2020-11-16T16:07:47-06:00 2019-12-31 381357951 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2019-01-01 381231023 HONOR CREDIT UNION HONO 2699836357 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 SHARI WEBER CFO 2699836357 2020-11-13 1 KENLEY PENNER CPA P00740260 2695674500 2020-11-13 76.20.156.99 2020-11-13 15:49:06 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 E0F6F03BC3AE684EB3B59DF82EF6777B722E432E 2019 2021-04-22 16:20:28Z SCOTT MCFARLAND 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 69606178 0 X WWW.HONORCU.COM X 1934 MI TO PROVIDE FINANCIAL SERVICES TO RESIDENTS OF THE STATE OF MICHIGAN. 7 7 419 7 137103 63630 0 0 57486940 65538383 2312966 3336163 529965 205032 60329871 69079578 0 0 0 0 24318174 26156466 0 0 0 25298270 31627297 49616444 57783763 10713427 11295815 934030474 1009278982 828770549 890810067 105259925 118468915 PROVIDING SOLUTIONS FOR FINANCIAL SUCCESS. 0 0 SERVED 86,480 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 0 0 0 0 0 0 0 0 0 1 0 0 0 1 16775 0 1 419 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X SHARI WEBER 2699836357 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 SCOTT MCFARLAND CHIEF EXECUTIVE OFFICER 40.00 0.00 X 595167 0 85410 SHARI WEBER CHIEF FINANCIAL OFFICER 40.00 0.00 X 303709 0 82650 DUSTIN JANKOVIAK MORTGAGE LOAN OFFICER 40.00 0.00 X 301260 0 59202 AMANDA CRAIG CHIEF EXPERIENCE OFFICER 40.00 0.00 X 250988 0 51099 MATTHEW NORDBERG MORTGAGE LOAN OFFICER 40.00 0.00 X 244870 0 55452 KENT FIGY CHIEF LENDING OFFICER 40.00 0.00 X 235211 0 51925 ADAM CARPENTER MORTGAGE LOAN OFFICER 40.00 0.00 X 184685 0 39553 RONALD LAUREN PRESIDENT OF HONOR HOLDINGS 40.00 0.00 X 182399 0 32393 KATHERINE BERRY CHIEF PEOPLE OFFICER 40.00 0.00 X 171169 0 37834 JOSHUA VISSERING AVP OF FINANCE 40.00 0.00 X 163062 0 27454 LYNNEISE GADDIE VP OF REAL ESTATE LENDING 40.00 0.00 X 163028 0 38921 MEGAN HENDRIX VP OF OPERATIONS 40.00 0.00 X 161755 0 40077 MIMI ELWELL CHAIR 2.00 0.00 X X 0 0 0 LARRY OLSON VICE CHAIR 2.00 0.00 X X 0 0 0 BRIAN BROWN SECRETARY 2.00 0.00 X X 0 0 0 MARK FRY TREASURER 2.00 0.00 X X 0 0 0 RICHARD ATWELL DIRECTOR 2.00 0.00 X 0 0 0 RON GRIESINGER DIRECTOR 2.00 0.00 X 0 0 0 RANDY O'NEIL DIRECTOR 2.00 0.00 X 0 0 0 2957303 0 601970 31 0 1 0 CU ANSWERS 6000 28TH ST SE SUITE 100 GRAND RAPIDS MI 49546 PROGRAMMING, TECHNICAL/CLIENT SUPPORT 2085202 VANTIV HOLDING LLC 8500 GOVERNORS HILL DR SYMMES TOWNSHIP OH 45249 ELECTRONIC PAYMENT PROCESSING 1515427 EC MOORE OF BERRIEN COUNTY PO BOX 301 EAU CLAIRE MI 49111 CONSTRUCTION 1038518 AT&T PO BOX 5019 CAROL STREAM IL 601975019 PHONE SERVICE 709348 NCR CORPORATION 14181 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 FINANCIAL TRANSACTION MACHINES 630336 29 LOAN INTEREST INCOME 522100 41839663 41839663 FEES AND CHARGES 522100 23698720 23581393 117327 65538383 3380376 3380376 108083 0 108083 108083 108083 482387 526600 -44213 -44213 -44213 NCUSIF REBATE 522100 77173 77173 COMMISSIONS 522100 19776 19776 96949 69079578 65421056 137103 3521419 1508269 15725369 345620 6936862 1640346 31885 118000 100144 287106 2306031 1388927 1731658 1488488 252600 320149 1120859 2458473 318287 FEDERAL INCOME TAXES 401 INTEREST PAID ON MEMBER 6002358 PROVISION FOR LOAN LOSS 4526861 CREDIT AND DEBIT CARD F 3677669 5497401 57783763 15269518 17052578 31096819 44223372 112346 81067 756937330 799167726 735836 773263 49991169 14107579 34306028 35883590 73013664 84155898 22558933 27941488 