2022-04-21T11:30:23-05:00 2021-12-31 350921680 CROWE LLP 9600 Brownsboro Road Suite 400 Louisville KY 402413902 990 2021-01-01 381447620 Community Financial Credit Union COMM 7344531200 PO BOX 8050 PLYMOUTH MI 481708050 Scott Cameron SENIOR VICE PRESIDENT/CFO 2022-04-21 true SCOTT CAMERON 999009999 Kim Scifres P01316095 5023263996 2021 2022-09-23 18:48:47Z WILLIAM LAWTON PO BOX 8050 PLYMOUTH MI 481708050 61092324 false X WWW.CFCU.ORG X 2012 MI Community Financial Credit Union is a state chartered, not-for-profit, full-service financial institution owned and governed by its membership. At Community Financial, we are committed to our members and our communities. For over 70 years, we've provided our Michigan members competitively-priced savings & loans products, outstanding service and support to their neighborhoods. 9 9 339 16 67475 27243 0 0 54671202 57422331 487040 494036 4412553 3175957 59570795 61092324 686180 721869 0 0 26417201 29225631 0 0 0 23050360 18750966 50153741 48698466 9417054 12393858 1160339636 1253139306 1030315939 1110856254 130023697 142283052 Community Financial Credit Union is a state chartered, not-for-profit, full-service financial institution owned and governed by its membership. At Community Financial, we are committed to our members and our communities. For over 70 years, we've provided our Michigan members competitively-priced savings & loans products, outstanding service and support to their neighborhoods. false false PROMOTE THRIFT TO 83,565 MEMBERS BY OFFERING COMPETITIVELY-PRICED SAVINGS & LOANS PRODUCTS AS WELL AS OTHER FINANCIAL PRODUCTS. 0 false false false false false false true false true true false false true true false false false false false false false false false false false true true true false true false false false false false false false false false false false false true 20417 0 true 339 true true true false false false false false false false X 9 9 false false false false true true true true false true true false true true true true true false false false X SCOTT CAMERON 7345828876 PO BOX 8050 PLYMOUTH MI 481708050 AL BERRIE 1st Vice chairperson (until 1/6/21) 1.0 X X 0 0 0 DAN HERRIMAN 2nd vice chairperson 1.0 X X 0 0 0 Dennis LaVoy Secretary/Treasurer 1.0 X X 0 0 0 DON BAIN BOARD CHAIR 1.0 X X 0 0 0 Mark RIEGAL 1st Vice Chairperson 1.0 X X 0 0 0 Mary Lowing Board Member 1.0 X 0 0 0 Patricia Reese Board Member 1.0 X 0 0 0 PAUL BEDICH BOARD MEMBER 1.0 X 0 0 0 RON METEYER BOARD MEMBER 1.0 X 0 0 0 Teri Kuehn Board Member 1.0 X 0 0 0 ART BEARD CHIEF IT OFFICER 40.0 X 335475 0 48821 CATHY MEYERS CHIEF HUMAN RESOURCES OFFICER 40.0 X 310037 0 55764 CHRIS CURRY CHIEF EMERGING RISK OFFICER 40.0 X 257554 0 59536 ERIC ESSER CHIEF RESIDENTIAL AND COMMERCIAL LENDING OFFICER 40.0 X 293195 0 44884 JILL JOHNSON CHIEF LENDING OFFICER 40.0 X 320690 0 60677 MARGARET PANKOW CFO (until February 2021) 40.0 X 182887 0 3942 RANDY PENNER CHIEF MARKETING & SALES OFFICER 40.0 X 372313 0 58654 Scott Cameron CFO (date started 1/1/2021) 40.0 X 228880 0 33859 WILLIAM LAWTON CEO 40.0 X 645076 0 43790 David Heffner VP Lending 40.0 X 168992 0 15861 DIANE KENNY VP SALES 40.0 X 190862 0 18334 Sarah Cousineau VP Marketing 40.0 X 161255 0 18498 THOMAS VARGO MANAGER/CORE OPERATIONS 40.0 X 185565 0 20426 WARREN MUSSON VP BUSINESS SERVICES 40.0 X 537837 0 19962 4190618 0 503008 50 false true false CO-OP 1500 NW 118TH STREET DES MOINES IA 50325 CARD PROCESSOR 2082259 MASTERCARD 2200 Mastercard Blvd OFallon MS 633687263 CREDIT CARD PROCESSOR 692380 Jack Henry & Associates Inc 663 W Highway 60 Monet MO 65708 Core Processor Services 603480 First Look 65 E Wacker Place Ste 1610 Chicago IL 60601 Appraisal Services 525191 Doxim Inc 220 Spring Street Ste 550 Herndon VA 20170 Mailing Services 427890 32 0 0 0 0 0 0 0 0 MEMBER LOAN INCOME 522130 45289819 45289819 0 0 FEE INCOME 522130 6212809 6145583 67226 0 INTERCHANGE INCOME 522130 5919703 5919703 0 0 0 0 0 0 57422331 449130 0 0 449130 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 44906 0 0 0 44906 44906 0 0 44906 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 SALE OF LOANS 900099 1838981 1838981 0 0 INVESTMENT & INSURANCE INCOME 900099 846149 846149 0 0 490827 490578 249 0 3175957 61092324 60530813 67475 494036 666599 55270 0 0 3357341 0 20934246 1518231 1706582 1709231 8411 82541 170352 0 0 0 0 1365888 5576928 0 0 1928894 67185 0 200320 3098590 0 1037259 389025 Lending 3556873 Provision Expense 480048 CARD FRAUD & DISPUTES 214850 NCUA Fees 196175 377627 48698466 6086431 5597725 0 0 0 0 0 0 2289566 2381951 0 0 1025361293 1126045355 0 0 0 0 34127690 16853785 17697909 17273905 0 0 100610234 93093191 0 0 0 8294203 8747179 1160339636 1253139306 10036166 12050576 0 0 0 0 0 0 12385796 7796645 0 0 0 0 0 0 1007893977 1091009033 1030315939 1110856254 0 0 0 0 X 0 0 0 0 130023697 142283052 130023697 142283052 1160339636 1253139306 12393858 -134503 0 0 0 0 X false true X true false false true X 5074618 5074618 17597956 8056343 9541613 0 0 0 10808138 8797442 2010696 646978 0 646978 17273905 93093191 C 93093191 BORROWINGS 0 MEMBER SAVINGS 302386782 CHECKING 301932248 OTHER SAVINGS 71218015 MONEY MARKET 238266327 CERTIFICATES 177205661 1091009033 X Schedule D, Part IV, Line 2b Explanation of escrow agreement THE ORGANIZATION MAINTAINS MEMBERS SHARES ESCROWS AND FHLBI AND FNMA INVESTOR ESCROWS. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Credit Union is exempt, under Internal Revenue Code (IRC) 501(c)(14), from federal and state income taxes. The Credit Union has filed tax returns in the past for activities it has deemed taxable and has a minimal net operating loss carryforward as of the 2018 calendar year. The taxing authorities have the ability to assess taxes, penalties, and interest for any years for which no tax return was filed. In the opinion of management, any liability resulting from taxing authorities imposing income taxes on the net taxable income from activities potentially deemed to be unrelated to the Credit Union's exempt purpose is not expected to have a material effect on the Credit Union's financial position or results of operations. The Credit Union evaluated its tax positions and determined no uncertain tax positions exist as of March 31, 2021. The Credit Union's 2017 through 2020 tax years are open for examination by federal and state taxing authorities. true American Cancer Society 20450 Civic Center Dr Southfield MI 48076 131788491 501(C)(3) 19543 GENERAL SUPPORT American Red Cross 5640 Venture Ct Kalamazoo MI 49009 530196605 501(C)(3) 15096 GENERAL SUPPORT Angela Hospice 14100 Newburgh Rd Livonia MI 48154 382755767 501(C)(3) 6150 GENERAL SUPPORT Canton Chamber of Commerce 45525 Hanford Rd Canton MI 48187 382087835 501(C)(6) 5500 GENERAL SUPPORT Canton Community Foundation 50430 School House Rd Canton MI 48187 382898615 501(C)(3) 30402 GENERAL SUPPORT Canton Township 1150 S Canton Center Road Canton MI 481881699 386008155 Government 9990 GENERAL SUPPORT Community Sharing of Lewiston 4615 Montmorency St Lewiston MI 49756 382546394 501(C)(3) 6000 GENERAL SUPPORT Detroit Cristo Rey 5679 W Vernor Hwy Detroit MI 48209 262994633 501(C)(3) 14250 GENERAL SUPPORT Detroit Public Television 1 Clover Court Wixom MI 48393 381440200 501(C)(3) 10000 GENERAL SUPPORT First Step 44567 Pinetree Dr Plymouth MI 48170 463268143 501(C)(3) 6000 GENERAL SUPPORT Foundation for Excellence (Walled Lake Schools) 850 Ladd Rd Bldg D Walled Lake MI 48390 383041277 501(C)(3) 5200 GENERAL SUPPORT Forgotten Harvest 21800 Greenfield Rd Oak Park MI 48237 382926476 501(C)(3) 7500 GENERAL SUPPORT Gaylord Community Schools 615 S Elm Ave Gaylord MI 49735 261573069 School 7000 GENERAL SUPPORT Habitat for Humanity of Western Wayne County 3716 Newberry St Wayne MI 48184 383204667 501(C)(3) 6000 GENERAL SUPPORT Hospitality House 2075 E West Maple Rd Commerce MI 48390 383635226 501(C)(3) 5450 GENERAL SUPPORT Livonia Chamber of Commerce 33300 Five Mile Rd Livonia MI 48154 381654593 501(C)(6) 7250 GENERAL SUPPORT LPS Education Foundation 15125 Farmington Livonia MI 48154 201085968 501(C)(3) 5650 GENERAL SUPPORT Mid-Michigan Health Foundation 4000 Wellness Dr Midland MI 48670 812813405 501(C)(3) 5500 GENERAL SUPPORT Munson Healthcare Foundations 1150 Medical Campus Dr Traverse City MI 49684 382642724 501(C)(3) 8500 GENERAL SUPPORT Northville Community Foundation 195 S Main St Northville MI 48167 383361844 501(C)(3) 10000 GENERAL SUPPORT Northville Education Foundation 405 W MAIN STREET NORTHVILLE MI 48167 383503644 501(C)(3) 8500 GENERAL SUPPORT Novi City Of 45175 W Ten Mile Road Novi MI 48375 386032551 Government 9000 GENERAL SUPPORT New Hope Center For Grief Support 133 W Main St Northville MI 48167 383517205 501(C)(3) 11500 GENERAL SUPPORT Novi Education Foundation 25345 Taft Road Novi MI 48374 382665305 501(C)(3) 6000 GENERAL SUPPORT Novi Public Library 45255 W Ten Mile Rd Novi MI 48375 386032551 Government 10000 GENERAL SUPPORT Novi Rotary Foundation Feed the Need PO Box 159 Novi MI 48376 582536723 501(C)(3) 5500 GENERAL SUPPORT Otsego County United Way 116 E Fifth St Gaylord MI 49735 237156104 501(C)(3) 7900 GENERAL SUPPORT Plymouth-Canton Educational Excellence Foundation 454 S Harvey St Plymouth MI 48170 382638321 501(C)(3) 15000 GENERAL SUPPORT Plymouth Chamber of Commerce 850 W Ann Arbor Trail Plymouth MI 48170 380933390 501(C)(6) 5687 GENERAL SUPPORT Plymouth Community United Way 960 W Ann Arbor