2020-11-11T14:30:55-06:00 2019-12-31 350921680 CROWE LLP 9600 Brownsboro Road Suite 400 Louisville KY 402411122 990 2019-01-01 381447620 Community Financial Credit Union COMM 7344531200 PO BOX 8050 PLYMOUTH MI 481708050 Margaret Pankow SENIOR VICE PRESIDENT/CFO 2020-11-11 true Kim Scifres P01316095 5023263996 2019 2022-01-07 14:23:13Z WILLIAM LAWTON PO BOX 8050 PLYMOUTH MI 481708050 56742135 false X WWW.CFCU.ORG X 2012 MI Community Financial Credit Union is a state chartered, not-for-profit, full-service financial institution owned and governed by its membership. At Community Financial, we are committed to our members and our communities. For over 68 years, we've provided our Michigan members competitively-priced savings & loans products, outstanding service and support to their neighborhoods. 10 10 321 15 59135 30023 0 0 41460505 53349637 675477 818717 6296187 2573781 48432169 56742135 324814 630826 0 0 20785866 23117799 0 0 0 18671239 25330209 39781919 49078834 8650250 7663301 932017676 1013235547 819147216 892625136 112870460 120610411 Community Financial Credit Union is a state chartered, not-for-profit, full-service financial institution owned and governed by its membership. At Community Financial, we are committed to our members and our communities. For over 65 years, we've provided our Michigan members competitively-priced savings & loans products, outstanding service and support to their neighborhoods. false false PROMOTE THRIFT TO 77,024 MEMBERS BY OFFERING COMPETITIVELY-PRICED SAVINGS & LOANS PRODUCTS AS WELL AS OTHER FINANCIAL PRODUCTS. 0 false false false false false false true false true false false false true true false false false false false false false false false false false true true true false true false false false false false false false false false false false false true 16339 0 true 321 true true true false false false false false false false X 10 10 false false false false true true true true false true true false true true true true true false false false X MARGARET PANKOW 7345828820 PO BOX 8050 PLYMOUTH MI 481708050 AL BERRIE 1st Vice chairperson 1.0 X X 0 0 0 DAN HERRIMAN 2nd vice chairperson 1.0 X X 0 0 0 DEB RONAYNE 2ND VICE CHAIRPERSON (Partial year) 1.0 X X 0 0 0 DON BAIN BOARD CHAIR 1.0 X X 0 0 0 Mark RIEGAL Treasurer/Secretary 1.0 X X 0 0 0 ADI SATHI BOARD MEMBER (partial year) 1.0 X 0 0 0 Dennis LaVoy Board Member 1.0 X 0 0 0 Mary Lowing Board Member 1.0 X 0 0 0 Patricia Reese Board Member 1.0 X 0 0 0 PAUL BEDICH BOARD MEMBER 1.0 X 0 0 0 Ron Meteyer Board Member 1.0 X 0 0 0 RON METEYER BOARD MEMBER 1.0 X 0 0 0 ART BEARD CHIEF IT OFFICER 40.0 X 275172 0 47545 CATHY MEYERS CHIEF HUMAN RESOURCES OFFICER 40.0 X 239182 0 39671 CHRIS CURRY CHIEF EMERGING RISK OFFICER 40.0 X 181106 0 73945 ERIC ESSER CHIEF RESIDENTIAL AND COMMERCIAL LENDING OFFICER 40.0 X 218006 0 58741 JILL JOHNSON CHIEF LENDING OFFICER 40.0 X 246425 0 66321 MARGARET PANKOW CFO 40.0 X 345476 0 24098 RANDY PENNER CHIEF MARKETING & SALES OFFICER 40.0 X 311259 0 58976 WILLIAM LAWTON CEO 40.0 X 527667 0 62014 DAVID HEFFNER VP LENDING 40.0 X 147061 0 34686 DIANE KENNY VP SALES 40.0 X 174340 0 20990 JAMES POTTER INVESTMENT REPRESENTATIVE 40.0 X 183635 0 24087 THOMAS VARGO MANAGER/CORE OPERATIONS 40.0 X 167534 0 37866 WARREN MUSSON VP BUSINESS SERVICES 40.0 X 475833 0 31893 3492696 0 580833 21 