2018-11-14T16:11:06-06:00 2017-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2017-01-01 381406340 THE LOCAL CREDIT UNION LOCA 5862641212 39139 MOUND ROAD STERLING HEIGHTS MI 48310 JOSEPH HALLMAN PRESIDENT/CEO 5862641212 2018-11-11 1 JOHN MILLER P02041965 2482443000 104.11.88.150 2018-11-11 17:20:55 ES P DE5E4FA3AFAE6B6DF116BB3D1B5E583D800B778D A7DB26C3BB201601930FCFA0C4651552B54C26A2 2017 2019-02-21 02:37:17Z JOSEPH HALLMAN 39139 MOUND ROAD STERLING HEIGHTS MI 48310 5301203 0 X WWW.THELOCALCREDITUNION.COM X 1949 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 7 7 23 11 30059 -47211 0 0 2510163 3353419 1011896 972957 0 0 3522059 4326376 0 0 0 0 1353594 1525338 0 0 0 2105593 2480386 3459187 4005724 62872 320652 92898410 92953529 79586847 79239420 13311563 13714109 TO PROVIDE OUR MEMBERS WITH AN INNOVATIVE AND QUALITY FULL SERVICE FINANCIAL SYSTEM. 0 0 PROVIDE 8,049 MEMBERS WITH VARIOUS SAVINGS, SHARE DRAFT, CERTIFICATE OF DEPOSIT, IRA AND MONEY MARKET ACCOUNTS TOTALING 13,383 PROVIDE 3,529 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 1074 0 1 23 1 1 1 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 JOSEPH HALLMAN PRESIDENT/CEO 40.00 X 169683 0 37004 H FRANK VOELKER II ACCOUNTING MANAGER 40.00 X 67277 0 14418 236960 0 51422 1 0 1 0 CO-OP FINANCIAL SERVICES INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 917305891 ATM AND SHARED BRANCHING SERVICES 331171 CORELATION INC 2305 HISTORIC DECATUR RD STE 300 SAN DIEGO CA 921066073 CORE SOFTWARE 124143 WESCOM RESOURCES GROUP 5601 E LA PALMA AVE ANAHEIM CA 928072109 SOFTWARE LICENSE, MAINTENANCE, AND PROFE 115968 JOHN M FLOYD & ASSOCIATES 125 N BURNETT DR BAYTOWN TX 775201103 CONSULTING SERVICES 110257 4 INCOME ON LOANS 522100 2061698 2061698 FEES/CHARGES/OTHER 522100 1261662 1261662 NON-MEMBER ATMS 900099 16912 16912 SHARED BRANCHING 900099 12747 12747 INSURANCE INCOME 524298 400 400 3353419 913367 913367 906381 128036 903464 71363 2917 56673 59590 59590 4326376 4296317 30059 0 X 288382 785413 70673 288959 91911 14646 34634 169130 132150 216557 287229 28893 42215 523127 82895 24675 ATM EXPENSES 299741 LOAN SERVICING 273542 PROVISION FOR LOAN LOSS 227994 SHARED BRANCHING 63603 59355 4005724 736237 823576 4843247 2317041 44789 89224 144539 138897 42820179 47972566 197047 181203 1263103 963234 251998 299869 41655007 38903631 741800 741800 1463567 1485722 92898410 92953529 940994 916726 78645853 78322694 79586847 79239420 X 0 0 0 0 13311563 13714109 13311563 13714109 92898410 92953529 320652 81894 0 X X 0 1 X 1 0 12271 12271 560996 464562 96434 689836 498672 191164 299869 MEMBER SHARE ACCOUNTS 78322694 78322694 X 4326376 0 4326376 0 4326376 4005724 0 4005724 0 4005724 PART X, LINE 2: THE CREDIT UNION IS EXEMPT BY STATUTE FROM FEDERAL AND STATE INCOME TAXES, BUT STILL MAY BE SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UNRELATED BUSINESS INCOME IS INCOME FROM A TRADE OR BUSINESS REGULARLY CARRIED ON BY A TAX EXEMPT ORGANIZATION THAT IS NOT SUBSTANTIALLY RELATED TO THE ORGANIZATION'S EXEMPT PURPOSES. X X 0 0 0 JOSEPH HALLMAN PRESIDENT/CEO 166682 0 3001 0 0 0 12766 0 24238 0 206687 0 0 0 JOSEPH HALLMAN PRESIDENT/CEO USED VEHICLE X 12621 2440 0 1 1 JOSEPH HALLMAN PRESIDENT/CEO USED VEHICLE X 25548 20642 0 1 1 JOSEPH HALLMAN PRESIDENT/CEO USED VEHICLE X 13868 11303 0 1 1 H FRANK VOELKER II ACCOUNTING MANAGER FIRST MORTGAGE X 93268 80647 0 1 1 H FRANK VOELKER II ACCOUNTING MANAGER USED VEHICLE X 28889 11907 0 1 1 H FRANK VOELKER II ACCOUNTING MANAGER CERTIFICATE SECURED X 23900 10971 0 1 1 H FRANK VOELKER II ACCOUNTING MANAGER CERTIFICATE SECURED X 5000 987 0 1 1 138897 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 2017. 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 24E MISCELLANEOUS 59,355. 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.