2020-11-04T14:31:10-06:00 2019-12-31 382492570 DOEREN MAYHEW 305 W BIG BEAVER ROAD TROY MI 48084 990 2019-01-01 381642684 CREDIT UNIONS CHARTERED IN THE STATE OF MI 510 SUNRISE FAMILY CREDIT UNION CRED 9896841730 404 SOUTH EUCLID AVE BAY CITY MI 487063206 BARBARA WEILER PRESIDENT/CEO 9896841730 2020-11-03 1 ROBERT PARKS P00740435 2482443000 2020-11-03 104.11.88.150 2020-11-03 14:01:38 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B2EFC313AB4EEA4760135470907D022D8B217834 2019 2021-04-22 16:20:28Z BARBARA WEILER 404 SOUTH EUCLID AVE BAY CITY MI 487063206 5308751 0 X WWW.SUNRISEFAMILYCU.ORG X CREDIT UNION 1956 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 7 7 57 12 58866 0 0 0 4232850 4266988 907378 1041763 0 0 5140228 5308751 0 0 0 0 1859555 1828616 0 0 0 2694985 3023493 4554540 4852109 585688 456642 111335306 113145563 101462361 101741660 9872945 11403903 MEMBER OWNED AND MEMBER CONTROLLED FINANCIAL COOPERATIVE DEDICATED TO PROVIDING SOUND COMPREHENSIVE FINANCIAL SERVICES TO ITS FAMILY OF MEMBERS. 0 0 PROVIDE 15,239 MEMBERS WITH REGULAR SAVINGS, SHARE DRAFTS, CERTIFICATE OF DEPOSIT, IRA, MONEY MARKET AND CLUB ACCOUNTS TOTALING 22,336. PROVIDE 6,737 LOANS INCLUDING VEHICLE, PERSONAL, HOME EQUITY, MORTGAGE BUSINESS, OVERDRAFT, SHARE SECURED, INDIRECT AND CREDIT CARD LOANS. OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, MONEY ORDERS, NO COST BILL PAYER, STUDENT SCHOLARSHIPS, FINANCIAL LITERACY WORKSHOPS IN-SCHOOL, BRANCHES, COURTESY PAY AND VARIOUS INSURANCE PROGRAMS. 0 0 0 0 0 0 0 0 0 1 1 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2251 0 1 57 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X SUNRISE FAMILY CREDIT UNION 9896841730 404 SOUTH EUCLID AVENUE BAY CITY MI 48706 JUDY FLETCHER CHAIRPERSON 1.00 X 0 0 0 RICHARD NIEMANN VICE CHAIRPERSON 1.00 X 0 0 0 PATRICIA WILSON SECRETARY 1.00 X 0 0 0 DAVID WOLTHUIS TREASURER 1.00 X 0 0 0 DAVID ROYAL DIRECTOR 1.00 X 0 0 0 DAVID HUNT DIRECTOR 1.00 X 0 0 0 CJ MONTANA DIRECTOR 1.00 X 0 0 0 BARBARA A WEILER PRESIDENT/CEO 40.00 X 176525 0 23465 REBECCA ARNOLD VP ACCOUNTING 40.00 X 78042 0 12998 254567 0 36463 1 0 1 0 CO-OP 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 ATM PROCESSING 447284 FISERV 75 REMITTANCE DRIVE CHICAGO IL 606751649 DATA PROCESSING, ATM, BILL PAY, WISDOM A 392118 PSCU P O BOX 37603 PHILADELPHIA PA 19101 CREDIT CARDS 232977 3 LOAN INTEREST INCOME 522100 2767679 2767679 FEE AND OTHER INCOME 522100 1440443 1440443 NON-MEMBER INSURANCE INCOME 524298 47134 47134 NON-MEMBER ATM FEES 900099 11732 11732 4266988 1041763 1041763 5308751 4208122 58866 1041763 X 291030 1122723 141998 153971 118894 700 43534 691119 128360 400062 300242 288045 3335 35101 193395 49094 53527 PROVISION FOR LOAN LOSS 415345 LOAN SERVICING 330543 MISCELLANEOUS OPERATING 56976 ASSOCIATION DUES/EXAM F 34115 4852109 1112953 1380211 5884362 3805810 71004 63422 55604196 52930077 200591 162125 6929558 2817369 4079111 4112189 34201532 36111156 8732851 12931717 1448706 1648856 111335306 113145563 529801 279646 100932560 101462014 101462361 101741660 X 0 0 0 0 9872945 11403903 9872945 11403903 111335306 113145563 456642 1074316 0 X X 0 1 X 1 0 801199 801199 4851431 1855359 2996072 1276928 962010 314918 4112189 CERTIFICATES 19687000 C CO-OP NETWORK STOCK 100 C CU VILLAGE CUSO INVESTMENT 50000 C FEDERAL HOME LOAN BANK STOCK 192600 C FEDERAL AGENCY SECURITIES 16181456 F 36111156 ALLOYA CORPORATE FEDERAL CREDIT UNION 12931717 C 12931717 MEMBER SHARES AND DEPOSITS 101462014 101462014 X 5308751 0 5308751 0 5308751 4852109 0 4852109 0 4852109 PART X, LINE 2: SUNRISE FAMILY CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE ("IRC") SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS HAS BEEN AN ISSUE FOR MANY YEARS. IN 2007, THE INTERNAL REVENUE SERVICE ("IRS") ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA ("TAM") TO A NUMBER OF STATE-CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. IN THESE TAMS, THE IRS RULED CERTAIN PRODUCTS AND SERVICES TO BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. IN LIGHT OF THE TAMS, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL CONDITION OR RESULTS OF OPERATIONS. X X X X X X 0 0 0 BARBARA A WEILER PRESIDENT/CEO 176525 0 0 0 0 0 14040 0 9425 0 199990 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE AND VOTING. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY THE MEMBERSHIP AT THE ANNUAL MEETING. EACH BOARD MEMBER IS ELECTED FOR A THREE YEAR TERM. FORM 990, PART VI, SECTION A, LINE 7B CREDIT UNION DECISIONS THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE MERGERS. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE VP ACCOUNTING PRIOR TO SUBMISSION TO THE IRS. SUBSEQUENT TO FILING, THE BOARD OF DIRECTORS IS PROVIDED WITH A COPY OF THE 990 RETURNS SUBMITTED. FORM 990, PART VI, SECTION B, LINE 12C THE SUPERVISORY COMMITTEE IS RESPONSIBLE FOR MONITORING AND ENFORCING COMPLIANCE. THE COMMITTEE DOES REGULAR AUDITS OF ACCOUNTS AND RELATIONSHIPS. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS APPOINTS A PERSONNEL COMMITTEE THAT DISTRIBUTES EVALUATION FORMS TO THE BOARD OF DIRECTORS. THE PERSONNEL COMMITTEE'S SUMMARY OF INFORMATION IS PRESENTED TO THE BOARD OF DIRECTORS AND THE PRESIDENT/CEO. THE MCUL COMPENSATION SURVEY IS REVIEWED ANNUALLY. SALARY INCREASES ARE BASED ON PERFORMANCE BY THE PRESIDENT/CEO OF THE STANDARDS THAT WERE SET. THE PRESIDENT/CEO PERFORMS AN EVALUATION OF THE VP ACCOUNTING. SALARY INCREASES ARE GIVEN BY THE PRESIDENT/CEO. THE BOARD OF DIRECTORS APPROVES A SALARY RANGE FOR ALL EMPLOYEES EACH YEAR. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. OTHER DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 68,879. ATM SERVICES 447,284. PC BANKING 174,956. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR.