2022-10-03T20:55:21-05:00 2021-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2021-01-01 381489454 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN CRED 9898355100 600 W WACKERLY STREET MIDLAND MI 48641 TAMARA MCGOVERN CFO 9898355100 2022-10-03 1 TAMARA MCGOVERN 999009999 JACK C TRACY P01974742 2482443000 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z MEMBERS FIRST CREDIT UNION CARRIE IAFRATE 600 W WACKERLY STREET MIDLAND MI 48641 38312855 0 X WWW.MFCU.NET X 1936 MI THE MISSION OF MEMBERS FIRST CREDIT UNION IS TO ENCOURAGE A BETTER TOMORROW. 9 9 289 12 82374 54025 0 0 34878999 35436134 3124667 2814326 0 0 38003666 38250460 12000 10000 0 0 15432741 16438791 0 0 0 19491132 15814151 34935873 32262942 3067793 5987518 657126701 736881404 589353708 667169726 67772993 69711678 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 50,000 LOANS TO MEMBERS, INCLUDING CONSUMER, REAL ESTATE, CREDIT CARD AND SMALL BUSINESS LOANS. OFFER OVER 59,700 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 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 10488 0 1 289 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 KEVIN BROTT DIRECTOR 4.00 X 0 0 0 ROBERT LANCASTER VICE CHAIRPERSON 4.00 X 0 0 0 JENNI BUSH SECRETARY 4.00 X 0 0 0 GRANT MURSCHEL DIRECTOR 4.00 X 0 0 0 GARY SCHENK DIRECTOR 4.00 X 0 0 0 CLARE TAYLOR JR DIRECTOR 4.00 X 0 0 0 DAVID THOMPSON TREASURER 4.00 X 0 0 0 DOUG TODD DIRECTOR 4.00 X 0 0 0 ERIC BRUBAKER PRESIDENT/CEO 40.00 X 386217 0 55595 TAMARA MCGOVERN CFO 40.00 X 277781 0 30277 CARRIE IAFRATE EXECUTIVE VP 40.00 X 282048 0 29361 ANNA ZIELINSKI EXECUTIVE VP 40.00 X 234220 0 30400 TRISH ROSS VP OF MARKETING 40.00 X 125412 0 12931 PAMELA AYERS VP OF LENDING 40.00 X 165671 0 16961 AMY GARVER VP OF OPERATIONS 40.00 X 146867 0 20787 KELLY KAMMER VP OF RISK MANAGEMENT 40.00 X 130736 0 16544 CASSANDRA CHASNIS TECHNOLOGY DIRECTOR 40.00 X 126081 0 12510 1875033 0 225366 12 0 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE PROCESSING SYSTEMS 2003713 LENDING SOLUTIONS 2250 POINT BLVD SUITE 325 ELGIN IL 60123 CALL CENTER/COLLECTIONS/LOAN PROCESSING 619915 CORNERSTONE ADVISORS 7272 E INDIAN SCHOOL RD SCOTTSDALE AZ 85251 CONTRACT NEGOTIATIONS 464124 DOXIM 747 E WHITCOMB AVE MADISON HEIGHTS MI 48071 PRINTER-STATEMENTS & MARKETING PIECES 462278 Q2 SOFTWARE INC 10355 PECAN PARK BLVD AUSTIN TX 78729 ONLINE BANKING 454878 30 LOAN INTEREST 522100 21445735 21445735 FEES AND OTHER 522100 13908025 13908025 FINANCE & INSURANCE 520000 82374 82374 35436134 2829848 2829848 46873 62395 -15522 -15522 -15522 38250460 38168086 82374 0 X 10000 1325899 11435474 855725 1450440 1371253 35341 193107 