934030474 1009278982 7501328 7361357 1351156 1673334 52394000 43394000 767524065 838381376 828770549 890810067 X 0 0 0 0 105259925 118468915 105259925 118468915 934030474 1009278982 11295815 1913175 0 X X 0 1 X 1 0 0 1 X 5618386 5618386 28222134 5183350 23038784 13597375 8924229 4673146 2553274 2553274 35883590 U.S. GOVERNMENT AND FEDERAL AGENCY SECURITIES 31588166 F MORTGAGE-BACKED SECURITIES 36618000 F NEGOTIABLE CERTIFICATES OF DEPOSIT 3605374 F STATE AND MUNICIPAL BONDS 725270 F COLLATERALIZED MORTGAGE OBLIGATIONS 8010012 F CORPORATE BONDS 3309076 F HH INVESTMENT LEVERAGE LLC 300000 F 84155898 MEMBERS' SHARES AND SAVINGS 838381376 838381376 X 71029076 1913175 1913175 69115901 -36323 -36323 69079578 57820086 36323 36323 57783763 0 57783763 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, 2019 AND 2018, 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. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON SALE OF FORECLOSED ASSETS -36,323. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF FORECLOSED ASSETS 36,323. X 1 1 0 SCOTT MCFARLAND CHIEF EXECUTIVE OFFICER 449562 0 101213 0 44392 0 71400 0 14010 0 680577 0 199584 0 SHARI WEBER CHIEF FINANCIAL OFFICER 255737 0 42623 0 5349 0 70672 0 11978 0 386359 0 0 0 DUSTIN JANKOVIAK MORTGAGE LOAN OFFICER 21884 0 278028 0 1348 0 46400 0 12802 0 360462 0 0 0 AMANDA CRAIG CHIEF EXPERIENCE OFFICER 213142 0 33320 0 4526 0 48908 0 2191 0 302087 0 0 0 MATTHEW NORDBERG MORTGAGE LOAN OFFICER 21923 0 222152 0 795 0 45223 0 10229 0 300322 0 0 0 KENT FIGY CHIEF LENDING OFFICER 200055 0 33320 0 1836 0 38010 0 13915 0 287136 0 0 0 ADAM CARPENTER MORTGAGE LOAN OFFICER 31154 0 149791 0 3740 0 38839 0 714 0 224238 0 0 0 RONALD LAUREN PRESIDENT OF HONOR HOLDINGS 152385 0 25301 0 4713 0 31017 0 1376 0 214792 0 0 0 KATHERINE BERRY CHIEF PEOPLE OFFICER 140076 0 29175 0 1918 0 27126 0 10708 0 209003 0 0 0 JOSHUA VISSERING AVP OF FINANCE 135143 0 21154 0 6765 0 26190 0 1264 0 190516 0 0 0 LYNNEISE GADDIE VP OF REAL ESTATE LENDING 138173 0 20698 0 4157 0 25191 0 13730 0 201949 0 0 0 MEGAN HENDRIX VP OF OPERATIONS 137950 0 22245 0 1560 0 26210 0 13867 0 201832 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, LINES 4A-B THE CREDIT UNION EXECUTIVES PARTICIPATE IN A 457F PLAN. SHARI WEBER, SCOTT MCFARLAND, KENT FIGY, AMANDA CRAIG, AND RON LAUREN WERE THE PARTICIPANTS IN THE PLAN. 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 82,276 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 THE COMP EASE 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 2018. 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. FORM 990, PART X, LINE 5 AND SCHEDULE L: SCHEDULE L IS NOT REQUIRED FOR LOANS RECEIVABLE BALANCES ON FORM 990, PART X, LINE 5 IF THE LOANS ARE MADE BY THE CREDIT UNION TO THE DIRECTORS, OFFICERS, AND KEY EMPLOYEES ON THE SAME TERMS OFFERED TO OTHER MEMBERS OF THE CREDIT UNION. THEREFORE, THE CREDIT UNION HAS INCLUDED APPROXIMATELY $3,834,000 AND $2,518,000 OF RECEIVABLES FROM CURRENT OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES, AND HIGHEST COMPENSATED EMPLOYEES FOR 2019 AND 2018, RESPECTIVELY, WITHIN FORM 990, PART X, LINE 7. HONOR HOLDINGS LLC 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 822840727 HOLDING COMPANY MI 90281 474358 HONOR CREDIT UNION HONOR INSURANCE AGENCY LLC 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 824205020 INSURANCE BROKERAGE SERVICES MI 17298 17298 HONOR HOLDINGS LLC