2021-09-15T12:11:03-05:00 2020-12-31 381357951 PLANTE & MORAN PLLC 2601 CAMBRIDGE CT STE 500 AUBURN HILLS MI 48326 990 2020-01-01 381796409 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN FRANKENMUTH CREDIT UNION CRED 9894971600 PO BOX 209 FRANKENMUTH MI 48734 VICKIE SCHMITZER CEO 9894971600 2021-08-31 1 VICKIE SCHMITZER 999009999 TINA PETERS P00904574 2483757100 2021-08-31 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z VICKIE SCHMITZER PO BOX 209 FRANKENMUTH MI 48734 63418125 0 X WWW.FRANKENMUTHCU.ORG X 1964 MI PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 9 9 423 9 463121 0 0 0 51845919 61988888 968603 683190 -290978 -240912 52523544 62431166 101493 95735 0 0 20899202 24061625 0 0 0 26862201 24704657 47862896 48862017 4660648 13569149 740854703 910076725 671664686 827317559 69190017 82759166 PROVIDE SAFE, CONVENIENT, COST EFFECTIVE SERVICES FOR THE FINANCIAL WELL BEING OF THE CREDIT UNION AND ITS MEMBERS. AND TO GROW TRUSTED RELATIONSHIPS BY PROVIDING PERSONALIZED FINANCIAL SOLUTIONS. 0 0 PROVIDE 54,469 MEMBERS WITH SHARES, SHARE DRAFTS, BUSINESS CHECKING, MONEY MARKET, CLUB, HEALTH SAVINGS, IRA AND CERTIFICATE OF DEPOSIT ACCOUNTS TOTALING 167,804. PROVIDE 45,125 SHARE SECURED, STUDENT, SIGNATURE, PAYMENT SHAVER, BUSINESS, HOME EQUITY, LINE OF CREDIT, NEW AND USED VEHICLE, RECREATIONAL VEHICLE, HOME IMPROVEMENT, CREDIT CARD, DRIVING SENSE AND MORTGAGE LOANS. OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, SHARED BRANCHING, TRAVELERS CHECKS, MONEY ORDERS, COURTESY PAY, WIRE TRANSFERS, GIFT CHECKS, BILL PAY AND VARIOUS INSURANCE PROGRAMS TO ALL ELIGIBLE MEMBERS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 1 0 0 0 0 0 1 0 0 0 1 17170 0 1 423 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 FRANKENMUTH CREDIT UNION 9894971600 580 N MAIN ST FRANKENMUTH MI 48734 VICKIE SCHMITZER CEO 61.98 0.00 X 608730 0 8771 WILLIAM WATCHORN MORTGAGE ORIGINATOR 40.00 0.00 X 560752 0 18001 BRAD GNATKOWSKI MORTGAGE ORIGINATOR 40.00 0.00 X 486327 0 15432 ROBERT ROBINSON INSURANCE SALES 40.50 0.00 X 302192 0 27913 CRAIG MARCOUX MORTGAGE ORIGINATOR 40.00 0.00 X 297706 0 20830 DONNA HAUBENSTRICKER VP OF FINANCE 45.23 0.00 X 256499 0 14060 DANIEL WORTMAN INSURANCE SALES 40.00 0.00 X 222661 0 22233 ERIC NEUMEYER CEO OF CUSO 40.89 0.00 X 203493 0 23347 VICTORIA DEGRACE CREDIT SOLUTIONS & RECOVERY 42.71 0.00 X 195244 0 11319 STEVE WITT INSURANCE SALES 40.00 0.00 X 186494 0 9702 LEE ANN PETERSON INSURANCE SALES 40.00 0.00 X 185025 0 9453 HOLLIE BRITTON DIRECTOR OF PROJECT MANAGEMENT 40.00 0.00 X 154231 0 8517 DEBRA OLMSTEAD MORTGAGE CLOSING SUPERVISOR 40.00 0.00 X 150150 0 9567 TIMOTHY HILDNER CHAIRPERSON 6.00 0.00 X X 0 0 0 PETER BENDER CHAIRPERSON - PART YEAR 6.00 0.00 X X 0 0 0 JILL CATTERFELD VICE CHAIRPERSON 6.00 0.00 X X 0 0 0 RICHARD REIF SECRETARY 6.00 