2025-09-22T13:01:21-05:00 2024-12-31 331498605 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2024-01-01 381231023 HONOR CREDIT UNION HONO 2699836357 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 SCOTT MCFARLAND CEO 2699836357 2025-09-18 1 1 JOSHUA NITZ CPA P01946955 2695674500 2025-09-18 2024 2025-03-06 01:10:19Z SCOTT MCFARLAND 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 150815335 0 X WWW.HONORCU.COM X 1934 MI TO PROVIDE FINANCIAL SERVICES TO RESIDENTS OF THE STATE OF MICHIGAN. 9 9 544 9 645076 27635 0 0 107479803 120834197 5625151 6467800 577731 634928 113682685 127936925 0 0 0 0 36728913 42007499 0 0 0 57467676 69507513 94196589 111515012 19486096 16421913 1701973478 1705014823 1537891407 1519352936 164082071 185661887 PROVIDING SOLUTIONS FOR FINANCIAL SUCCESS. 0 0 SERVED 107,377 MEMBERS BY OFFERING LOANS, DEPOSITS AND VARIOUS OTHER FINANCIAL SOLUTIONS TO ENSURE FINANCIAL SUCCESS TO OUR MEMBERSHIP. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 35528 0 1 544 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X SCOTT MCFARLAND 2699836357 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 BRIAN BROWN CHAIR 2.00 0.00 X X 0 0 0 MIMI ELWELL VICE CHAIR 2.00 0.00 X X 0 0 0 RICHARD ATWELL SECRETARY 2.00 0.00 X X 0 0 0 RON GRIESINGER TREASURER 2.00 0.00 X X 0 0 0 CARRIE MUESSIG ASSOCIATE DIRECTOR 2.00 0.00 X 0 0 0 PAIGE EAGON ASSOCIATE DIRECTOR 2.00 0.00 X 0 0 0 GREG VAUGHN DIRECTOR 2.00 0.00 X 0 0 0 RANDY O'NEIL DIRECTOR 2.00 0.00 X 0 0 0 STEPHEN SMITH DIRECTOR 2.00 0.00 X 0 0 0 SCOTT MCFARLAND CHIEF EXECUTIVE OFFICER 40.00 0.00 X 741008 0 60751 HEATHER LUCIANI CHIEF STRATEGY OFFICER 40.00 0.00 X 342559 0 34746 KENT FIGY CHIEF LENDING OFFICER 40.00 0.00 X 331927 0 43220 KATHERINE BERRY CHIEF PEOPLE OFFICER 40.00 0.00 X 294086 0 29051 MEGAN HENDRIX CHIEF OPERATIONS OFFICER 40.00 0.00 X 315264 0 46367 MATTHEW NORDBERG MORTGAGE LOAN OFFICER 40.00 0.00 X 249275 0 40643 MARSHALLL WILLIAMS VP OF FINANCE 40.00 0.00 X 211663 0 21364 JENNIFER PATRICK VP OF MEMBER EXPERIENCE 40.00 0.00 X 219562 0 45603 EDWARD FREED VP OF INNOVATION TECHNOLOGY 40.00 0.00 X 199352 0 36531 TONY MANDARINO VP OF BUSINESS SERVICES 40.00 0.00 X 220159 0 38289 3124855 0 396565 47 0 1 0 INNOVATIVE CARD SERVICES 358 S ELKHART AVE SUITE 300 ELKHART IN 46516 VISA PREPAID CARDS 5446597 CLOSNER CONSTRUCTION & SALES 2050 ENTERPRICSE STREET MARQUETTE MI 49855 CONSTRUCTION TRADES 2703034 CUANSWERS 6000 28TH STREET SE SUITE 100 GRAND RAPIDS MI 49546 CORE SERVICE PROVIDER 2342057 EQUIPS 3470 N 127TH STREET BROOKFIELD WI 53005 MAINTENANCE MANAGEMENT 1437754 CORELATION INC 2305 HISTORIC DECATUR RD SAN DIEGO CA 92106 CORE SERVICE PROVIDER 1293002 62 LOAN INTEREST INCOME 522100 89038646 89038646 FEES AND CHARGES 522100 29250073 29101909 148164 SALES OF MORTGAGES 522100 1469246 1469246 MORTGAGE PRODUCTION FEES 522100 1076232 1076232 120834197 7003710 7003710 138016 0 138016 138016 138016 22342500 22878410 -535910 -535910 -535910 COMMISSIONS 522100 496912 496912 496912 127936925 120686033 645076 6605816 