false true false CO-OP 1500 NW 118TH STREET DES MOINES IA 50325 CARD PROCESSOR 1638997 Jack Henry & Associates Inc 663 W Highway 60 Monet MO 65708 Core Processor Services 691858 SHAW CONSTRUCTION AND MANAGEMENT COMPANY 13980 FARMINGTON RD LIVONIA MI 48154 CONSTRUCTION AND MAINTENANCE SERVICES 415716 First Look 65 E Wacker Place Ste 1610 Chicago IL 60601 Appraisal Services 406145 Doxim Inc 220 Spring Street Ste 550 Herndon VA 20170 Mailing Services 386633 25 0 0 0 0 0 0 0 0 MEMBER LOAN INCOME 522100 43083368 43083368 0 FEE INCOME 522100 5716598 5659362 57236 INTERCHANGE INCOME 522100 4549671 4549671 0 0 0 0 0 0 0 0 0 0 0 0 0 53349637 818717 0 818717 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 SALE OF LOANS 900099 1531353 1531353 0 INVESTMENT & INSURANCE INCOME 900099 663045 663045 379383 377484 1899 0 2573781 56742135 55864283 59135 818717 600826 30000 0 0 2775604 0 0 0 16563728 946312 1428013 1404142 43750 131345 0 0 0 19457 0 0 0 1218941 4591400 0 0 1730428 317027 0 338469 8093863 0 739277 307384 Provision Expense 4471739 Lending 2610077 NCUA FEES 188965 LOSS ON DISPOSAL 4015 524072 0 0 0 49078834 0 0 0 4365736 5575363 0 0 0 3072584 2350088 0 0 861487694 941164719 0 31524478 13934065 17468770 17590413 0 38769408 38339831 0 6853484 8215133 932017676 1013235547 9800009 10775598 0 0 0 2673506 6052547 0 0 0 0 806673701 875796991 819147216 892625136 0 0 X 0 0 112870460 120610411 112870460 120610411 932017676 1013235547 7663301 0 43096 0 33554 0 X false true X true false false true X 5074618 5074618 16890215 6620192 10270023 9463123 7313873 2149250 96522 96522 17590413 BORROWINGS 72800000 MEMBER SAVINGS 162209194 CHECKING 189162576 OTHER SAVINGS 48857728 MONEY MARKET 142232641 CERTIFICATES 260534852 875796991 X Schedule D, Part IV, Line 2b Explanation of escrow agreement THE ORGANIZATION MAINTAINS MEMBERS SHARES ESCROWS AND FHLBI AND FNMA INVESTOR ESCROWS. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Credit Union is exempt, under Internal Revenue Code (IRC) 501(c)(14), from federal and state income taxes. The Credit Union has filed tax returns in the past for activities it has deemed taxable and has a minimal net operating loss carryforward as of the 2019 calendar year. The taxing authorities have the ability to assess taxes, penalties, and interest for any years for which no tax return was filed. In the opinion of management, any liability resulting from taxing authorities imposing income taxes on the net taxable income from activities potentially deemed to be unrelated to the Credit Union's exempt purpose is not expected to have a material effect on the Credit Union's financial position or results of operations. The Credit Union evaluated its tax positions and determined no uncertain tax positions exist as of March 31, 2020. The Credit Union's 2016 through 2019 tax years are open for examination by federal and state taxing authorities. true American Cancer Society 20450 Civic Center Dr Southfield MI 48076 131788491 501(c)(3) 7390 GENERAL SUPPORT Canton Chamber of Commerce 45525 Hanford Rd Suite 200 Canton MI 48187 382087835 501(c)(6) 5300 GENERAL SUPPORT Canton Foundation (Scholarships) 50430 School House Rd Canton MI 48187 382898615 501(c)(3) 27771 GENERAL SUPPORT Canton Township 1150 S Canton Center Road Canton MI 48188 Government 9990 GENERAL SUPPORT Detroit Cristo Rey 5679 W Vernor Hwy Detroit MI 48209 262994633 501(c)(3) 7470 GENERAL SUPPORT Forgotten Harvest 21800 Greenfield Rd Oak Park MI 48237 382926476 501(c)(3) 6000 GENERAL SUPPORT Habitat for Humanity of Western Wayne County 3716 Newberry St 250 Wayne MI 48184 383204667 501(c)(3) 6000 GENERAL SUPPORT Novi City of 45175 W Ten Mile Road Novi MI 48375 386032551 Government 7000 GENERAL SUPPORT Plymouth-Canton Educational Excellence Foundation 454 S Harvey St Plymouth MI 48170 382638321 501(c)(3) 10000 GENERAL SUPPORT Salvation Army of Plymouth 9451 S Main St Plymouth MI 48170 381370971 501(c)(3) 5500 GENERAL SUPPORT Samaritas (Family Center) 8131 E Jefferson Ave Detroit MI 48214 381360553 501(c)(3) 10000 GENERAL SUPPORT THAW 535 Griswold St 200 Detroit MI 48226 382646924 501(c)(3) 10000 GENERAL SUPPORT United Way 960 W Ann Arbor Trail Suite 2 PO Box 6356 Plymouth MI 48170 237327248 501(c)(3) 13534 GENERAL SUPPORT WTVS PBS Kids Club Event 1 Clover Ct Wixom MI 48393 381440200 501(c)(3) 10000 GENERAL SUPPORT 13 1 SCHOLARSHIPS 20 30000 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. COMMUNITY FINANCIAL CREDIT UNION WILL MAKE THE SCHOLARSHIP PAYMENTS DIRECTLY TO THE RECEIVING COLLEGE OR UNIVERSITY AS ITS METHOD OF ENSURING THE GRANT FUNDS ARE USED IN ALIGNMENT WITH ITS PURPOSE. X false true false WILLIAM LAWTON CEO 374562 0 95828 0 57277 0 33675 0 28339 0 589681 0 36471 0 MARGARET PANKOW CFO 260689 0 53263 0 31524 0 21245 0 2853 0 369574 0 28251 0 RANDY PENNER CHIEF MARKETING & SALES OFFICER 236828 0 47359 0 27072 0 50792 0 8184 0 370235 0 24300 0 ART BEARD CHIEF IT OFFICER 210020 0 47136 0 18016 0 47545 0 0 0 322717 0 17386 0 JILL JOHNSON CHIEF LENDING OFFICER 197432 0 47706 0 1287 0 41594 0 24727 0 312746 0 0 0 CATHY MEYERS CHIEF HUMAN RESOURCES OFFICER 177067 0 44527 0 17588 0 17588 0 22083 0 278853 0 4950 0 ERIC ESSER CHIEF RESIDENTIAL AND COMMERCIAL LENDING OFFICER 169467 0 38765 0 9774 0 37677 0 21064 0 276747 0 3757 0 CHRIS CURRY CHIEF EMERGING RISK OFFICER 143872 0 36872 0 362 0 37878 0 36067 0 255051 0 0 0 WARREN MUSSON VP BUSINESS SERVICES 129642 0 344433 0 1758 0 13430 0 18463 0 507726 0 0 0 JAMES POTTER INVESTMENT REPRESENTATIVE 49126 0 134344 0 165 0 5500 0 18587 0 207722 0 0 0 THOMAS VARGO MANAGER/CORE OPERATIONS 148753 0 18007 0 774 0 15521 0 22345 0 205400 0 0 0 DIANE KENNY VP SALES 148440 0 23610 0 2290 0 12806 0 8184 0 195330 0 0 0 DAVID HEFFNER VP LENDING 128481 0 17408 0 1172 0 6347 0 28339 0 181747 0 0 0 Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan THE FOLLOWING INTERESTED PERSONS RECEIVED DEFERRALS TO THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2019: ART BEARD - $31,613 MARGARET PANKOW - $9,133 RANDY PENNER - $31,792 ERIC ESSER - $24,896 CATHY MEYERS - $29,519 WILLIAM LAWTON - $14,675 JILL JOHNSON - $32,071 CHRIS CURRY - $23,256 THE FOLLOWING INTERESTED PERSONS RECEIVED DISTRIBUTIONS FROM THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2019: ART BEARD - $17,386 MARGARET PANKOW - $28,251 RANDY PENNER - $24,300 ERIC ESSER - $3,757 CATHY MEYERS - $4,950 WILLIAM LAWTON - $36,471 ALBERT C BERRIE Board Member personal or business loan X 353306 338896 false true true ARTHUR BEARD CHIEF IT OFFICER personal or business loan X 482641 461096 false true true CATHY L MEYERS CHIEF HUMAN RESOURCES OFFICER personal or business loan X 215108 81615 false true true DANIEL A HERRIMAN Secretary/treasurer personal or business loan X 3000 667 false true true DONALD BAIN BOARD CHAIR personal or business loan X 14873 1798 false true true ERIC M ESSER CHIEF MORTGAGE OFFICER personal or business loan X 463584 366257 false true true JILL M JOHNSON CHIEF LENDING OFFICER personal or business loan X 339786 306801 false true true KYLE J PANKOW Family member of interested person personal or business loan X 17338 6689 false true true MARGARET PANKOW CFO personal or business loan X 384775 313945 false true true MARK C RIEGAL Board Member personal or business loan X 125839 77095 false true true PAUL G BEDICH Board Member personal or business loan X 42000 22775 false true true RANDOLPH H PENNER CHIEF MARKETING & SALES OFFICER personal or business loan X 127422 12719 false true true WILLIAM F LAWTON CEO personal or business loan X 430000 344856 false true true KATHY NEIRYNCK SUPERVISORY COMMITTEE personal or business loan X 1000 299 false true true PATRICIA REESE BOARD MEMBER personal or business loan X 10152 13 false true true STEPHEN ROWLEY SUPERVISORY COMMITTEE personal or business loan X 20000 9465 false true true 2344986 Form 990, Part IV, Line 12a FINANCIAL STATEMENTS FOR THE TAX YEAR THE AUDITED FINANCIALS USE A REGULATORY YEAR END OF MARCH 31. AN AUDIT WILL NEXT BE PERFORMED FOR THE MARCH 31, 2020 YEAR END. Form 990, Part VI, Line 15 process for determining compensation Every other year the credit union engages with D Hilton to have compensation grades repriced and evaluated. The last review was done in 2018. Form 990, Part VI, Line 6 Classes of members or stockholders Each account holder is a member of the credit union. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body The members of the credit union vote on board member changes and charter changes. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders The members of the credit union vote on board member changes and charter changes. Form 990, Part VI, Line 11b Review of form 990 by governing body The AVP of Electronic & Financial Solutions reviews both Form 990 and 990T prior to filing. Form 990, Part VI, Line 12c Conflict of interest policy THE ORGANIZATION'S OFFICERS, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO ANNUALLY DISCLOSE ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST THEY MAY HAVE WITH THE ORGANIZATION. EACH SIGNED POLICY STATEMENT IS REVIEWED TO DETERMINE IF ANY CONFLICTS EXIST AND NEED TO BE BROUGHT TO THE ATTENTION OF THE BOARD. IF A CONFLICT ARISES, THE RESPECTIVE BOARD MEMBER WILL ABSTAIN FROM ANY RELATED DISCUSSION, VOTE, OR SIMILAR ACTION ON THE MATTER. Form 990, Part VI, Line 19 Required documents available to the public THE FINANCIAL STATEMENTS ARE POSTED IN EACH BRANCH OFFICE, UPDATED MONTHLY. THE GOVERNING DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC. Form 990, Part VIII, Line 11d Other Miscellaneous Revenue MISC INCOME - Total Revenue: 215215, Related or Exempt Function Revenue: 213316, Unrelated Business Revenue: 1899, Revenue Excluded from Tax Under Sections 512, 513, or 514: ; MASTERCARD INCENTIVE - Total Revenue: 164168, Related or Exempt Function Revenue: 164168, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; - Total Revenue: , Related or Exempt Function Revenue: , Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ;