2023-11-15T08:34:31-06:00 2022-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2022-01-01 380536242 CREDIT UNION ONE CRED 2483981210 400 E NINE MILE FERNDALE MI 48220 GARY MOODY PRESIDENT AND CEO 2483981210 2023-11-13 1 GARY MOODY 999009999 0 JOHN J MURNANE JR P03021572 2482443000 2023-11-13 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z GARY MOODY 400 EAST NINE MILE ROAD FERNDALE MI 48220 70801357 0 1359 X WWW.CUONE.ORG X 1938 MI CREDIT UNION ONE IS COMMITTED TO PROVIDING EXCEPTIONAL VALUE TO ITS MEMBERS BY DELIVERING OUTSTANDING PRODUCTS AND SERVICES ANYTIME, ANYWHERE. 11 11 393 11 377270 0 0 0 59511183 63338645 3413679 6929004 0 0 62924862 70267649 10000 10000 0 0 25988453 28434734 0 0 0 26608889 31091595 52607342 59536329 10317520 10731320 1817447747 1758444493 1681612519 1631979532 135835228 126464961 CREDIT UNION ONE IS COMMITTED TO PROVIDING EXCEPTIONAL VALUE TO ITS MEMBERS BY DELIVERING OUTSTANDING PRODUCTS AND SERVICES ANYTIME, ANYWHERE. 0 0 DURING 2022, CREDIT UNION ONE, A STATE CHARTERED CREDIT UNION LOCATED IN THE STATE OF MICHIGAN, PROVIDED FINANCIAL SERVICES TO MEBMERS WHO LIVE IN THE STATE OF MICHIGAN. CREDIT UNION ONE CONTINUED TO FULFILL ITS EXEMPT STATUS BY PROVIDING CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, OFFERING COMPETITIVE SHARE DEPOSIT PRODUCTS, AND PROVIDING MEMBERS WITH THE OPPORTUNITY TO IMPROVE THE THEIR ECONOMIC CONDITION. IN 2022, THE CREDIT UNION SERVED 119,523 MEMBERS. THERE WERE 18,168 LOANS GRANTED TOTALING $572,535,595. DEPOSITS SHRUNK BY $51,279,734. 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 19543 0 1 393 1 1 1 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X RICK HESTER 2484089088 400 E NINE MILE FERNDALE MI 48220 GUADALUPE G LARA CHAIRPERSON 3.00 X 0 0 0 PAUL W STUART VICE CHAIRPERSON 3.00 X 0 0 0 JAN GILLESPIE BOARD MEMBER 3.00 X 0 0 0 RUDOLPH R MONTANO JR BOARD MEMBER 3.00 X 0 0 0 DAVID C PRYBYS BOARD DIRECTOR 3.00 X 0 0 0 RAYMOND F REDMOND BOARD MEMBER 3.00 X 0 0 0 JUANITA M REID BOARD MEMBER 3.00 X 0 0 0 DINO DEPONIO BOARD MEMBER 3.00 X 0 0 0 NICKOLAS NICKOLOPOULOS BOARD DIRECTOR 3.00 X 0 0 0 CHRISTINE DOWHAN-BAILEY SECRETARY/TREASURER 3.00 X 0 0 0 ED DURBIN BOARD MEMBER 3.00 X 0 0 0 GARY MOODY CEO 40.00 X 532264 0 37615 RICHARD HESTER INTERIM CFO 40.00 X 162884 0 11447 CHRISTINA TRACY PRESIDENT, COO 40.00 X 313828 0 28667 JULIE MILLS SVP CHIEF INFORMATION SECURITY OFFICER 40.00 X 256156 0 32633 DAVID BREUER SVP/CHIEF INFORMATION OFFICER 40.00 X 244771 0 14690 MURAIL SHESHAM SVP CHIEF TECH DATA OFFICER 40.00 X 211889 0 5988 MARK MACFARLANE SVP COO, HANTZ 40.00 X 181150 0 27444 MARK OUIMET EVP CHIEF LENDING OFFICER 40.00 X 218416 0 5139 SWAMINATHAN SEETHARAMAN SVP CHIEF MARKETING OFFICER 1.00 X 205702 0 23473 DONNA REID SVP CHIEF MEMBER EXPERIENCE TRANSFORMATION OFFICER 40.00 X 172474 0 23473 RENEE MUCCIOLI SVP CHIEF MEMBER ENGAGEMENT/SALES 40.00 X 221252 0 18094 LANCE KRAJACIC SVP COMMERCIAL LENDING 40.00 X 210349 0 5927 AYREN HURST SVP CHIEF EMPLOYEE EXPERIENCE OFFICER 40.00 X 170583 0 26290 JOHN KOZICH VP BUSINESS DEVELOPMENT/COMMUNITY RELATIONS 40.00 X 567612 0 19238 3669330 0 280118 30 0 1 0 PSCU 560 CARILLON PARK WAY ST PETERSBURG FL 33716 CREDIT/DEBIT PROCESSOR AND SERVICING 2470068 DIEBOLD INC 75 REMITTANCE DR STE 1649 CHICAGO IL 60675 ATM SERVICING 1203264 ALKAMI TECHNOLOGY 5601 GRANITE PWKY 120 PLANO TX 75024 ONLINE BANKING PLATFORM 971452 FISERV 27530 FAIRFIELD WARRON MI 48088 DATA PROCESSING 645439 HARLAND CLARKE 800 CHYSLER DR AUBURN HILLS MI 48326 MARKETING AND ADVERTISING PROMOTIONS 618639 42 LOANS TO MEMBERS 522100 45949196 45949196 FEE INCOME 522100 17012179 17012179 FINANCE AND INSURANCE 520000 377270 377270 63338645 6365056 6365056 1097656 533708 563948 563948 563948 70267649 69890379 377270 0 X 10000 2514156 21369660 410223 2413108 1727587 843662 4895 477850 569301 1253225 1436281 3450781 2984727 135897 335450 2134700 103996 2635371 277285 DEBIT/ATM EXPENSES 3936503 LOAN SERVICING EXPENSE 3431423 PROVISION FOR LOAN LOSS 2858162 OTHER LOSSES 2820268 1401818 59536329 15495930 8907450 286652209 156047708 2960508 1289072 20278104 20527551 1054681880 1192707913 2082272 2407272 56656024 26613049 30735637 30042975 302936892 239570463 10967563 11122300 33233849 33000360 57422903 62821429 1817447747 1758444493 10517132 12163879 1671095387 1619815653 1681612519 1631979532 X 0 0 0 0 135835228 126464961 135835228 126464961 1817447747 1758444493 X 10731320 -20075181 -26406 X X 0 1 X 1 0 6505603 6505603 32841036 13451076 19389960 17309385 13161973 4147412 30042975 SHARE ACCOUNTS 535169974 MONEY MARKET ACCOUNTS 414737676 IRA ACCOUNTS 27802810 SHARE DRAFT ACCOUNTS 401003350 SHARE AND IRA CERTIFICATES 140891695 NON-INTEREST BEARING SHARES 131995 NON-INTEREST BEARING SHARE DRAFTS 100078153 1619815653 X 70267649 0 70267649 0 70267649 59536329 0 59536329 0 59536329 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. 1 SCHOLARSHIPS 9 10000 PART I, LINE 2: THE CHECKS ARE WRITTEN DIRECTLY TO THE SCHOOL FOR EACH SCHOLARSHIP. X X X 1 1 X X X X 0 1 0 JOHN KOZICH VP BUSINESS DEVELOPMENT/COMMUNITY RE 74012 0 490000 0 3600 0 7005 0 12233 0 586850 0 0 0 GARY MOODY CEO 449185 0 75000 0 8079 0 10757 0 26858 0 569879 0 0 0 CHRISTINA TRACY PRESIDENT, COO 280946 0 30500 0 2382 0 4988 0 23679 0 342495 0 0 0 JULIE MILLS SVP CHIEF INFORMATION SECURITY OFFIC 246156 0 10000 0 0 0 5135 0 27498 0 288789 0 0 0 DAVID BREUER SVP/CHIEF INFORMATION OFFICER 237835 0 0 0 6936 0 5956 0 8734 0 259461 0 0 0 RENEE MUCCIOLI SVP CHIEF MEMBER ENGAGEMENT/SALES 219716 0 0 0 1536 0 2990 0 15104 0 239346 0 0 0 SWAMINATHAN SEETHARAMAN SVP CHIEF MARKETING OFFICER 199239 0 0 0 6463 0 4084 0 19389 0 229175 0 0 0 MARK OUIMET EVP CHIEF LENDING OFFICER 212783 0 0 0 5633 0 4556 0 583 0 223555 0 0 0 MURAIL SHESHAM SVP CHIEF TECH DATA OFFICER 211889 0 0 0 0 0 4887 0 1101 0 217877 0 0 0 LANCE KRAJACIC SVP COMMERCIAL LENDING 208598 0 0 0 1751 0 5210 0 717 0 216276 0 0 0 MARK MACFARLANE SVP COO, HANTZ 175276 0 5874 0 0 0 791 0 26653 0 208594 0 0 0 AYREN HURST SVP CHIEF EMPLOYEE EXPERIENCE OFFICE 170583 0 0 0 0 0 4420 0 21870 0 196873 0 0 0 DONNA REID SVP CHIEF MEMBER EXPERIENCE TRANSFOR 169015 0 0 0 3459 0 3887 0 19586 0 195947 0 0 0 RICHARD HESTER INTERIM CFO 157476 0 5408 0 0 0 4212 0 7235 0 174331 0 0 0 PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO GARY MOODY AND DAVE BREUER THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." 