2021-11-09T12:32:57-06:00 2020-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2020-01-01 381406340 THE LOCAL CREDIT UNION LOCA 5862641212 39139 MOUND ROAD STERLING HEIGHTS MI 48310 JOSEPH HALLMAN PRESIDENT/CEO 5862641212 2021-11-09 1 JOSEPH HALLMAN 999009999 JOHN MILLER P02041965 2482443000 2021-11-07 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z JOSEPH HALLMAN 39139 MOUND ROAD STERLING HEIGHTS MI 48310 5015698 0 X WWW.THELOCALCREDITUNION.COM X 1949 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 7 7 26 10 20824 0 0 0 3929406 3821035 879832 782060 0 0 4809238 4603095 0 0 0 0 1502535 1615638 0 0 0 2964189 2786820 4466724 4402458 342514 200637 96044155 108248779 81244287 92613198 14799868 15635581 TO PROVIDE OUR MEMBERS WITH AN INNOVATIVE AND QUALITY FULL SERVICE FINANCIAL SYSTEM. 0 0 PROVIDE 10,518 MEMBERS WITH VARIOUS SAVINGS, SHARE DRAFT, CERTIFICATE OF DEPOSIT, IRA AND MONEY MARKET ACCOUNTS TOTALING 15,295 PROVIDE 4,085 LOANS INCLUDING VEHICLE, SIGNATURE, CREDIT CARD, MORTGAGE, HOME EQUITY, OVERDRAFT PROTECTION AND RECREATIONAL VEHICLE. OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, CHECK CASHING, BILL PAYMENTS, WIRE TRANSFERS AND VARIOUS INSURANCE PROGRAMS TO OUR MEMBERS. 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 1650 0 1 26 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 1 1 1 0 X THE LOCAL CREDIT UNION 5862641212 39139 MOUND ROAD STERLING HEIGHTS MI 48310 JOSEPH CUSENZA CHAIRPERSON 1.00 X 0 0 0 JIMMIE COLE V. CHAIRPERSON 1.00 X 0 0 0 NICOLE DIDIA TREASURER 1.00 X 0 0 0 KENNETH JURINIC SECRETARY 1.00 X 0 0 0 ROBERT GOWATCH DIRECTOR 1.00 X 0 0 0 MICHAEL WAGNER DIRECTOR 1.00 X 0 0 0 JOHN LISS DIRECTOR 1.00 X 0 0 0 JOSEPH HALLMAN PRESIDENT/CEO 40.00 X 194047 0 41282 H FRANK VOELKER II ACCOUNTING MANAGER 40.00 X 72768 0 15817 SHERRY LAWFIELD VICE PRESIDENT OF RETAIL OPERATIONS 40.00 X 100012 0 18841 366827 0 75940 2 0 1 0 CO-OP FINANCIAL SERVICES INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 917305891 ATM AND SHARED BRANCHING SERVICES 224428 CORELATION INC 2305 HISTORIC DECATUR RD STE 300 SAN DIEGO CA 921066073 CORE SOFTWARE 165883 JOHN M FLOYD & ASSOCIATES 125 N BURNETT DR BAYTOWN TX 775201103 CONSULTING SERVICES 141474 3 INCOME ON LOANS 522100 2423525 2423525 FEES/CHARGES/OTHER 522100 1376686 1376686 FINANCE AND INSURANCE 520000 20824 20824 3821035 774601 774601 280297 139765 262689 149914 17608 -10149 7459 7459 4603095 4582271 20824 0 X 323914 764578 74997 367026 85123 25760 36503 187548 138184 177705 357611 37833 37865 618561 146598 24914 ATM EXPENSES 329091 PROVISION FOR LOAN LOSS 267595 LOAN SERVICING 166640 MAINTENANCE 110670 123742 4402458 742026 753097 5082865 12155683 110294 169250 144108 1394718 47169062 45286865 244575 171850 3187347 497797 2793574 2689550 37895122 40846109 741800 741800 1120729 4039857 96044155 108248779 433321 803630 80810966 91809568 81244287 92613198 X 0 0 0 0 14799868 15635581 14799868 15635581 96044155 108248779 200637 635076 0 X X 0 1 X 1 0 19611 19611 2525386 99249 2426137 642350 398548 243802 2689550 MEMBER SHARE ACCOUNTS 91809568 91809568 X 4603095 0 4603095 0 4603095 4402458 0 4402458 0 4402458 PART X, LINE 2: THE CREDIT UNION IS EXEMPT BY INTERNAL REVENUE CODE SECTION 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. X X 0 1 0 JOSEPH HALLMAN PRESIDENT/CEO 190147 0 3900 0 0 0 14584 0 26698 0 235329 0 0 0 PART I, LINE 4B THE CREDIT UNION'S PRESIDENT/CEO, JOSEPH HALLMAN, PARTICIPATES IN AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II OF SCHEDULE L 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. JOSEPH HALLMAN PRESIDENT/CEO USED VEHICLE X 6000 1817 0 1 1 JOSEPH HALLMAN PRESIDENT/CEO USED VEHICLE X 25548 7956 0 1 1 JOSEPH HALLMAN PRESIDENT/CEO USED VEHICLE X 13868 2968 0 1 1 H FRANK VOELKER II ACCOUNTING MANAGER CERTIFICATE SECURED X 23900 5087 0 1 1 H FRANK VOELKER II ACCOUNTING MANAGER NEW VEHICLE X 41500 29753 0 1 1 JOSEPH HALLMAN PRESIDENT/CEO USED VEHICLE X 6500 1771 0 1 1 JOSEPH HALLMAN PRESIDENT/CEO NEW VEHICLE X 33492 31468 0 1 1 JOSEPH HALLMAN PRESIDENT/CEO SPLIT DOLLAR LIFE INSURANCE X 1287000 1313898 0 1 1 1394718 SCHEDULE L, PART II THE CREDIT UNION'S PRESIDENT/CEO, JOSEPH HALLMAN, PARTICIPATES IN AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II OF SCHEDULE L 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 THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE, AND VOTING. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE NOMINATED OR ELECTED BY MEMBERSHIP VOTE WHEN THERE ARE ADDITIONAL CANDIDATES. EACH BOARD MEMBER IS ELECTED FOR A THREE YEAR TERM. FORM 990, PART VI, SECTION A, LINE 7B CREDIT UNION DECISIONS THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE THOSE DICTATED BY THE MICHIGAN CREDIT UNION ACT AND BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE PRESIDENT/CEO, ACCOUNTING MANAGER, AND THE BOARD OF DIRECTORS PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEES, BOARD OF DIRECTORS, AND SUPERVISORY COMMITTEE MEMBERS ARE REQUIRED ANNUALLY TO REVIEW THE POLICY AND SIGN A CONFLICT OF INTEREST ACKNOWLEDGEMENT FORM. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION SURVEYS ARE USED FOR MANAGEMENT MERIT INCREASES AND THESE ARE APPROVED BY THE BOARD OF DIRECTORS. SALARY INCREASES ARE DETERMINED BASED ON PERFORMANCE. THE LAST COMPENSATION REVIEW WAS PERFORMED IN 2020. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. OTHER DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL AND OUTSIDE SERVICES 187,548. FORM 990, PART IX, LINE 24E SHARED BRANCHING 106,831. MISCELLANEOUS 16,911. FORM 990, PART XII, LINE 2C: THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR.