2022-11-15T12:04:03-06:00 2021-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2021-01-01 381418001 1199 CORNERSTONE COMMUNITY FINANCIAL CREDIT UNION 1199 2483409310 2955 UNIVERSITY DRIVE AUBURN HILLS MI 48326 HEIDI KASSAB CEO 2483409310 2022-11-15 1 HEIDI KASSAB 999009999 JOSEPH ZITO CPA P00648440 2482443000 2022-11-15 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z HEIDI KASSAB 2955 UNIVERSITY DR AUBURN HILLS MI 48326 18739193 0 1359 X WWW.CCFINANCIAL.COM X 1951 MI WE ARE COMMITTED TO BEING A LEADING COMMUNITY-FOCUSED CREDIT UNION THAT IS THE CORNERSTONE TO HELPING MEMBERS ACHIEVE THEIR FINANCIAL GOALS. 9 9 85 9 12138 0 0 0 16211682 18547374 110309 179681 13323 12138 16335314 18739193 0 0 0 0 5847227 6975653 0 0 0 8595548 7523942 14442775 14499595 1892539 4239598 328529665 371170169 288455938 326910905 40073727 44259264 REVOLUTIONIZE THE SERVICE EXPERIENCE FULFILLING THE CHANGING NEEDS OF MEMBERS AND OUR COMMUNITIES. 0 0 PROVIDED OVER $294 MILLION IN LOANS TO OUR MEMBERS. INCREASED MEMBER DEPOSITS BY $38 MILLION. OPENED OVER 439 NEW ACCOUNTS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 5835 0 1 85 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X MARK EVENSON 2483731310 2955 UNIVERSITY DRIVE AUBURN HILLS MI 48326 LEO MOSES CHAIRPERSON 10.00 X 0 0 0 TIMOTHY MCGLINCHEY VICE CHAIRPERSON 5.00 X 0 0 0 DAVID WOODWARD DIRECTOR 5.00 X 0 0 0 CHRIS BAKER TREASURER 5.00 X 0 0 0 LORI OZDOWY DIRECTOR 5.00 X 0 0 0 TIMOTHY GREEN SECRETARY 5.00 X 0 0 0 JOHN ELSE II DIRECTOR 5.00 X 0 0 0 BRIAN BEAUMONT DIRECTOR 5.00 X 0 0 0 JACKIE MACON DIRECTOR 5.00 X 0 0 0 HEIDI KASSAB PRESIDENT/CEO 40.00 X 406648 0 35900 BETH WIELGAT CFO 40.00 X 152031 0 12861 CHRISTOPHER MANGENO VP OF LENDING AND COLLECTIONS 40.00 X 173245 0 24872 JENNIFER DICKEY VP OF CULTURE AND TALENT 40.00 X 144529 0 11573 DAVID SHOSEY VP OF IT 40.00 X 146028 0 22867 MARK EVENSON VP OF RETAIL 40.00 X 139413 0 22421 JENNIFER BLEAU VP OF MARKETING 40.00 X 139872 0 22300 1301766 0 152794 8 0 1 0 JACK HENRY AND ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE PROCESSING SYSTEM 490306 VISA PO BOX 4521 CAROL STREAM IL 60197 CREDIT/DEBIT CARD PROCESSING 361497 RONNISCH CONSTRUCTION GROUP 4327 DELEMERE CT ROYAL OAK MI 48073 BUILDER - AH EXECUTIVE REMODEL 225961 MARQUIS SOFTWARE SOLUTIONS INC PO BOX 660919 DALLAS TX 752660919 CUSTOMER MANAGEMENT 218888 ALLIED SOLUTIONS 350 VETERANS WAY STE 200 CARMEL IN 46032 BOND AND CYBER POLICY 187903 7 LOAN INCOME 522100 13819826 13819826 FEE INCOME 522100 4727548 4727548 18547374 179681 179681 FINANCE AND INSURANCE 520000 12138 12138 12138 18739193 18547374 12138 179681 X 607440 4868624 591102 501799 406688 40156 160272 90844 811099 390199 856970 580592 68808 16561 1432839 40689 672503 154095 LOAN SERVICING EXPENSE 878243 DEBIT/CREDIT CARD EXPEN 782937 MAINTENANCE 225896 MISCELLANEOUS EXPENSES 131155 190084 14499595 1743858 1832669 42182907 41839747 1970500 3229580 5173389 5269782 260627160 292459578 716869 729475 20425809 9633989 10734104 10791820 297698 207886 1435300 10877173 19225 3628655 3932459 328529665 371170169 2001569 2087948 16000000 16000000 270454369 308822957 288455938 326910905 X 0 0 0 0 40073727 44259264 40073727 44259264 328529665 371170169 4239598 -54061 0 X X 0 1 X 1 0 2663939 2663939 9966129 3205797 6760332 2604 2604 6562219 5554100 1008119 1230918 874092 356826 10791820 MEMBER SHARES 308822957 308822957 X 18739193 0 18739193 0 18739193 14499595 0 14499595 0 14499595 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. THE CREDIT UNION'S OPEN AUDIT PERIOD IS FOR THE THREE YEAR PERIOD ENDED DECEMBER 31, 2021. X 1 1 X X X X X 0 1 0 HEIDI KASSAB PRESIDENT/CEO 314661 0 75273 0 16714 0 23408 0 12492 0 442548 0 0 0 CHRISTOPHER MANGENO VP OF LENDING AND COLLECTIONS 151906 0 21339 0 0 0 12153 0 12719 0 198117 0 0 0 DAVID SHOSEY VP OF IT 128899 0 17129 0 0 0 10312 0 12555 0 168895 0 0 0 BETH WIELGAT CFO 136952 0 15079 0 0 0 10956 0 1905 0 164892 0 0 0 JENNIFER BLEAU VP OF MARKETING 122427 0 17445 0 0 0 9794 0 12506 0 162172 0 0 0 MARK EVENSON VP OF RETAIL 126889 0 12524 0 0 0 10151 0 12270 0 161834 0 0 0 JENNIFER DICKEY VP OF CULTURE AND TALENT 128248 0 16281 0 0 0 10260 0 1313 0 156102 0 0 0 PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, HEIDI KASSAB 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 PARTICIPANT. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. HEIDI KASSAB PRESIDENT/CEO TO FUND SPLIT DOLLAR PLAN X 4750000 5269782 0 1 1 5269782 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 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 VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERSHIP ELECTS THE BOARD OF DIRECTORS WHICH GOVERN THE OPERATIONS OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT CPA FIRM AND REVIEWED BY MANAGEMENT PRIOR TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C ACCOUNT RELATIONSHIPS ARE MONITORED BY THE INTERNAL AUDITOR. ANY BUSINESS RELATIONSHIPS WOULD BE REVIEWED BY THE CEO OR CHAIRMAN AS APPLICABLE. FORM 990, PART VI, SECTION B, LINE 15 AN INDEPENDENT CONSULTANT IS USED IN THE REVIEW PROCESS OF THE CEO. THE BOARD REVIEWS THE EVALUATION AND COMPENSATION LEVELS. ALL OTHER EMPLOYEES ARE REVIEWED BY THEIR SUPERVISOR AND EVALUATIONS ARE APPROVED BY THE CEO. 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. FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 90,844. FORM 990, PART IX, LINE 24E EDUCATION AND TRAINING 126,548. ATM EXPENSES 63,536. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM PREVIOUS YEARS.