2022-10-31T15:09:37-05:00 2021-12-31 381357951 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2021-01-01 381438667 CONSUMERS CREDIT UNION CONS 2693457804 7200 ELM VALLEY DRIVE KALAMAZOO MI 49009 STEVE HOWARD CFO 2693457804 2022-10-25 1 STEVE HOWARD 999009999 KENLEY PENNER P00740260 2695674500 2022-10-17 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z X SCOTT SYLVESTER 7200 ELM VALLEY DRIVE KALAMAZOO MI 49009 105792813 0 1359 X WWW.CONSUMERSCU.ORG X 1951 MI TO PROVIDE QUALITY AND INNOVATIVE FINANCIAL PRODUCTS AND SERVICES THAT CONTRIBUTE TO THE ECONOMIC AND SOCIAL WELL-BEING OF OUR MEMBERSHIP. 7 7 481 7 397502 0 0 0 95870656 105167467 126396 590171 0 0 95997052 105757638 0 0 0 0 29904918 36241999 0 0 0 45399310 41377519 75304228 77619518 20692824 28138120 1476727502 1803218783 1339887600 1638240761 136839902 164978022 TO PROVIDE QUALITY AND INNOVATIVE FINANCIAL PRODUCTS AND SERVICES THAT CONTRIBUTE TO THE ECONOMIC AND SOCIAL WELL-BEING OF OUR MEMBERSHIP. 0 0 SERVED 119,986 MEMBERS BY OFFERING LOANS, DEPOSITS, AND VARIOUS OTHER FINANCIAL PRODUCTS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 57689 0 1 481 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 0 1 1 1 0 0 1 1 0 0 X STEVE HOWARD 2693457804 7200 ELM VALLEY DRIVE KALAMAZOO MI 49009 BRENT BASSETT CHAIRPERSON 4.00 X 0 0 0 KIM WEISHAAR DIRECTOR 4.00 X 0 0 0 JAY PRINCE DIRECTOR 4.00 X 0 0 0 LISA GUSTAFSON DIRECTOR 4.00 X 0 0 0 NICK ZAFER TREASURER 4.00 X X 0 0 0 PATRICK O'CONNOR SECRETARY 4.00 X X 0 0 0 KIM SHOOK VICE-CHAIRPERSON 4.00 X X 0 0 0 KIT SNYDER CEO 50.00 X 2248941 0 243497 STEVE HOWARD CFO 50.00 X 366582 0 158244 SCOTT SYLVESTER COO 50.00 X 392201 0 41388 STEVE OWENS CLO 50.00 X 292155 0 54819 SHAWN PREMER CHRO 50.00 X 245077 0 54765 LYNN JARMAN-JOHNSON CMO 50.00 X 196285 0 30501 JEFFREY VISSER CSO 50.00 X 205170 0 34727 LINDSAY LAND VP OF OPERATIONS 50.00 X 159286 0 30095 GARY FERGUSON VP OF BUSINESS SERVICES 50.00 X 154347 0 27834 DAVID PENDLEY VP OF MORTGAGE 50.00 X 464766 0 16442 GREGG TEEGARDIN MORTGAGE LOAN OFFICER 50.00 X 675320 0 24173 HEIDI BISH MORTGAGE LOAN OFFICER 50.00 X 623219 0 22800 RENEE ZISKA MORTGAGE LOAN OFFICER 50.00 X 425059 0 21338 JAMES STEPHENS MORTGAGE LOAN OFFICER 50.00 X 359033 0 32191 ELLENGRACE HAUENSTEIN MORTGAGE LOAN OFFICER 50.00 X 269330 0 18043 7076771 0 810857 27 0 1 0 ROBERT HALF 12400 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 RECRUITING SERVICES 226900 LENNON MILLER O'CONNOR & BARTOZIEWICZ 151 S ROSE ST STE 900 KALAMAZOO MI 49007 LEGAL SERVICES 191263 HELLMUTH OBATA & KASSABAUM INC 333 SOUTH WABASH AVENUE CHICAGO IL 60604 DESIGN SERVICES 134615 MILLER CANFIELD PADDOCK & STONE PLC 150 WEST JEFFERSON SUITE 2500 DETROIT MI 48226 LEGAL SERVICES 129909 DIXON LAWN CARE 682 LAKE ST KALAMAZOO MI 49001 LAWN SERVICES 119609 5 LOAN INTEREST INCOME 522100 60997289 60997289 FEES AND OTHER INCOME 522100 33988587 33592081 396506 0 GAINS ON SALES OF LOANS 522100 10180595 10180595 INSURANCE COMMISSIONS 522100 996 996 105167467 494433 494433 130913 35175 95738 95738 95738 105757638 104769965 397502 590171 5757168 23880645 1781916 2954845 1867425 893470 93360 1653140 6829599 2860446 2951609 156602 135435 2392289 5318066 73671 INTEREST AND DIVIDENDS 7881656 LOAN SERVICING EXPENSE 6439564 AMORTIZATION OF MORTGAG 2150713 EXAMINATION FEES 252000 1295899 77619518 18406693 20959462 57924535 81589824 1280252553 1567133935 1704474 2803278 115590503 25859963 81953472 89730540 5214600 5667925 31271175 35333819 1476727502 1803218783 11589074 15891358 2175694 -2826515 135000000 130000000 1191122832 1495175918 1339887600 1638240761 X 0 0 0 0 136839902 164978022 136839902 164978022 1476727502 1803218783 28138120 0 X X 0 1 X 1 0 0 1 X 12163688 12163688 65770741 7755704 58015037 873623 109045 764578 28571022 17995214 10575808 8211429 8211429 89730540 MEMBER SHARES 1495175918 1495175918 X 105757638 0 105757638 0 