2022-11-09T16:32:25-06:00 2021-12-31 350921680 CROWE LLP 9600 Brownsboro Road Suite 400 Louisville KY 402413902 990 2021-01-01 380703992 Arbor Financial Credit Union ARBO 2693756702 1551 South 9th Street Kalamazoo MI 490099327 Earle Shelner II CFO 2695443471 2022-11-09 true Earle Shelner II 999009999 Kim Scifres P01316095 5023263996 2021 2022-09-23 18:48:47Z Julie Blitchok 1551 South 9th Street Kalamazoo MI 490099327 283030506 false X www.arborfcu.org X 1935 MI THE CREDIT UNION'S OPERATIONS INCLUDE HOLDING DEPOSITS FOR AND MAKING LOANS TO INDIVIDUALS WHO WORK OR RESIDE IN THE STATE OF MICHIGAN. 7 7 274 7 243009 0 0 36783809 38402807 5905505 4189402 796020 1678130 43485334 44270339 24000 24000 0 17266948 17148149 0 0 21476890 22451485 38767838 39623634 4717496 4646705 813637097 829123274 748514447 762601238 65122650 66522036 THE CREDIT UNION'S OPERATIONS INCLUDE HOLDING DEPOSITS FOR AND MAKING LOANS TO INDIVIDUALS WHO WORK OR RESIDE IN THE STATE OF MICHIGAN. false false Allowing members access to capital through mortgages, automobile loans, and other consumer loans. ALLOWING MEMBERS DIRECT ACCESS TO THEIR CHECKING ACCOUNT AT MERCHANTS THROUGH OUR DEBIT CARD PROGRAM, and allowing members access to credit through our credit card program. ALLOWING MEMBERS ACCESS TO OVER 37,000 ATMS THROUGHOUT THE US THROUGH OUR ATM NETWORKING PROGRAM. 0 false false false false false false true false true false false false true true true false false false false false false false false false false false true true false true false false false false false false false false false false false false true 21885 0 true 274 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 true true true true false X Earle Shelner II 2695443471 1551 S 9th Street Kalamazoo MI 49009 X Arthur Parker Treasurer 10.0 X X 0 0 0 David Aubry Chairman 30.0 X X 0 0 0 Joni LaPointe Secretary 10.0 X X 0 0 0 Richard Cahow Vice-Chairman 10.0 X X 0 0 0 Jeff Powless Director 10.0 X 0 0 0 Josie Wyne Director 10.0 X 0 0 0 Kimberly Rohr Director 10.0 X 0 0 0 Earle D Shelner II Chief Financial Officer 50.0 X 231971 0 51262 Julie A Blitchok President/CEO 50.0 X 531467 0 125737 Arlene C Horton VP of Talent Strategy and Organization 50.0 X 182239 0 39911 James O Blankenship VP Information Systems 50.0 X 195499 0 39391 Judith Robbins VP of Commercial & Private Banking 50.0 X 172839 0 34622 Susan Weir VP of Mortgage Lending 50.0 X 159834 0 38033 Tamara L Phelps VP Operations 50.0 X 190278 0 38771 Christine E Camp VP of Marketing 50.0 X 170413 0 42838 Holly B Babb Mortgage Loan Originator 40.0 X 171904 0 41720 John Hatridge Mortgage Loan Originator 40.0 X 200942 0 44241 Laurie Brooks Mortgage Loan Originator 40.0 X 169185 0 38963 Ryan A Maneke Mortgage Loan Originator 40.0 X 261148 0 22315 2637719 0 557804 28 false true false FISERV 75 REMITTANCE DRIVE DEPT 1649 CHICAGO IL 60197 CORE SYSTEM PROCESSOR 2071849 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD PROCESSOR 1406449 WORLDPAY (VANTIV) 8500 GOVERNORS HILL DRIVE SYMMES TOWNSHIP OH 45249 DEBIT CARD PROCESSING 1150573 GLAS ASSOCIATES INC 6339 STADIUM DR KALAMAZOO MI 49009 CONSTRUCTION 467611 PRINTING SERVICES INC 7419 S Sprinkle Rd Portgage MI 49002 PRINTING SERVICES 302860 15 0 INCOME ON MEMBER LOANS 522100 24109874 24109874 FEES AND CHARGES 522100 14292933 14227553 65380 0 0 0 0 38402807 1425610 1425610 0 0 78940592 162583367 78742636 160017531 197956 2565836 2763792 2763792 Loan Warranty Income 524298 87919 87919 Wealth Management Income 523930 52063 52063 Trust AD&D Life Insurance Income 524113 37647 37647 1500501 1500501 0 0 1678130 44270339 39837928 243009 4189402 24000 2031854 11277780 770432 2139504 928579 120744 256133 184004 1142212 1943790 2534365 1378839 19390 244366 4597572 70102 1591484 180369 PROVISION FOR LOAN LOSS 1690869 Loan Servicing Expense 2181891 Visa and Mastercard Expenses 1660544 ATM EXPENSES 893537 1761274 39623634 3930994 4321558 53009153 16789772 5376514 6578169 0 0 569387978 617448733 720032 715198 34149777 9854929 24776730 24294848 125690988 127271702 6443800 6443800 0 24300908 25259494 813637097 829123274 11152919 9924704 2675383 3473567 0 0 103000000 45000000 631686145 704202967 748514447 762601238 X 65122650 66522036 65122650 66522036 813637097 829123274 4646705 -3247319 0 X false true X true false false true X 4916067 4916067 17451204 3276991 14174213 144758 130831 13927 8145101 5687449 2457652 3492647 759658 2732989 24294848 MEMBER SHARES AND SAVINGS ACCOUNTS 704202967 704202967 X 44270339 0 0 44270339 0 0 44270339 39623634 0 0 39623634 0 0 39623634 Schedule D, Part IV, Line 2b Explanation of escrow agreement Arbor has an escrow custodial account set up for each of our investors. We are a service-retained organization, which collects the escrow funds, performs escrow analysis, and disburses funds to appropriate tax and/or insurance authorities. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Credit Union is exempt, by statute, from federal 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. The IRS ruled certain products and services to be subject to taxation as unrelated business income. 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 condition or results of operations. The Credit Union's income tax filings are subject to audit by various taxing authorities and open tax periods include 2017 - 2020. true SCHOLARSHIPS 12 24000 Schedule I, Part III, Column (a) Type of Grant or Assistance Scholarships are awarded to high school seniors who demonstrate academic achievement, community involvement and financial need. Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. THE CREDIT UNION CHOOSES SCHOLARSHIP RECIPIENTS BASED ON CERTAIN CRITERIA AND KEEPS SUPPORTING DOCUMENTS FOR THEIR DECISIONS. X X X X X false true false Julie A Blitchok President/CEO 399957 0 112222 0 19288 0 101947 0 23790 0 657204 0 0 0 Earle D Shelner II Chief Financial Officer 194220 0 37103 0 648 0 24073 0 27189 0 283233 0 0 0 James O Blankenship VP Information Systems 163086 0 31723 0 690 0 19794 0 19597 0 234890 0 0 0 Arlene C Horton VP of Talent Strategy and Organization 148419 0 29398 0 4422 0 18414 0 21497 0 222150 0 0 0 Tamara L Phelps VP Operations 158027 0 30611 0 1640 0 19374 0 19397 0 229049 0 0 0 Judith Robbins VP of Commercial & Private Banking 144240 0 28160 0 439 0 15875 0 18747 0 207461 0 0 0 Susan Weir VP of Mortgage Lending 134918 0 24177 0 739 0 16253 0 21780 0 197867 0 0 0 Ryan A Maneke Mortgage Loan Originator 51578 0 209509 0 61 0 20892 0 1423 0 283463 0 0 0 Laurie Brooks Mortgage Loan Originator 45828 0 123094 0 263 0 14569 0 24394 0 208148 0 0 0 Holly B Babb Mortgage Loan Originator 47044 0 124768 0 92 0 17582 0 24138 0 213624 0 0 0 John Hatridge Mortgage Loan Originator 46431 0 154248 0 263 0 20451 0 23790 0 245183 0 0 0 Christine E Camp VP of Marketing 141550 0 28050 0 813 0 17548 0 25290 0 213251 0 0 0 Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan Julie Blitchok, CEO, participates in a split dollar life insurance plan. Premiums paid on behalf of the executive is treated as a loan. See schedule L for more detail on loan. Arbor Financial Credit Union also provides a supplemental nonqualified retirement plan for the CEO. The organization makes annual contributions to the plan. CONTRIBUTIONS TO THE PLAN FOR 2021 ARE AS FOLLOWS: $79,646 There were no distributions made from the plan during 2021. Julie Blitchok CEO Split Dollar Life Insurance Treated As Loan X 4480403 3986971 false true true Executive Conventional 30 Year Fixed X 147500 143986 false true true Executive Conventional 15 Year Fixed X 375000 332003 false true true Executive Conventional 30 Year Fixed X 247800 236534 false true true Highest Compensated Employee Used Auto X 23637 15245 false true true Key Employee Conventional 7 Year Fixed X 79950 79950 false true true Highest Compensated Employee Conventional 15 Year Fixed X 256000 232053 false true true Highest Compensated Employee Conventional 15 Year Fixed X 248000 227767 false true true Highest Compensated Employee Conventional 