2022-09-26T12:13:55-07:00 2021-12-31 650152722 FINANCIAL STANDARDS GROUP INC 6447 W HIGHWAY 146 CRESTWOOD KY 40014 990 2021-01-01 380299643 Credit Union Chartered in Michigan AAC Credit Union CRED 6164594429 177 Wilson Avenue NW Grand Rapids MI 49534 Brian Turmell CEO 2022-09-26 true Brian Turmell 999009999 Patrick Haughey P01980057 8005225820 2 AAL1 IAL1 FAL1 2021 2022-09-23 18:48:47Z Brian Turmell 177 Wilson Ave NW Grand Rapids MI 49534 9555157 false X www.aaccreditunion.org X 1937 MI Provide financial services and products to members. 7 7 59 7 57155 17569 0 9313073 8426574 1182829 1128583 0 10495902 9555157 0 0 2703544 2776733 0 0 4345891 3499546 7049435 6276279 3446467 3278878 181020522 192355724 145962683 154083291 35057839 38272433 Provide financial services and products to members. false false The Credit Union provides several deposit account types to members including savings, checking, certificates and other. The total number of members at 12/31/2021 was 15,457. The Credit Union provides a variety of loans to members including real estate, credit card, vehicle and other. The total number of loans outstanding at 12/31/2021 was 8,504. false false false false false false false false false true true false false true false false false false false false false false false false false false false false true false true false false false false false false false false false false false false true 4511 0 true 59 true true true false false false false false false false X 7 7 false false false false true true true true true false true true true true true true false true true true false X Brian J Turmell 6164594429 177 Wilson Avenue NW Grand Rapids MI 49534 Brian Turmell CEO 40.00 0.00 X 182145 0 8670 Tim Kamphuis CFO 40.00 0.00 X 96299 0 14099 Velvet Fuller Executive VP 40.00 0.00 X 97038 0 9317 Thane Barden Chairperson 1.00 0.00 X 0 0 0 Kenneth Howe Board Member 1.00 0.00 X 0 0 0 Dave Kremm Treasurer 1.00 0.00 X 0 0 0 Dennis Ziomkowsky Secretary 1.00 0.00 X 0 0 0 Gordon Jeltema Board Member 1.00 0.00 X 0 0 0 Jim Ondersma Vice Chair 1.00 0.00 X 0 0 0 Russ Hower Board Member 1.00 0.00 X 0 0 0 375482 32086 1 false true false CU Answers 6000 28th Street SE Grand Rapids MI 49546 Data Processing 422654 Worldpay Vantiv Mobile 8500 Governors Hill Drive Cincinatti OH 45249 Plastic Card Service 426693 RedRock Information Security 1101 40th St SE Wyoming MI 49508 Information Security 129577 priority health 1257 E Beltline Ave NE Grand Rapids MI 49525 Health 297943 FIS 601 Riverside Ave Jacksonville FL 32204 Card Provider 101541 5 0 Debit & VISA Interchange 522100 828837 828837 Fees and Charges 522100 2290720 2290720 Insurance Revenue 41788 41788 Interest on Loans 522100 5249862 5249862 Non-Member ATM Fees 525990 11767 11767 3600 3600 8426574 1079999 1079999 0 0 0 48584 48584 48584 48584 0 0 0 Insurance Reimbursements 525990 Mortgaging Service Gain 522292 Non-Member ATM Fees 525990 0 9555157 9498002 57155 0 0 0 0 407568 0 1789936 86975 322754 169500 0 27288 15964 0 0 0 410605 155381 872479 278633 0 139628 37719 0 0 776300 0 256990 53292 Loan Servicing Expenses 242137 Provision for Loan Losses 115000 Postage and Shipping 52368 Mortgage Servicing Exp 36442 29320 6276279 0 0 0 1034641 1070199 39465886 33910273 0 0 0 0 97112425 104396042 0 124576 127134 7010282 2136402 5015577 4873880 0 34205568 43417398 0 0 4061849 4560798 181020522 192355724 1632231 2332784 144330452 151750507 145962683 154083291 X 35057839 38272433 35057839 38272433 181020522 192355724 X 3278878 -64284 X false false false 935545 935545 4297621 962962 3334659 186468 90574 95894 202996 170123 32873 1387652 912743 474909 4873880 43417398 Total Member Savings 151750507 151750507 X X X false true false Brian Turmell CEO 170014 12131 1470 7200 190815 Part II, Compensation from Unrelated Organizations The Credit Union has purchased a life insurance policy (CUNA) where the CU is the sole and absolute owner. The policy is in existance as a vehicle to pay for CEO 457f benefits and for the CEO's family upon his death.Per contract, the Credit Union has the right to recieve the sum of all premium payments made. Total premiums equal $300,000 as of December 31, 2021. The Credit Union intends to hold until the death of the CEO in which CU is entitled to the $300,000 premiums paid. Appreciation of income of the policy is to be paid to the CEO in the form of a 457f. The right of forfeiture passes once the CEO reaches 62 years old. Brian Turmell CEO Split dolla X 1691960 false true true 1691960 Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder Section 501c(14) Credit Union is composed of members. Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body Members vote on bylaw and charter changes. Members vote and elect Board members at annual meeting. Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders Mergers are voted on by entire membership. Form 990, Part VI, Line 11b: Form 990 Review Process Management reviews tax returns and forwards US Form 8879-TE to tax preparer. Board reviews filed tax returns at next scheduled meeting. Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts Employee loans are Management approved. Management loans are Board approved. Loans to Board members are approved by the Board minus the lendee. Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees Executive and employee salaries are Board reviewed and approved. Board of directors are not compensated. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available Credit union bylaws and conflict of interest policy are available upon request at the credit union's main office. Quarterly financial statements are displayed in the lobby which is accessible to the general public. Quarterly financial performance (Call) reports are also available at www.ncua.gov for all federally insured credit unions. Other Changes In Net Assets Or Fund Balances - Other Decreases PRIOR PERIOD ADJUSTMENTS TO RETAINED EARNINGS = -$64284