2025-09-02T18:54:57-05:00 2023-12-31 994260840 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 386064790 FILER CREDIT UNION FILE 2317233400 PO BOX 375 MANISTEE MI 49660 KYLE GURZYNSKI CEO 2317233400 2025-08-29 1 0 AUBREY CLEGG P01076395 2482443000 2025-08-29 2023 2025-03-06 01:10:19Z X KYLE GURZYNSKI 1117 28TH STREET MANISTEE MI 49660 10019493 0 1359 X WWW.FILERCU.COM X 1951 MI BUILDING MEMBER-OWNED, LIFE-LONG RELATIONSHIPS, ONE MEMBER AT A TIME. 9 9 47 11 14288 0 0 0 5447197 6984560 1751454 2193830 610868 841103 7809519 10019493 20000 40125 0 0 2021119 2514965 0 0 0 3106536 5673502 5147655 8228592 2661864 1790901 221697993 232607925 204428462 213461800 17269531 19146125 BUILDING MEMBER-OWNED, LIFE-LONG RELATIONSHIPS, ONE MEMBER AT A TIME. 0 0 THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES, AND OTHER. THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREDIT CARD, VEHICLE, AND OTHER. THE CREDIT UNION PROVIDES A VARIETY OF ONLINE SERVICES FOR MEMBERS TO USE IN MANAGING THEIR FINANCES INCLUDING ONLINE BANKING, BILL PAY, P2P, BUDGETING, ETC. 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 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 5177 0 1 47 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 0 0 1 1 1 0 X KACI KAMALOSKI 2317942508 1117 28TH STREET MANISTEE MI 49660 RICHARD TETSWORTH BOD PRESIDENT 1.00 X 0 0 0 CONSTANCE WATSON BOD VICE PRESIDENT 1.00 X 0 0 0 BONNIE COTE BOD SECRETARY/TREASURER 1.00 X 0 0 0 THOMAS MATERNOWSKI DIRECTOR 1.00 X 0 0 0 JAMES SIBLEY DIRECTOR 1.00 X 0 0 0 JEAN SOLTES DIRECTOR 1.00 X 0 0 0 ZACHARY BIALIK DIRECTOR 1.00 X 0 0 0 CYNTHIA WANGBICHLER DIRECTOR 1.00 X 0 0 0 BRIAN KRUS DIRECTOR 1.00 X 0 0 0 KYLE GURZYNSKI CEO 40.00 X 160587 0 33689 KACI KAMALOSKI CFO 40.00 X 110079 0 31838 270666 0 65527 2 0 1 0 FIS PO BOX 4535 CAROL STREAM IL 60197 CARD PROCESSING 656880 CU ANSWERS 6000 28TH STE SE100 GRAND RAPIDS MI 49546 CORE PROCESSOR 497152 THE CASE GROUP 28175 HAGGERTY ROAD NOVI MI 48377 NEW BRANCH BUILD 350889 INFORMA BUSINESS SYSTEMS 5170 HARTSHORN DR FLUSHING MI 48433 ATMS, DRIVE-THRU TUBES SALES & SERVICE 164251 4 INCOME ON MEMBER LOANS 522100 6172232 6172232 FEES AND CHARGES 522100 798040 798040 NON-MEMBER ATM FEE INCOME 520000 14288 14288 6984560 2193830 2193830 OTHER OPERATING INCOME 522100 841103 841103 841103 10019493 10005205 14288 0 X 18125 22000 336193 1620972 130511 280125 147164 145481 159208 280299 413903 116975 11088 2399391 11689 147938 ATM FEES 713077 PROVISION FOR LOAN LOSS 459387 LOAN SERVICING EXPENSE 324398 VISA EXPENSES 255155 235513 8228592 3284119 2562622 12490643 10904310 125825010 136662523 60314 180149 4520191 1919407 2098991 2600784 73342251 73025230 974962 1973962 3621703 4698345 221697993 232607925 1326997 2063443 203101465 211398357 204428462 213461800 X 0 0 0 0 17269531 19146125 17269531 19146125 221697993 232607925 X 1790901 808278 -722585 X X 0 1 X 1 0 660601 660601 3052554 1287414 1765140 807036 631993 175043 2600784 MEMBER SHARES 211398357 211398357 X 10019493 0 10019493 0 10019493 8228592 0 8228592 0 8228592 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. 