2020-09-30T08:57:32-05:00 2019-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2019-01-01 380546210 CREDIT UNIONS CHARTERED IN THE STATE OF SOVITA CREDIT UNION CRED 8107208300 PO BOX 320830 FLINT MI 48532 PATRICK WHITE GENERAL MANAGER/CEO 8107208300 2020-09-29 1 ROBIN D HOAG CPA P00360662 2482443000 2020-09-29 104.11.88.150 2020-09-29 21:11:13 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B2EFC313AB4EEA4760135470907D022D8B217834 2019 2021-04-22 16:20:28Z SOVITA CREDIT UNION PATRICK WHITE 4411 CALKINS ROAD FLINT MI 48532 14929973 0 1359 X WWW.FASECU.ORG X 1934 MI TO BECOME THE PRIMARY FINANCIAL SERVICES PROVIDER FOR OUR MEMBERS THROUGH OUR CONTINUAL EFFORT TO EXEMPLIFY COURTEOUS, RELIABLE, COMPREHENSIVE AND PROMPT SERVICES THAT ARE COMPETITIVE WITH THE MARKET AND CORRESPOND TO THE NEEDS OF OUR MEMBERS. 7 6 104 7 38972 0 0 0 7439541 7643546 6043021 7120767 39808 38972 13522370 14803285 48095 67139 0 0 4371105 4418500 0 0 0 6302325 7096703 10721525 11582342 2800845 3220943 409248405 436080346 348906425 367777270 60341980 68303076 TO BECOME THE PRIMARY FINANCIAL SERVICES PROVIDER FOR OUR MEMBERS THROUGH OUR CONTINUAL EFFORT TO EXEMPLIFY COURTEOUS, RELIABLE, COMPREHENSIVE AND PROMPT SERVICES THAT ARE COMPETITIVE WITH THE MARKET AND CORRESPOND TO THE NEEDS OF OUR MEMBERS. 0 0 SHARE DRAFTS & MONEY MARKET - $181,238,967 SHARE ACCOUNTS - $114,049,543 CERTIFICATES OF DEPOSIT - $71,021,822 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 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 7323 0 1 104 1 1 1 0 0 0 0 0 0 0 X 7 6 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X PATRICK WHITE 8107208300 4411 CALKINS RD FLINT MI 48532 PATRICK WHITE CEO & BOARD MEMBER 40.00 X X 242238 0 100912 PATRICIA R GOOCH BOARD PRESIDENT 1.00 X 0 0 0 SAM PARASCHOS BOARD VICE PRESIDENT 1.00 X 0 0 0 SIDNEY DECOU BOARD SECRETARY 1.00 X 0 0 0 JOHN CLOTHIER BOARD TREASURER 1.00 X 0 0 0 JOSEPH EUFINGER BOARD MEMBER 1.00 X 0 0 0 MICHAEL VANCE BOARD MEMBER 1.00 X 0 0 0 BRYANNA BENOIT COO 40.00 X 24625 0 2163 JAMIE TOVAREZ VICE PRESIDENT OF FINANCE 40.00 X 33937 0 0 DANIEL FONDREN VICE-PRESIDENT OF MEM SERV 40.00 X 111772 0 31060 JILL KRUYER VICE PRESIDENT OF LENDING 40.00 X 109871 0 39275 522443 0 173410 3 0 1 0 FISERV 75 REMITTANCE DR STE 1649 CHICAGO IL 60675 DATA PROCESSING 568371 THE KARMA GROUP 118 S ADAMS ST GREEN BAY WI 54301 MARKETING AND ADVERTISING 403373 VISA USA PO BOX 742233 LOS ANGELES CA 90074 DEBIT & CREDIT CARD PROCESSING 217734 FIS (CERTEGY) 11601 N ROOSEVELT BLVD ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 181437 FIS GLOBAL (METAVANTE) PO BOX 4535 CAROL STREAM IL 60197 ATM & DEBIT CARD PROCESSING 175963 6 LOAN INCOME 522100 4752786 4752786 FEE INCOME 522100 2890760 2890760 7643546 7073455 7073455 174000 126688 47312 47312 47312 RENTAL ACTIVITIES 532000 16368 16368 NON-MEMBER ATM FEE INCOME 525990 11770 11770 INSURANCE PRODUCTS 524298 10834 10834 38972 14803285 7690858 38972 7073455 X 64039 3100 403875 2981860 252926 513968 265871 17955 59517 105000 127578 678597 801308 663361 391190 25237 1891635 15938 307532 110090 DEBIT/CREDIT EXPENSES 663980 PROVISION FOR LOAN LOSS 455902 ATM EXPENSES 279114 MISCELLANEOUS EXPENSES 198593 304176 11582342 1312292 1453223 13610159 23682660 316677 799494 106297220 102269286 248467 228932 10151817 5083295 5040571 5068522 260335704 276706000 16304329 19687666 198252 158601 5584734 6025962 409248405 436080346 1348503 1466938 347557922 366310332 348906425 367777270 X 0 0 0 0 60341980 68303076 60341980 68303076 409248405 436080346 X 3220943 5324976 -584823 X X 0 1 X 1 0 937807 937807 7357286 3448281 3909005 46130 11210 34920 1810594 1623804 186790 5068522 SHARE DRAFTS 57006841 SHARES 114049543 MONEY MARKET 124232126 SHARE AND IRA CERTIFICATES 71021822 366310332 X 14755973 0 14755973 47312 47312 14803285 11535030 -47312 -47312 11582342 0 11582342 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. PART XI, LINE 4B - OTHER ADJUSTMENTS: GAIN ON OREO PROPERTY SALE REPORTED NET OF OTHER NON-OPERATING LOSSES IN TH AUDITED FINANCIAL STATEMENTS BUT AS REVENUE ON FORM 990 47,312. PART XII, LINE 2D - OTHER ADJUSTMENTS: GAIN ON OREO PROPERTY SALE REPORTED NET OF OTHER NON-OPERATING LOSSES IN TH AUDITED FINANCIAL STATEMENTS BUT AS REVENUE ON FORM 990 -47,312. 1 EDUCATION FOUNDATION FLINT COMMUNITY SCHOOLS PO BOX 13443 FLINT MI 48501 261289650 501(C)(3) 12500 CHARITABLE CONTRIBUTION LEADER FUND LAPEER COMMUNITY SCHOOLS 250 E SECOND ST LAPEER MI 48446 473543286 501(C)(3) 7500 CHARITABLE CONTRIBUTION HURLEY FOUNDATION ONE HURLEY PLAZA FLINT MI 48503 383085047 501(C)(3) 10362 CHARITABLE CONTRIBUTION MCLAREN FOUNDATION 401 BALLENGER HWY FLINT MI 48532 382383119 501(C)(3) 8000 CHARITABLE CONTRIBUTION 4 0 PART I, LINE 2: SOVITA CREDIT UNION IS THE LEAD SPONSOR OF THE EDUCATION FOUNDATION FLINT COMMUNITY SCHOOLS. ADDITIONALLY, A CREDIT UNION EMPLOYEE SITS ON THE FOUNDATION'S COMMITTEE. EACH MONTH, PRINCIPALS OF FLINT COMMUNITY SCHOOLS NOMINATE A TEACHER FROM HIS/HER SCHOOL TO BE RECOGNIZED BY THE FOUNDATION FOR OUTSTANDING PERFORMANCE. THE WINNER IS AWARDED A GIFT CARD AT A CEREMONY PUT ON BY THE FOUNDATION. THEN, ONCE A YEAR, THE FOUNDATION HOLDS A DINNER/AWARDS CEREMONY TO RECOGNIZE THOSE AWARDED THROUGHOUT THE YEAR AND TO PRESENT AWARDS TO OTHER EDUCATORS AND ADMINISTRATORS. CREDIT UNION PERSONNEL ATTEND THIS EVENT AS WELL. THE LEADER FUND FINANCIALLY SUPPORTS ACADEMIC AND ATHLETIC ENDEAVORS WITHIN THE LAPEER COMMUNITY SCHOOLS IN ORDER TO ASSIST STUDENTS AND FACULTY IN THEIR PURSUIT OF EXCELLENCE IS A NON-PROFIT ORGANIZATION. THE CREDIT UNION RECEIVES HIGHLIGHTS REGARDING THE FOUNDATION'S USE OF FUNDS AND FREQUENTLY COMMUNICATES WITH THE FOUNDATION CHAIRMAN ON FOUNDATION ACTIVITIES. THE HURLEY AND MCLAREN FOUNDATIONS SUPPORT THE ACTIVITIES OF THE HOSPITALS BY PROVIDING FUNDING FOR EQUIPMENT AND ITEMS THAT SUPPORT THE HOSPITALS, STAFF, AND PATIENTS. CREDIT UNION PERSONNEL ATTEND EVENTS SPONSORED BY THE FOUNDATIONS AND SIT ON COMMITTEES THAT PLAN FUNDRAISING EVENTS AND ACTIVITIES. HIGHLIGHTS REGARDING THE FOUNDATION'S USE OF FUNDS ARE SHARED WITH THE CREDIT UNION. X 1 1 X X X 0 1 0 PATRICK WHITE CEO & BOARD MEMBER 226776 0 1500 0 13962 0 85638 0 15274 0 343150 0 0 0 PART I, LINE 4B DURING 2019, THE CREDIT UNION CONTRIBUTED $19,715 TO A NON-QUALIFIED 457(F) RETIREMENT PLAN FOR THE CEO, PATRICK WHITE. PATRICK WHITE ALSO PARTICIPATES IN A 457(B) RETIREMENT PLAN. THE CREDIT UNION CONTRIBUTED $1,440 TO THIS PLAN DURING 2019. FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A WHEN A BOARD MEMBER'S TERM IS UP, WE HAVE AN ELECTION WHERE OUR MEMBERSHIP VOTES, TO EITHER RE-ELECT A DIRECTOR OR ELECT A NEW DIRECTOR. 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 FORM 990 WILL BE REVIEWED BY TOP MANAGEMENT PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C TOP OFFICIALS AND ALL EMPLOYEES ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION USES MCUL AND CUNA COMPENSATION SURVEYS TO DETERMINE THE COMPENSATION OF OFFICERS AND TOP MANAGEMENT AND IS APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G OUTSIDE SERVICES 127,578. FORM 990, PART IX, LINE 24E MAINTENANCE 191,153. TRAINING/DEVELOPMENT/EDUCATION 69,312. LOAN SERVICING 43,711. FORM 990, PART XI, LINE 9: NET CHANGE IN UNREALIZED LOSSES ON PENSION PLAN OBLIGATIONS -584,823. FORM 990, PART XII, LINE 2C: WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.