2021-11-01T13:03:11-05:00 2020-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2020-01-01 380546210 CREDIT UNIONS CHARTERED IN THE STATE OF SOVITA CREDIT UNION CRED 8107208300 PO BOX 320830 FLINT MI 48532 PATRICK WHITE GENERAL MANAGER/CEO 8107208300 2021-10-31 1 PATRICK WHITE 999009999 JACK TRACY P01974742 2482443000 2021-10-31 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z SOVITA CREDIT UNION PATRICK WHITE 4411 CALKINS ROAD FLINT MI 48532 12779014 0 1359 X SOVITACU.ORG X 1934 MI TO BECOME THE PRIMARY FINANCIAL SERVICES PROVIDER FOR OUR MEMBERS THROUGH OUR CONTINUAL EFFORT TO EXEMPLIFY COURTEOUS, RELIABLE, COMPREHENSIVE AND PROMPT SERVICES THAT ARE COMPETITIVE WITH THE MARKET AND CORRESPOND TO THE NEEDS OF OUR MEMBERS. 7 6 97 7 42386 0 0 0 7643546 6998426 7120767 5738202 38972 42386 14803285 12779014 67139 38400 0 0 4418500 4518068 0 0 0 7096703 6279734 11582342 10836202 3220943 1942812 436080346 504085579 367777270 429924519 68303076 74161060 TO BECOME THE PRIMARY FINANCIAL SERVICES PROVIDER FOR OUR MEMBERS THROUGH OUR CONTINUAL EFFORT TO EXEMPLIFY COURTEOUS, RELIABLE, COMPREHENSIVE AND PROMPT SERVICES THAT ARE COMPETITIVE WITH THE MARKET AND CORRESPOND TO THE NEEDS OF OUR MEMBERS. 0 0 SHARE DRAFTS AND MONEY MARKET ACCOUNTS - $215,623,551 SHARE ACCOUNTS - $140,226,830 CERTIFICATES OF DEPOSIT - $72,724,408 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 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 7334 0 1 97 1 1 1 0 0 0 0 0 0 0 X 7 6 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X PATRICK WHITE 8107208300 4411 CALKINS RD FLINT MI 48532 PATRICK WHITE CEO & BOARD MEMBER 40.00 X X 281772 0 152124 PATRICIA R GOOCH BOARD PRESIDENT 1.00 X 0 0 0 SAM PARASCHOS BOARD VICE PRESIDENT 1.00 X 0 0 0 SIDNEY DECOU BOARD SECRETARY 1.00 X 0 0 0 JOSEPH EUFINGER BOARD TREASURER 1.00 X 0 0 0 MICHAEL VANCE BOARD MEMBER 1.00 X 0 0 0 PATRICK HAGEDORN COO/BOARD MEMBER 14.00 X X 65739 0 0 JAMIE TOVAREZ VICE PRESIDENT OF FINANCE 40.00 X 103277 0 4697 DANIEL FONDREN VICE-PRESIDENT OF MEM SERV 40.00 X 136934 0 38904 JILL KRUYER VICE PRESIDENT OF LENDING 40.00 X 132182 0 53736 719904 0 249461 4 0 1 0 FISERV 75 REMITTANCE DR STE 1649 CHICAGO IL 60675 DATA PROCESSING 554615 THE KARMA GROUP 118 S ADAMS ST GREEN BAY WI 54301 MARKETING AND ADVERTISING 410420 VISA USA PO BOX 742233 LOS ANGELES CA 90074 DEBIT & CREDIT CARD PROCESSING 221407 FIS GLOBAL (METAVANTE) PO BOX 4535 CAROL STREAM IL 60197 ATM & DEBIT CARD PROCESSING 165789 FIS (CERTEGY) 11601 N ROOSEVELT BLVD ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 135749 5 LOAN INCOME 522100 4446741 4446741 FEE INCOME 522100 2551685 2551685 6998426 5738202 5738202 FINANCE & INSURANCE 520000 26184 26184 RENTAL ACTIVITIES 530000 16202 16202 42386 12779014 12736628 42386 0 X 38400 607609 2853447 279981 515534 261497 35273 42002 96250 33951 587642 846956 648560 396591 14135 1899625 14186 387378 104911 DEBIT/CREDIT EXPENSES 590159 ATM EXPENSES 243314 PROVISION FOR LOAN LOSS 232147 MAINTENANCE 157916 -51262 10836202 1453223 1442528 23682660 82102445 799494 617876 102269286 96335592 228932 209003 10284803 5471887 5068522 4812916 276706000 290634915 19687666 21282676 158601 118951 6025962 6528677 436080346 504085579 1466938 1349730 366310332 428574789 367777270 429924519 X 0 0 0 0 68303076 74161060 68303076 74161060 436080346 504085579 X 1942812 4738286 -823114 X X 0 1 X 1 0 937807 937807 7365245 3667921 3697324 56361 25564 30797 1925390 1778402 146988 4812916 SHARE DRAFTS 77199723 SHARES 140226830 MONEY MARKET 138423828 SHARE AND IRA CERTIFICATES 72724408 428574789 X 12779014 0 12779014 0 12779014 10836202 0 10836202 0 10836202 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. 1 HURLEY FOUNDATION ONE HURLEY PLAZA FLINT MI 48503 383085047 501(C)(3) 7500 CHARITABLE CONTRIBUTION MCLAREN FOUNDATION 401 BALLENGER HWY FLINT MI 48532 382383119 501(C)(3) 10900 CHARITABLE CONTRIBUTION GRAND BLANC SCHOOLS 11920 S SAGINAW ST GRAND LANC MI 48439 382874782 501(C)(3) 7500 CHARITABLE CONTRIBUTION GENESEE COUNTY MEDICAL SOCIETY 4438 OAK BRIDGE DR SUITE B FLINT MI 48532 381347755 501(C)(3) 12500 CHARITABLE CONTRIBUTION 4 0 PART I, LINE 2: SOVITA CREDIT UNION IS THE LEAD SPONSOR OF THE EDUCATION FOUNDATION FLINT COMMUNITY SCHOOLS. ADDITIONALLY, A CREDIT UNION EMPLOYEE SITS ON THE FOUNDATION'S COMMITTEE. EACH MONTH, PRINCIPALS OF FLINT COMMUNITY SCHOOLS NOMINATE A TEACHER FROM HIS/HER SCHOOL TO BE RECOGNIZED BY THE FOUNDATION FOR OUTSTANDING PERFORMANCE. THE WINNER IS AWARDED A GIFT CARD AT A CEREMONY PUT ON BY THE FOUNDATION. THEN, ONCE A YEAR, THE FOUNDATION HOLDS A DINNER/AWARDS CEREMONY TO RECOGNIZE THOSE AWARDED THROUGHOUT THE YEAR AND TO PRESENT AWARDS TO OTHER EDUCATORS AND ADMINISTRATORS. CREDIT UNION PERSONNEL ATTEND THIS EVENT AS WELL. THE HURLEY AND MCLAREN FOUNDATIONS SUPPORT THE ACTIVITIES OF THE HOSPITALS BY PROVIDING FUNDING FOR EQUIPMENT AND ITEMS THAT SUPPORT THE HOSPITALS, STAFF, AND PATIENTS. CREDIT UNION PERSONNEL ATTEND EVENTS SPONSORED BY THE FOUNDATIONS AND SIT ON COMMITTEES THAT PLAN FUNDRAISING EVENTS AND ACTIVITIES. HIGHLIGHTS REGARDING THE FOUNDATION'S USE OF FUNDS ARE SHARED WITH THE CREDIT UNION. THE GENESEE COUNTY MEDICAL SOCIETY PROVIDES EDUCATION AND TRAINING TO PHYSICIANS AND THEIR STAFF. THE CREDIT UNION PARTICIPATES IN THE EDUCATION AND TRAINING EVENTS AND COMMUNICATES REGULARLY WITH THE PRESIDENT AND BOARD ABOUT THE SOCIETY'S ACTIVITIES. X 1 1 X X X 0 1 0 PATRICK WHITE CEO & BOARD MEMBER 266310 0 1500 0 13962 0 136510 0 15614 0 433896 0 0 0 JILL KRUYER VICE PRESIDENT OF LENDING 130333 0 1500 0 349 0 36124 0 17612 0 185918 0 0 0 DANIEL FONDREN VICE-PRESIDENT OF MEM SERV 135201 0 1500 0 233 0 21292 0 17612 0 175838 0 0 0 PART I, LINE 4B DURING 2020, THE CREDIT UNION CONTRIBUTED $19,715 TO A NON-QUALIFIED 457(F) RETIREMENT PLAN FOR THE CEO, PATRICK WHITE. PATRICK WHITE ALSO PARTICIPATES IN A 457(B) RETIREMENT PLAN. A CONTRIBUTION OF $1,440 WAS MADE TO THIS PLAN DURING 2020. CURRENT BOARD MEMBER AND FORMER COO, PATRICK HAGEDORN, RECEIVED A $25,200 DISTRIBUTION FROM A NON-QUALIFIED 457(F) RETIREMENT PLAN DURING 2020. FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A WHEN A BOARD MEMBER'S TERM IS UP, WE HAVE AN ELECTION WHERE OUR MEMBERSHIP VOTES, TO EITHER RE-ELECT A DIRECTOR OR ELECT A NEW DIRECTOR. 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 FORM 990 WILL BE REVIEWED BY TOP MANAGEMENT PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C TOP OFFICIALS AND ALL EMPLOYEES ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 CUNA COMPENSATION SURVEYS ARE USED BY BOARD OF DIRECTORS TO DETERMINE THE COMPENSATION OF OFFICERS AND TOP MANAGEMENT. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. QUARTERLY FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC VIA NCUA.GOV. FORM 990, PART IX, LINE 24E LOAN SERVICING 44,973. TRAINING/DEVELOPMENT/EDUCATION 42,458. MISCELLANEOUS EXPENSES -138,693. FORM 990, PART XI, LINE 9: NET CHANGE IN UNREALIZED LOSSES ON PENSION PLAN OBLIGATIONS -823,114. FORM 990, PART XII, LINE 2C: WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.