2022-11-10T08:40:48-06:00 2021-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2021-01-01 380536242 CREDIT UNION ONE CRED 2483981210 400 E NINE MILE FERNDALE MI 48220 GARY MOODY PRESIDENT AND CEO 2483981210 2022-11-10 1 GARY MOODY 999009999 JOHN J MURNANE JR P03021572 2482443000 2022-11-10 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z GARY MOODY 400 EAST NINE MILE ROAD FERNDALE MI 48220 72038914 0 1359 X WWW.CUONE.ORG X 1938 MI CREDIT UNION ONE IS COMMITTED TO PROVIDING EXCEPTIONAL VALUE TO ITS MEMBERS BY DELIVERING OUTSTANDING PRODUCTS AND SERVICES ANYTIME, ANYWHERE. 12 12 406 12 382411 0 0 0 64678385 59511183 3507414 3413679 0 0 68185799 62924862 10000 10000 0 0 27497997 25988453 0 0 0 33157254 26608889 60665251 52607342 7520548 10317520 1659764690 1817447747 1528933592 1681612519 130831098 135835228 CREDIT UNION ONE IS COMMITTED TO PROVIDING EXCEPTIONAL VALUE TO ITS MEMBERS BY DELIVERING OUTSTANDING PRODUCTS AND SERVICES ANYTIME, ANYWHERE. 0 0 DURING 2021, CREDIT UNION ONE, A STATE CHARTERED CREDIT UNION LOCATED IN THE STATE OF MICHIGAN, PROVIDED FINANCIAL SERVICES TO MEMBERS WITHIN OUR FIELD OF MEMBERSHIP. CREDIT UNION ONE CONTINUED TO FULFILL ITS EXEMPT STATUS BY PROVIDING CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, OFFERING COMPETITIVE SHARE DEPOSIT PRODUCTS, AND PROVIDING MEMBERS WITH THE OPPORTUNITY TO IMPROVE THE THEIR ECONOMIC CONDITION. IN 2021, THE CREDIT UNION SERVED 124,465 MEMBERS. THERE WERE 16,352 LOANS GRANTED TOTALING $528,177,515. DEPOSITS GREW BY $151,442,648. 0 0 0 0 0 0 0 0 0 1 1 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 17664 0 1 406 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 TINA TRACY 2485845037 400 E NINE MILE FERNDALE MI 48220 GUADALUPE G LARA VICE CHAIRPERSON 3.00 X 0 0 0 PAUL W STUART BOARD CHAIRPERSON 3.00 X 0 0 0 JAN GILLESPIE BOARD MEMBER 3.00 X 0 0 0 JOAN STEFANSKI SECRETARY/TREASURER 3.00 X 0 0 0 RUDOLPH R MONTANO JR BOARD MEMBER 3.00 X 0 0 0 DAVID C PRYBYS BOARD DIRECTOR 3.00 X 0 0 0 RAYMOND F REDMOND BOARD MEMBER 3.00 X 0 0 0 JUANITA M REID BOARD MEMBER 3.00 X 0 0 0 DINO DEPONIO BOARD MEMBER 3.00 X 0 0 0 NICKOLAS NICKOLOPOULOS BOARD MEMBER 3.00 X 0 0 0 CHRISTINE DOWHAN-BAILEY BOARD MEMBER 3.00 X 0 0 0 ED DURBIN BOARD MEMBER 3.00 X 0 0 0 GARY MOODY CEO 40.00 X 584056 0 34688 CHRISTINA TRACY PRESIDENT, COO 40.00 X 308087 0 26006 JULIE MILLS SVP CHIEF INFORMATION SECURITY OFFICER 40.00 X 205400 0 25605 DAVID BREUER SVP/CHIEF INFORMATION OFFICER 40.00 X 280048 0 9511 SWAMINATHAN SEETHARAMAN SVP CHIEF MARKETING OFFICER 40.00 X 225353 0 23752 MARK OUIMET SVP CHIEF LENDING OFFICER 40.00 X 301327 0 7137 STEVEN TERHAAR VP SBA LENDING 40.00 X 199829 0 27014 ELI AKEL VP COMMERICAL LENDING 40.00 X 201488 0 26042 DONNA REID SVP CHIEF MEMBER EXPERIENCRE