2022-11-09T08:53:47-06:00 2021-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2021-01-01 380960035 CREDIT UNION CHARTERED IN THE STATE OF COMMUNITY CHOICE CREDIT UNION CRED 8772432528 31155 NORTHWESTERN HIGHWAY FARMINGTON HILLS MI 48334 KELLI WISNER-FRANK CFO 8772432528 2022-11-01 1 KELLI WISNER-FRANK 999009999 JACK C TRACY P01974742 2482443000 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z ROBERT BAVA 31155 NORTHWESTERN HWY FARMINGTON HILLS MI 48334 74823987 0 1359 X WWW.COMMUNITYCHOICECU.COM X 1935 MI COMMUNITY CHOICE CREDIT UNION IS A MEMBER OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE COMMITTED TO SERVING AS A TRUSTED ADVISOR TO OUR MEMBERS. WE ARE DEDICATED TO IMPROVING THE FINANCIAL LIVES OF OUR MEMBERS AND QUALITY OF LIFE FOR THE COMMUNITIES WE SERVE IN MICHIGAN. WE RECOGNIZE FOUR MAIN CORE VALUES THAT WE STRIVE TO DELIVER WITH EVERY EXPERIENCE: COMMITTED, CHARITABLE, CREDIBLE, AND UNITED. 12 12 431 12 1047266 0 0 0 60131986 65663288 3103725 4613206 4704357 4044638 67940068 74321132 229119 0 0 0 27530223 30736862 0 0 0 31620790 31456679 59380132 62193541 8559936 12127591 1397314880 1628878716 1267294933 1482205807 130019947 146672909 X WE BELIEVE IN HELPING OUR NEIGHBORS ACHIEVE THE LIFE THEY DESIRE. 1 1 LOANS DEPOSIT ACCOUNTS DEBIT CARD SERVICES 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 1 1 0 0 1 43544 0 1 431 1 1 1 0 0 0 0 0 0 0 X 12 12 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X KELLI WISNER-FRANK 8772432528 31155 NORTHWESTERN HWY FARMINGTON HILLS MI 48334 BRIAN WILSON CHAIRPERSON 1.00 X 0 0 0 MARY MIKO DIRECTOR 1.00 X 0 0 0 THOMAS COOK SECRETARY 1.00 X 0 0 0 KATHLEEN BONUTTI TREASURER 1.00 X 0 0 0 TIMOTHY CROSSON VICE CHAIRPERSON 1.00 X 0 0 0 MICHAEL PALAZZOLO TREASURER 1.00 X 0 0 0 CHERYL MARKS DIRECTOR 1.00 X 0 0 0 VICTOR MARSHALL DIRECTOR 1.00 X 0 0 0 ONEATA BAILEY DIRECTOR 1.00 X 0 0 0 TIMOTHY WELCER DIRECTOR 1.00 X 0 0 0 ROBERT BAVA CEO 40.00 X 608952 0 68633 KELLI WISNER-FRANK CFO 40.00 X 329438 0 50070 TERESA MAYER CLO 40.00 X 317882 0 32981 DONNA SIEJUTT CHRO 40.00 X 270954 0 41711 DANIEL MUNRO COO/EVP 40.00 X 447286 0 68662 BRIAN WILSON VP OF RETAIL DELIVERY 40.00 X 200844 0 30484 JENNIFER LYNN HURREN VP E-COMMERCE 40.00 X 215738 0 20870 JEFFREY DUBEY VP RISK MANAGEMENT 40.00 X 219326 0 28905 JENNY LUDWIGSEN VP MARKETING 40.00 X 202955 0 20940 CARLINGTON BUCKNOR VP OF TECHNOLOGY 40.00 X 202205 0 42698 BARBARA BABINGTON VP OF LENDING 40.00 X 173158 0 35224 DONNA BASHI VP BUSINESS DEVELOPMENT 40.00 X 290537 0 19842 WENDI DIACONO WEALTH ADVISOR 40.00 X 246695 0 19452 SUSAN SETERA AVP BUSINESS SYSTEMS 40.00 X 175175 0 26991 ELIZABETH ANNE SPADAFORE S. BUSINESS RELATIONSHIP M 40.00 X 287569 0 15045 BRENT LOWELL BUSINESS RELATIONSHIP MANA 40.00 X 209576 0 36461 JEREMY MAURER AVP PROJECT MANAGEMENT 40.00 X 150836 0 24873 4549126 0 583842 37 0 1 0 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE RD FARMINGTON HILLS MI 48334 SOFTWARE/TECHNOLOGY SERVICES 2797286 CU ENGAGE 450 CARILLON PKWY STE 130 