15 Year Fixed X 164000 146439 false true true Highest Compensated Employee Used Auto X 22124 13271 false true true Highest Compensated Employee New Auto X 25000 21774 false true true Executive Used Auto X 27424 17000 false true true Key Employee Conventional 15 Year Fixed X 185000 133553 false true true Key Employee Used Auto X 14375 8896 false true true Key Employee Closed End Unsecured X 8000 6787 false true true Executive Conventional 25 Year Fixed X 464000 456111 false true true Executive New Auto X 40000 37363 false true true Highest Compensated Employee Recreational Vehicle X 30095 28466 false true true Key Employee Conventional 30 Year Fixed X 454000 454000 false true true 6578169 Form 990, Part I, Line 1 Description of Organization Mission: Work or reside within the State of Michigan. Form 990, Part VI, Line 1a Delegate broad authority to a committee The personnel committee is the same as the full board with different leadership & has the authority to act on behalf of the board. Form 990, Part VI, Line 6 Classes of members or stockholders EVERY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS CONSIDERED A MEMBER. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body AS A CREDIT UNION, WE HAVE A MEMBERSHIP THAT HAS THE AUTHORITY TO VOTE FOR THE BOARD OF DIRECTORS ON AN ANNUAL BASIS. WE ARE REQUIRED TO HOLD AN ANNUAL MEETING, WHERE THE MEMBERSHIP CAN VOTE FOR THE BOARD OF DIRECTORS UP FOR NOMINATION. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders THE DECISIONS ARE APPROVED AT THE ANNUAL MEETING. THEY ALSO CAN REVIEW THE MONTHLY AND YEAR TO DATE FINANCIAL STATEMENTS THAT ARE REQUIRED TO BE POSTED IN THE LOBBY. AS FOR DAY TO DAY DECISIONS, THEY DO NOT OVERSEE OR APPROVE ACTIONS. Form 990, Part VI, Line 11b Review of form 990 by governing body A COPY of the Form 990 was PROVIDED FOR THE BOARD OF DIRECTORS TO REVIEW PRIOR TO FILING WITH THE IRS. Form 990, Part VI, Line 12c Conflict of interest policy ALL DIRECTORS AND EMPLOYEES ARE REQUIRED TO SIGN A POLICY STATEMENT ANNUALLY AND TO SUBMIT CHANGES DURING THE YEAR. If there is a conflict of interest with an employee, it is brought up through HR and noted in the file. If there is a conflict of interest with an executive it is noted with both HR and the CEO to be kept in their file, and they would no longer be permitted to sign any contracts. Form 990, Part VI, Line 15a Process to establish compensation of top management official WE UTILIZE AN OUTSIDE CONSULTANT, AS WELL AS INDUSTRY PUBLICATIONS TO SET THE RANGES OF ALL INDIVIDUALS PAID AT THE CREDIT UNION. ALL SALARY RANGES FOR ALL EMPLOYEES ARE APPROVED BY THE BOARD OF DIRECTORS AT A REGULARLY SCHEDULED MEETING. This meeting was last performed in December 2021. This process is documented in executive committee minutes. Form 990, Part VI, Line 15b Process to establish compensation of other employees WE UTILIZE AN OUTSIDE CONSULTANT, AS WELL AS INDUSTRY PUBLICATIONS TO SET THE RANGES OF ALL INDIVIDUALS PAID AT THE CREDIT UNION. ALL SALARY RANGES FOR ALL EMPLOYEES ARE APPROVED BY THE BOARD OF DIRECTORS AT A REGULARLY SCHEDULED MEETING. This meeting was last performed in December 2021. This process is documented in executive committee minutes. Form 990, Part VI, Line 19 Required documents available to the public THE CREDIT UNIONS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. Form 990, Part VIII, Line 11d Other Miscellaneous Revenue FHLB Advance Prepayment penalty - Total Revenue: 659051, Related or Exempt Function Revenue: 659051, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Miscellaneous Income - Total Revenue: 400635, Related or Exempt Function Revenue: 400635, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Life Insurance Income - Total Revenue: 332262, Related or Exempt Function Revenue: 332262, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Visa Growth & Marketing Agreements - Total Revenue: 108553, Related or Exempt Function Revenue: 108553, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ;