2020-10-30T16:30:30-05:00 2019-12-31 350921680 CROWE LLP 9600 Brownsboro Road Suite 400 Louisville KY 402411122 990 2019-01-01 381524350 Credit Unions Chartered in the State of Michigan 4 Front Credit Union CRED 2319292000 PO Box 795 Traverse City MI 49685 Andrew Kempf President 2020-10-30 true Kim Scifres P01316095 5023263996 2019 2021-04-22 16:20:28Z 4 Front Credit Union Andrew Kempf PO Box 795 Traverse City MI 49685 65210519 false X www.4frontcu.com X 1954 MI To provide financial services to members with a common bond. 9 9 255 9 154839 35196 0 0 32307619 37134282 1934911 2100023 55814 -12981 34298344 39221324 0 15204 0 0 10842759 13476139 0 0 0 17598512 20944280 28441271 34435623 5857073 4785701 516059883 560363272 456843153 494794646 59216730 65568626 To provide financial services to members with a common bond. false false The Credit Union provides several deposit account types to members including savings, checking, certificates of deposits and others. the total number of members at 12/31/19 was 84,580. The credit union provides a variety of loans to members including real estate, credit card, vehicle and others. The total number of loans outstanding at 12/31/19 was 47,679. 0 false false false false false false false false true false false false true true false false false false false false false false false false false false false true false true false false false false false false false false true false false false true 10256 0 true 255 true true true false false false false false false false X 9 9 false false false false true true true true true false true true false true true true false true true true false X Molly Reibel 2315473943 PO Box 795 Traverse City MI 49685 X Bryan Lindfors Secretary 1.0 X X 0 0 0 Charles Hague Treasurer 1.0 X X 0 0 0 Michael Slater Vice Chair 1.0 X X 0 0 0 Todd Rohrback Chairman 1.0 X X 0 0 0 Brian Ausdemore Director 1.0 X 0 0 0 Julie Kosloskey Director 1.0 X 0 0 0 Larry Fay Director 1.0 X 0 0 0 Peggy Harold Director 1.0 X 0 0 0 Walt Coyle Director 1.0 X 0 0 0 Andy Kempf President 40.0 X 279534 0 59814 David Leusink CEO 40.0 X 341783 0 70361 Darrin R Van Loo Mortgage Consultant 40.0 X 153959 0 35803 Geoffrey Streit VP Commercial Lending 40.0 X 209949 0 42161 Heather Carey VP Lending 40.0 X 133163 0 29812 Jason Acosta Senior Vice President Operations 40.0 X 110868 0 30902 Shelley DeYoung VP Human Resources 40.0 X 115807 0 8284 1345063 0 277137 7 false true false PINE STREET DEVELOPMENT ONE LLC 11123 Bugai Rd Traverse City MI 49684 Admin Center Construction 2181402 INTEGRATED ARCHITECTURE 4090 Lake Drive SE Grand Rapids MI 49546 Design, Professional Services 759006 Q2 SOFTWARE PO BOX 205970 DALLAS TX 753205970 ONLINE BANKING 747489 INFORMA BUSINESS SYSTEMS INC 5170 Hartshorn Drive Flushing MI 48433 ITMS, Service Agreements, Receipt Paper, Safe 394282 DOXIM INC 747 E Whitcomb Avenue Madison Heights MI 48071 Member Statement/Notice generation and mailing 385472 15 0 interest on loans 522100 25966440 25966440 Fees & Charges 522100 5612168 5463846 148322 Other Program Service Revenue 522100 5555674 5555674 0 0 0 0 37134282 1665288 1665288 0 0 26275563 148367 25824988 164207 450575 -15840 434735 434735 Other 525990 6517 6517 Insurance Reimbursement 524298 -19498 -19498 0 0 0 0 -12981 39221324 36985960 154839 2080525 15204 751492 0 0 0 10087636 303137 1535731 798143 37450 614596 0 0 0 876582 3296549 221973 889668 37931 61931 2959044 41249 2144235 153475 debit/credit expenses 3113519 loan servicing 2766362 provision for loan loss 1984314 maintenance 1074881 670521 0 0 0 34435623 0 0 0 7712146 6567529 1803236 10124388 0 1540239 4636206 5915117 6052939 0 0 411210805 431828562 0 701472 984051 26115429 2144235 19209232 23971194 47868861 51070325 3356448 7424453 0 2003784 1669820 14738543 16033805 516059883 560363272 6402653 5802536 0 0 0 0 0 0 22097000 5000000 0 428343500 483992110 456843153 494794646 0 0 X 0 0 59216730 65568626 59216730 65568626 516059883 560363272 4785701 1566195 0 X false true X true false 4411048 4411048 10761251 521272 10239979 6178886 1612596 4566290 4738134 9060 4729074 26110 1307 24803 23971194 REGULAR SHARES 150051017 CHECKING 129293090 MONEY MARKET SHARES 99380734 SHARE CERTIFICATES 65459323 IRA ACCOUNTS 26117731 ALL OTHER SHARES 13690215 483992110 X Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE ("IRC") SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS HAS BEEN AN ISSUE FOR MANY YEARS. THE INTERNAL REVENUE SERVICE ("IRS") ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA ("TAM") TO A NUMBER OF STATE CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. IN THESE TAMS, THE IRS RULED CERTAIN PRODUCTS AND SERVICES TO BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. IN LIGHT OF THE