2020-11-16T15:12:14-06:00 2019-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2019-01-01 381569911 ZEAL CREDIT UNION FKA CREDIT UNIONS CHARTERED IN THE STATE OF CO-OP SERVICES ZEAL 7345223700 17250 NEWBURG RD LIVONIA MI 48152 RONALD BOEHNLEIN CFO 7345223700 2020-11-16 1 ROBIN D HOAG CPA P00360662 2482443000 2020-11-16 104.11.88.150 2020-11-16 14:11:30 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B2EFC313AB4EEA4760135470907D022D8B217834 2019 2021-04-22 16:20:28Z JULIE KREINBRING 17250 NEWBURG RD LIVONIA MI 48152 36110917 0 1359 X WWW.ZEALCREDITUNION.ORG X 1954 MI FINANCIAL COOPERATIVE ORGANIZED TO PROVIDE MEMBERS WITH AFFORDABLE FINANCIAL SERVICES & PRODUCTS. 9 9 209 10 265376 0 0 0 29815360 31985152 4786706 4125765 0 0 34602066 36110917 0 0 0 0 11579394 14925156 0 0 0 18145251 19170367 29724645 34095523 4877421 2015394 597597596 611976327 512072528 518604180 85525068 93372147 FINANCIAL COOPERATIVE ORGANIZED TO PROVIDE MEMBERS WITH AFFORDABLE FINANCIAL SERVICES & PRODUCTS. 0 0 MEMBER SHARE ACCOUNTS - $224 MILLION MONEY MARKET ACCOUNTS - $160 MILLION FIRST MORTGAGES - $115 MILLION 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 11581 0 1 209 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 1 1 1 1 1 0 X ANTHONY CARNARVON 7345223700 17250 NEWBURG RD LIVONIA MI 48152 KATHY RICHARDSON DIRECTOR 2.00 X 0 0 0 JOANNE CAIN TREASURER 2.00 X 0 0 0 DAVID L KISIC SECRETARY 2.00 X 0 0 0 MICHAEL A O'HEHIR CHAIRPERSON 2.00 X 0 0 0 SAMUEL R PALISE CHAIRPERSON 2.00 X 0 0 0 GLENN LEE DIRECTOR 2.00 X 0 0 0 KAREN RAWLS DIRECTOR 2.00 X 0 0 0 DAVID ADAMS JR DIRECTOR 2.00 X 0 0 0 JIM KRIZAN DIRECTOR 2.00 X 0 0 0 PAUL MESSIMER DIRECTOR 2.00 X 0 0 0 SHARON WRIGHT OVERSIGHT COMMITTEE 2.00 X 0 0 0 SUSAN LESLIE OVERSIGHT COMMITTEE 2.00 X 0 0 0 ANTHONY CARNARVON PRESIDENT/CEO 45.00 X 449038 0 48564 RONALD BOEHNLEIN CFO 45.00 X 289123 0 37328 JULIE KREINBRING PRESIDENT/CEO 45.00 X 359033 0 36702 FRANCESSCA JURICNY CHIEF APPLICATION SERVICES 45.00 X 203467 0 25604 ANGELA KROGOL CHIEF MEMBER EXPERIENCE OF 45.00 X 180549 0 28165 NORMAN THOMAS CHIEF INFORMATION TECHNOLO 45.00 X 142565 0 25062 SANDRA SELEWSKI CHIEF HUMAN RESOURCES OFFI 45.00 X 136616 0 27610 DAWN SEWARD CHIEF LENDING OFFICER 45.00 X 139652 0 24391 1900043 0 253426 9 0 1 0 FISERV 75 REMITTANCE DRIVE DEPT 1649 CHICAGO IL 60675 FINANCIAL SERVICES TECH SOLUTIONS 898412 CBTS 1095 CROOKS RD SUITE 100 TROY MI 48084 TECH SOLUTIONS 446054 DOXIM INC 747 EAST WHITCOMB MADISON HEIGHTS MI 48071 TECH SOLUTIONS 376751 CU ENGAGE LLC 450 CARILLON PARKWAY SUITE 130 ST PETERSBURG FL 33716 CONSULTING SERVICES 321680 NCR PO BOX 740641 LOS ANGELES CA 90074 FINANCIAL SERVICES TECH SOLUTIONS 311434 15 LOAN INCOME 522100 19822598 19822598 FEE/CHARGES/OTHER 522100 11897178 11897178 NON-MEMBER ATM FEE INCOME 525990 238412 238412 INSURANCE INCOME 524298 26964 26964 31985152 4125765 4125765 36110917 31719776 265376 4125765 X 1219788 10177090 718301 2005736 804241 172318 123862 161388 1371064 3047571 1690545 1357082 389544 -14024 1099427 1443946 200175 LOAN LOSS PROVISION 4323000 DEBIT/CREDIT EXPENSES 1591197 LOAN SERVICING 988850 ATM EXPENSES 520226 704196 34095523 