2019-11-04T09:45:47-06:00 2018-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2018-01-01 381406340 THE LOCAL CREDIT UNION LOCA 5862641212 39139 MOUND ROAD STERLING HEIGHTS MI 48310 JOSEPH HALLMAN PRESIDENT/CEO 5862641212 2019-11-02 1 JOHN MILLER P02041965 2482443000 64.95.240.2 2019-11-02 13:25:37 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2018 2020-04-17 16:48:07Z JOSEPH HALLMAN 39139 MOUND ROAD STERLING HEIGHTS MI 48310 4858303 0 X WWW.THELOCALCREDITUNION.COM X 1949 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 7 7 23 10 28271 0 0 0 3353419 3764055 972957 840710 0 0 4326376 4604765 0 0 0 0 1525338 1624709 0 0 0 2480386 2708589 4005724 4333298 320652 271467 92953529 90749164 79239420 77157515 13714109 13591649 TO PROVIDE OUR MEMBERS WITH AN INNOVATIVE AND QUALITY FULL SERVICE FINANCIAL SYSTEM. 0 0 PROVIDE 8,843 MEMBERS WITH VARIOUS SAVINGS, SHARE DRAFT, CERTIFICATE OF DEPOSIT, IRA AND MONEY MARKET ACCOUNTS TOTALING 14,377 PROVIDE 4,311 LOANS INCLUDING VEHICLE, SIGNATURE, CREDIT CARD, MORTGAGE, HOME EQUITY, OVERDRAFT PROTECTION AND RECREATIONAL VEHICLE. OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, CHECK CASHING, MONEY ORDERS, BILL PAYMENTS, WIRE TRANSFERS AND VARIOUS INSURANCE PROGRAMS TO OUR MEMBERS. 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 1511 0 1 23 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 0 1 1 1 0 X THE LOCAL CREDIT UNION 5862641212 39139 MOUND ROAD STERLING HEIGHTS MI 48310 JOSEPH CUSENZA CHAIRPERSON 1.00 X 0 0 0 JIMMIE COLE V. CHAIRPERSON 1.00 X 0 0 0 NICOLE DIDIA TREASURER 1.00 X 0 0 0 KENNETH JURINIC SECRETARY 1.00 X 0 0 0 CARL MALFITANO DIRECTOR 1.00 X 0 0 0 ROBERT GOWATCH DIRECTOR 1.00 X 0 0 0 MICHAEL WAGNER DIRECTOR 1.00 X 0 0 0 JOHN LISS DIRECTOR 1.00 X 0 0 0 JOSEPH HALLMAN PRESIDENT/CEO 40.00 X 178688 0 39041 H FRANK VOELKER II ACCOUNTING MANAGER 40.00 X 67281 0 14915 245969 0 53956 1 0 1 0 THOMPSON-PHELAN GROUP INC 9834 DIXIE HWY IRA TOWNSHIP MI 480232813 ARCHITECTURE AND PROJECT MANAGEMENT 1468242 CO-OP FINANCIAL SERVICES INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 917305891 ATM AND SHARED BRANCHING SERVICES 289458 JOHN M FLOYD & ASSOCIATES 125 N BURNETT DR BAYTOWN TX 775201103 CONSULTING SERVICES 229255 CORELATION INC 2305 HISTORIC DECATUR RD STE 300 SAN DIEGO CA 921066073 CORE SOFTWARE 143120 HYLAND SOFTWARE INC 28500 CLEMENS RD WESTLAKE OH 441451145 DOCUMENT CAPTURE AND STORAGE 114378 6 INCOME ON LOANS 522100 2211052 2211052 FEES/CHARGES/OTHER 522100 1524732 1524732 NON-MEMBER ATMS 900099 16706 16706 SHARED BRANCHING 900099 10765 10765 INSURANCE INCOME 524298 800 800 3764055 837760 837760 256488 253538 2950 2950 2950 4604765 4576494 28271 0 X 299925 821459 76230 333986 93109 14116 33961 239254 148687 191240 364510 31424 33217 509750 91672 24570 PROVISION FOR LOAN LOSS 446278 ATM EXPENSES 291141 LOAN SERVICING 168126 SHARED BRANCHING 63564 57079 4333298 823576 847208 2317041 799976 89224 144300 138897 173304 47972566 51704322 181203 202241 3060250 911983 299869 2148267 38903631 32868660 741800 741800 1485722 1119086 92953529 90749164 916726 638886 78322694 76518629 79239420 77157515 X 0 0 0 0 13714109 13591649 13714109 13591649 92953529 90749164 271467 -393927 0 X X 0 1 X 1 0 19611 19611 2369022 479262 1889760 671617 432721 238896 2148267 MEMBER SHARE ACCOUNTS 76518629 76518629 X 4604765 0 4604765 0 4604765 4333298 0 4333298 0 4333298 PART X, LINE 2: THE CREDIT UNION IS EXEMPT BY INTERNAL REVENUE CODE SECTION 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. X X 0 0 0 JOSEPH HALLMAN PRESIDENT/CEO 174738 0 3950 0 0 0 13367 0 25674 0 217729 0 0 0 JOSEPH HALLMAN PRESIDENT/CEO USED VEHICLE X 6000 5776 0 1 1 JOSEPH HALLMAN PRESIDENT/CEO USED VEHICLE X 25548 16999 0 1 1 JOSEPH HALLMAN PRESIDENT/CEO USED VEHICLE X 13868 8591 0 1 1 H FRANK VOELKER II ACCOUNTING MANAGER FIRST MORTGAGE X 93268 78068 0 1 1 H FRANK VOELKER II ACCOUNTING MANAGER USED VEHICLE X 28889 7074 0 1 1 H FRANK VOELKER II ACCOUNTING MANAGER CERTIFICATE SECURED X 23900 9240 0 1 1 H FRANK VOELKER II ACCOUNTING MANAGER NEW VEHICLE X 41500 41500 0 1 1 JOSEPH HALLMAN PRESIDENT/CEO USED VEHICLE X 6500 6056 0 1 1 173304 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 ARE NOMINATED OR ELECTED BY MEMBERSHIP VOTE WHEN THERE ARE ADDITIONAL CANDIDATES. 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 THOSE DICTATED BY THE MICHIGAN CREDIT UNION ACT AND BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE PRESIDENT/CEO, ACCOUNTING MANAGER, AND THE BOARD OF DIRECTORS PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEES, BOARD OF DIRECTORS, AND SUPERVISORY COMMITTEE MEMBERS ARE REQUIRED ANNUALLY TO REVIEW THE POLICY AND SIGN A CONFLICT OF INTEREST ACKNOWLEDGEMENT FORM. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION SURVEYS ARE USED FOR MANAGEMENT INCREASES AND THESE ARE BASED ON PERFORMANCE. THE LAST COMPENSATION REVIEW WAS PERFORMED IN 2018. THE BOARD OF DIRECTORS APPROVES COMPENSATION ADJUSTMENTS FOR ALL CREDIT UNION EMPLOYEES. 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 AND OUTSIDE SERVICES 28,263. CONSULTING SERVICES 205,625. PAYROLL PROCESSING 5,366. FORM 990, PART IX, LINE 24E MAINTENANCE 39,783. MISCELLANEOUS 17,296. 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.