2020-08-31T10:16:10-05:00 2019-12-31 381357951 PLANTE & MORAN PLLC 2601 CAMBRIDGE CT STE 500 AUBURN HILLS MI 48326 990 2019-01-01 381796409 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN FRANKENMUTH CREDIT UNION CRED 9894971600 PO BOX 209 FRANKENMUTH MI 48734 VICKIE SCHMITZER CEO CEO 9894971600 2020-08-19 1 LYNNE M HUISMANN P00053811 2483757100 2020-08-19 71.227.15.34 2020-08-19 13:37:30 ED P 791BDF0CE64D39F2092CC5CE8B2A910658492EE2 E0F6F03BC3AE684EB3B59DF82EF6777B722E432E 2019 2020-11-19 02:30:22Z VICKIE SCHMITZER PO BOX 209 FRANKENMUTH MI 48734 54072036 0 X WWW.FRANKENMUTHCU.ORG X 1964 MI PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 10 10 378 10 135734 0 0 0 44958969 51845919 975555 968603 -45606 -290978 45888918 52523544 10000 101493 0 0 16478863 20899202 0 0 0 23565634 26862201 40054497 47862896 5834421 4660648 651460923 740854703 585506773 671664686 65954150 69190017 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 50,464 MEMBERS WITH SHARES, SHARE DRAFTS, BUSINESS CHECKING, MONEY MARKET, CLUB, HEALTH SAVINGS, IRA AND CERTIFICATE OF DEPOSIT ACCOUNTS TOTALING 112,082. PROVIDE 43,008 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 0 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 14469 0 1 378 1 1 1 0 0 0 0 0 0 0 X 10 10 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 611494 0 29700 ROBERT ROBINSON INSURANCE CUSO MANAGEMENT 40.50 0.00 X 283961 0 47364 WILLIAM WATCHORN MORTGAGE ORIGINATOR 40.00 0.00 X 289244 0 15315 GREG WISCHMEYER CEO OF CUSO 40.00 0.00 X 254929 0 27902 DONNA HAUBENSTRICKER VP OF FINANCE 45.23 0.00 X 227803 0 29950 DANIEL WORTMAN INSURANCE CUSO MANAGEMENT 40.00 0.00 X 218984 0 27115 BRAD GNATKOWSKI MORTGAGE ORIGINATOR 40.00 0.00 X 198922 0 18970 ERIC NEUMEYER CEO OF CUSO 40.89 0.00 X 179972 0 36689 VICTORIA DEGRACE CREDIT SOLUTIONS & RECOVERY MANAGER 42.71 0.00 X 167937 0 13719 HOLLIE BRITTON VP OF LENDING 42.24 0.00 X 132786 0 24062 BRIDGET COOK DIRECTOR OF MORTGAGES 45.26 0.00 X 137830 0 14037 JAMES BICKEL VP OF BUSINESS SERVICES 43.98 0.00 X 125253 0 25747 STEVEN MASKER FINANCIAL ADVISOR 42.96 0.00 X 128367 0 17123 CRAIG MARCOUX MORTGAGE ORIGINATOR 40.00 0.00 X 124624 0 14582 PETER BENDER CHAIRPERSON 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 TIMOTHY HILDNER DIRECTOR 6.00 0.00 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 3082106 0 342275 28 0 1 0 SPENCE BROTHERS 203 S WASHINGTON AVE SUITE 360 SAGINAW MI 48607 BRANCH CONSTRUCTION 7260121 CUANSWERS 6000 28TH STREET SE SUITE 100 GRAND RAPIDS MI 49546 DATA PROCESSING 1465860 CO-OP 9692 HAVEN AVE RANCHO CUCAMONGO CA 91730 DEBIT AND CREDIT PROCESSING 576888 TSSF ARCHITECTS INC 122 N WASHINGTON AVE SAGINAW MI 48607 ARCHITECT 565353 NEIGHBORHOOD MORTGAGE SOLUTIONS 975 N MAIN ST SUITE D