1179064 27549441 920744 10053947 2304303 492640 291932 128819 709093 3752101 1688318 3270725 2994795 440250 986062 3538526 3893565 474446 INTEREST PAID ON MEMBER 22912233 CREDIT AND DEBIT CARD F 8945253 PROVISION FOR LOAN LOSS 7750462 LOAN SERVICING 2289043 4949250 111515012 22655556 34550443 18874917 31924373 199229 11998 4867977 1329813043 1312903787 2088291 3397878 75409014 15792897 54870189 59616117 1456060 1350524 226437206 214681561 346075 346075 45232912 41364090 1701973478 1705014823 13790375 10645895 2865337 2603750 170000000 40000000 1351235695 1466103291 1537891407 1519352936 X 0 0 0 0 164082071 185661887 164082071 185661887 1701973478 1705014823 16421913 5157903 0 X X 0 1 X 1 0 0 1 X 9664991 9664991 43581216 7689927 35891289 17995510 8102970 9892540 4167297 4167297 59616117 U.S. GOVERNMENT AND FEDERAL AGENCY SECURITIES 65855066 F MORTGAGE-BACKED SECURITIES 54057455 F NEGOTIABLE CERTIFICATES OF DEPOSIT 3221999 F STATE AND MUNICIPAL BONDS 55416778 F COLLATERALIZED MORTGAGE OBLIGATIONS 11634068 F CORPORATE BONDS 15354580 F PREFERRED STOCK 9141615 F 214681561 MEMBERS' SHARES AND SAVINGS 1466103291 1466103291 X 133094828 5157903 5157903 127936925 0 127936925 111515012 0 111515012 0 111515012 PART IV, LINE 2B: THE CREDIT UNION HOLDS AMOUNTS IN ESCROW ACCOUNTS FOR REAL ESTATE TAXES AND HOME INSURANCE RELATED TO HOME MORTGAGE LOANS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. HOWEVER, THE CREDIT UNION MAY BE SUBJECT TO UNRELATED BUSINESS INCOME TAX. THE NET UNRELATED BUSINESS INCOME TAX IS IMMATERIAL TO THE FINANCIAL STATEMENTS AS A WHOLE. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE CREDIT UNION AND RECOGNIZE A TAX LIABILITY IF THE CREDIT UNION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CREDIT UNION AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2024 AND 2023, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE CREDIT UNION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. X X 0 1 0 SCOTT MCFARLAND CHIEF EXECUTIVE OFFICER 553850 0 145755 0 41403 0 42542 0 18209 0 801759 0 0 0 HEATHER LUCIANI CHIEF STRATEGY OFFICER 272808 0 61540 0 8211 0 30306 0 4440 0 377305 0 0 0 KENT FIGY CHIEF LENDING OFFICER 227927 0 52244 0 51756 0 25072 0 18148 0 375147 0 0 0 MEGAN HENDRIX CHIEF OPERATIONS OFFICER 256001 0 57462 0 1801 0 28160 0 18207 0 361631 0 0 0 KATHERINE BERRY CHIEF PEOPLE OFFICER 239331 0 52628 0 2127 0 24598 0 4453 0 323137 0 0 0 MATTHEW NORDBERG MORTGAGE LOAN OFFICER 10000 0 756 0 238519 0 27223 0 13420 0 289918 0 0 0 JENNIFER PATRICK VP OF MEMBER EXPERIENCE 185590 0 31786 0 2186 0 20415 0 25188 0 265165 0 0 0 TONY MANDARINO VP OF BUSINESS SERVICES 185572 0 32393 0 2194 0 20413 0 17876 0 258448 0 0 0 EDWARD FREED VP OF INNOVATION TECHNOLOGY 172076 0 25055 0 2221 0 18736 0 17795 0 235883 0 0 0 MARSHALLL WILLIAMS VP OF FINANCE 182875 0 27468 0 1320 0 17269 0 4095 0 233027 0 0 0 PART I, LINE 3 COMPENSATION FOR THE CEO, OTHER OFFICERS, AND KEY EMPLOYEES IS APPROVED BY BOTH HUMAN RESOURCES AND THE BOARD OF DIRECTORS. PART I, LINE 4B THE CREDIT UNION