2021-05-10T19:30:33-05:00 2020-12-31 350921680 CROWE LLP 9600 Brownsboro Road Suite 400 Louisville KY 402411122 990 2020-01-01 381447620 Community Financial Credit Union COMM 7344531200 PO BOX 8050 PLYMOUTH MI 481708050 SCOTT CAMERON SENIOR VICE PRESIDENT/CFO 2021-05-10 true SCOTT CAMERON 999009999 Kim Scifres P01316095 5023263996 2020 2022-09-23 18:48:47Z WILLIAM LAWTON PO BOX 8050 PLYMOUTH MI 481708050 59570795 false X WWW.CFCU.ORG X 2012 MI Community Financial Credit Union is a state chartered, not-for-profit, full-service financial institution owned and governed by its membership. At Community Financial, we are committed to our members and our communities. For over 69 years, we've provided our Michigan members competitively-priced savings & loans products, outstanding service and support to their neighborhoods. 9 9 325 15 65130 29563 0 0 53349637 54671202 818717 487040 2573781 4412553 56742135 59570795 630826 686180 0 0 23117799 26417201 0 0 0 25330209 23050360 49078834 50153741 7663301 9417054 1013235547 1160339636 892625136 1030315939 120610411 130023697 Community Financial Credit Union is a state chartered, not-for-profit, full-service financial institution owned and governed by its membership. At Community Financial, we are committed to our members and our communities. For over 69 years, we've provided our Michigan members competitively-priced savings & loans products, outstanding service and support to their neighborhoods. false false PROMOTE THRIFT TO 80,177 MEMBERS BY OFFERING COMPETITIVELY-PRICED SAVINGS & LOANS PRODUCTS AS WELL AS OTHER FINANCIAL PRODUCTS. 0 false false false false false false true false true true false false true true false false false false false false false false false false false true true true false true false false false false false false false false false false false false true 18973 0 true 325 true true true false false false false false false false X 9 9 false false false false true true true true false true true false true true true true true false false false X SCOTT CAMERON 7345828876 PO BOX 8050 PLYMOUTH MI 481708050 AL BERRIE 1st Vice chairperson 1.0 X X 0 0 0 DAN HERRIMAN 2nd vice chairperson 1.0 X X 0 0 0 DON BAIN BOARD CHAIR 1.0 X X 0 0 0 Mark RIEGAL Treasurer/Secretary 1.0 X X 0 0 0 Dennis LaVoy Board Member 1.0 X 0 0 0 Mary Lowing Board Member 1.0 X 0 0 0 Patricia Reese Board Member 1.0 X 0 0 0 PAUL BEDICH BOARD MEMBER 1.0 X 0 0 0 RON METEYER BOARD MEMBER 1.0 X 0 0 0 ART BEARD CHIEF IT OFFICER 40.0 X 299798 0 49736 CATHY MEYERS CHIEF HUMAN RESOURCES OFFICER 40.0 X 275507 0 54487 CHRIS CURRY CHIEF EMERGING RISK OFFICER 40.0 X 205399 0 51491 ERIC ESSER CHIEF RESIDENTIAL AND COMMERCIAL LENDING OFFICER 40.0 X 255107 0 45837 JILL JOHNSON CHIEF LENDING OFFICER 40.0 X 271457 0 60849 MARGARET PANKOW CFO 40.0 X 397091 0 30585 RANDY PENNER CHIEF MARKETING & SALES OFFICER 40.0 X 341440 0 59153 WILLIAM LAWTON CEO 40.0 X 583884 0 45201 DIANE KENNY VP SALES 40.0 X 174021 0 17345 JAMES POTTER INVESTMENT REPRESENTATIVE 40.0 X 182261 0 9463 NICOLLE SHERMAN MANAGER/MORTGAGE SERVICES 40.0 X 170255 0 12928 THOMAS VARGO MANAGER/CORE OPERATIONS 40.0 X 179840 0 18964 