2025-07-07T10:03:30+00:00 2024-12-31 331498605 Plante & Moran PLLC 2601 CAMBRIDGE CT SUITE 300 AUBURN HILLS MI 48326 990 2024-01-01 381305916 MICHIGAN EDUCATIONAL CREDIT UNION MICH 7344559200 9200 HAGGERTY RD PLYMOUTH MI 48170 ROBERT G SANDERCOCK CHIEF EXECUTIVE OFFICER 2025-07-07 true DAVID LOWENTHAL CPA P00378651 2483757100 2025-06-09 2024 2025-03-06 01:10:19Z ROBERT G SANDERCOCK 9200 HAGGERTY RD PLYMOUTH MI 48170 100250653 false X WWW.MICHEDCU.ORG X 1942 MI To provide financial services to member owners with a common bond. 9 9 102 9 54987 8062 0 0 26690695 28602381 7926770 10390100 29220 29169 34646685 39021650 0 0 0 0 11533615 12439504 0 0 0 19568100 22948335 31101715 35387839 3544970 3633811 1006575527 1029181110 922984296 931738836 83591231 97442274 To provide members with quality, comprehensive and cost effective financial services. false false PROVIDE 48,637 MEMBERS WITH REGULAR SHARES, SHARE DRAFT, CERTIFICATES OF DEPOSIT, AND IRA ACCOUNTS TOTALING 94,585 ACCOUNTS. PROVIDE 37,493 LOANS INCLUDING VEHICLE, CREDIT CARD, HOME EQUITY, BUSINESS, PERSONAL, BOAT, MOTORCYCLE, MOTOR HOME, AND MORTGAGES. OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, MONEY ORDERS, CHECK CASHING, TRAVELERS CHECKS, OVERDRAFT PROTECTION/COURTESY PAY, BILL PAY AND VARIOUS INSURANCE AND INVESTMENT PROGRAMS. 0 false false false false false false false false false false true true false false true false false true false false false false false false false false false false false true false false false false false false false false false false false false false false false true true true false false true 71670 0 true 102 true true true false false false false false true false X 9 9 false false false false true true true true true false true true false true true true true true true true false false X KEVIN FINNERAN 7344559200 9200 HAGGERTY ROAD PLYMOUTH MI 48170 ALONZO GLAZE CHAIRPERSON 2.0 0.0 X X 0 0 0 ROBIN J E LONG SECRETARY 2.0 0.0 X X 0 0 0 STEVEN RODRIGUEZ VICE CHAIRPERSON 2.0 0.0 X X 0 0 0 WILLIAM WOOSTER TREASURER 2.0 0.0 X X 0 0 0 AMY MCQUISTON DIRECTOR 2.0 0.0 X 0 0 0 DANE DRESCH DIRECTOR 2.0 0.0 X 0 0 0 DEBORAH ELLISTON DIRECTOR 2.0 0.0 X 0 0 0 GREGORY BARACY DIRECTOR 2.0 0.0 X 0 0 0 MICHELLE RANDALL DIRECTOR - PART YEAR 2.0 0.0 X 0 0 0 SCOTT SZUKAITIS DIRECTOR 2.0 0.0 X 0 0 0 KEVIN FINNERAN CHIEF FINANCIAL OFFICER 38.0 0.0 X 304713 0 74024 ROBERT SANDERCOCK CHIEF EXECUTIVE OFFICER 38.0 0.0 X 1954724 0 94566 EMILY FRICKS MARKETING SUPERVISOR 38.0 0.0 X 165284 0 41214 HENRY WILLSON EXECUTIVE VICE PRESIDENT 38.0 0.0 X 490485 0 84861 JEFFREY CUSMANO VICE PRESIDENT 38.0 0.0 X 345319 0 67169 LISA KANIA BRANCH MANAGER 38.0 0.0 X 189237 0 52743 ANDREA KLEBBA EXECUTIVE ASSISTANT 38.0 0.0 X 182396 0 50747 KELLY BOROWSKI BRANCH MANAGER 38.0 0.0 X 145950 0 43920 KYLE HARRIS DIGITAL SERVICES MANAGER 38.0 0.0 X 141344 0 43779 NICHOLE HATCH BRANCH MANAGER 38.0 0.0 X 135917 0 43953 WENDY MARQUETTE BRANCH MANAGER 38.0 0.0 X 130366 0 41270 4185735 0 638246 17 false true false FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 CORE PROCESSING SYSTEM, ETC. 2816038 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 752308 CO-OP FINANCIAL SERVICES 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 SHARED BRANCHING, ATM NETWORK, DEBIT CARDS 339359 CBTS - ALTAFIBER 221 E FOURTH ST CINCINNATI OH 45201 COMMUNICATION & NETWORK LINES 304246 DOEREN MAYHEW & CO PC 305 WEST BIG BEAVER ROAD STE 200 TROY MI 48084 ACCOUNTING SERVICES 184650 7 0 LOAN INTEREST 522100 24429500 24429500 FEE/OTHER INCOME 524298 4172881 4117894 54987 0 0 0 0 28602381 10390272 10390272 33000 3831 29169 0 29169 29169 61225000 61225172 -172 0 -172 -172 0 0 0 0 0 0 39021650 38937494 54987 29169 3864339 4363113 1908885 1786719 516448 520550 11115 460000 1455225 4376845 1767940 5171 201360 8301465 596849 172094 LOAN SERVICING 3628840 OTHER OPERATING EXPENSE 639226 PROVISION FOR LOAN LOSS 600000 EXCISE TAX 211655 0 35387839 922531 2448595 29225093 110687232 0 0 0 0 514007910 486241293 1594325 1910109 24461337 17030777 7575970 7430560 412160222 382211804 17144365 14444763 23945111 23806754 1006575527 1029181110 7700406 8445430 0 0 915283890 923293406 922984296 931738836 0 0 83591231 97442274 83591231 97442274 1006575527 1029181110 X 3633811 10252388 -35156 X X false true true false 2910860 2910860 9966527 6829182 3137345 11583950 10201595 1382355 7430560 119399 C Closely-held equity interests 119399 C Financial derivatives FEDERAL AGENCY SECURITIES 71792972 C CORPORATE BONDS 103699274 C MUNICIPAL BONDS 147328806 C COLLATERALIZED MORTGAGE OBLIGATIONS 53875218 C SMALL BUSINESS ADMINISTRATION SECURITY 396135 C CERTIFICATES OF DEPOSIT 5000000 C 382211804 Federal Income Taxes MEMBER SHARES 923293406 923293406 X true true X X false false false ROBERT SANDERCOCK CHIEF EXECUTIVE OFFICER 1049500 0 50000 0 855224 0 51424 0 43142 0 2049290 0 0 0 KEVIN FINNERAN CHIEF FINANCIAL OFFICER 263887 0 37500 0 3326 0 43527 0 30497 0 378737 0 0 0 HENRY WILLSON EXECUTIVE VICE PRESIDENT 373683 0 51000 0 65802 0 50586 0 34275 0 575346 0 0 0 JEFFREY CUSMANO VICE PRESIDENT 299451 0 45000 0 868 0 50563 0 16606 0 412488 0 0 0 LISA KANIA BRANCH MANAGER 178831 0 10000 0 406 0 24150 0 28593 0 241980 0 0 0 EMILY FRICKS MARKETING SUPERVISOR 160483 0 4125 0 676 0 20146 0 21068 0 206498 0 0 0 ANDREA KLEBBA EXECUTIVE ASSISTANT 162236 0 20000 0 160 0 22971 0 27776 0 233143 0 0 0 KELLY BOROWSKI BRANCH MANAGER 139877 0 5500 0 573 0 17974 0 25946 0 189870 0 0 0 KYLE HARRIS DIGITAL SERVICES MANAGER 131234 0 10000 0 110 0 17303 0 26476 0 185123 0 0 0 NICHOLE HATCH BRANCH MANAGER 129730 0 6000 0 187 0 16626 0 27327 0 179870 0 0 0 WENDY MARQUETTE BRANCH MANAGER 124690 0 5500 0 176 0 16236 0 25034 0 171636 0 0 0 Schedule J, Part I, Line 1a Travel for companions TRAVEL FOR COMPANIONS IS INCLUDED WITH EXECUTIVE TRAVEL. THE CREDIT UNION HAS POLICIES REGARDING PAYMENT OR REIMBURSEMENT FOR ALL EXPENSES. TRAVEL FOR COMPANIONS IS NOT TREATED AS TAXABLE INCOME. Form 990, Part VI, Line 6 Classes of members or stockholders The credit union has a single class of members with equal rights of ownership, governance, and voting. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body The Board of Directors is elected at the annual meeting. Every year three of the nine seats are elected for a three year term. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders Credit union decisions that are subject to membership approval are mergers, field of membership changes, and by-law changes. Form 990, Part VI, Line 11b Review of form 990 by governing body A review is conducted by the CFO prior to submission to the IRS. The returns are made available to the Board of Directors for review. Form 990, Part VI, Line 12c Conflict of interest policy All employees sign an acknowledgement of the credit union policies upon hire with each revision. Conflict of interest is included. Board members sign a code of ethics agreement which specifically addresses conflict of interest. Form 990, Part VI, Line 15a Process to establish compensation of top management official The Board of Directors performs an evaluation of the CEO. Compensation is determined through salary survey and comparison to select peer group. It is based on an employment contract and increases are approved by the Board of Directors. CFO and key employees are evaluated by the CEO. The CEO determines the salary based on compensation surveys, etc. The last compensation review was during the budget process in 2024. Form 990, Part VI, Line 15b Process to establish compensation of other employees The Board of Directors performs an evaluation of the CEO. Compensation is determined through salary survey and comparison to select peer group. It is based on an employment contract and increases are approved by the Board of Directors. CFO and key employees are evaluated by the CEO. The CEO determines the salary based on compensation surveys, etc. The last compensation review was during the budget process in 2024. Form 990, Part VI, Line 19 Required documents available to the public Financial statements are posted in the credit union lobby. Other documents and policies are available for review upon request. Form 990, Part XI, Line 9 Other changes in net assets or fund balances CHANGE IN POSTRETIREMENT HEALTH BENEFITS - -35156; Form 990, Part XII, Line 2c Change of oversight process or selection process THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 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 $1,951,629 AND $2,323,463 OF RECEIVABLES FROM CURRENT OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES, AND HIGHEST COMPENSATED EMPLOYEES FOR 2024 AND 2023, RESPECTIVELY, WITHIN FORM 990, PART X, LINE 7. INTERCOUNTY FINANCIAL SERVICES INC DBA MICHIGAN EDUCATIONAL FINANCIAL SERVI CES 9200 HAGGERTY ROAD PLYMOUTH MI 48170 383245456 MORTGAGE LOAN WAREHOUSING MI MICHIGAN EDUCATIONAL CREDIT UNION C Corporation 213950 7010008 true true false false false false false false false false false false false false false false false false false false INTERCOUNTY FINANCIAL SERVICES LTD A 172635 CASH PAYMENT