0.00 X X 0 0 0 BRIAN DIXON TREASURER 6.00 0.00 X X 0 0 0 MICHAEL FASSEZKE DIRECTOR 6.00 0.00 X 0 0 0 CHERYL LOEFFLER DIRECTOR 6.00 0.00 X 0 0 0 TIFFANY LOBODZINSKI DIRECTOR 6.00 0.00 X 0 0 0 AMY ZEHNDER-GROSSI DIRECTOR 6.00 0.00 X 0 0 0 SCOT PUTZIG DIRECTOR 6.00 0.00 X 0 0 0 3809504 0 199145 32 0 1 0 CUANSWERS 6000 28TH STREET SE SUITE 100 GRAND RAPIDS MI 49546 DATA PROCESSING 1598756 SPENCE BROTHERS 203 S WASHINGTON AVE SUITE 360 SAGINAW MI 48607 BRANCH CONSTRUCTION 1246142 WOBIG CONSTRUCTION CO INC 527 N WOODBRIDGE ST SAGINAW MI 48602 BRANCH CONSTRUCTION 885176 CO-OP 9692 HAVEN AVE RANCHO CUCAMONGO CA 91730 DEBIT AND CREDIT PROCESSING 674180 ROONEY CONTRACTING CO INC PO BOX 271 BAD AXE MI 48413 BRANCH CONSTRUCTION 504267 34 LOAN INTEREST INCOME 522100 36354715 36354715 FEE AND OTHER INCOME 522100 25171052 25171052 NON-MEMBER ATM INCOME 900099 452599 452599 NON-MEMBER INSURANCE INCOME 524298 5785 5785 NON-MEMBER SHARED BRANCH INCOME 522100 4737 4737 61988888 919690 919690 378346 619258 -240912 -240912 -240912 131201 367701 -236500 -236500 -236500 62431166 61525767 463121 442278 75098 20637 2976974 14336598 787232 4429297 1531524 170462 130373 43700 707121 3078009 552584 1803549 102845 143672 5950824 3434259 271317 OTHER OPERATING EXPENSE 3734053 PROVISION FOR LOAN LOSS 3109714 LOAN SERVICING 1338153 EXAMINATION FEES 134022 48862017 8881198 11769591 25654670 77108935 2237709 4319856 2907171 2907171 585522586 648456764 1566045 1851712 75405833 13139011 57189525 62266822 34717896 65061240 801352 11622388 4910205 4307367 16466346 20404879 740854703 910076725 7000542 5981960 2069773 2957768 31493719 23338708 631100652 795039123 671664686 827317559 X 0 0 0 0 69190017 82759166 69190017 82759166 740854703 910076725 13569149 0 X 0 1 X 1 0 0 1 5399430 5399430 56365994 6979858 49386136 2077768 657815 1419953 11562641 5501338 6061303 62266822 OTHER SECURITIES 65061240 C 65061240 MEMBER SHARE AND DEPOSITS 795039123 795039123 1 SCHOLARSHIPS 22 11000 0 N/A N/A GRANTS TO TEACHERS 24 9637 0 N/A N/A PART I, LINE 2: EACH YEAR THE CREDIT UNION AWARDS SCHOLARSHIPS ANNUALLY TO SENIORS WHO ARE MEMBERS OF THE CREDIT UNION THAT ARE GRADUATING FROM HIGH SCHOOL. THE INDIVIDUAL RECEIVES $500 EACH YEAR THEY ARE ATTENDING COLLEGE FOR A PERIOD OF 4 YEARS. THE SELECTION IS BASED ON ACHIEVEMENTS IN TWO AREAS. THEY MUST BE INVOLVED IN EXTRA-CURRICULAR ACTIVITIES AND SUBMIT A WRITTEN ESSAY ON A TOPIC CHOSEN BY THE CREDIT UNION. X X 1 1 X X X X 0 1 0 VICKIE SCHMITZER CEO 474456 0 134274 0 0 0 5785 0 2986 0 617501 0 0 0 WILLIAM WATCHORN MORTGAGE ORIGINATOR 0 0 560752 0 0 0 14864 0 3137 0 578753 0 0 0 BRAD GNATKOWSKI MORTGAGE ORIGINATOR 0 0 486327 0 0 0 13382 0 2050 0 501759 0 0 0 ROBERT ROBINSON INSURANCE SALES 202433 0 99759 0 0 0 13689 0 14224 0 330105 0 0 0 CRAIG MARCOUX MORTGAGE ORIGINATOR 0 0 297706 0 0 0 