105757638 77619518 0 77619518 0 77619518 PART IV, LINE 2B: THE CREDIT UNION HOLDS AMOUNTS IN ESCROW ACCOUNTS FOR REAL ESTATE TAXES AND HOME INSURANCE RELATED TO HOME MORTGAGE LOANS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE ("IRC") SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS HAS BEEN AN ISSUE FOR MANY YEARS. IN 2007, THE INTERNAL REVENUE SERVICE ("IRS") ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA ("TAM") TO A NUMBER OF STATE-CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. IN THESE TAMS, THE IRS RULED CERTAIN PRODUCTS AND SERVICES TO BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. IN LIGHT OF THE TAMS, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. X X X 1 1 X X X X 0 1 0 KIT SNYDER CEO 693674 0 319770 0 1235497 0 226000 0 17497 0 2492438 0 1235497 0 GREGG TEEGARDIN MORTGAGE LOAN OFFICER 36000 0 2970 0 636350 0 11814 0 12359 0 699493 0 0 0 HEIDI BISH MORTGAGE LOAN OFFICER 36005 0 2970 0 584244 0 19856 0 2944 0 646019 0 0 0 STEVE HOWARD CFO 262408 0 104174 0 0 0 142867 0 15377 0 524826 0 0 0 DAVID PENDLEY VP OF MORTGAGE 150000 0 79355 0 235411 0 1212 0 15230 0 481208 0 0 0 RENEE ZISKA MORTGAGE LOAN OFFICER 36005 0 2970 0 386084 0 18252 0 3086 0 446397 0 0 0 SCOTT SYLVESTER COO 277053 0 115148 0 0 0 26000 0 15388 0 433589 0 0 0 JAMES STEPHENS MORTGAGE LOAN OFFICER 36330 0 2970 0 319733 0 19645 0 12546 0 391224 0 0 0 STEVE OWENS CLO 204792 0 87363 0 0 0 39499 0 15320 0 346974 0 0 0 SHAWN PREMER CHRO 172146 0 72931 0 0 0 39500 0 15265 0 299842 0 0 0 ELLENGRACE HAUENSTEIN MORTGAGE LOAN OFFICER 36005 0 1029 0 232296 0 3261 0 14782 0 287373 0 0 0 JEFFREY VISSER CSO 142614 0 62556 0 0 0 19500 0 15227 0 239897 0 0 0 LYNN JARMAN-JOHNSON CMO 138179 0 58106 0 0 0 15281 0 15220 0 226786 0 0 0 LINDSAY LAND VP OF OPERATIONS 136961 0 22325 0 0 0 14886 0 15209 0 189381 0 0 0 GARY FERGUSON VP OF BUSINESS SERVICES 133278 0 21069 0 0 0 15965 0 11869 0 182181 0 0 0 PART I, LINE 1A HEALTH CLUB BENEFITS ARE OFFERED TO ALL EMPLOYEES. LIMITED COMPANION TRAVEL BENEFIT WAS EXTENDED TO ALL EXECUTIVE MANAGEMENT, AND THE BOARD OF DIRECTORS. NONE OF THE BENEFITS ARE TREATED AS TAXABLE. PART I, LINE 4B DURING THE YEAR, THE FOLLOWING AMOUNTS WERE CONTRIBUTED TO THE PLAN BY THE CREDIT UNION. THE ORGANIZATION OFFERS A 457(F) NON-QUALIFIED DEFERRED COMPENSATION ARRANGEMENT TO SELECTED EXECUTIVE OFFICERS AT THE CREDIT UNION: STEVE HOWARD - $119,400 FORM 990, PART VI, SECTION A, LINE 6 EACH INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER IS ALLOWED TO VOTE FOR THE GOVERNING BODY AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PROVIDED TO THE ORGANIZATION'S GOVERNING BODY FOR REVIEW PRIOR TO FILING. MEMBERS OF MANAGEMENT WILL REVIEW THE 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 15A THE ORGANIZATION USES INDEPENDENT COMPENSATION CONSULTANTS AND COMPENSATION SURVEYS TO DETERMINE COMPENSATION OF THE TOP MANAGEMENT OFFICIAL. CEO COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS AND THE COMPENSATION COMMITTEE. ALL DISCUSSIONS AND DECISIONS ARE DOCUMENTED IN THE BOARD MINUTES. THE MOST RECENT YEAR THIS PROCESS WAS UNDERTAKEN WAS 2021. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS THAT ARE OPEN TO PUBLIC INSPECTION ARE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C: AUDIT OVERSIGHT PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART X, LINE 5 AND SCHEDULE L: SCHEDULE L IS NOT REQUIRED FOR LOANS RECEIVABLE BALANCES ON FORM 990, PART X, LINE 5 IF THE LOANS ARE MADE BY THE CREDIT UNION TO THE DIRECTORS, OFFICERS, AND KEY EMPLOYEES ON THE SAME TERMS OFFERED TO OTHER MEMBERS OF THE CREDIT UNION. THEREFORE, THE CREDIT UNION HAS INCLUDED APPROXIMATELY $670,000 AND $1,620,000 OF RECEIVABLES FROM CURRENT OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES, AND HIGHEST COMPENSATED EMPLOYEES FOR 2021 AND 2020, RESPECTIVELY, WITHIN FORM 990, PART X, LINE 7.