WARREN MUSSON VP BUSINESS SERVICES 40.0 X 502616 0 18924 3838676 0 474963 31 false true false CO-OP 1500 NW 118TH STREET DES MOINES IA 50325 CARD PROCESSOR 1815351 Jack Henry & Associates Inc 663 W Highway 60 Monet MO 65708 Core Processor Services 676686 MASTERCARD 2200 Mastercard Blvd OFallon MS 633687263 CREDIT CARD PROCESSOR 651799 First Look 65 E Wacker Place Ste 1610 Chicago IL 60601 Appraisal Services 543215 Doxim Inc 220 Spring Street Ste 550 Herndon VA 20170 Mailing Services 349364 23 0 0 0 0 0 0 0 0 MEMBER LOAN INCOME 522130 44264731 44264731 0 0 FEE INCOME 522130 5690604 5625960 64644 0 INTERCHANGE INCOME 522130 4715867 4715867 0 0 0 0 0 0 0 0 0 0 0 0 0 0 54671202 487040 0 0 487040 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 SALE OF LOANS 900099 2983121 2983121 0 0 INVESTMENT & INSURANCE INCOME 900099 653530 653530 0 0 0 0 0 0 775902 775416 486 0 4412553 59570795 59018625 65130 487040 653680 32500 0 0 3027022 0 19289575 1026521 1580404 1493679 9518 62722 83913 0 0 0 0 1277418 5059959 0 0 1879852 91957 0 232543 6706185 0 949042 234672 Lending 3287620 Provision Expense 2354185 NCUA FEES 197001 LOSS ON DISPOSAL 86897 536876 50153741 5575363 6086431 0 0 0 0 0 0 2350088 2289566 0 0 941164719 1025361293 0 0 0 0 32785618 15087709 17590413 17697909 0 0 38339831 100610234 0 0 0 8215133 8294203 1013235547 1160339636 10775598 10036166 0 0 0 0 0 0 6052547 12385796 0 0 0 0 0 0 875796991 1007893977 892625136 1030315939 0 0 0 0 X 0 0 0 0 120610411 130023697 120610411 130023697 1013235547 1160339636 9417054 39328 -43096 0 X false true X true false false true X 5074618 5074618 17311496 7317014 9994482 0 0 0 10157211 7770695 2386516 242293 0 242293 17697909 100610234 C 100610234 BORROWINGS 45000000 MEMBER SAVINGS 241444081 CHECKING 250708173 OTHER SAVINGS 58536918 MONEY MARKET 188197230 CERTIFICATES 224007575 1007893977 X Schedule D, Part IV, Line 2b Explanation of escrow agreement THE ORGANIZATION MAINTAINS MEMBERS SHARES ESCROWS AND FHLBI AND FNMA INVESTOR ESCROWS. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Credit Union is exempt, under Internal Revenue Code (IRC) 501(c)(14), from federal and state income taxes. The Credit Union has filed tax returns in the past for activities it has deemed taxable and has a minimal net operating loss carryforward as of the 2020 calendar year. The taxing authorities have the ability to assess taxes, penalties, and interest for any years for which no tax return was filed. In the opinion of management, any liability resulting from taxing authorities imposing income taxes on the net taxable income from activities potentially deemed to be unrelated to the Credit Union's exempt purpose is not expected to have a material effect on the Credit Union's financial position or results of operations. The Credit Union evaluated its tax positions and determined no uncertain tax positions exist as of March 31, 2020. The Credit Union's 2016 through 2020 tax years are open for examination by federal and state taxing authorities. true American Cancer Society 20450 Civic Center Dr Southfield MI 48076 131788491 501(c)(3) 9219 GENERAL SUPPORT American Red Cross 5640 Venture Ct Kalamazoo MI 49009 530196605 501(c)(3) 15350 GENERAL SUPPORT Angela Hospice 14100 Newburgh Rd Livonia MI 48154 382755767 501(c)(3) 9250 GENERAL SUPPORT Canton Township 1150 S Canton Center Road Canton MI 481881699 386008155 501(c)(3) 9990 GENERAL SUPPORT Canton Chamber of Commerce 45525 Hanford Rd Canton MI 48187 382087835 501(c)(6) 8000 GENERAL SUPPORT Caring Place 11651 M33 Atlanta MI 49709 900282237 501(c)(3) 6500 GENERAL SUPPORT Canton Foundation (Scholarships) 50430 School House Rd Ste 200 Canton MI 48187 382898615 501(c)(3) 27391 GENERAL SUPPORT Canton Foundation 50430 School House Rd Ste 200 Canton MI 48187 382898615 501(c)(3) 9000 GENERAL SUPPORT Community Sharing of Lewiston 4615 Montmorency St Lewiston MI 49756 382546394 501(c)(3) 8000 GENERAL SUPPORT Detroit Cristo Rey 5679 W Vernor Hwy Detroit MI 48209 262994633 501(c)(3) 18390 GENERAL SUPPORT First Step 44567 Pinetree Dr Plymouth MI 48170 463268143 501(c)(3) 7500 GENERAL SUPPORT Food Bank of Eastern MI 2300 Lapeer Rd Flint MI 48503 382379678 501(c)(3) 6000 GENERAL SUPPORT Forgotten Harvest 21800 Greenfield Rd Oak Park MI 48237 382926476 501(c)(3) 9500 GENERAL SUPPORT Gaylord Community Schools 615 S Elm Ave Gaylord MI 49735 Government 6250 GENERAL SUPPORT Gleaners Community Food Bank 2131 Beaufait Detroit MI 48207 382156255 501(c)(3) 10000 GENERAL SUPPORT Habitat for Humanity of Western Wayne County 3716 Newberry St 250 Wayne MI 48184 383204667 501(c)(3) 12500 GENERAL SUPPORT Hospitality House 2075 E West Maple Rd Ste B204 Commerce MI 48390 383635226 501(c)(3) 7500 GENERAL SUPPORT Munson Healthcare Foundations 1150 Medical Campus Dr Traverse City MI 49684 382642724 501(c)(3) 5950 GENERAL SUPPORT Northville Civic Concern 43275 7 Mile Rd PO BOX 323 Northville MI 48167 382520841 501(c)(3) 7500 GENERAL SUPPORT Northville Education Foundation 405 W MAIN STREET NORTHVILLE MI 48167 383503644 501(c)(3) 8000 GENERAL SUPPORT Novi City Of 45175 W Ten Mile Road Novi MI 48375 386032551 Government 7000 GENERAL SUPPORT Novi Education Foundation 25345 Taft Road Novi Novi MI 48374 382665305 501(c)(3) 6000 GENERAL SUPPORT Novi Public Library 45255 W Ten Mile Rd Novi MI 48375 386032551 Government 10000 GENERAL SUPPORT Novi Rotary Foundation Feed the Need PO Box 159 Novi MI 48376 582536723 501(c)(3) 10000 GENERAL SUPPORT Open Door Food Ministry 4301 S Lilley Rd Canton MI 48188 202685468 501(c)(3) 8500 GENERAL SUPPORT Plymouth Arts Council 774 N Sheldon Rd Plymouth MI 48170 382132636 501(c)(3) 7000 GENERAL SUPPORT Plymouth-Canton Educational Excellence Foundation 454 S Harvey St Plymouth MI 48170 382638321 501(c)(3) 15000 GENERAL SUPPORT Plymouth Community United Way 960 W Ann Arbor Trail Suite 2 PO Box 6356 Plymouth MI 48170 237327248 501(c)(3) 10239 GENERAL SUPPORT Salvation Army of Plymouth 9451 S Main St Plymouth MI 48170 381370971 501(c)(3) 16488 GENERAL SUPPORT Salvation Army of Westland 2300 Venoy Rd Westland MI 48186 133485289 501(c)(3) 12500 GENERAL SUPPORT Starfish Family Services 30000 Hiveley Rd Inkster MI 48141 382230416 501(c)(3) 5500 GENERAL SUPPORT THAW 535 Griswold St 200 Detroit MI 48226 382646924 501(c)(3) 10000 GENERAL SUPPORT 31 1 SCHOLARSHIPS 25 32500 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. COMMUNITY FINANCIAL CREDIT UNION WILL MAKE THE SCHOLARSHIP PAYMENTS DIRECTLY TO THE RECEIVING COLLEGE OR UNIVERSITY AS ITS METHOD OF ENSURING THE GRANT FUNDS ARE USED IN ALIGNMENT WITH ITS PURPOSE. CFCU's Community Relations Department chooses public charities throughout the community to provide funds to. CFCU is active in the community's it serves and supports organizations providing social services, scholarships and governmental services. Support provided to the selected public charities is typically intended for general support. X false true false WILLIAM LAWTON CEO 409111 0 109192 0 65581 0 36591 0 8610 0 629085 0 43309 0 MARGARET PANKOW CFO 300402 0 64131 0 32558 0 30585 0 0 0 427676 0 29364 0 RANDY PENNER CHIEF MARKETING & SALES OFFICER 257251 0 56220 0 27969 0 57440 0 1713 0 400593 0 25197 0 ART BEARD CHIEF IT OFFICER 227897 0 50594 0 21307 0 49736 0 0 0 349534 0 20341 0 JILL JOHNSON CHIEF LENDING OFFICER 213303 0 49941 0 8213 0 52239 0 8610 0 332306 0 6926 0 CATHY MEYERS CHIEF HUMAN RESOURCES OFFICER 193136 0 47630 0 34741 0 48783 0 5704 0 329994 0 21086 0 ERIC ESSER CHIEF RESIDENTIAL AND COMMERCIAL LENDING OFFICER 172614 0 44652 0 37841 0 41681 0 4156 0 300944 0 17784 0 CHRIS CURRY CHIEF EMERGING RISK OFFICER 164552 0 40453 0 394 0 40263 0 11228 0 256890 0 0 0 WARREN MUSSON VP BUSINESS SERVICES 144200 0 356436 0 1980 0 14961 0 3963 0 521540 0 0 0 THOMAS VARGO MANAGER/CORE OPERATIONS 157701 0 18231 0 3908 0 14052 0 4912 0 198804 0 0 0 JAMES POTTER INVESTMENT REPRESENTATIVE 49065 0 131829 0 1367 0 5500 0 3963 0 191724 0 0 0 DIANE KENNY VP SALES 153676 0 18004 0 2341 0 15632 0 1713 0 191366 0 0 0 NICOLLE SHERMAN MANAGER/MORTGAGE SERVICES 128973 0 38894 0 2388 0 12928 0 0 0 183183 0 0 0 Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan THE FOLLOWING INTERESTED PERSONS RECEIVED DEFERRALS TO THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2020: ART BEARD - $33,388 MARGARET PANKOW - $11,085 RANDY PENNER - $37,940 ERIC ESSER - $28,581 CATHY MEYERS - $30,991 WILLIAM LAWTON - $17,091 JILL JOHNSON - $32,739 CHRIS CURRY - $25,184 THE FOLLOWING INTERESTED PERSONS RECEIVED DISTRIBUTIONS FROM THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2020: ART BEARD - $20,341 MARGARET PANKOW - $29,364 RANDY PENNER - $25,197 ERIC ESSER - $17,784 CATHY MEYERS - $21,086 WILLIAM LAWTON - $43,309 Jill Johnson - $6,926 BAIN DONALD BOARD CHAIR PERSONAL OR BUSINESS LOAN X 14873 744 false true true BEARD ARTHUR CHIEF IT OFFICER PERSONAL OR BUSINESS LOAN X 494630 456973 false true true BEDICH PAUL G BOARD MEMBER PERSONAL OR BUSINESS LOAN X 42000 20461 false true true BERRIE ALBERT C BOARD MEMBER PERSONAL OR BUSINESS LOAN X 350506 341031 false true true CURRY CHRISTOPHER CHIEF ENTERPRISE RISK MANAGER PERSONAL OR BUSINESS LOAN X 62664 7793 false true true ESSER ERIC M CHIEF COMMERCIAL LENDING & MORTGAGE OFFICER PERSONAL OR BUSINESS LOAN X 463584 319588 false true true HERRIMAN DANIEL BOARD MEMBER PERSONAL OR BUSINESS LOAN X 3000 527 false true true JOHNSON JILL CHIEF LENDING OFFICER PERSONAL OR BUSINESS LOAN X 338301 313441 false true true JOHNSON RUSTY FAMILY MEMBER OF INTERESTED PERSON PERSONAL OR BUSINESS LOAN X 40000 40000 false true true LAVOY DENNIS L BOARD MEMBER PERSONAL OR BUSINESS LOAN X 215500 209679 false true true LAWTON ELEANOR F FAMILY MEMBER OF INTERESTED PERSON PERSONAL OR BUSINESS LOAN X 3000 91 false true true LAWTON WILLIAM F CEO PERSONAL OR BUSINESS LOAN X 561000 55221 false true true MEYERS CATHY L CHIEF HUMAN RESOURCES OFFICER PERSONAL OR BUSINESS LOAN X 71108 33943 false true true MEYERS EMILY E FAMILY MEMBER OF INTERESTED PERSON PERSONAL OR BUSINESS LOAN X 14833 12162 false true true MEYERS LAUREN N FAMILY MEMBER OF INTERESTED PERSON PERSONAL OR BUSINESS LOAN X 1000 280 false true true PANKOW CONNOR JO FAMILY MEMBER OF INTERESTED PERSON PERSONAL OR BUSINESS LOAN X 20425 14800 false true true PANKOW KYLE J FAMILY MEMBER OF INTERESTED PERSON PERSONAL OR BUSINESS LOAN X 17338 4136 false true true PANKOW MARGARET CFO PERSONAL OR BUSINESS LOAN X 364586 337309 false true true REESE PATRICIA BOARD MEMBER PERSONAL OR BUSINESS LOAN X 14652 2569 false true true RIEGAL BAILEY M BOARD MEMBER PERSONAL OR BUSINESS LOAN X 3000 61 false true true SUTTON MARIE A FAMILY MEMBER OF INTERESTED PERSON PERSONAL OR BUSINESS LOAN X 122500 118757 false true true 2289566 Form 990, Part IV, Line 12a FINANCIAL STATEMENTS FOR THE TAX YEAR THE AUDITED FINANCIALS USE A REGULATORY YEAR END OF MARCH 31. AN AUDIT WILL NEXT BE PERFORMED FOR THE MARCH 31, 2021 YEAR END. Form 990, Part VI, Line 15 process for determining compensation Every other year the credit union engages with D Hilton to have compensation grades repriced and evaluated. The last review was done in 2020. Form 990, Part VI, Line 6 Classes of members or stockholders Each account holder is a member of the credit union. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body The members of the credit union vote on board member changes and charter changes. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders The members of the credit union vote on board member changes and charter changes. Form 990, Part VI, Line 11b Review of form 990 by governing body The Manager/Accounting reviews both Form 990 and 990T prior to filing. Form 990, Part VI, Line 12c Conflict of interest policy THE ORGANIZATION'S OFFICERS, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO ANNUALLY DISCLOSE ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST THEY MAY HAVE WITH THE ORGANIZATION. EACH SIGNED POLICY STATEMENT IS REVIEWED TO DETERMINE IF ANY CONFLICTS EXIST AND NEED TO BE BROUGHT TO THE ATTENTION OF THE BOARD. IF A CONFLICT ARISES, THE RESPECTIVE BOARD MEMBER WILL ABSTAIN FROM ANY RELATED DISCUSSION, VOTE, OR SIMILAR ACTION ON THE MATTER. Form 990, Part VI, Line 19 Required documents available to the public THE FINANCIAL STATEMENTS ARE POSTED IN EACH BRANCH OFFICE, UPDATED MONTHLY. THE GOVERNING DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC. Form 990, Part VIII, Line 11d Other Miscellaneous Revenue - Total Revenue: 775902, Related or Exempt Function Revenue: 775416, Unrelated Business Revenue: 486, Revenue Excluded from Tax Under Sections 512, 513, or 514: ;