FRANKENMUTH MI 48734 MORTGAGE SERVICING 480794 27 LOAN INTEREST INCOME 522100 33695327 33695327 FEE AND OTHER INCOME 522100 18014858 18014858 NON-MEMBER ATM INCOME 900099 128050 128050 NON-MEMBER SHARED BRANCH INCOME 522100 5013 5013 NON-MEMBER INSURANCE INCOME 524298 2671 2671 51845919 1195641 1195641 389437 680415 -290978 -290978 -290978 641039 738825 129252 -97786 -129252 -227038 -227038 52523544 51710185 135734 677625 80894 20599 2679970 12509252 604334 3802703 1302943 175102 103618 32151 696678 2669767 496209 1504015 148139 291247 6468958 2888720 243707 PROVISION FOR LOAN LOSS 6598725 OTHER OPERATING EXPENSE 3322676 LOAN SERVICING 1110540 EXAMINATION FEES 111949 47862896 8751411 8881198 22438905 25654670 2667910 2237709 2907171 2907171 525018882 585522586 868615 1566045 67492424 10302899 45447820 57189525 19929197 34717896 3263858 801352 5040545 4910205 15126609 16466346 651460923 740854703 7354066 7000542 2069773 31052877 31493719 547099830 631100652 585506773 671664686 X 0 0 0 0 65954150 69190017 65954150 69190017 651460923 740854703 4660648 99956 -1524737 0 X 0 1 X 1 0 0 1 5177330 5177330 50502996 5617667 44885329 2077768 471557 1606211 9734330 4213675 5520655 57189525 MEMBER SHARE AND DEPOSITS 631100652 631100652 1 SCHOLARSHIPS 21 11000 0 N/A N/A GRANTS TO TEACHERS 24 9599 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 390000 0 194063 0 27431 0 12695 0 17005 0 641194 0 0 0 ROBERT ROBINSON INSURANCE CUSO MANAGEMENT 184806 0 99155 0 0 0 13142 0 34222 0 331325 0 0 0 WILLIAM WATCHORN MORTGAGE ORIGINATOR 0 0 289244 0 0 0 10510 0 4805 0 304559 0 0 0 GREG WISCHMEYER CEO OF CUSO 119710 0 135219 0 0 0 12706 0 15196 0 282831 0 0 0 DONNA HAUBENSTRICKER VP OF FINANCE 191570 0 36233 0 0 0 8482 0 21468 0 257753 0 0 0 DANIEL WORTMAN INSURANCE CUSO MANAGEMENT 156584 0 62400 0 0 0 9550 0 17565 0 246099 0 0 0 BRAD GNATKOWSKI MORTGAGE ORIGINATOR 0 0 198922 0 0 0 9946 0 9024 0 217892 0 0 0 ERIC NEUMEYER CEO OF CUSO 151694 0 28278 0 0 0 8963 0 27726 0 216661 0 0 0 VICTORIA DEGRACE CREDIT SOLUTIONS & RECOVERY MANAGER 110773 0 57164 0 0 0 8272 0 5447 0 181656 0 0 0 HOLLIE BRITTON VP OF LENDING 114127 0 18659 0 0 0 6612 0 17450 0 156848 0 0 0 BRIDGET COOK DIRECTOR OF MORTGAGES 106842 0 30988 0 0 0 6866 0 7171 0 151867 0 0 0 JAMES BICKEL VP OF BUSINESS SERVICES 121441 0 3812 0 0 0 6236 0 19511 0 151000 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 $1,367,401 AT DECEMBER 30, 2019. 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 108283 EMPLOYEE COMPENSATION AND BENEFITS 0 KARI SCHMITZER HR DIRECTOR CREDIT UNION EMPLOYEE WITH FAMILY RELATIONSHIP WITH THE CEO 118921 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 2020. 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 -1499402 5698034 FRANKENMUTH CREDIT UNION