ST PETERSBURG FL 33716 CONSULTING 1487859 Q2 SOFTWARE PO BOX 205970 DALLAS TX 75320 ONLINE WEB SERVICES 798561 RONNISCH CONSTRUCTION GROUP 4327 DELEMERE COURT ROYAL OAK MI 48073 CONSTRUCTION CONTRACTOR 650937 DOLPHIN DEBIT 18 AUGUSTA PINES DRIVE SPRING TX 77389 ATM FLEET SERVICES 471492 31 MEMBER LOANS 522100 44352681 44352681 FEES, CHARGES, AND OTHER 522100 21310607 21310607 65663288 4549212 4549212 544005 0 544005 544005 544005 566849 502855 63994 63994 63994 GAIN FROM CUSO 522100 2453367 2453367 FINANCE AND INSURANCE 520000 1047266 1047266 3500633 74321132 73273866 1047266 0 X 3940295 21149742 873826 3040517 1732482 1028921 400903 91928 2019584 4260061 1358879 1032116 148292 3908424 70946 2674923 270426 DEBIT/CREDIT EXPENSES 4823414 MAINTENANCE 3303074 LOAN SERVICING 2907104 ATM EXPENSES 1782665 1375019 62193541 16099335 21257831 54125281 96930583 8325161 11232472 10115018 13598755 973815602 1077128783 2156172 1923157 61662872 22658507 37583565 39004365 220608602 289903540 22873648 19231316 832124 740075 50780372 57927839 1397314880 1628878716 15445815 19611198 32750000 1219099118 1462594609 1267294933 1482205807 X 0 0 0 0 130019947 146672909 130019947 146672909 1397314880 1628878716 X 12127591 -4007175 8532546 X X 0 1 X 1 0 11465763 11465763 37021261 12750921 24270340 659110 14388 644722 12516738 9893198 2623540 39004365 MEMBER DEPOSITS 1462594609 1462594609 X 74321132 0 74321132 0 74321132 62193541 0 62193541 0 62193541 PART X, LINE 2: INCOME TAXES 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 X 1 1 X X X X X 0 1 0 ROBERT BAVA CEO 607152 0 0 0 1800 0 45500 0 23133 0 677585 0 0 0 DANIEL MUNRO COO/EVP 329228 0 117458 0 600 0 45500 0 23162 0 515948 0 0 0 KELLI WISNER-FRANK CFO 255755 0 65883 0 7800 0 29300 0 20770 0 379508 0 0 0 TERESA MAYER CLO 240753 0 66329 0 10800 0 28587 0 4394 0 350863 0 0 0 DONNA SIEJUTT CHRO 207042 0 56112 0 7800 0 22269 0 19442 0 312665 0 0 0 DONNA BASHI VP BUSINESS DEVELOPMENT 104446 0 176961 0 9130 0 19500 0 342 0 310379 0 0 0 ELIZABETH ANNE SPADAFORE S. BUSINESS RELATIONSHIP M 119675 0 167294 0 600 0 8520 0 6525 0 302614 0 0 0 WENDI DIACONO WEALTH ADVISOR 42202 0 201883 0 2610 0 13160 0 6292 0 266147 0 0 0 JEFFREY DUBEY VP RISK MANAGEMENT 180519 0 38207 0 600 0 9124 0 19781 0 248231 0 0 0 BRENT LOWELL BUSINESS RELATIONSHIP MANA 106396 0 98266 0 4914 0 19500 0 16961 0 246037 0 0 0 CARLINGTON BUCKNOR VP OF TECHNOLOGY 164240 0 32848 0 5117 0 19500 0 23198 0 244903 0 0 0 JENNIFER LYNN HURREN VP E-COMMERCE 179009 0 33129 0 3600 0 19500 0 1370 0 236608 0 0 0 BRIAN WILSON VP OF RETAIL DELIVERY 165208 0 32536 0 3100 0 26000 0 4484 0 231328 0 0 0 JENNY LUDWIGSEN VP MARKETING 164987 0 31497 0 6471 0 19500 0 1440 0 223895 0 0 0 BARBARA BABINGTON VP OF LENDING 143557 0 29001 0 600 0 17167 0 18057 0 208382 0 0 0 SUSAN SETERA AVP BUSINESS SYSTEMS 150538 0 21037 0 3600 0 25529 0 1462 0 202166 0 0 0 JEREMY MAURER AVP PROJECT MANAGEMENT 131306 0 19170 0 360 0 7839 0 17034 0 175709 0 0 0 PART I, LINE 4B DAN MUNRO, COO/EVP PARTICIPATES IN