2020-11-05T12:22:23-06:00 2019-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2019-01-01 381489454 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN CRED 9898355100 600 W WACKERLY STREET MIDLAND MI 48641 CHARLES OTTO VICE PRESIDENT 9898355100 2020-08-28 1 JACK C TRACY P01974742 2482443000 104.11.88.150 2020-08-28 12:01:49 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B2EFC313AB4EEA4760135470907D022D8B217834 2019 2021-04-22 16:20:28Z MEMBERS FIRST CREDIT UNION ERIC BRUBAKER 600 W WACKERLY STREET MIDLAND MI 48641 38132717 0 X WWW.MFCU.NET X 1936 MI THE MISSION OF MEMBERS FIRST CREDIT UNION IS TO ENCOURAGE A BETTER TOMORROW. 11 11 275 15 44023 13532 0 2000 33152693 35158015 2637932 2969608 15001 -1995 35805626 38127628 0 500 0 0 13563398 14507254 0 0 0 17719518 19546738 31282916 34054492 4522710 4073136 488730739 535640849 432337002 473208644 56393737 62432205 X OUR PROMISE IS TO BE TRUSTWORTHY, CARING AND ENTHUSIASTIC TO HELP MEMBERS SUCCEED. AT OUR CORE, WE WILL DELIVER EXCELLENCE THROUGH KNOWLEDGE. WE CAN BE DEPENDED UPON TO DO THE RIGHT THING AND EXCEED MEMBER EXPECTATIONS. WE ARE COMMITTED TO ENCOURAGEMENT AND POWER OF POSTITIVITY. 0 0 PROVIDED OVER 21,000 LOANS TO MEMBERS, INCLUDING CONSUMER, REAL ESTATE, CREDIT CARD AND SMALL BUSINESS LOANS. OFFER OVER 58,000 MEMBERS METHODS TO INCREASE THEIR FINANCIAL WELLBEING WITH SAVINGS, CHECKING, CERTIFICATES OF DEPOSIT AND OTHER DEPOSIT AND INVESTMENT PRODUCTS AND OPTIONS. OFFER MEMBERS VARIOUS METHODS TO ACHIEVE THEIR FINANCIAL GOALS THROUGH PERSONAL CONTACT, ELECTRONIC AND ONLINE SERVICES. 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 11992 0 1 275 1 1 1 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X MEMBERS FIRST CREDIT UNION 9898355100 600 W WACKERLY STREET MIDLAND MI 48641 ROBERT COOPER CHAIRPERSON 4.00 X 0 0 0 KEVIN BROTT VICE CHAIRPERSON 4.00 X 0 0 0 ROBERT LANCASTER TREASURER 4.00 X 0 0 0 GEORGE YOST SECRETARY 4.00 X 0 0 0 ELIZABETH CHRISTIANSEN DIRECTOR 4.00 X 0 0 0 GARY SCHENK DIRECTOR 4.00 X 0 0 0 CLARE TAYLOR JR DIRECTOR 4.00 X 0 0 0 DAVID THOMPSON DIRECTOR 4.00 X 0 0 0 DOUG TODD DIRECTOR 4.00 X 0 0 0 JOSEPH ASHCROFT DIRECTOR 4.00 X 0 0 0 SARA EKLOVE DIRECTOR 4.00 X 0 0 0 ERIC BRUBAKER PRESIDENT/CEO 40.00 X 369561 0 33564 CHARLES OTTO VP OF FINANCE 40.00 X 179914 0 19796 CARRIE IAFRATE EXECUTIVE VP 40.00 X 228899 0 29972 ANNA ZIELINSKI EXECUTIVE VP 40.00 X 215463 0 19267 PAMELA AYERS VP OF LENDING 40.00 X 148400 0 22439 AMY GARVER VP OF OPERATIONS 40.00 X 134007 0 22000 KELLY KAMMER VP OF RISK MANAGEMENT 40.00 X 116767 0 22642 ROB LIEBKNECHT COMMERCIAL SERVICES MANAGER 40.00 X 116651 0 14778 TRISH ROSS VP OF MARKETING 40.00 X 115182 0 15562 1624844 0 200020 11 0 1 0 JACK HENRY & ASSOCIATES INC 663 W HIGHWAY 60 MONETT MO 65708 CORE PROCESSING SYSTEMS 1276774 LENDING SOLUTIONS 2250 POINT BLVD SUITE 325 ELGIN IL 60123 CALL CENTER/COLLECTIONS/LOAN PROCESSING 785336 YEO & YEO COMPUTER CONSULTING PO BOX 3275 SAGINAW MI 48605 COMPUTER CONSULTATION 552115 THE REDMOND COMPANY W228 N745 WESTMOUND DR WAUKESHA WI 53186 SITE PLANNING 455278 GARBER CHEVROLET 1700 N SAGINAW MIDLAND MI 48640 INDIRECT LOANS 437467 34 2000 2000 LOAN INTEREST 522100 22483172 22483172 FEES AND OTHER 522100 12630820 12630820 NON-MEMBER ATM FEE INCOME 900099 42666 42666 SPRINT INCOME 900099 1357 1357 35158015 2969608 2969608 3094 5089 -1995 -1995 -1995 38127628 38081605 44023 0 X 500 1096436 10298444 762021 1237681 1112672 20748 185277 313982 713159 6553476 759385 153989 529537 3587494 1760367 129745 PROVISION FOR LOAN LOSS 3081166 LOAN SERVICING FEES 1672208 LOSSES ON DEPOSIT ACCOU 86205 34054492 7345165 8007629 14203695 23806807 142890 366958 813990 2750000 325442049 353484995 819733 948077 27212854 11906871 16034921 15305983 68538723 98880250 42919947 21944111 534752 453524 11934874 9692515 488730739 535640849 14152924 4710344 418184078 468498300 432337002 473208644 X 0 0 0 0 56393737 62432205 56393737 62432205 488730739 535640849 4073136 1965332 0 X X 0 1 X 1 0 3022865 3022865 14880336 5106859 9773477 130537 130537 0 9179116 6669475 2509641 15305983 MEMBER DEPOSITS 468498300 468498300 X 38132717 5089 5089 38127628 0 38127628 34059581 5089 5089 34054492 0 34054492 PART X, LINE 2: 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. IN 2007, 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 OPEN AUDIT PERIOD IS FOR THE THREE YEAR PERIOD ENDED DECEMBER 31, 2018. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED NET OF RENTAL REVENUE WITHIN FORM 990, BUT REPORTE WITHIN TOTAL EXPENSES IN THE AUDITED FINANCIAL STATEMENTS PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED NET OF RENTAL REVENUE WITHIN FORM 990, BUT REPORTE WITHIN TOTAL EXPENSES IN THE AUDITED FINANCIAL STATEMENTS X X X 0 1 0 ERIC BRUBAKER PRESIDENT/CEO 294408 0 75153 0 0 0 22400 0 11164 0 403125 0 0 0 CHARLES OTTO VP OF FINANCE 154699 0 25215 0 0 0 14122 0 5674 0 199710 0 0 0 CARRIE IAFRATE EXECUTIVE VP 185763 0 43136 0 0 0 17469 0 12503 0 258871 0 0 0 ANNA ZIELINSKI EXECUTIVE VP 176075 0 36988 0 2400 0 15461 0 3806 0 234730 0 0 0 PAMELA AYERS VP OF LENDING 125373 0 23027 0 0 0 11998 0 10441 0 170839 0 0 0 AMY GARVER VP OF OPERATIONS 115176 0 18831 0 0 0 10875 0 11125 0 156007 0 0 0 PART I, LINE 4B ONE EMPLOYEE PARTICIPATES IN A COLLATERAL ASSIGNED SPLIT DOLLAR ARRANGEMENT FOR WHICH NO ACTUAL FUNDS WERE DISTRIBUTED. ERIC BRUBAKER CEO DEFERRED RETIREMENT PROGRAM-COLLATERAL ASSIGNED X 1000000 2750000 0 1 1 2750000 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 MEMBERS OF THE BOARD OF DIRECTORS HAVE STAGGERED TERMS OF 3 YEARS AND THEIR ELECTION IS HELD ANNUALLY AT AN ANNUAL MEETING FOR THE FULL MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7B CREDIT UNION DECISIONS THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE BYLAW CHANGES. ANY CHANGE IN THE CREDIT UNION'S BYLAWS ARE APPROVED BY A VOTE OF THE FULL MEMBERSHIP AT THE ANNUAL MEETING OR A SPECIAL MEETING CALLED FOR THAT PURPOSE. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE VICE PRESIDENT PRIOR TO SUBMISSION TO THE IRS. A FULL COPY OF THE 990 RETURN IS PROVIDED TO THE BOARD OF DIRECTORS FOR THEIR ANNUAL REVIEW AND DISCUSSION AT A REGULAR MEETING OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION HAS A FULL-TIME AUDIT AND COMPLIANCE DEPARTMENT WHOM, WITH THE HUMAN RESOURCES MANAGER, ENSURES COMPLIANCE WITH REGULATIONS AND STATUTES. THE BOARD OF DIRECTORS AND SENIOR MANAGEMENT SIGN A CONFLICT OF INTEREST DISCLOSURE. ADDITIONALLY, COMPLIANCE WITH CONFLICT OF INTEREST POLICIES IS MONITORED BY THE SUPERVISIORY COMMITTEE, WHO ARE NOT MEMBERS OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 A PERSONNEL COMMITTEE COMPOSED OF SEVERAL MEMBERS OF THE BOARD OF DIRECTORS PERFORM AN ANNUAL REVIEW OF THE PRESIDENT/CEO WHICH IS THEN SUBMITTED TO THE FULL BOARD OF DIRECTORS. A PERSONNEL COMMITTEE COMPOSED OF SEVERAL MEMBERS OF THE BOARD OF DIRECTORS SET THE OVERALL EMPLOYEE COMPENSATION, BENEFIT PARAMETERS AND ANNUAL INCREASE GUIDELINES WHICH ARE THEN APPROVED BY THE FULL BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 MONTHLY FINANCIALS ARE POSTED AT EACH BRANCH AND ANNUAL FINANCIALS ARE PROVIDED TO ALL MEMBERS AT THE ANNUAL MEETING OF THE MEMBERSHIP. THEY ARE ALSO AVAILABLE UPON REQUEST. CREDIT UNION POLICIES ARE REVIEWED AT LEAST ANNUALLY AT A MEETING OF THE BOARD OF DIRECTORS AND ARE AVAILABLE UPON REQUEST TO BE REVIEWED AT THE CREDIT UNION'S CORPORATE HEADQUARTERS DURING REGULAR BUSINESS HOURS. THE CREDIT UNION'S GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST TO BE REVIEWED AT THE CREDIT UNION'S CORPORATE HEADQUARTERS DURING REGULAR BUSINESS HOURS. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 313,982. FORM 990, PART XII, LINE 2C 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.