14250 0 6580 0 318536 0 0 0 DONNA HAUBENSTRICKER VP OF FINANCE 211840 0 44659 0 0 0 12766 0 1294 0 270559 0 0 0 DANIEL WORTMAN INSURANCE SALES 167198 0 55463 0 0 0 9749 0 12484 0 244894 0 0 0 ERIC NEUMEYER CEO OF CUSO 176993 0 26500 0 0 0 10810 0 12537 0 226840 0 0 0 VICTORIA DEGRACE CREDIT SOLUTIONS & RECOVERY 134135 0 61109 0 0 0 9694 0 1625 0 206563 0 0 0 STEVE WITT INSURANCE SALES 180665 0 5829 0 0 0 0 0 9702 0 196196 0 0 0 LEE ANN PETERSON INSURANCE SALES 45082 0 139943 0 0 0 7814 0 1639 0 194478 0 0 0 HOLLIE BRITTON DIRECTOR OF PROJECT MANAGEMENT 126458 0 27773 0 0 0 7635 0 882 0 162748 0 0 0 DEBRA OLMSTEAD MORTGAGE CLOSING SUPERVISOR 110846 0 39304 0 0 0 7180 0 2387 0 159717 0 0 0 PART I, LINE 1A CHARTER TRAVEL IS USED ONLY IF NECESSARY FOR BUSINESS. BOARD CONFERENCE TRAVEL WITH SPOUSE ALLOWED, NOT TAXABLE. PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO VICKIE SCHMITZER, CEO THROUGH AN ARRANGEMENT REFERRED TO AS ''COLLATERAL ASSIGNED SPLIT DOLLAR.'' THE CASH SURRENDER VALUE OF THE LIFE INSURANCE POLICY WAS $2,895,115 AT DECEMBER 30, 2020. AT SPECIFIED TIMES, THE PARTICIPANTS 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. VICKIE SCHMITZER CEO RETIREMENT DEATH BENEFIT X 2907171 2907171 0 1 1 2907171 BRANDON SCHMITZER HEAD OF MAINTENA CREDIT UNION EMPLOYEE WITH FAMILY RELATIONSHIP WITH THE CEO 119520 EMPLOYEE COMPENSATION AND BENEFITS 0 KARI SCHMITZER HR DIRECTOR CREDIT UNION EMPLOYEE WITH FAMILY RELATIONSHIP WITH THE CEO 140491 EMPLOYEE COMPENSATION AND BENEFITS 0 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 IS ELECTED BY MEMBERS VOTING AT THE ANNUAL MEETING FOR 3 YEAR TERMS. FORM 990, PART VI, SECTION A, LINE 7B THE CREDIT UNION NEEDS MEMBER APPROVAL FOR MERGERS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY THE CEO PRIOR TO FILING. SUBSEQUENT TO FILING, THE BOARD OF DIRECTORS AND AUDIT COMMITTEE IS PROVIDED WITH A COPY OF THE 990 RETURNS SUBMITTED. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY IS REVIEWED AT THE ORGANIZATIONAL MEETING AND MONITORED BY THE INTERNAL COMPLIANCE OFFICER. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE ESTABLISHES COMPENSATION FOR CEO USING INDEPENDENT CONSULTANT AND SURVEYS. THE COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS. THE VICE PRESIDENT OF FINANCE'S COMPENSATION IS DETERMINED BY THE CEO WITH APPROVAL FROM THE BOARD BASED ON CUES AND MICHIGAN CREDIT UNION LEAGUE SURVEYS AND BONUS PAID BY GOALS BEING MET. THE MOST RECENT COMPENSATION REVIEW TOOK PLACE IN FEBRUARY OF 2021. FORM 990, PART VI, SECTION C, LINE 19 THE MONTHLY FINANCIAL STATEMENTS ARE POSTED IN THE CREDTT UNION LOBBY. ALL OTHER DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPON REQUEST. MY MEMBER INSURANCE AGENCY PO BOX 209 FRANKENMUTH MI 49734 473157237 INSURANCE SALES MI -2084307 4849351 FRANKENMUTH CREDIT UNION