A 457F PLAN. THE BENEFIT PAYABLE AS OF DECEMBER 31, 2021 APPROXIMATED $454,000. THE BELOW LISTED OFFICERS PARTICIPATE IN A NON-QUALIFIED 457B PLAN. THE AMOUNTS REPORTED REPRESENT THE BALANCE OF THE BENEFIT PAYABLE TO EACH PARTICIPANT AS OF DECEMBER 31, 2021. ROBERT BAVA, CEO: $172,954 KELLI WISNER-FRANK, CFO: $52,694 DANIEL MUNRO, COO/EVP: $211,898 DONNA SIEJUTT, CHRO: $4,971 TERESA MAYER, CLO: $16,097 THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, ROBERT BAVA, THE CHRO, DONNA SIEJUTT, AND THE CFO, KELLI WISNER-FRANK, THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANT 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. ROBERT BAVA CEO COLLATERAL ASSET SPLIT DOLLAR PLAN X 9350000 10406331 0 1 1 DONNA SIEJUTT CHRO COLLATERAL ASSET SPLIT DOLLAR PLAN X 1675000 1697281 0 1 1 KELLI WISNER-FRANK CFO COLLATERAL ASSET SPLIT DOLLAR PLAN X 1476800 1495143 0 1 1 13598755 THOMAS COOK DIRECTOR/OWNER OF TEAM FACILITIES 262112 THOMAS COOK OWNS A FACILITIES COMPANY THAT HANDLES ALL OF THE CREDIT UNION FACILITY NEEDS FOR ALL LOCATIONS (LAWN SERVICE, OFFICE CLEANING, HEATING/COOLING, ETC.). 0 ROBERT BAVA BOARD MEMBER OF CREDIT UNION TRUST 137463 PURCHASE OF CAPITAL INTEREST IN CREDIT UNION TRUST BY CCCU 1 ROBERT BAVA BOARD MEMBER OF MEMBER DRIVEN TECHNOLOGIES 1358879 COMMUNITY CHOICE CREDIT UNION OWNS 25% OF MEMBER DRIVEN TECHNOLOGIES. THE CREDIT UNION PAID MONTHLY FEES FOR CORE IT PROCESSING SERVICES. 1 KELLI WISNER-FRANK BOARD MEMBER OF MEMBER FIRST MORTGAGE CUSO 425214 COMMUNITY CHOICE CREDIT UNION OWNS 11.2% OF MEMBER FIRST MORTGAGE. CCCU PAID MONTHLY LOAN SERVICING FEES TO MEMBERS FIRST MORTGAGE. 1 KELLI WISNER-FRANK BOARD MEMBER OF COMMERCIAL ALLIANCE CUSO 853970 COMMUNITY CHOICE CREDIT UNION OWNS 28.57% OF COMMERCIAL ALLIANCE. CCCU PAID MONTHLY LOAN SERVICING FEES TO COMMERCIAL ALLIANCE 1 ROBERT BAVA BOARD MEMBER OF MICHIGAN TRUSTED TITLE AGENCY 0 NO TRANSACTIONS. 1 ROBERT BAVA BOARD MEMBER COMPLY-YES! 125000 COMPLY-YES! BY COMMUNITY CHOICE CREDIT UNION 1 ROBERT BAVA BOARD MEMBER OF SERVISTAR 19853 PURCHASE OF CAPTIAL INTEREST IN SERVISTAR BY CCCU 1 ROBERT BAVA BOARD MEMBER TRU TREASURY 306616 PURCHASE OF CAPITAL INTEREST IN TRU TREASURY BY CCCU 1 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO CERTAIN MEMBERS OF THE EXECUTIVE MANAGEMENT TEAM THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY. 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 PARTICIPANT 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 III, LINE 2 THE ORGANIZATION COMPLETED A MERGER WITH FIRST GENERAL CREDIT UNION (FGCU) OF MUSKEGON, MI. THE MERGER BROUGHT $32 MILLION IN LOANS, $54 MILLION IN DEPOSIT ACCOUNTS, AND TWO BRANCH OFFICES TO CCCU. CCCU IS ABLE TO PROVIDE ENHANCED PRODUCT AND SERVICE OFFERINGS TO THE FORMER FGCU MEMBERS. IN 2021, CCCU BEGAN OFFERING A NEW SAVINGS ACCOUNT CALLED CHOICE SAVINGS WHICH PAYS DIVIDENDS BASED ON A TIERED RATE STRUCTURE. AT THE TIME THIS NEW SAVINGS ROLLED OUT, CCCU DISCONTINUED OFFERING CONSUMER MONEY MARKET ACCOUNTS. CCCU