463136 693006 7263828 874751 98187 300487 1939334 1537069 181844 LOAN SERVICING FEES 1692454 PROVISION FOR LOAN LOSS 395741 LOSSES ON DEPOSIT ACCOU 132054 990T EXPENSE 13812 32262942 7142032 8107588 88085162 81671130 759319 643849 2750000 2750000 370302771 416286476 1398953 2637602 28922339 15301615 14324114 13620724 151988920 195805806 9210042 3938974 372296 291067 10793092 11128188 657126701 736881404 6145368 8843321 583208340 658326405 589353708 667169726 X 0 0 0 0 67772993 69711678 67772993 69711678 657126701 736881404 5987518 -4048833 0 X X 0 1 X 1 0 3022865 3022865 15466101 6463637 9002464 10433373 8837978 1595395 13620724 MEMBER DEPOSITS 658326405 658326405 X 38250460 0 38250460 0 38250460 32262942 0 32262942 0 32262942 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. 1 SCHOLARSHIPS 3 7500 FORM 990, SCHEDULE I, PART I, LINE 2: THE CRITERIA TO APPLY FOR A SCHOLARSHIP ARE AS FOLLOWS: 1. MUST BE PRIMARY OWNER OF A MEMBERS FIRST CREDIT UNION ACCOUNT IN GOOD STANDING. 2. MUST ATTEND OR HAVE GRADUATED FROM AN ACCREDITED HIGH SCHOOL. 3. MUST BE ACCEPTED/ENROLLED IN AN ACCREDITED INSTITUTION AND/OR WORKING TOWARDS THEIR FIRST UNDERGRADUATE DEGREE. 4. MUST SUBMIT TWO WRITTEN RECOMMENDATIONS OR SUBMIT A TWO-MINUTE VIDEO EXPLAINING "WHAT DOES THE CREDIT UNION'S PROMISE OF PEOPLE HELPING PEOPLE MEAN TO YOU?". 5. MUST PROVIDE TRANSCRIPT FROM HIGH SCHOOL OR COLLEGE. 6. MUST SUBMIT AN ESSAY OUTLINING GOALS, ASPIRATIONS, COLLEGE, AND CAREER PLANS. APPLICATIONS ARE EVALUATED BY A COMMITTEE OF STAFF VOLUNTEERS. EACH APPLICATION IS REVIEWED BY AT LEAST 3 VOLUNTEERS AND EACH INDIVIDUAL CANDIDATE RECEIVES AN AVERAGE SCORE. FOR 2021, THE TOP 3 SCORING CANDIDATES WERE AWARDED SCHOLARSHIPS. AFTER THE SCHOLARSHIP FUNDS ARE ISSUED IN THE NAME OF THE STUDENT AND THE COLLEGE/UNIVERSITY, NO FURTHER MONITORING TAKES PLACE. X X X 0 1 0 ERIC BRUBAKER PRESIDENT/CEO 324067 0 61146 0 1004 0 45500 0 10095 0 441812 0 0 0 CARRIE IAFRATE EXECUTIVE VP 248024 0 33020 0 1004 0 19500 0 9861 0 311409 0 0 0 TAMARA MCGOVERN CFO 259916 0 17361 0 504 0 23336 0 6941 0 308058 0 0 0 ANNA ZIELINSKI EXECUTIVE VP 204479 0 29237 0 504 0 30400 0 0 0 264620 0 0 0 PAMELA AYERS VP OF LENDING 146960 0 18207 0 504 0 11624 0 5337 0 182632 0 0 0 AMY GARVER VP OF OPERATIONS 128971 0 16884 0 1012 0 15617 0 5170 0 167654 0 0 0 PART I, LINE 4B ERIC BRUBAKER PARTICIPATES IN A COLLATERAL ASSIGNED SPLIT DOLLAR ARRANGEMENT FOR WHICH NO ACTUAL FUNDS WERE DISTRIBUTED. ERIC BRUBAKER CEO DEFERRED RETIREMENT PROGRAM-COLLATERAL ASSIGNED X 1000000 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 463,136. 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.