EXECUTIVIES PARTICIPATE IN A 457F PLAN. ALL PLANS ARE SUBJECT TO FORFEITURE AND EACH PLAN HAS A DOCUMENTED VESTING PERIOD. THE FOLLOWING INDIVIDUALS LISTED ON FORM 990, PART VII, SECTION A PARTICIPATED IN THE PLAN DURING THE YEAR. HEATHER LUCIANI KENT FIGY KATHERINE BERRY MEGAN HENDRIX EDWARD FREED SCOTT MCFARLAND CHIEF EXECUTIVE OFFICER SPLIT DOLLAR LIFE INSURANCE X 2500000 2815720 0 1 1 SCOTT MCFARLAND CHIEF EXECUTIVE OFFICER SPLIT DOLLAR LIFE INSURANCE X 1900000 2052257 0 1 1 4867977 FORM 990, PART VI, SECTION A, LINE 6 EVERY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS CONSIDERED A MEMBER OF THE CREDIT UNION. THE CREDIT UNION CURRENTLY HAS 107,377 MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CREDIT UNION ARE RESPONSIBLE FOR ELECTING THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS OF THE CREDIT UNION MUST APPROVE A MERGER INTO ANOTHER CREDIT UNION. ALL OTHER DECISIONS ARE MADE BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B BEFORE THE 990 WAS FILED, AN ELECTRONIC COPY OF THE DRAFT WAS SENT TO THE BOARD OF DIRECTORS AND VP OF FINANCE, VIA EMAIL, FOR THEIR REVIEW. ALL OF THE BOARD MEMBERS WERE GIVEN THE OPPORTUNITY TO CONTACT THE CREDIT UNION'S MANAGEMENT WITH ANY QUESTIONS OR CONCERNS THEY HAD REGARDING THE FORM 990 RETURN. FORM 990, PART VI, SECTION B, LINE 12C AUDIT LINK IS A SERVICE WE USE TO MONITOR ALL EMPLOYEE AND BOARD MEMBER ACCOUNTS. ACCOUNTS ARE MONITORED WEEKLY BY AUDIT LINK AND A REPORT IS SENT TO HUMAN RESOURCES WITH THE FINDINGS, HUMAN RESOURCES DOES A REVIEW OF ACCOUNTS AND INVESTIGATES IF NEEDED. COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY IS MONITORED THROUGH DISCUSSIONS AT THE BOARD LEVEL. IF A CONFLICT ARISES THE AFFECTED BOARD MEMBER WILL ABSTAIN FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS IS AWARE OF THE USE OF SALARY.COM SOFTWARE FOR ASSISTING WITH COMPENSATION FOR ALL EMPLOYEES. COMPENSATION FOR THE CEO, OTHER OFFICERS, AND KEY EMPLOYEES IS APPROVED BY BOTH HUMAN RESOURCES AND THE CEO OR THE BOARD OF DIRECTORS. THIS PROCESS WAS LAST COMPLETED DURING 2024. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS HAS ESTABLISHED THE SUPERVISORY COMMITTEE WHICH IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT REVIEW AND THE SELECTION OF AN INDEPENDENT AUDITOR. THE SUPERVISORY COMMITTEE APPROVES AN INDEPENDENT AUDITOR EACH YEAR AND MEETS TO REVIEW THE INDEPENDENT AUDITOR'S REPORT AFTER THE AUDIT IS COMPLETE. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. HONOR HOLDINGS LLC 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 822840727 HOLDING COMPANY MI -177317 1238950 HONOR CREDIT UNION HONOR INSURANCE AGENCY LLC 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 824205020 INSURANCE BROKERAGE SERVICES MI 74759 131172 HONOR HOLDINGS LLC REDBUD INSURANCE SERVICES LLC 110 MAIN BUCHANAN MI 49107 383402291 INSURANCE BROKERAGE SERVICES MI 422153 377894 HONOR HOLDINGS LLC REDBUD PROPERTIES LLC 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 822840727 HOLDING COMPANY MI -42180 0 HONOR HOLDINGS LLC