BEGAN SERVICING THE CANNABIS INDUSTRY OFFERING A NEW CHOICE CASH ACCOUNT AND CASH SERVICES TO SUPPORT THIS BUSINESS SEGMENT. FORM 990, PART III, LINE 3 THE BRANCH OFFICE IN SPRING ARBOR MICHIGAN WAS CLOSED DURING THE YEAR. ADDITIONALLY, THE CREDIT UNION'S ATM FLEET WAS SOLD TO DOLPHIN DEBIT. THE CREDIT UNION NOW LEASES ALL OF ITS ATM MACHINES. FORM 990, PART VI, SECTION A, LINE 6 ANY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER IS GIVEN ONE VOTE AND IS ABLE TO VOTE FOR THE GOVERNING BODY AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B MAJOR DECISIONS MADE BY THE GOVERNING BODY ARE SUBJECT TO APPROVAL BY MEMBERS, STOCKHOLDERS, OR OTHER PERSONS; HOWEVER, DAY TO DAY DECISIONS ARE NOT SUBJECT TO APPROVAL. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF FORM 990 WILL NOT BE PROVIDED TO THE ORGANIZATION'S GOVERNING BODY PRIOR TO IT BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EACH MEMBER OF THE BOARD OF DIRECTORS, MANAGEMENT, AND TEAM MEMBERS MUST BE TRAINED, REVIEW, AND SIGN OFF ON A CONFLICT OF INTEREST STATEMENT LISTING ANY POTENTIAL CONFLICTS. IF A POTENTIAL CONFLICT IS LISTED OR FOUND, EACH IS REVIEWED ON A CASE BY CASE BASIS. ANY CONFLICTS THAT ARE FOUND ARE DEALT WITH IMMEDIATELY. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION USES A THIRD PARTY VENDOR, D HILTON, TO ASSESS AND EVALUATE EVERY POSITION IN THE ORGANIZATION WHICH HELPS THE ORGANIZATION DEVELOP AND MAINTAIN COMPETITIVE PAY RATES AND IMPROVE EMPLOYEE PERFORMANCE. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST AND ARE ALSO POSTED IN THE BRANCH OFFICES EACH MONTH. FORM 990, PART IX, LINE 24E HOME BANKING 1,327,072. MISCELLANEOUS EXPENSE 502,285. MERGER EXPENSES 273,945. TRAINING/DEVELOPMENT/EDUCATION 139,573. PROVISION FOR LOAN LOSSES -867,856. FORM 990, PART XI, LINE 9: ACCUMULATED OTHER COMPREHENSIVE LOSS RELATIVE TO THE DEFINED BENEFIT PLAN -233,804. EQUITY ACQUIRED IN MERGER 8,766,350. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART IV, LINE 28C: ROBERT BAVA IS ON THE BOARD OF DIRECTORS OF THE FOLLOWING ORGANIZATIONS: MEMBER DRIVEN TECHNOLOGIES CREDIT UNION TRUST MICHIGAN TRUSTED TITLE AGENCY COMPLY-YES! SERVISTAR TRU TREASURY KELLI WISNER-FRANK IS ON THE BOARD OF DIRECTORS FOR COMMERCIAL ALLIANCE AND MEMBER FIRST MORTGAGE. THOMAS COOK, A BOARD OF DIRECTOR OF THE CREDIT UNION, OWNS TEAM FACILITIES- A VENDOR THAT THE CREDIT UNION USES FOR FACILITIES MANAGEMENT. 3099 BIDDLE LLC 31155 NORTHWESTERN HIGHWAY FARMINGTON HILLS MI 48334 823577624 PROPERTY MANAGEMENT MI 445800 6687518 COMMUNITY CHOICE CREDIT UNION 20773 13 MILE RD ROSEVILLE LLC 20773 13 MILE RD ROSEVILLE MI 48066 844641854 PROPERTY MANAGEMENT MI 216000 3020423 COMMUNITY CHOICE CREDIT UNION COMMUNITY CHOICE FOUNDATION INC 31155 NORTHWESTERN HIGHWAY FARMINGTON HILLS MI 48334 263891535 PUBLIC CHARITY MI 501(C)(3) 7 COMMUNITY CHOICE CREDIT UNION 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 COMMUNITY CHOICE FOUNDATION L 25047 ESTIMATE COMMUNITY CHOICE FOUNDATION O 144652 ESTIMATE