5847228 6977230 -458364 40397347 125711 131861 3830000 3830000 358400780 365501498 811316 1161682 34486341 12231610 23485381 22254731 185335168 150389579 992995 812060 19227381 20520339 597597596 611976327 4688582 6812748 25475000 23000000 481908946 488791432 512072528 518604180 X 0 0 0 0 85525068 93372147 85525068 93372147 597597596 611976327 2015394 5831685 0 X X 0 1 X 1 0 4163704 4163704 18507830 5095357 13412473 3522053 1216622 2305431 8292754 5919631 2373123 22254731 MEMBER SHARES 488791432 488791432 X 37165718 1054801 1054801 36110917 0 36110917 34095523 0 34095523 0 34095523 PART X, LINE 2: THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN IRC SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. X 1 1 X X 0 1 0 ANTHONY CARNARVON PRESIDENT/CEO 338381 0 68813 0 41844 0 25799 0 22765 0 497602 0 0 0 RONALD BOEHNLEIN CFO 242877 0 40702 0 5544 0 21953 0 15375 0 326451 0 0 0 JULIE KREINBRING PRESIDENT/CEO 340143 0 14294 0 4596 0 22021 0 14681 0 395735 0 0 0 FRANCESSCA JURICNY CHIEF APPLICATION SERVICES 128348 0 74280 0 839 0 15824 0 9780 0 229071 0 0 0 ANGELA KROGOL CHIEF MEMBER EXPERIENCE OF 141729 0 30436 0 8384 0 13913 0 14252 0 208714 0 0 0 NORMAN THOMAS CHIEF INFORMATION TECHNOLO 120890 0 19267 0 2408 0 11418 0 13644 0 167627 0 0 0 SANDRA SELEWSKI CHIEF HUMAN RESOURCES OFFI 116265 0 19562 0 789 0 11285 0 16325 0 164226 0 0 0 DAWN SEWARD CHIEF LENDING OFFICER 118379 0 19766 0 1507 0 10913 0 13478 0 164043 0 0 0 PART I, LINE 4B ANTHONY CARNARVON AND ANGELA KROGOL PARTICIATED IN 457(F) DEFERRED COMPENSATION PLANS. THE PLANS' LIABILITIES BY PARTICIPANT AS OF DECEMBER 31, 2019 WERE AS FOLLOWS: ANTHONY CARNARVON: $1,914,444 ANGELA KROGOL: $591,966 ADDITIONALLY, THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO ANTHONY CARNARVON AND ANGELA KROGEL THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. ANGELA KROGOL SVP MEMBER SERVICES SPLIT DOLLAR - DEFERRED COMP X 1050000 1050000 0 1 1 ANTHONY CARNARVON CEO SPLIT DOLLAR - DEFERRED COMP X 2780000 2780000 0 1 1 3830000 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A CREDIT UNION MEMBERS ELECT THE BOARD MEMBERS. 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 BOARD HAS DESIGNATED THE PRESIDENT/CEO AND THE FINANCIAL MANAGEMENT TEAM WITH THE RESPONSIBILITY OF REVIEWING AND APPROVING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C IN ADDITION TO REGULAR ADHERENCE TO POLICY GUIDELINES, THE BOARD OF DIRECTORS PERFORMS AN ANNUAL REVIEW OF ALL POLICIES. IN ADDITION TO THE BOARD REVIEW, ANNUALLY THE STATE OF MICHIGAN REGULATORY EXAMINATION REVIEWS ALL POLICIES FOR COMPLIANCE. FORM 990, PART VI, SECTION B, LINE 15 COMPARABLE MARKET DATA IS USED FOR ALL KEY EMPLOYEES. A VOLUNTEER BOARD OF DIRECTORS UTILIZES MARKET DATA TO SET COMPENSATION OF THE CEO. THE CEO, WITHIN PRE-ESTABLISHED RANGES SET BY THE BOARD OF DIRECTORS, ESTABLISHES THE COMPENSATION OF THE REMAINING KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 161,388. FORM 990, PART IX, LINE 24E MAINTENANCE 309,079. TRAINING/DEVELOPMENT/EDUCATION 266,944. MISCELLENEOUS 128,173. FORM 990, PART XII, LINE 2C WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.