OFFICER 40.00 X 197912 0 22420 RENEE MUCCIOLI SVP CHIEF MEMBER ENGAGEMENT/SALES OFFICER 40.00 X 199829 0 27382 LANCE KRAJACIC SVP COMMERCIAL LENDING 40.00 X 273942 0 6780 2977271 0 236337 37 0 1 0 PSCU 560 CARILLON PARK WAY ST PETERSBURG FL 33716 CREDIT/DEBIT PROCESSOR AND SERVICING 2675113 ALKAMI TECHNOLOGY 5601 GRANITE PWKY 120 PLANO TX 75024 ONLINE BANKING PLATFORM 929512 FISERV 75 REMITTANCE DR STE 1649 CHICAGO IL 60675 DATA PROCESSING 697722 FIS GLOBAL PO BOX 4521 CAROL STREAM IL 60197 BILL PAY 501335 DIEBOLD INC 5995 MAYFAIR ROAD NORTH CANTON OH 44720 ATM SERVICING 447962 42 LOANS TO MEMBERS 522100 40837113 40837113 FEE INCOME 522100 18291659 18291659 FINANCE AND INSURANCE 520000 382411 382411 59511183 3516315 3516315 8833000 178416 8798898 315154 34102 -136738 -102636 -102636 62924862 62542451 382411 0 X 10000 2030970 19777177 313476 2162951 1703879 779448 20123 534092 565415 818957 1454019 3409046 2776255 57954 207973 2356674 97037 2752692 317068 DEBIT/ATM EXPENSES 3976888 LOAN SERVICING EXPENSE 2966244 OTHER LOSSES 1636607 MISCELLANEOUS EXPENSE 791528 1090869 52607342 37230606 15495930 229490408 288240209 -720279 2960508 18989328 20278104 1081684228 1054681880 1489480 2082272 56604065 25868428 32683439 30735637 165790097 312316455 33467338 33233849 59660045 57422903 1659764690 1817447747 9280855 10517132 1519652737 1671095387 1528933592 1681612519 X 0 0 0 0 130831098 135835228 130831098 135835228 1659764690 1817447747 X 10317520 -5313390 0 X X 0 1 X 1 0 6653123 6653123 34489799 13699051 20790748 15461143 12169377 3291766 30735637 3967563 F AVAILABLE FOR SALE SECURITIES 296023892 F CERTIFICATES OF DEPOSIT 12325000 C 312316455 SHARE ACCOUNTS 524345013 MONEY MARKET ACCOUNTS 439504924 IRA ACCOUNTS 26462560 SHARE DRAFT ACCOUNTS 413766487 SHARE AND IRA CERTIFICATES 167449507 NON-INTEREST BEARING SHARES 124529 NON-INTEREST BEARING SHARE DRAFTS 99442367 1671095387 X 62924862 0 62924862 0 62924862 52607342 0 52607342 0 52607342 PART X, LINE 2: 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. 1 SCHOLARSHIPS 9 10000 PART I, LINE 2: THE CHECKS ARE WRITTEN DIRECTLY TO THE SCHOOL FOR EACH SCHOLARSHIP. X X X 1 1 X X X X 0 1 0 GARY MOODY CEO 515988 0 60244 0 7824 0 10318 0 24370 0 618744 0 0 0 CHRISTINA TRACY PRESIDENT, COO 272900 0 32500 0 2687 0 4797 0 21209 0 334093 0 0 0 MARK OUIMET SVP CHIEF LENDING OFFICER 269852 0 24500 0 6975 0 6403 0 734 0 308464 0 0 0 DAVID BREUER SVP/CHIEF INFORMATION OFFICER 252483 0 21500 0 6065 0 6548 0 2963 0 289559 0 0 0 LANCE KRAJACIC SVP COMMERCIAL LENDING 212442 0 61500 0 0 0 6074 0 706 0 280722 0 0 0 SWAMINATHAN SEETHARAMAN SVP CHIEF MARKETING OFFICER 198639 0 21500 0 5214 0 4021 0 19731 0 249105 0 0 0 JULIE MILLS SVP CHIEF INFORMATION SECURITY OFFIC 205400 0 0 0 0 0 4935 0 20670 0 231005 