TAMS, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL CONDITION OR RESULTS OF OPERATIONS. THE CREDIT UNION'S INCOME TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES AND OPEN TAX PERIODS INCLUDE 2016 and beyond. X X X X false true false David Leusink CEO 318749 0 15959 0 7075 0 49278 0 21083 0 412144 0 0 0 Andy Kempf President 263046 0 13783 0 2705 0 41881 0 17933 0 339348 0 0 0 Geoffrey Streit VP Commercial Lending 84222 0 125581 0 146 0 28085 0 14076 0 252110 0 0 0 Darrin R Van Loo Mortgage Consultant 37488 0 116306 0 165 0 17737 0 18066 0 189762 0 0 0 Heather Carey VP Lending 127159 0 5775 0 229 0 14951 0 14861 0 162975 0 0 0 Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan The Credit Union has split dollar life insurance plans covering certain key employees which will be payable in accordance with terms of the underlying agreements. See Schedule L for details on individuals participating and loan balances. David Leusink CEO Split Dollar Plan Premium X 3700000 4034614 false true true Andrew Kempf President Split Dollar Plan Premium X 1850000 2018325 false true true 6052939 Form 990, Part VI, Line 6 Classes of members or stockholders The credit union has a single class of members with equal rights of ownership, governance, and voting. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body Members vote and elect board members at the annual meeting. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders Members of the Credit Union have the right to approve 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, Line 11b Review of form 990 by governing body Management reviews the tax returns prior to filing with the IRS. Form 990, Part VI, Line 12c Conflict of interest policy The organization's officer, directors, trustees, and key employees are required to disclose actual or potential conflicts they may have with the organization. If a conflict arises, the respective board member will abstain from any related discussion, vote, or similar action on the matter. Management reserves the right to determine when an employee's activities represent a conflict of interest and to take whatever action is appropriate to resolve the situation. Form 990, Part VI, Line 15a Process to establish compensation of top management official The CEO receives a performance appraisal from the entire board and then the compensation committee makes a recommendation to the board for compensation based on the results of the appraisal. Wage ranges are set based on compensable factors using Compease (a company that looks at national, regional, state and area compensation surveys). This process takes place annually, and is documented in Compensation Committee minutes. Results are reported to the board, but the details are in the Compensation Committee minutes. Form 990, Part VI, Line 15b Process to establish compensation of other employees The President receives a performance appraisal from the entire board and then the compensation committee makes a recommendation to the board for compensation based on the results of the appraisal. Wage ranges are set based on compensable factors using Compease (a company that looks at national, regional, state and area compensation surveys). For other officers and key employees- performance appraisals are conducted by either the President or the CEO with compensation levels also set using Compease. This process takes place annually, and is documented in Compensation Committee minutes. Results are reported to the board, but the details are in the Compensation Committee minutes. Form 990, Part VI, Line 19 Required documents available to the public Monthly financials and other governing documents are available for review upon request at the Credit Union's main offices at 101 N. Park St., Traverse City, MI. Form 990, Part XII, Line 2c Committee for oversight of audit The credit union's financial statement audit is performed by independent accountants for the twelve-months ended March 31. There are no revenue/expense items that are included in the audited financial that would not be reported in Form 990. There were no changes in the process of the committee that assumes responsibility of the oversight of the audit and selection of the independent auditor. Form 990, Part VI, Section B, Line 12a Conflict of Interest Policy For employees - the Conflict of Interest language is included in Employee Handbook which each new employee must read and sign acknowledge that they understand they must comply. The Board of Directors sign a conflict of interest policy when they first become a board member. The policy states that they must report any conflicts of interest. 4Front Capital LLC PO Box 795 Traverse City MI 49685 841913699 Investments MI 0 0 4Front Credit Union