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, PLUS KEY-PERSON INSURANCE PROCEEDS. CHRISTINA TRACY (PRESIDENT, COO), DONNA REID (SVP CHIEF MEMBER EXPERIENCE TRANSFORMATION OFFICER), AND MURAIL SHESHAM (SVP, CHIEF TECH DATA OFFICER) PARTICIPATE IN A NON-QUALIFIED 457F PLAN. THE BENEFIT LIABILITIES ARE SECURED BY AN ANNUITY CONTRACT. THE BENEFIT LIABILITY RECORDED FOR EACH OF THE PARTICIPANTS AS OF DECEMBER 31, 2022 WAS AS FOLLOWS: CHRISTINA TRACY: $609,386 DONNA REID: $811,648 MURAIL SHESHAM: $116,667 GARY MOODY CEO SPLIT DOLLAR LIFE INSURANCE X 3207339 6057192 0 1 1 TOM SCHAEFFLER FORMER COO SPLIT DOLLAR LIFE INSURANCE X 3112000 3985065 0 1 1 STEVE GRECH FORMER EVP SPLIT DOLLAR LIFE INSURANCE X 2360000 3022093 0 1 1 DAVE BREUER SVP/CHIEF INFORMATION OFFICER SPLIT DOLLAR LIFE INSURANCE X 1960000 2509874 0 1 1 SCOTT SOMMERS FORMER CFO SPLIT DOLLAR LIFE INSURANCE X 1600000 2048877 0 1 1 SWAMINATHAN SEETHARAMAN FORMER SVP CHIEF MARKETING OFFICER SPLIT DOLLAR LIFE INSURANCE X 1417582 2904450 0 1 1 20527551 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO 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. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 EVERY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A EVERY MEMBER OF THE CREDIT UNION IS GIVEN ONE VOTE AND IS ABLE TO ELECT MEMBERS OF THE GOVERNING BODY AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B ONLY SUBSTANTIAL EVENTS ARE SUBJECT TO MEMBERSHIP APPROVAL. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS FIRST REVIEWED BY THE CFO AND CORRECTIONS ARE MADE IF NECESSARY, THEN SENT TO THE CEO FOR REVIEW AND SIGNATURE. IT WILL BE PRESENTED AT A MEETING OF THE AUDIT COMMITTEE OF CREDIT UNION ONE SUBSEQUENT TO THE FILING OF THE FORM. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ANNUALLY COMPLETES AND SIGNS A FORMAL CONFLICT OF INTEREST DISCLOSURE CONSISTENT WITH THE BOARD'S CODE OF ETHICS. THE DISCLOSURES ARE REVIEWED BY THE GOVERNANCE COMMITTEE FOR COMPLIANCE WITH THE CODE OF ETHICS. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION REVIEW IS PERFORMED BY THE BOARD OF DIRECTORS ANNUALLY. ALL TOP MANAGEMENT LEVEL EMPLOYEES' COMPENSATION ARE REVIEWED BY THE HEAD OF HR AND BENCHMARKED. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST ONLY. HOWEVER, THE CREDIT UNION'S QUARTERLY FINANCIAL STATEMENTS ARE AVAILABLE ON NCUA.GOV VIA THE QUARTERLY CALL REPORT. FORM 990, PART IX, LINE 24E MISCELLANEOUS EXPENSE 878,065. SERVICE CENTER EXPENSE 523,753. FORM 990, PART XI, LINE 9: POST RETIREMENT BENEFIT PLAN GAIN AMORTIZATION INCLUDED IN NET EARNINGS -26,406. FORM 990, PART XII, LINE 2C: WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.