORE COMMUNITY. 1 X X X X X 1 1 0 JOHN HAMILTON PRESIDENT AND CEO 496539 0 0 0 446479 0 15367 0 29431 0 987816 0 286972 0 DENISE JONES-FRASIER CHIEF OF STAFF SVP 216417 0 0 0 317621 0 7400 0 27322 0 568760 0 199864 0 ADRIAN JOHNSON EVP AND CFO 270080 0 0 0 0 0 9665 0 14006 0 293751 0 0 0 KATHY SHELTON SVP AND COO 227121 0 0 0 0 0 8250 0 27081 0 262452 0 0 0 MARY JO TAYLOR SVP CHIEF COMMERCIAL LENDING 190740 0 0 0 0 0 6816 0 21965 0 219521 0 0 0 MAYNARD HURD SVP CONSUMER LENDING 191743 0 0 0 0 0 6666 0 20087 0 218496 0 0 0 MICHELLE WILLIAMS SVP HUMAN RESOURCES 172289 0 0 0 0 0 6002 0 26742 0 205033 0 0 0 TIMOTHY ROZALSKI VP OF MARKETING 177902 0 0 0 0 0 6230 0 18200 0 202332 0 0 0 JEAN TYLER VP ACCOUNTING/CONTROLLER 163137 0 0 0 0 0 5641 0 25480 0 194258 0 0 0 DONTE LEGGETTE VP OF IT SERVICES 158250 0 0 0 0 0 5829 0 19831 0 183910 0 0 0 PART I, LINES 4A-B SCH J, PART I, LINE 4A: THE CREDIT UNION ENTERED INTO A DIRECTOR SEVERANCE PLAN WITH MEMBERS OF THE BOARD OF DIRECTORS THAT PROVIDES SEVERANCE PAYMENTS TO DIRECTORS UPON THEIR DEPARTURE FROM THE BOARD. THE ESTIMATED LIABILITY UNDER THESE AGREEMENTS IS BEING ACCRUED ON A STRAIGHT-LINE BASIS. THE BENEFICIARIES OF FORMER MEMBER OF THE BOARD OF DIRECTORS, HERMAN WILLIAMS JR., RECEIVED HIS SEVERANCE DISBURSEMENT OF $30,000 DURING 2022. SCH J, PART I, LINE 4B: THE BELOW-LISTED INDIVIDUALS PARTICIPATED IN A NON-QUALIFIED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN. MICHELLE WILLIAMS ADRIAN JOHNSON JOHN HAMILTON KATHY SHELTON DENISE JONES-FRASIER THE FOLLOWING INDIVIDUALS RECEIVED A PAYOUT IN 2022: JOHN HAMILTON: $441,479 DENISE JONES-FRASIER: $317,621 FORM 990, SCH J, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO JOHN HAMILTON THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. JOHN HAMILTON PRESIDENT AND CEO TO FUND SPLIT DOLLAR PREMIUMS X 5850000 6035678 0 1 1 6035678 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY. 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. THEY MUST APPROVE AMENDMENTS TO CHANGE THE ARTICLES OF INCORPORATION. THE MEMBERSHIP MUST ALSO APPROVE CHANGES TO THE BYLAWS THAT IMPACT MEMBERSHIP MEETINGS, VOTING RIGHTS OF THE MEMBERS, ANY CHANGE IN THE FIELD OF MEMBERSHIP AND ANY CHANGE TO THE BYLAWS REGARDING THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE VP OF ACCOUNTING/CONTROLLER PERFORMS A DETAILED REVIEW OF THE TAX RETURN. THE CFO AND BOARD THEN REVIEW THE TAX RETURN PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C BOARD DIRECTORS, MECU EMPLOYEES AND SUPERVISORY AND CREDIT COMMITTEE MEMBERS ARE REQUIRED TO COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE ANNUALLY. THE RESPONSES ARE REVIEWED BY MECU'S HUMAN RESOURCES DEPARTMENT TO VERIFY THAT EVERYONE IS IN COMPLIANCE WITH MECU'S CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 FOR THE CEO, A DESIGNATED COMMITTEE AND THE BOARD REVIEW DATA FROM INDUSTRY RELATED SURVEYS. OTHER ANALYSIS MAY BE PREPARED BY AN EXTERNAL CONSULTANT AS NEEDED. THIS DATA IS USED TO REVIEW COMPENSATION ALONG WITH CEO PERFORMANCE TO DETERMINE SALARY. FOR VP LEVEL EMPLOYEES AND ABOVE, A DESIGNATED COMMITTEE AND THE BOARD REVIEW DATA FROM INDUSTRY RELATED SURVEYS. OTHER ANALYSIS AS NEEDED MAY BE PREPARED BY AN EXTERNAL CONSULTANT, WHICH IS ALSO REVIEWED. WITH DIRECTION FROM THE BOARD, THE CEO WORKING WITH THE HR DEPARTMENT, MAKES DECISIONS ON EXECUTIVE LEVEL COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART IX, LINE 11G CONSULTING FEES 560,098. OTHER PROFESSIONAL SERVICES 39,699. FORM 990, PART IX, LINE 24E MEMBER SERVICING 1,211,732. MISCELLANEOUS 808,747. MEMBER STATEMENT EXPENSE 720,478. FRAUD LOSSES 548,079. OTHER NON-OPERATING 317,993. FORM 990, PART XI, LINE 9: RECLASSIFICATION ADJUSTMENT FOR NET AFS INVESTMENT GAINS/LOSSES INCLUDED IN NET INCOME 409,912. DEFINED BENEFIT PENSION PLAN AMORITZATION OF PRIOR SERVICE COSTS 169,205. POST-RETIREMENT HEALTHCARE PLAN GAINS FROM CHANGES IN ACTUARIAL ASSUMPTIONS 1,226,297. DEFINED BENEFIT PENSION PLAN NET PENSION GAINS/(LOSSES) -2,540,174. 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.