1 SCHOLARSHIPS 22 22000 PART I, LINE 2: SCHOLARSHIPS: ALL SCHOLARSHIP APPLICATIONS ARE REVIEWED BY A COMMITTEE OF 5 AND SCORED BASED ON THEIR COMMUNITY ACTIVITIES, EXTRACURRICULAR ACTIVITIES/JOBS, FUTURE PLANS, AND GOALS. APPLICANTS MUST BE ENROLLED FULL TIME IN A COLLEGE OR UNIVERSITY AND HAVE AT LEAST A 2.0 GRADE POINT AVERAGE. ALL PERSONAL INFORMATION WITHIN THE APPLICATION IS CONCEALED ENSURING AN UNBIASED SELECTION PROCESS. THE TOP RANKED APPLICANTS RECEIVE THE SCHOLARSHIP. THE CREDIT UNION CONFIRMS THAT THE RECIPIENTS ARE ENROLLED IN A COLLEGE OR UNIVERSITY AND THAT EACH RECIPIENT'S GRADE POINT AVERAGE IS SUCH THAT THEY REMAIN ELIGIBLE. THE CREDIT UNION ALSO MONITORS THE RECIPIENTS TO ENSURE THEY ARE NOT ON ANY TYPE OF ACADEMIC PROBATION BEFORE FUNDS ARE DISTRIBUTED TO THE STUDENT. X X 0 0 0 KYLE GURZYNSKI CEO 155587 0 5000 0 0 0 12934 0 20755 0 194276 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 EACH INDIVIDUAL WHO HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A AS A CREDIT UNION, WE HAVE A MEMBERSHIP THAT HAS THE AUTHORITY TO VOTE FOR THE BOARD OF DIRECTORS ON AN ANNUAL BASIS. WE ARE REQUIRED TO HOLD AN ANNUAL MEETING, WHERE THE MEMBERSHIP CAN VOTE FOR THE BOARD OF DIRECTORS UP FOR NOMINATION. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE 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, SECTION B, LINE 11B THE CREDIT UNION HIRES A THIRD PARTY CPA FIRM TO PREPARE FORM 990. THE CFO REVIEWS THE COMPLETED FORM 990 PRIOR TO FILING. THE ORGANIZATION DOES NOT PROVIDE A COPY OF FORM 990 TO ALL MEMBERS OF THE BOARD OF DIRECTORS BEFORE FILING WITH THE IRS. HOWEVER, FORM 990 IS MADE AVAILABLE TO THE BOARD OF DIRECTORS SUBSEQUENT TO FILING. FORM 990, PART VI, SECTION B, LINE 15 THE MICHIGAN CREDIT UNION LEAGUE SALARY SURVEY IS USED IN THE DETERMINATION OF OFFICERS' SALARIES. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. ADDITIONALLY, THE QUARTERLY CALL REPORT, WHICH INCLUDES YEAR TO DATE FINANCIAL STATEMENTS, IS AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV. THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 24E MAINTENANCE AND REPAIRS 110,599. MISCELLANEOUS 64,156. EDUCATION AND PROMOTION 59,952. NON-OPERATING EXPENSES 806. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -722,585. FORM 990, PART XII, LINE 2B THE CREDIT UNION OBTAINED AN INDEPENDENT OPINION AUDIT OF THE CREDIT UNION'S FINANCIAL STATEMENTS AS OF JUNE 30, 2022. FORM 990, PART XII, LINE 2C THE CREDIT UNION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. FORM 990, PART X, LINES 7 AND 31 THE INITIAL ENTRY RECORDED IN CONJUNCTION WITH THE ADOPTION AND IMPLEMENTATION OF THE CURRENT EXPECTED CREDIT LOSSES MODEL (CECL) WAS RESTATED SUBSEQUENT TO THE FILING OF THE 2023 FORM 990. AS A RESULT, THE 2023 FORM 990 WAS AMENDED TO INCLUDE THE RESTATEMENT. THE IMPACT OF THE RESTATEMENT WAS AS FOLLOWS: PART X, LINE 7 (NOTES AND LOANS RECEIVABLE, NET): REDUCTION OF $300,000 PART X, LINE 31 (RETAINED EARNINGS): REDUCTION OF $300,000 AS A RESULT OF THE CHANGES CITED ABOVE, THE FOLLOWING TOTALS AND SUBTOTALS WERE ALSO CHANGED: PART X, LINE 16 (TOTAL ASSETS): REDUCTION OF $300,000 PART X, LINE 32 (TOTAL NET ASSETS): REDUCTION OF $300,000 PART X, LINE 33 (TOTAL LIABILITIES AND NET ASSETS): REDUCTION OF $300,000 FORM 990, PART XI, LINE 9 THE INITIAL ENTRY RECORDED IN CONJUNCTION WITH THE ADOPTION AND IMPLEMENTATION OF THE CURRENT EXPECTED CREDIT LOSSES MODEL (CECL) WAS RESTATED SUBSEQUENT TO THE FILING OF THE 2023 FORM 990. AS A RESULT, THE 2023 FORM 990 WAS AMENDED TO INCLUDE THE RESTATEMENT. THE CUMULATIVE EFFECT FROM THE CHANGE IN ACCOUNTING PRINCIPLE REPORTED ON LINE 9 WAS ADJUSTED FROM ($422,585) TO ($722,585). THIS RESULTED IN THE REDUCTION OF THE TOTAL REPORTED ON LINE 10 (NET ASSETS OR FUND BALANCES AT END OF YEAR) BY $300,000.