2021-11-10T10:13:43-06:00 2020-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2020-01-01 381569911 ZEAL CREDIT UNION FKA CREDIT UNIONS CHARTERED IN THE STATE OF CO-OP SERVICES ZEAL 7345223700 17250 NEWBURG RD LIVONIA MI 48152 RONALD BOEHNLEIN CFO 7345223700 2021-11-10 1 RONALD BOEHNLEIN 999009999 JACK C TRACY P01974742 2482443000 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z JULIE KREINBRING 17250 NEWBURG RD LIVONIA MI 48152 33638711 0 1359 X WWW.ZEALCU.ORG X 1954 MI FINANCIAL COOPERATIVE ORGANIZED TO PROVIDE MEMBERS WITH AFFORDABLE FINANCIAL SERVICES & PRODUCTS. 9 9 236 10 228489 0 0 0 31985152 30970201 4125765 2668510 0 0 36110917 33638711 0 0 0 0 14925156 13626674 0 0 0 19170367 16999814 34095523 30626488 2015394 3012223 611976327 745488858 518604180 645723915 93372147 99764943 FINANCIAL COOPERATIVE ORGANIZED TO PROVIDE MEMBERS WITH AFFORDABLE FINANCIAL SERVICES & PRODUCTS. 0 0 MEMBER SHARE ACCOUNTS - $295 MILLION MONEY MARKET ACCOUNTS - $178 MILLION FIRST MORTGAGES - $143 MILLION 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 15576 0 1 236 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 JULIE KREINBRING 7345223700 17250 NEWBURG RD LIVONIA MI 48152 KATHY RICHARDSON DIRECTOR 2.00 X 0 0 0 JOANNE CAIN TREASURER 2.00 X 0 0 0 DAVID L KISIC SECRETARY 2.00 X 0 0 0 MICHAEL A O'HEHIR CHAIRPERSON 2.00 X 0 0 0 SAMUEL R PALISE CHAIRPERSON 2.00 X 0 0 0 GLENN LEE DIRECTOR 2.00 X 0 0 0 KAREN RAWLS DIRECTOR 2.00 X 0 0 0 DAVID ADAMS JR DIRECTOR 2.00 X 0 0 0 JIM KRIZAN DIRECTOR 2.00 X 0 0 0 PAUL MESSIMER DIRECTOR 2.00 X 0 0 0 SHARON WRIGHT OVERSIGHT COMMITTEE 2.00 X 0 0 0 SUSAN LESLIE OVERSIGHT COMMITTEE 2.00 X 0 0 0 RONALD BOEHNLEIN CFO 40.00 X 283400 0 39357 JULIE KREINBRING PRESIDENT/CEO 40.00 X 404601 0 39387 FRANCESSCA JURICNY VP BUSINESS INTELLIGENCE 40.00 X 225274 0 21319 ANGELA KROGOL CHIEF MEMBER SERVICE OFFICER 40.00 X 922676 0 27392 NORMAN THOMAS CHIEF TECH OFFICER 40.00 X 175484 0 4492 SANDRA SELEWSKI CHIEF EMPLOYEE EXPERIENCE OFFICER 40.00 X 148504 0 30863 DAWN SEWARD VP LENDING 40.00 X 137934 0 25454 CHRISTINE KURZEJA FINANCIAL LENDING REP 40.00 X 130622 0 16091 ERIK RISTOW CHIEF TRANSFORMATION OFFICER 40.00 X 127674 0 20105 CHRISTINE WASHINGTON FINANCIAL LENDING REP 40.00 X 124905 0 26051 ANTHONY CARNARVON PRESIDENT/CEO 40.00 X 454543 0 21995 3135617 0 272506 14 1 1 0 FISERV 75 REMITTANCE DRIVE DEPT 1649 CHICAGO IL 60675 FINANCIAL SERVICES TECH SOLUTIONS 462027 NCR-DI PO BOX 740641 LOS ANGELES CA 90074 FINANCIAL SERVICES TECH SOLUTIONS 454454 DOXIM INC 747 EAST WHITCOMB MADISON HEIGHTS MI 48071 TECH SOLUTIONS 376453 UPROAR PO BOX 458 SALINE MI 48176 MARKETING WEBSITE 300055 COMCAST BUS PO BOX 37601 PHILADELPHIA PA 19101 COMMUNICATIONS 274051 11 LOAN INCOME 522100 20006027 20006027 FEE/CHARGES/OTHER 522100 10735685 10735685 FINANCE & INSURANCE 520000 228489 228489 30970201 2668510 2668510 33638711 30741712 228489 2668510 X 2619920 7871200 753786 1582517 799251 124414 140000 158651 947690 2858639 1656976 1218588 257113 89305 1132398 1532777 201080 LOAN LOSS PROVISION 3215000 DEBIT/CREDIT EXPENSES 1629697 LOAN SERVICING 890128 ATM EXPENSES 456777 490581 30626488 6977230 7665153 40397347 172788293 131861 608665 3830001 6880182 365501498 376394685 1161682 1702028 33764215 12593291 22254731 21170924 150389579 125313394 812060 631125 20520338 32334409 611976327 745488858 6812748 6629820 23000000 23000000 488791432 616094095 518604180 645723915 X 0 0 0 0 93372147 99764943 93372147 99764943 611976327 745488858 3012223 3380573 0 X X 0 1 X 1 0 3716422 3716422 18147329 4616978 13530351 3737152 1581302 2155850 8163312 6395011 1768301 21170924 SHARE ACCOUNTS 295487446 MONEY MARKET 134336804 IRA SHARES 11480249 SHARE DRAFT ACCOUNTS 130804694 SHARE AND IRA CERTIFICATES 43984902 616094095 X 33989260 350549 350549 33638711 0 33638711 30626488 0 30626488 0 30626488 PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. X 1 1 X X 0 1 0 ANGELA KROGOL CHIEF MEMBER SERVICE OFFICER 155276 0 14618 0 752782 0 12496 0 14896 0 950068 0 0 0 ANTHONY CARNARVON PRESIDENT/CEO 4843 0 0 0 449700 0 387 0 21608 0 476538 0 0 0 JULIE KREINBRING PRESIDENT/CEO 370000 0 34601 0 0 0 22800 0 16587 0 443988 0 0 0 RONALD BOEHNLEIN CFO 250900 0 32500 0 0 0 22604 0 16753 0 322757 0 0 0 FRANCESSCA JURICNY VP BUSINESS INTELLIGENCE 135904 0 14743 0 74627 0 17404 0 3915 0 246593 0 0 0 NORMAN THOMAS CHIEF TECH OFFICER 28544 0 12323 0 134617 0 3269 0 1223 0 179976 0 0 0 SANDRA SELEWSKI CHIEF EMPLOYEE EXPERIENCE OFFICER 130157 0 18347 0 0 0 11814 0 19049 0 179367 0 0 0 DAWN SEWARD VP LENDING 120151 0 17783 0 0 0 10966 0 14488 0 163388 0 0 0 CHRISTINE WASHINGTON FINANCIAL LENDING REP 24745 0 100160 0 0 0 9992 0 16059 0 150956 0 0 0 PART I, LINE 4B THE CURRENT PRESIDENT/CEO, JULIE KRIENBRING PARTICIPATES IN A SUPPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP). THE BENEFIT LIABILITY ASSOCIATED WITH THIS PLAN WAS $75,831 AS OF DECEMBER 31, 2020. THE FORMER PRESIDENT/CEO, ANTHONY CARNARVON, PARTICIATED IN A 457(F) DEFERRED COMPENSATION PLAN AND A NON-QUALIFIED DEFINED BENEFIT PLAN. THE AGGREGATE BENEFIT LIABILITY AS OF DECEMBER 31, 2020 WAS $2,038,614. ADDITIONALLY, THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO JULIE KRIENBRING, ANTHONY CARNARVON AND ANGELA KROGEL THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." 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 PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. ANGELA KROGOL SVP MEMBER SERVICES SPLIT DOLLAR - DEFERRED COMP X 1050000 1214314 0 1 1 ANTHONY CARNARVON FORMER CEO SPLIT DOLLAR - DEFERRED COMP X 2780000 3212883 0 1 1 JULIE KREINBRING CEO SPLIT DOLLAR - DEFERRED COMP X 2438760 2452985 0 1 1 6880182 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II 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 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A CREDIT UNION MEMBERS ELECT THE BOARD MEMBERS. 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 THE BOARD HAS DESIGNATED THE PRESIDENT/CEO AND THE FINANCIAL MANAGEMENT TEAM WITH THE RESPONSIBILITY OF REVIEWING AND APPROVING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C IN ADDITION TO REGULAR ADHERENCE TO POLICY GUIDELINES, THE BOARD OF DIRECTORS PERFORMS AN ANNUAL REVIEW OF ALL POLICIES. IN ADDITION TO THE BOARD REVIEW, ANNUALLY THE STATE OF MICHIGAN REGULATORY EXAMINATION REVIEWS ALL POLICIES FOR COMPLIANCE. FORM 990, PART VI, SECTION B, LINE 15 COMPARABLE MARKET DATA IS USED FOR ALL KEY EMPLOYEES. A VOLUNTEER BOARD OF DIRECTORS UTILIZES MARKET DATA TO SET COMPENSATION OF THE CEO. THE CEO, WITHIN PRE-ESTABLISHED RANGES SET BY THE BOARD OF DIRECTORS, ESTABLISHES THE COMPENSATION OF THE REMAINING KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 24E MAINTENANCE 332,426. TRAINING/DEVELOPMENT/EDUCATION 80,987. MISCELLENEOUS 77,168. FORM 990, PART XII, LINE 2C WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.