2021-05-17T14:12:27-05:00 2020-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2020-01-01 381629793 MICHIGAN SCHOOLS AND GOVERNMENT CREDIT UNION MICH 5862638800 40400 GARFIELD RD CLINTON TOWNSHIP MI 48038 STEVE BREWER CFO 5862638800 2021-05-17 1 STEVE BREWER 999009999 JOSEPH A ZITO CPA P00648440 2482443000 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z PETER GATES 40400 GARFIELD RD CLINTON TOWNSHIP MI 48038 115700334 0 1359 X WWW.MSGCU.ORG X CREDIT UNION 1954 MI FOUNDED IN 1954 BY A SMALL GROUP OF TEACHERS, PRINCIPALS AND OTHER SCHOOL EMPLOYEES, MICHIGAN SCHOOLS AND GOVERNMENT CREDIT UNION (MSGCU) HAS BEEN PROVIDING QUALITY FINANCIAL SERVICES TO ITS MEMBERS FOR MORE THAN 60 YEARS. WHETHER IT IS A CHECKING OR SAVINGS ACCOUNT, LOAN, IRA, CERTIFICATE OF DEPOSIT, MORTGAGE OR CREDIT CARD,MSGCU WANTS TO HELP ITS 132,000 MEMBERS ACHIEVE THEIR FINANCIAL SUCCESS.WITH 16 OFFICES LOCATED THROUGHOUT MACOMB, OAKLAND, AND WAYNE COUNTIES, PROVIDING FULL ONLINE BANKING AND MOBILE SERVICES, WITH $2.8 BILLION IN ASSETS, $2.1 BILLION IN LOANS, AND A STAFF OF 370 EMPLOYEES, MSGCU IS A VALUED RESOURCE FOR FINANCIAL WELLBEING FOR BOTH CONSUMERS AND BUSINESSES. AT THE END OF 2020 OUR LENDING PORTFOLIO TOTALED APPROXIMATELY $2.1 BILLION. THE CONSUMER LENDING PORTION OF THE PORTFOLIO WAS JUST OVER $967 MILLION. THE MORTGAGE PORTFOLIO WAS JUST UNDER $992 MILLION AND THE BUSINESS LOAN PORTFOLIO WAS $128 MILLION. MEMBER SHARES TOTALED OVER $2.386 BILLION. 9 9 419 9 0 0 0 0 92187460 105482706 13208900 6646670 0 0 105396360 112129376 155875 202403 0 0 27615221 30910854 0 0 0 55147690 55811949 82918786 86925206 22477574 25204170 2375421675 2777350124 2087149681 2457574063 288271994 319776061 X WE ARE A CARING ORGANIZATION DEDICATED TO PROMOTING FINANCIAL SUCCESS FOR OUR MEMBERS. 0 0 DURING 2020, THE CREDIT UNION SERVED OVER 3,650 PARTICIPANTS WITH OUR FINANCIAL EDUCATION WORKSHOPS, WHICH FEATURED TOPICS LIKE HOME BUYING, GETTING STARTED WITH CASH AND CREDIT AND UNDERSTANDING CREDIT REPORTS. WE OFFERED 165 FINANCIAL EDUCATION WORKSHOPS IN A CONVENIENT AND SAFE MANNER EITHER AT ONE OF OUR BRANCHES OR VIRTUALLY. THE CREDIT UNION CONTINUED ITS SCHOLARSHIP PROGRAMS BY PROVIDING $105,000 TO HIGH SCHOOL SENIORS WHO WILL ATTEND COLLEGE, CURRENT TEACHERS AND SCHOOL ADMINISTRATORS ENROLLED IN A CONTINUING EDUCATION PROGRAM, AS WELL TO FIRST RESPONDERS WHO WILL GRADUATE FROM THE FIRE AND POLICE ACADEMIES AT MACOMB COMMUNITY COLLEGE, OAKLAND COMMUNITY COLLEGE AND SCHOOLCRAFT COLLEGE. OVER THE YEARS WE HAVE BEEN RECOGNIZED FOR THE WORK WE DO FOR OUR MEMBERS, EMPLOYEES, AND THE COMMUNITY. THE DETROIT FREE PRESS SELECTED MSGCU AS A TOP WORKPLACE IN MICHIGAN FOR THE PAST EIGHT YEARS IN A ROW. WE ARE ALSO PROUD OF A 96% OR HIGHER MEMBER SATISFACTION RATING FOR MORE THAN TEN YEARS AND ACHIEVING THE BAUER FINANCIAL HIGHEST POSSIBLE RATING OF FIVE STARS FOR THE PAST TWENTY YEARS. THESE ACCOMPLISHMENTS CONFIRM THAT WE ARE MAKING A DIFFERENCE IN THE COMMUNITIES WE SERVE IN SOUTHEAST MICHIGAN. THE CREDIT UNION ALSO CONTINUED ITS CLASSROOM GRANT PROGRAM WHICH PROVIDES FUNDS TO TEACHERS TO BE USED FOR OTHERWISE UNFUNDED CLASSROOM PROJECTS. IN 2020, MSGCU AWARDED 64 GRANTS TOTALING MORE THAN $45,000 TO LOCAL EDUCATORS TO BE USED DURING THE 2020/2021 SCHOOL YEAR.MSGCU'S GIVING BACK PROGRAM RETURNED IN 2020. EACH BRANCH DESIGNATED A MONTH TO DONATE TIME AND $1,000 WORTH OF RESOURCES TO HELP A NON-PROFIT GROUP OR ORGANIZATION WITHIN THEIR COMMUNITY, IN TOTAL, MSGCU GAVE BACK THOUSANDS OF VOLUNTEER HOURS AND $16,000 IN TOTAL RESOURCES. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 1 1 1 1 0 1 42563 0 1 419 1 0 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 PETER GATES 5862638800 40400 GARFIELD RD CLINTON TOWNSHIP MI 48038 WILLIAM CAYEN CHAIRMAN 1.00 X 0 0 0 RICHARD MAIERLE SECRETARY 1.00 X 0 0 0 JAMES MCCANN TREASURER 1.00 X 0 0 0 TERESA DIMARIA DIRECTOR 1.00 X 0 0 0 EDWARD CALLAGHAN DIRECTOR 1.00 X 0 0 0 RICHARD SHOEMAKER DIRECTOR 1.00 X 0 0 0 DOUGLAS SMITH DIRECTOR 1.00 X 0 0 0 CHARLES THOMAS VICE CHAIRMAN 1.00 X 0 0 0 ELIZABETH ARGIRI DIRECTOR 1.00 X 0 0 0 DENISE BROOKS-WILLIAMS DIRECTOR 1.00 X 0 0 0 CHRISTINA AYAR DIRECTOR 1.00 X 0 0 0 PETER GATES PRESIDENT/CEO 40.00 X 835439 0 47173 STEVE BREWER CFO 40.00 X 360252 0 50252 PHILIP COOPER CLO 40.00 X 328150 0 45656 DEBORAH FAHRNEY CRO 40.00 X 297779 0 43925 KAREN HANELINE VP HR 40.00 X 195856 0 34935 ANN JONES VP MARKETING/BUSINESS DEVELOPMENT 40.00 X 208288 0 40052 2225764 0 261993 32 0 1 0 FIS 601 RIVERSID AVE JACKSONVILLE FL 32204 TECHNOLOGY PRODUCTS 1594995 HARRISON MEDIA 24416 CROCKER BOULEVARD CLINTON TOWNSHIP MI 48036 MARKETING 941644 KASCO INC 226 E HUDSON AVE ROYAL OAK MI 48067 CONSTRUCTION SERVICES 741857 DOXIM INCIDSCOM 747 EAST WHITCOMB AVENUE MADISON HEIGHTS MI 48071 DOCUMENT SOLUTIONS 667084 SYNERGY 6551 SOUTH REVERE PARKWAY CENTENNIAL CO 80111 APPRAISAL SERVICES 546330 49 INTEREST ON LOANS 522100 88022158 88022158 FEES, CHARGES AND OTHER 522100 17460548 17460548 105482706 6588605 6004679 583926 3020164 608859 3000000 570958 20164 37901 58065 58065 112129376 111545450 0 583926 X 97191 105212 882612 22089113 1841230 4426070 1671829 229121 2031026 2511971 2740625 1575537 38330 4327 25227584 81257 3168413 233399 PROVISION FOR LOAN LOSS 6500000 LOAN SERVICING EXPENSE 3398569 DEBIT/CREDIT CARD EXPEN 2987801 SOFTWARE LICENSING AND 1819163 3264826 86925206 5881419 11421826 45074421 279089482 2253060 3203350 13339239 13699637 1885743050 2069233024 1806407 1742924 70480404 19694371 45965398 50786033 333423548 299658822 11755800 13425200 30179333 35089826 2375421675 2777350124 7225409 8394117 257296 1021265 3109469 3577447 60000000 60000000 2016557507 2384581234 2087149681 2457574063 X 0 0 0 0 288271994 319776061 288271994 319776061 2375421675 2777350124 25204170 6299897 0 X X 0 1 X 1 0 0 1 X 19346976 19346976 35818936 7013772 28805164 15314492 12680599 2633893 50786033 MEMBER DEPOSITS 2384581234 2384581234 X PART IV, LINE 2B: AS A LOAN SERVICER, THE CREDIT UNION RECEIVES PRINCIPAL, INTEREST, TAX AND INSURANCE PAYMENTS AND THEN REMITS THESE FUNDS TO THE APPLICABLE THIRD PARTIES ON BEHALF OF THE BORROWERS. PART X, LINE 2: MSGCU IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. MSGCU IS SUBJECT TO UNRELATED BUSINESS INCOME TAX. MSGCU'S WHOLLY OWNED SUBSIDIARIES, SOCRE AND 20595 LIVONIA LLC, ARE SUBJECT TO FEDERAL AND STATE INCOME TAXES. MANAGEMENT EVALUATED MSGCU'S TAX POSITIONS AND CONCLUDED THAT MSGCU HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS. MSGCU FILES IRS FORM 990 (RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX) AND OTHER FORMS IN THE U.S. FEDERAL JURISDICTION AND THE STATE OF MICHIGAN. THE CREDIT UNION'S OPEN AUDIT PERIOD IS THE THREE-YEAR PERIOD ENDED DECEMBER 31, 2020. 