2022-11-11T08:40:19-06:00 2021-12-31 381357951 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2021-01-01 380855535 ADVENTURE CREDIT UNION ADVE 6162430125 630 32ND STREET SE GRAND RAPIDS MI 49548 JERRY MAUE CFO 6162430125 2022-11-07 1 JERRY MAUE 999009999 KENLEY PENNER P00740260 2695674500 2022-11-04 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z JERRY MAUE 630 32ND STREET SE GRAND RAPIDS MI 49548 20803881 0 1359 X WWW.ADVENTURECU.ORG X 1936 MI ADVENTURE CREDIT UNION'S PRIMARY EXEMPT PURPOSE IS TO PROVIDE A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS. ITS MEMBERS INCLUDE INDIVIDUALS WHO ARE EMPLOYED IN OR RETIRED FROM COMMUNICATIONS RELATED ORGANIZATIONS, THE HEALTH CARE INDUSTRY, DISABLED OR WORK WITH THE DISABLED, AND OTHER SELECT EMPLOYEE GROUPS OR THOSE WHO LIVE OR WORK IN ALLEGAN, BARRY, CLINTON, EATON, INGHAM, KENT, LIVINGSTON, NEWAYGO, OTTAWA OR SHIAWASSEE COUNTIES IN MICHIGAN. 9 9 151 9 17784 0 0 0 19945337 20142489 362634 491421 364672 149014 20672643 20782924 0 0 0 0 7339872 7814066 0 0 0 10110924 10025582 17450796 17839648 3221847 2943276 415888601 438784059 363887264 384355790 52001337 54428269 X TO PROVIDE FINANCIAL SERVICES WHILE TREATING MEMBERS WITH DIGNITY AND RESPECT, ACTING AS A GOOD STEWARD OF OUR MEMBERS' ASSETS, VALUING OUR EMPLOYEES AND VOLUNTEERS, MAINTAINING HIGH LEVELS OF INTEGRITY IN EVERYTHING WE DO, AND BEING A LEADER IN COMMUNITY OUTREACH AND BUILDING COMMUNITY RELATIONSHIPS. 0 0 ADVENTURE CREDIT UNION SERVED AND CONTINUES TO SERVE THE FINANCIAL NEEDS OF 30,679 MEMBERS BY OFFERING LOANS, DEPOSITS AND VARIOUS OTHER FINANCIAL PRODUCTS. 0 0 0 0 0 0 0 1 0 1 0 0 1 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 8016 0 1 151 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X JEROME MAUE 6162430125 630 32ND STREET SE GRAND RAPIDS MI 49548 ANN MARIE NELSON CHIEF EXECUTIVE OFFICER 40.00 0.00 X 293806 0 20383 JAMES BIRD ARIS FINANCIAL MANAGER 40.00 0.00 X 206127 0 9727 JEROME MAUE CHIEF FINANCIAL OFFICER 40.00 0.00 X 154407 0 14906 AMANDA GARABEDIAN CHIEF OPERATING OFFICER 40.00 0.00 X 133301 0 20222 LISA POSTHUMUS CHIEF LENDING OFFICER 40.00 0.00 X 102528 0 11047 DAVE FERGUSON BOARD CHAIRMAN 1.00 1.00 X X 0 0 0 PETE WINNINGER BOARD VICE CHAIRMAN 1.00 1.00 X X 0 0 0 RYAN SHEFFER TREASURER 1.00 1.00 X X 0 0 0 DAVE KIDD SECRETARY 1.00 1.00 X X 0 0 0 PATRICIA ANDREWS BOARD MEMBER 1.00 1.00 X 0 0 0 CHARLIE BRENEMAN BOARD MEMBER 1.00 1.00 X 0 0 0 ROGER FRY BOARD MEMBER 1.00 1.00 X 0 0 0 DEBRA GINSBURG BOARD MEMBER 1.00 1.00 X 0 0 0 MICHAEL KUTAS BOARD MEMBER 1.00 1.00 X 0 0 0 890169 0 76285 5 0 1 0 JACK HENRY AND ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE AND ANCILLARY SOFTWARE 403235 ARKATECHTURE PO BOX 678 PORTLAND ME 04101 ARKALYTICS 261813 TRACE3 PO BOX 603915 CHARLOTTE NC 282603915 IT CONSULTING/TECHNOLOGY 246655 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 90312 STATEMENT AND E STATEMENT MAILING 221832 CITY OF WYOMING 1155 28TH STREET SW WYOMING MI 49509 CITY - GOVERNMENT 208788 9 LOAN INTEREST INCOME 522100 13871904 13871904 FEES AND CHARGES 522100 5759862 5742078 17784 SALE OF MORTGAGES 522100 510723 510723 20142489 371421 371421 140957 20957 120000 120000 120000 MORTGAGE SERVICING FEE 522100 149014 149014 149014 20782924 20273719 17784 491421 750601 5609051 256157 707367 490890 43775 202606 6926 252286 322923 1597018 786531 22073 162654 114011 589455 41054 CREDIT AND DEBIT CARD F 1976507 INTEREST PAID ON MEMBER 1577813 LOAN SERVICING EXPENSE 1290462 PROVISION FOR LOAN LOSS 144026 895462 17839648 3113449 2803634 72505233 47096486 290299023 297330465 738959 870598 19884756 11876614 8417755 8008142 24663939 60260672 16150243 22414062 415888601 438784059 3794173 2452932 1954291 1744097 12000000 0 346138800 380158761 363887264 384355790 X 0 0 0 0 52001337 54428269 52001337 54428269 415888601 438784059 X 2943276 -679604 163260 X X 0 1 X 1 0 0 1 X 1655488 1655488 9522340 4185179 5337161 8706928 7691435 1015493 8008142 FHLB STOCK 1575000 NCUSIF DEPOSIT 3639823 OTHER ASSETS 1842909 ALLOYA PERPETUAL CONTRIBUTED CAPITAL 600000 CREDIT UNION OWNED LIFE INSURANCE POLICY 10036141 ACCRUED INTEREST RECEIVABLE 919289 DEFERRED COMPENSATION ASSET 3800900 22414062 MEMBERS' SHARES AND SAVINGS 380158761 380158761 X 20266580 -679604 163260 -516344 20782924 0 20782924 17839648 0 17839648 0 17839648 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 AND STATE INCOME TAXES. HOWEVER, THE CREDIT UNION MAY BE SUBJECT TO UNRELATED BUSINESS INCOME TAX. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE CREDIT UNION AND RECOGNIZE A TAX LIABILITY IF THE CREDIT UNION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CREDIT UNION AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2021 AND 2020, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE CREDIT UNION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF CREDIT UNION-OWNED LIFE INSURANCE 156,635. UNREALIZED LOSS ON POSTRETIREMENT AND PENSION BENEFITS 6,625. 1 X X X X 0 0 0 ANN MARIE NELSON CHIEF EXECUTIVE OFFICER 268224 0 13582 0 12000 0 7590 0 12793 0 314189 0 0 0 JAMES BIRD ARIS FINANCIAL MANAGER 67210 0 10635 0 128282 0 6145 0 3582 0 215854 0 0 0 JEROME MAUE CHIEF FINANCIAL OFFICER 145545 0 8862 0 0 0 0 0 14906 0 169313 0 0 0 AMANDA GARABEDIAN CHIEF OPERATING OFFICER 125842 0 7459 0 0 0 4124 0 16098 0 153523 0 0 0 PART I, LINE 3 THE CREDIT UNION UTILIZES AN INDEPENDENT COMPENSATION CONSULTANT IN DETERMINING WAGES FOR ALL OF THE POSITIONS WITHIN THE ORGANIZATION. THE INFORMATION PROVIDED BY THE CONSULTANT IS USED TO ESTABLISH PAY RANGES FOR NEW POSITIONS AS WELL AS ADJUST ESTABLISHED PAY RANGES FOR CHANGES IN THE MARKET. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION CURRENTLY HAS 30,679 MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CREDIT UNION ARE RESPONSIBLE FOR ELECTING THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS OF THE CREDIT UNION MUST APPROVE MERGERS INTO ANOTHER CREDIT UNION. ALL OTHER DECISIONS MAY BE MADE BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE CEO AND CFO OF THE CREDIT UNION REVIEW THE 990 DRAFT BEFORE FILING. ADDITIONALLY, AN ELECTRONIC COPY OF THE 990 IS AVAILABLE TO THE BOARD OF DIRECTORS FOR THEIR REVIEW. ALL OF THE BOARD MEMBERS ARE GIVEN THE OPPORTUNITY TO CONTACT THE CREDIT UNION'S MANAGEMENT WITH ANY QUESTIONS OR CONCERNS THEY HAD REGARDING THE 990 RETURN. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, ALL DIRECTORS, OFFICERS, AND EMPLOYEES OF THE CREDIT UNION COMPLETE A CONFLICT OF INTEREST POLICY QUESTIONNAIRE. THE CONFLICT OF INTEREST QUESTIONNAIRES ARE THEN REVIEWED BY SHANNON VAN MALSEN, COMPLIANCE OFFICER, FOR POTENTIAL CONFLICTS. IF AN ACTUAL CONFLICT OF INTEREST IS IDENTIFIED, THE DIRECTOR WILL ABSTAIN FROM VOTING ON THE ISSUE AT HAND. FORM 990, PART VI, SECTION B, LINE 15 SALARIES FOR THE CEO, OFFICERS, AND KEY EMPLOYEES ARE COMPARED TO THOSE REPORTED IN VARIOUS PUBLICATIONS FOR SIMILAR ORGANIZATIONS IN THE INDUSTRY AND MAY BE ADJUSTED FOR AN EMPLOYEE'S PERFORMANCE. COMPENSATION FOR THE CEO, OFFICERS, AND KEY EMPLOYEES ARE THEN DETERMINED, REVIEWED BY AN INDEPENDENT PARTY, AND APPROVED BY THE BOARD OF DIRECTORS. THIS PROCESS WAS LAST UNDERTAKEN IN 2021. FORM 990, PART VI, SECTION C, LINE 19 THE MONTHLY FINANCIAL STATEMENTS OF THE CREDIT UNION ARE POSTED IN THE LOBBY OF EACH BRANCH. OTHER INFORMATION SUCH AS THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: UNREALIZED LOSS ON POSTRETIREMENT AND PENSION BENEFITS 6,625. CHANGE IN VALUE OF CREDIT UNION-OWNED LIFE INSURANCE 156,635. FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS HAS ESTABLISHED THE AUDIT COMMITTEE, WHICH IS RESPONSIBLE FOR THE OVERSIGHT OF ALL EXAMINATIONS AND AUDITS AND SELECTION OF AN INDEPENDENT AUDITOR. THE AUDIT COMMITTEE APPROVES AN INDEPENDENT AUDITOR(S) EACH YEAR AND MEETS TO REVIEW EXAMINATION REPORTS AND AUDITOR'S REPORTS. 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 $1,365,428 AND $1,414,331 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.