2020-08-31T11:10:25-05:00 2019-12-31 382492570 DOEREN MAYHEW 305 W BIG BEAVER ROAD TROY MI 48084 990 2019-01-01 381449460 CREDIT UNION CHARTERED IN THE STATE OF MI 806 FAMILY FINANCIAL CREDIT UNION CRED 2317334600 3575 HENRY STREET MUSKEGON MI 49441 DEBRA DIETZ PRESIDENT/CEO 2317334600 2020-08-28 1 ROBERT PARKS CPA P00740435 2482443000 2020-08-27 104.11.88.150 2020-08-28 15:31:13 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B2EFC313AB4EEA4760135470907D022D8B217834 2019 2020-11-19 02:30:22Z DEBRA DIETZ 3575 HENRY STREET MUSKEGON MI 49441 5659292 0 X WWW.FF-CU.ORG X 1942 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 7 7 48 7 56862 0 0 0 4634560 4972217 611535 687075 0 0 5246095 5659292 0 2000 0 0 1897528 2011221 0 0 0 2675016 3074003 4572544 5087224 673551 572068 112311767 118007911 97624707 101948450 14687060 16059461 WE ARE A MEMBER OWNED FINANCIAL INSTITUTION DEDICATED TO MEETING OUR MEMBERS NEEDS BY PROVIDING QUALITY FINANCIAL SERVICES WITH A WELL-TRAINED FRIENDLY STAFF. 0 0 PROVIDE 16,305 MEMBERS WITH SAVINGS, SHARE DRAFT, CLUB, MONEY MARKET, CERTIFICATES OF DEPOSITS AND INDIVIDUAL RETIREMENT ACCOUNTS TOTALING 28,035. PROVIDE 8,234 LOANS INCLUDING CREDIT CARDS, LINE OF CREDIT, VEHICLE, REAL ESTATE, SHARE SECURED, RECREATIONAL VEHICLE, HOME EQUITY, PARTICIPATION AND INDIRECT LOANS. OFFER ATM/DEBIT CARDS, CHECK CASHING, WIRE TRANSFERS, ELECTRONIC BANKING, BILL PAYER, OVERDRAFT PROTECTION/COURTESY PAY, REMOTE DEPOSIT CAPTURE, MONEY ORDERS, GIFT CARDS, BILINGUAL SERVICES, FINANCIAL EDUCATION AND INSURANCE PROGRAMS TO ALL ELIGIBLE MEMBERS. 0 0 0 0 0 0 0 0 0 1 1 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2028 0 1 48 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X FAMILY FINANCIAL CREDIT UNION 2317334600 3575 HENRY STREET MUSKEGON MI 49441 LINDA SHEPICH BOARD - CHAIRPERSON 2.00 X 0 0 0 JIM PORTER BOARD - VICE CHAIRPERSON 2.00 X 0 0 0 MILTON BOLLES BOARD - SECRETARY 2.00 X 0 0 0 STARR EVANS BOARD - TREASURER 2.00 X 0 0 0 KRISTEN COLLEE BOARD - DIRECTOR 2.00 X 0 0 0 DENISE WINEBARGER BOARD - DIRECTOR 2.00 X 0 0 0 KEVIN HUSS BOARD - DIRECTOR 2.00 X 0 0 0 DEBRA K DIETZ CEO 40.00 X 142710 0 12896 LYNN ANN MUMBY ACCOUNTING MANAGER 40.00 X 48882 0 10819 191592 0 23715 1 0 1 0 MUSKEGON QUALITY BUILDERS 2837 PECK STREET MUSKEGON MI 49444 CONTRACTOR 573598 JACK HENRY & ASSOCIATES INC 663 WEST HIGHWAY 60 MONETT MO 65708 CARD PROCESSOR 364306 MDT 30230 ORCHARD LAKE RD FARMINGTON HILL MI 48334 DATA PROCESSOR 357980 MDT 30230 ORCHARD LAKE RD FARMINGTON HILL MI 48334 DATA PROCESSOR 275914 4 LOAN INTEREST INCOME 522100 3608014 3608014 FEE & OTHER INCOME 522100 1307341 1307341 NON-MEMBER SHARED BRAN 522100 36102 36102 NON-MEMBER ATM FEES 900099 20706 20706 NON-MEMBER INSURANCE I 524298 54 54 4972217 687075 687075 5659292 5602430 56862 0 X 2000 215307 1288355 110126 277991 119442 36000 14252 94405 773686 431575 191598 29915 758019 139427 44589 LOAN SERVICING 383139 PROVISION FOR LOAN LOSS 90000 MISCELLANEOUS EXPENSES 49443 ASSOCIATION DUES/EXAM F 37955 5087224 1326602 2046365 5673933 1013179 73606918 77001988 114571 118249 4306016 0 3326009 4306016 23172799 25588132 3789503 6564599 1301432 1369383 112311767 118007911 819552 641629 96805155 101306821 97624707 101948450 X 0 0 0 0 14687060 16059461 14687060 16059461 112311767 118007911 572068 800333 0 X X 0 1 X 1 0 806328 806328 2621428 2621428 878260 878260 4306016 CO-OP NETWORK STOCK 100 C AFS CD INVESTMENTS 23095987 F CD'S 1742000 C CORPORATE BONDS 250045 C FEDERAL AGENCIES 500000 C 25588132 ALLOYA CORPORATE FEDERAL CREDIT UNION 6564599 C 6564599 MEMBER SHARES & DEPOSITS 101306821 101306821 X 5659292 0 5659292 0 5659292 5087224 0 5087224 0 5087224 PART X, LINE 2: 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. 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. X X 0 0 0 DEBRA K DIETZ CEO 133742 0 7968 0 1000 0 12896 0 0 0 155606 0 0 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 BOARD MEMBERS ARE ELECTED BY BALLOT AND ANNOUNCED AT THE ANNUAL MEETING FOR 3 YEAR TERMS. FORM 990, PART VI, SECTION A, LINE 7B ANY BY-LAW CHANGES, MERGERS, FIELD OF MEMBERSHIP OR CHARTER CHANGES REQUIRE MEMBERSHIP APPROVAL. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE PRESIDENT/CEO AND THE ACCOUNTING MANAGER PRIOR TO SUBMISSION TO THE IRS. SUBSEQUENT TO FILING, THE BOARD OF DIRECTORS IS PROVIDED WITH A COPY OF THE 990 RETURNS SUBMITTED. FORM 990, PART VI, SECTION B, LINE 12C AT THE ANNUAL ORGANIZATIONAL MEETING, ANY POSSIBLE CONFLICTS OF INTEREST ARE RECORDED IN THE MINUTES. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS APPROVE COMPENSATION FOR THE PRESIDENT/CEO. THE PRESIDENT/CEO AND THE BOARD OF DIRECTORS APPROVE EMPLOYEE COMPENSATION BASED ON SALARY SURVEYS AND PERFORMANCE. THE LAST COMPENSATION REVIEW WAS COMPLETED IN DECEMBER 2019. FORM 990, PART VI, SECTION C, LINE 19 MONTHLY FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. OTHER DOCUMENTS AND POLICIES CAN BE REVIEWED AT THE MAIN BRANCH UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 14,252. 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.