2019-08-09T09:36:42-05:00 2018-12-31 381357951 PLANTE & MORAN PLLC 2601 CAMBRIDGE CT STE 500 AUBURN HILLS MI 48326 990 2018-01-01 381305916 MICHIGAN EDUCATIONAL CREDIT UNION MICH 7344559200 9200 HAGGERTY RD PLYMOUTH MI 48170 KEVIN F FINNERAN CHIEF FINANCIAL OFFICER 7344559200 2019-08-06 1 LYNNE M HUISMANN P00053811 2483757100 2019-08-06 67.59.56.31 2019-08-06 07:24:43 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 C3EE01AB0E15093E8109592E704D6522710D22E3 2018 2019-02-21 02:37:17Z ROBERT G SANDERCOCK 9200 HAGGERTY RD PLYMOUTH MI 48170 47785994 0 X WWW.MICHEDCU.ORG X 1942 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 9 9 93 0 57741 0 0 0 21522523 24613041 5049138 5600066 25328 24874 26596989 30237981 0 0 0 0 9443897 9698498 0 0 0 12661180 14936248 22105077 24634746 4491912 5603235 799550694 825801568 702189571 724680648 97361123 101120920 TO PROVIDE MEMBERS WITH QUALITY, COMPREHENSIVE AND COST EFFECTIVE FINANICIAL SERVICES 0 0 PROVIDE 53,422 MEMBERS WITH REGULAR SHARES, SHARE DRAFT, CERTIFICATES OF DEPOSIT, AND IRA ACCOUNTS TOTALING 98,609. PROVIDE 48,351 LOANS INCLUDING VEHICLE, CREDIT CARD, HOME EQUITY, BUSINESS, PERSONAL, BOAT, MOTORCYCLE, MOTOR HOME, AND MORTGAGES. OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, MONEY ORDERS, CHECK CASHING, TRAVELERS CHECKS, OVERDRAFT PROTECTION/COURTESY PAY, BILL PAY, AND VARIOUS INSURANCE AND INVESTMENT PROGRAMS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 75983 0 1 93 1 1 1 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X KEVIN FINNERAN 7344559200 9200 HAGGERTY ROAD PLYMOUTH MI 48170 ALONZO GLAZE CHAIRPERSON 2.00 X 0 0 0 STEVEN RODRIGUEZ VICE CHAIRPERSON 2.00 X 0 0 0 WILLIAM WOOSTER TREASURER 2.00 X 0 0 0 ROBIN J E LONG SECRETARY 2.00 X 0 0 0 AMY MCQUISTON DIRECTOR 2.00 X 0 0 0 MICHELLE RANDALL DIRECTOR 2.00 X 0 0 0 GREGORY BARACY DIRECTOR 2.00 X 0 0 0 SCOT SZUKAITIS DIRECTOR 2.00 X 0 0 0 DEBORAH ELLISTON DIRECTOR 2.00 X 0 0 0 ROBERT SANDERCOCK CHIEF EXECUTIVE OFFICER 38.00 X 1438758 0 89101 MARK PUGLIESE CHIEF FINANCIAL OFFICER (THROUGH 1/3) 38.00 X 0 0 0 KEVIN FINNERAN CHIEF FINANCIAL OFFICER 38.00 X 196747 0 58019 HENRY WILLSON EXECUTIVE VICE PRESIDENT 38.00 X 316024 0 75617 JEFFREY CUSMANO VICE PRESIDENT 38.00 X 233805 0 47037 ELLEN PAPARELLI VICE PRESIDENT- ACCOUNTING 38.00 X 177673 0 48134 GAIL COCHRAN EXECUTIVE ASSISTANT 38.00 X 154133 0 43894 JOSEPH RASSETTE IT SUPERVISOR 38.00 X 141686 0 45695 JAMES BRUNTON COLLECTIONS MANAGER 38.00 X 136169 0 39838 DAVID FOSTER BRANCH MANAGER 38.00 X 112366 0 27595 RICHARD NORRIS BRANCH MANAGER 38.00 X 136269 0 46007 3043630 0 520937 14 0 1 0 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 CORE PROCESSING SYSTEM, ETC. 2462268 MMS MORTGAGE SERVICES LTD 38275 TWELVE MILE ROAD SUITE 100 FARMINGTON HILLS MI 48331 SUB-SERVICER OF FIRST MORTGAGE PORTFOLIO 841131 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 567502 DIEBOLD NIXDORF PO BOX 643543 PITTSBURGH PA 15264 ATM MACHINES 447084 CO-OP FINANCIAL SERVICES 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 SHARED BRANCHING, ATM NETWORK, DEBIT CAR 341749 5 LOAN INTEREST 522100 19725749 19725749 0 FEE/OTHER INCOME 524298 4887292 4829551 57741 24613041 5604448 5604448 29604 4730 24874 24874 24874 17538901 17543283 -4382 -4382 -4382 30237981 30180240 57741 0 2732646 3925081 1025526 1582319 432926 262262 575745 1384628 2872954 1489886 8213 232819 2851854 750860 129583 LOAN SERVICING 2164448 OTHER OPERATING EXPENSE 1136722 PROVISION FOR LOAN LOSS 1050394 ASSOCIATION DUES 25880 24634746 3142889 2465095 39474952 13382044 475151763 542621202 301920 324279 22463112 12643448 9988564 9819664 239170773 224108408 14842198 16952166 17477635 16128710 799550694 825801568 4925492 5082681 697264079 719597967 702189571 724680648 X 0 0 0 0 97361123 101120920 97361123 101120920 799550694 825801568 X 5603235 -1401450 -441988 X X 0 1 X 1 0 2910860 2910860 9760045 4956720 4803325 9792207 7686728 2105479 9819664 60000 C FEDERAL AGENCY SECURITIES 60769623 C CORPORATE BONDS 68852929 C MUNICIPAL BONDS 60310612 C COLLATERALIZED MORTGAGE OBLIGATIONS 33155332 C SMALL BUSINESS ADMINISTRATION SECURITY 959912 C 224108408 MEMBER SHARES 719597967 719597967 X 1 1 X X 0 0 0 ROBERT SANDERCOCK CHIEF EXECUTIVE OFFICER 750756 0 684000 0 4002 0 45167 0 43934 0 1527859 0 0 0 KEVIN FINNERAN CHIEF FINANCIAL OFFICER 189386 0 5800 0 1561 0 27739 0 30280 0 254766 0 0 0 HENRY WILLSON EXECUTIVE VICE PRESIDENT 278666 0 36000 0 1358 0 41220 0 34397 0 391641 0 0 0 JEFFREY CUSMANO VICE PRESIDENT 201901 0 31500 0 404 0 33554 0 13483 0 280842 0 0 0 ELLEN PAPARELLI VICE PRESIDENT- ACCOUNTING 166593 0 10450 0 630 0 23950 0 24184 0 225807 0 0 0 GAIL COCHRAN EXECUTIVE ASSISTANT 143750 0 8950 0 1433 0 20305 0 23589 0 198027 0 0 0 JOSEPH RASSETTE IT SUPERVISOR 131544 0 10000 0 142 0 18230 0 27465 0 187381 0 0 0 JAMES BRUNTON COLLECTIONS MANAGER 126075 0 10000 0 94 0 17278 0 22560 0 176007 0 0 0 RICHARD NORRIS BRANCH MANAGER 130370 0 5250 0 649 0 17461 0 28546 0 182276 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS INCLUDED WITH EXECUTIVE TRAVEL. THE CREDIT UNION HAS POLICIES REGARDING PAYMENT OR REIMBURSEMENT FOR ALL EXPENSES. TRAVEL FOR COMPANIONS IS NOT TREATED AS TAXABLE INCOME. 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 AT THE ANNUAL MEETING. EVERY YEAR THREE OF THE NINE SEATS ARE 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, FIELD OF MEMBERSHIP CHANGES AND BY-LAW CHANGES. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE CFO PRIOR TO SUBMISSION TO THE IRS. THE RETURNS ARE MADE AVAILABLE TO THE BOARD OF DIRECTORS AFTER THE RETURN IS FILED. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES SIGN AN ACKNOWLEDGEMENT OF THE CREDIT UNION POLICIES UPON HIRE WITH EACH REVISION. CONFLICT OF INTEREST IS INCLUDED. BOARD MEMBERS SIGN A CODE OF ETHICS AGREEMENT WHICH SPECIFICALLY ADDRESSES CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS PERFORMS AN EVALUATION OF THE CEO. COMPENSATION IS DETERMINED THROUGH SALARY SURVEY AND COMPARISON TO SELECT PEER GROUP. IT IS BASED ON AN EMPLOYMENT CONTRACT AND INCREASES ARE APPROVED BY THE BOARD OF DIRECTORS. CFO AND KEY EMPLOYEES ARE EVALUATED BY THE CEO. THE CEO DETERMINES THE SALARY BASED ON COMPENSATION SURVEYS, ETC. THE LAST COMPENSATION REVIEW WAS DURING THE BUDGET PROCESS IN 2017. 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 XI, LINE 9: CHANGE IN POSTRETIREMENT HEALTH BENEFITS -441,988. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. INTERCOUNTY FINANCIAL SERVICES INC DBA MICH EDU FIN SVCS 9200 HAGGERTY ROAD PLYMOUTH MI 48170 383245456 MORTGAGE LOAN WAREHOUSING MI MICHIGAN EDUCATIONAL CREDIT UNION C 349620 9841978 1.00000 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTERCOUNTY FINANCIAL SERVICES LTD A 219346 CASH PAYMENT