1 UTICA COMMUNITY SCHOOLS 11303 GREENDALE STERLING HEIGHTS MI 48312 386002552 11000 CLASSROOM CASH GRANT FOR CLASSROOM PROJECTS MACOMB COUNTY CHAMBER OF COMMERCE 1 SOUTH MAIN MOUNT CLEMENS MI 48043 380855880 10000 DONATION FOR MACOMB RESTAURANT INITIATIVE BALDWIN PUBLIC LIBRARY TRUST WEST MERRILL BIRMINGHAM MI 48009 382404964 10000 GRANT FOR MEDICAL SUPPLIES 3 COLLEGE SCHOLARSHIPS 45 105212 CASH SCHOLARSHIP GRANTS PART I, LINE 2: AN APPLICATION IS REQUIRED FROM THE TEACHER APPLYING FOR THE GRANT. GRANTS ARE PAYABLE DIRECTLY TO THE SCHOOL AND TEACHERS FILE PAPERWORK WITH THEIR SCHOOL FOR REIMBURSEMENT OF CLASSROOM EXPENSES. PART III: WE HAVE A COMMITTEE THAT REVIEWS APPLICATIONS AND AWARDS SCHOLARSHIPS TO SELECTED INDIVIDUALS. X 1 1 X X X X X 0 1 0 PETER GATES PRESIDENT/CEO 739963 0 84101 0 11375 0 28050 0 19123 0 882612 0 0 0 STEVE BREWER CFO 299547 0 54112 0 6593 0 28050 0 22202 0 410504 0 0 0 PHILIP COOPER CLO 278657 0 49193 0 300 0 28007 0 17649 0 373806 0 0 0 DEBORAH FAHRNEY CRO 252635 0 43716 0 1428 0 26465 0 17460 0 341704 0 0 0 ANN JONES VP MARKETING/BUSINESS DEVELOPMENT 176800 0 31108 0 380 0 18804 0 21248 0 248340 0 0 0 KAREN HANELINE VP HR 165539 0 29797 0 520 0 18111 0 16824 0 230791 0 0 0 PART I, LINE 4B CERTAIN KEY EXECUTIVES PARTICIPATE IN A COLLATERAL ASSIGNED SPLIT DOLLAR ARRANGEMENT. NO BENEFIT DRAWS WERE MADE BY ANY OF THE PARTICIPANTS DURING 2020. STEVE BREWER CFO LIFE INS. X 4400000 4702387 0 1 1 PETER GATES CEO LIFE INS. X 8350000 8997250 0 1 1 13699637 FORM 990, PART VI, SECTION A, LINE 6 EACH INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO VOTE IN THE GOVERNING BODY'S ELECTION AND/OR REMOVAL 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 CEO, CFO AND ACCOUNTING MANAGER REVIEW THE COMPLETED FORM 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY THE BOARD OF DIRECTORS COMPLETES A CONFLICT OF INTEREST DISCLOSURE. FORM 990, PART VI, SECTION B, LINE 15 ON AN ANNUAL BASIS, CEO COMPENSATION IS RECOMMENDED BY THE PERSONNEL COMMITTEE, A SUBCOMMITTEE OF THE BOARD OF DIRECTORS, AND APPROVED BY THE ENTIRE BOARD OF DIRECTORS. ON AN ANNUAL BASIS, ALL OTHER EMPLOYEE COMPENSATION IS SET BY THE CEO, EXECUTIVE TEAM, AND HUMAN RESOURCES. WE UTILIZE A THIRD PARTY COMPENSATION CONSULTANT IN JOB PRICING. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE BRANCH LOBBIES AND ARE AVAILABLE TO THE PUBLIC UPON REQUEST. GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 2,031,026. FORM 990, PART IX, LINE 24E ONLINE BANKING EXPENSE 1,149,454. MAINTENANCE 796,799. COLLECTIONS EXPENSE 693,833. ASSOCIATION DUES 328,078. EDUCATION AND TRAINING 252,425. OTHER 44,237. FORM 990, PART XII, LINE 2C: THERE WERE NO CHANGES IN THE PROCESSES UTILIZED BY THE AUDIT COMMITTEE. 20595 LIVONIA LLC 28366 FRANKLIN SOUTHFIELD MI 48034 455324142 HOLDING COMPANY FOR LAND MI 0 741007 MICHIGAN SCHOOLS AND GOVERNMENT CREDIT UNION SOC REAL ESTATE INC 40400 GARFIELD CLINTON TOWNSHIP MI 48038 382658390 REAL ESTATE MI MICHIGAN SCHOOLS AND GOVERNMENT CREDIT UNION C 50131 3289580 1.00000 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 SOC REAL ESTATE INC K 730836 MARKET LEASE RATES PER SQ. FOO SOC REAL ESTATE INC L 120000 SALARY ALLOCATION