Trail Suite 2 PO Box 6356 PO Box MI 48170 237327248 501(C)(3) 13202 GENERAL SUPPORT Salvation Army of Plymouth 9451 S Main St Plymouth MI 48170 381370971 501(C)(3) 20000 GENERAL SUPPORT Salvation Army of Westland 2300 Venoy Rd Westland MI 48186 133485289 501(C)(3) 13000 GENERAL SUPPORT Starfish Family Services 30000 Hiveley Rd Inkster MI 48141 382230416 501(C)(3) 5500 GENERAL SUPPORT THAW 535 Griswold St Detroit MI 48226 382646924 501(C)(3) 11000 GENERAL SUPPORT 31 3 SCHOLARSHIPS 26 33000 Tuition Assistance 7 22270 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. COMMUNITY FINANCIAL CREDIT UNION WILL MAKE THE SCHOLARSHIP PAYMENTS DIRECTLY TO THE RECEIVING COLLEGE OR UNIVERSITY AS ITS METHOD OF ENSURING THE GRANT FUNDS ARE USED IN ALIGNMENT WITH ITS PURPOSE. CFCU's Community Relations Department chooses public charities throughout the community to provide funds to. CFCU is active in the community's it serves and supports organizations providing social services, scholarships and governmental services. Support provided to the selected public charities is typically intended for general support. X false true false WILLIAM LAWTON CEO 459538 0 97865 0 87673 0 34431 0 9359 0 688866 0 65401 0 RANDY PENNER CHIEF MARKETING & SALES OFFICER 265391 0 56215 0 50707 0 56370 0 2284 0 430967 0 35592 0 ART BEARD CHIEF IT OFFICER 254585 0 50745 0 30145 0 48821 0 0 0 384296 0 29179 0 JILL JOHNSON CHIEF LENDING OFFICER 238641 0 49968 0 32081 0 51318 0 9359 0 381367 0 30458 0 CATHY MEYERS CHIEF HUMAN RESOURCES OFFICER 206104 0 52864 0 51069 0 49617 0 6147 0 365801 0 30806 0 ERIC ESSER CHIEF RESIDENTIAL AND COMMERCIAL LENDING OFFICER 194552 0 49968 0 48675 0 41006 0 3878 0 338079 0 27381 0 CHRIS CURRY CHIEF EMERGING RISK OFFICER 210760 0 46156 0 638 0 47536 0 12000 0 317090 0 0 0 Scott Cameron CFO (date started 1/1/2021) 206228 0 21842 0 810 0 19500 0 14359 0 262739 0 0 0 MARGARET PANKOW CFO (until February 2021) 56317 0 63258 0 63312 0 3942 0 0 0 186829 0 62492 0 WARREN MUSSON VP BUSINESS SERVICES 150457 0 383380 0 4000 0 15678 0 4284 0 557799 0 0 0 DIANE KENNY VP SALES 161752 0 26704 0 2406 0 16461 0 1873 0 209196 0 0 0 THOMAS VARGO MANAGER/CORE OPERATIONS 166022 0 18769 0 774 0 16500 0 3926 0 205991 0 0 0 David Heffner VP Lending 144597 0 23079 0 1316 0 6502 0 9359 0 184853 0 0 0 Sarah Cousineau VP Marketing 136563 0 23215 0 1477 0 14214 0 4284 0 179753 0 0 0 Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan THE FOLLOWING INTERESTED PERSONS RECEIVED DEFERRALS TO THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2021: ART BEARD - $32,447 RANDY PENNER - $36.870 ERIC ESSER - $27,775 CATHY MEYERS - $30,117 WILLIAM LAWTON - $14,931 JILL JOHNSON - $31,818 CHRIS CURRY - $28,736 THE FOLLOWING INTERESTED PERSONS RECEIVED DISTRIBUTIONS FROM THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2021: ART BEARD - $29,179 MARGARET PANKOW - $62,492 RANDY PENNER - $35,592 ERIC ESSER - $27,381 CATHY MEYERS - $30,806 WILLIAM LAWTON - $65,401 JILL JOHNSON - $30,458 Board Member PERSONAL OR BUSINESS LOAN X 14873 185 false true true Executive PERSONAL OR BUSINESS LOAN X 502535 445170 false true true BOARD MEMBER PERSONAL OR BUSINESS LOAN X 42000 12178 false true true BOARD MEMBER PERSONAL OR BUSINESS LOAN X 350506 335160 false true true Executive PERSONAL OR BUSINESS LOAN X 514642 456321 false true true Executive PERSONAL OR BUSINESS LOAN X 179394 120741 false true true Executive PERSONAL OR BUSINESS LOAN X 463584 277618 false true true BOARD MEMBER PERSONAL OR BUSINESS LOAN X 3000 551 false true true Executive PERSONAL OR BUSINESS LOAN X 338301 267334 false true true FAMILY MEMBER OF INTERESTED PERSON PERSONAL OR BUSINESS LOAN X 40000 40000 false true true BOARD MEMBER PERSONAL OR BUSINESS LOAN X 205500 204535 false true true Executive PERSONAL OR BUSINESS LOAN X 161000 65135 false true true Executive PERSONAL OR BUSINESS LOAN X 69181 24080 false true true FAMILY MEMBER OF INTERESTED PERSON PERSONAL OR BUSINESS LOAN X 14833 9878 false true true FAMILY MEMBER OF INTERESTED PERSON PERSONAL OR BUSINESS LOAN X 1000 61 false true true Executive PERSONAL OR BUSINESS LOAN X 107422 10 false true true BOARD MEMBER PERSONAL OR BUSINESS LOAN X 20232 6023 false true true Family member of interested person PERSONAL OR BUSINESS LOAN X 3000 757 false true true FAMILY MEMBER OF INTERESTED PERSON PERSONAL OR BUSINESS LOAN X 120000 116214 false true true 2381951 Form 990, Part IV, Line 12a FINANCIAL STATEMENTS FOR THE TAX YEAR THE AUDITED FINANCIALS USE A REGULATORY YEAR END OF MARCH 31. AN AUDIT WILL NEXT BE PERFORMED FOR THE MARCH 31, 2022 YEAR END. Form 990, Part VI, Line 15 process for determining compensation Every other year the credit union engages with D Hilton to have compensation grades repriced and evaluated. The last review was done in 2020. Form 990, Part VI, Line 6 Classes of members or stockholders Each account holder is a member of the credit union. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body The members of the credit union vote on board member changes and charter changes. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders The members of the credit union vote on board member changes and charter changes. Form 990, Part VI, Line 11b Review of form 990 by governing body The Manager/Accounting reviews both Form 990 and 990T prior to filing. Form 990, Part VI, Line 12c Conflict of interest policy THE ORGANIZATION'S OFFICERS, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO ANNUALLY DISCLOSE ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST THEY MAY HAVE WITH THE ORGANIZATION. EACH SIGNED POLICY STATEMENT IS REVIEWED TO DETERMINE IF ANY CONFLICTS EXIST AND NEED TO BE BROUGHT TO THE ATTENTION OF THE BOARD. IF A CONFLICT ARISES, THE RESPECTIVE BOARD MEMBER WILL ABSTAIN FROM ANY RELATED DISCUSSION, VOTE, OR SIMILAR ACTION ON THE MATTER. Form 990, Part VI, Line 19 Required documents available to the public THE FINANCIAL STATEMENTS ARE POSTED IN EACH BRANCH OFFICE, UPDATED MONTHLY. THE GOVERNING DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC. Form 990, Part VIII, Line 11d Other Miscellaneous Revenue - Total Revenue: 490827, Related or Exempt Function Revenue: 490578, Unrelated Business Revenue: 249, Revenue Excluded from Tax Under Sections 512, 513, or 514: ;