0 0 0 ELI AKEL VP COMMERICAL LENDING 153488 0 48000 0 0 0 4962 0 21080 0 227530 0 0 0 RENEE MUCCIOLI SVP CHIEF MEMBER ENGAGEMENT/SALES OF 175980 0 21500 0 2349 0 4307 0 23075 0 227211 0 0 0 STEVEN TERHAAR VP SBA LENDING 151829 0 48000 0 0 0 4179 0 22835 0 226843 0 0 0 DONNA REID SVP CHIEF MEMBER EXPERIENCRE OFFICER 173031 0 21500 0 3381 0 4786 0 17634 0 220332 0 0 0 PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO GARY MOODY, DAVE BREUER, AND SWAMINATHAN SEETHARAMAN THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANTS 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. CHRISTINA TRACY (COO) AND DONNA REID (SVP CHIEF MEMBER EXPERIENCE OFFICER) PARTICIPATE IN A NON-QUALIFIED 457F PLAN. THE BENEFIT LIABILITIES ARE SECURED BY AN ANNUITY CONTRACT. THE BENEFIT LIABILITY RECORDED FOR EACH OF THE PARTICIPANTS AS OF DECEMBER 31, 2021 WAS AS FOLLOWS: CHRISTINA TRACY: $463,188 DONNA REID: $617,689 GARY MOODY CEO SPLIT DOLLAR LIFE INSURANCE X 3207339 5984471 0 1 1 TOM SCHAEFFLER FORMER COO SPLIT DOLLAR LIFE INSURANCE X 3112000 3936395 0 1 1 STEVE GRECH FORMER EVP SPLIT DOLLAR LIFE INSURANCE X 2360000 2985185 0 1 1 DAVE BREUER SVP/CHIEF INFORMATION OFFICER SPLIT DOLLAR LIFE INSURANCE X 1960000 2479221 0 1 1 DAVID SOMMERS FORMER CFO SPLIT DOLLAR LIFE INSURANCE X 1600000 2023854 0 1 1 SWAMINATHAN SEETHARAMAN SVP CHIEF MARKETING OFFICER SPLIT DOLLAR LIFE INSURANCE X 1417582 2868978 0 1 1 20278104 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD 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 PARTICIPANTS 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 VI, SECTION A, LINE 6 EVERY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A EVERY MEMBER OF THE CREDIT UNION IS GIVEN ONE VOTE AND IS ABLE TO ELECT MEMBERS OF THE GOVERNING BODY AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B ONLY SUBSTANTIAL EVENTS ARE SUBJECT TO MEMBERSHIP APPROVAL. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WILL BE PRESENTED AT A MEETING OF THE AUDIT COMMITTEE OF CREDIT UNION ONE SUBSEQUENT TO THE FILING OF THE FORM. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ANNUALLY COMPLETES AND SIGNS A FORMAL CONFLICT OF INTEREST DISCLOSURE CONSISTENT WITH THE BOARD'S CODE OF ETHICS. THE DISCLOSURES ARE REVIEWED BY THE GOVERNANCE COMMITTEE FOR COMPLIANCE WITH THE CODE OF ETHICS. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION REVIEW IS PERFORMED BY THE BOARD OF DIRECTORS ANNUALLY. ALL TOP MANAGEMENT LEVEL EMPLOYEES' COMPENSATION ARE REVIEWED BY THE HEAD OF HR AND BENCHMARKED. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST ONLY. FORM 990, PART IX, LINE 24E PROVISION FOR LOAN LOSSES 546,803. SERVICE CENTER EXPENSE 544,066. FORM 990, PART XII, LINE 2C: WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.