CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN: Form 990, tax year 2017
View the entire original 990 at ProPublica ↗
- Organization
- CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN (EIN 38-1231023)
- Tax period
- 2017-01-01 to 2017-12-31
- Filed
- 2018-11-14
- IRS object ID
- 201833189349306053
- Schema version
- 2017v2.3
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2018-11-14T12:52:23-06:00 | ReturnTs |
| Tax Period End | 2017-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 381357951 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PLANTE & MORAN PLLC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 511 RENAISSANCE DRIVE SUITE 120 | AddressLine1Txt |
| City | ST JOSEPH | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 49085 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2017-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 381231023 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | HONOR CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | HONO | BusinessNameControlTxt |
| Phone | 2699836357 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8385 EDGEWOOD DRIVE | AddressLine1Txt |
| City | BERRIEN SPRINGS | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 49103 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | SCOTT MCFARLAND | PersonNm |
| Person Title | CFO | PersonTitleTxt |
| Phone | 2699836357 | PhoneNum |
| Signature | 2018-11-13 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | KENLEY PENNER CPA | PreparerPersonNm |
| PTIN | P00740260 | PTIN |
| Phone | 2699828000 | PhoneNum |
| Preparation | 2018-11-12 | PreparationDt |
Filing Security Information FilingSecurityInformation
IP Address IPAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| I Pv4 Address | 67.59.56.31 | IPv4AddressTxt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IP | 2018-11-13 | IPDt |
| IP Tm | 11:02:44 | IPTm |
| IP Timezone | ES | IPTimezoneCd |
| Filing License Type | P | FilingLicenseTypeCd |
| At Submission Creation Device Id | DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 | AtSubmissionCreationDeviceId |
| At Submission Filing Device Id | DEC087A61A44975D60E0F3E4C9DD10AC7E40B18D | AtSubmissionFilingDeviceId |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2017 | TaxYr |
| Build TS | 2019-02-21 02:37:17Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | SCOTT MCFARLAND | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8385 EDGEWOOD DRIVE | AddressLine1Txt |
| City | BERRIEN SPRINGS | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 49103 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $76,816,054 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.HONORCU.COM | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1934 | FormationYr |
| Legal Domicile State | MI | LegalDomicileStateCd |
| Activity Or Mission | TO PROVIDE FINANCIAL SERVICES TO RESIDENTS OF THE STATE OF MICHIGAN. | ActivityOrMissionDesc |
| Voting Members Governing Body | 9 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 9 | VotingMembersIndependentCnt |
| Total Employee | 384 | TotalEmployeeCnt |
| Total Volunteers | 9 | TotalVolunteersCnt |
| Total Gross UBI | $102,006 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $31,946 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $41,605,926 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $46,993,453 | CYProgramServiceRevenueAmt |
| PY Investment Income | $1,572,557 | PYInvestmentIncomeAmt |
| CY Investment Income | $2,305,561 | CYInvestmentIncomeAmt |
| PY Other Revenue | $37,537 | PYOtherRevenueAmt |
| CY Other Revenue | $37,512 | CYOtherRevenueAmt |
| PY Total Revenue | $43,216,020 | PYTotalRevenueAmt |
| CY Total Revenue | $49,336,526 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $17,402,548 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $19,476,125 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $20,256,294 | PYOtherExpensesAmt |
| CY Other Expenses | $21,446,424 | CYOtherExpensesAmt |
| PY Total Expenses | $37,658,842 | PYTotalExpensesAmt |
| CY Total Expenses | $40,922,549 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $5,557,178 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $8,413,977 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $712,966,023 | TotalAssetsBOYAmt |
| Total Assets EOY | $852,520,992 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $636,670,547 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $757,330,790 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $76,295,476 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $95,190,202 | NetAssetsOrFundBalancesEOYAmt |
| Mission | PROVIDING SOLUTIONS FOR FINANCIAL SUCCESS. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | SERVED 77,421 MEMBERS BY OFFERING LOANS, DEPOSITS AND VARIOUS OTHER FINANCIAL SOLUTIONS TO ENSURE FINANCIAL SUCCESS TO OUR MEMBERSHIP. | Desc |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | Yes (1) | CreditCounselingInd |
| Temp Or Permanent Endowments | 0 | TempOrPermanentEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | Yes (1) | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With Officer Ent | 0 | BusinessRlnWithOfficerEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 12596 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 384 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 9 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 9 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | SHARI WEBER | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 2699836357 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8385 EDGEWOOD DRIVE | AddressLine1Txt |
| City | BERRIEN SPRINGS | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 49103 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (17 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| MIMI ELWELL | ||||||||
| BOARD CHAIRMAN | 2.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| LARRY OLSON | ||||||||
| BOARD VICE-CHAIRMAN | 2.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| BRIAN BROWN | ||||||||
| SECRETARY | 2.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| MARK FRY | ||||||||
| TREASURER | 2.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| RICHARD ATWELL | ||||||||
| DIRECTOR | 2.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| RANDY O'NEIL | ||||||||
| DIRECTOR | 2.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| RONALD GRIESINGER | ||||||||
| DIRECTOR | 2.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| SCOTT CLEVELAND | ||||||||
| DIRECTOR | 2.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| DAVID RHOUTSONG | ||||||||
| DIRECTOR | 2.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| GIL GUZMAN PART YEAR | ||||||||
| DIRECTOR | 2.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| SCOTT MCFARLAND | ||||||||
| CEO | 40.00 | 0.00 | Yes (X) | $485,323 | $0 | $78,411 | ||
| SHARI WEBER | ||||||||
| CFO | 40.00 | 0.00 | Yes (X) | $243,985 | $0 | $68,535 | ||
| AMANDA CRAIG | ||||||||
| COO | 40.00 | 0.00 | $182,532 | $0 | $39,049 | Yes (X) | ||
| KENT FIGY | ||||||||
| CLO | 40.00 | 0.00 | $186,612 | $0 | $45,635 | Yes (X) | ||
| MARY UNRUH | ||||||||
| VP OF ACCT. & OPER. EFFIC. | 40.00 | 0.00 | $166,014 | $0 | $55,508 | Yes (X) | ||
| RON LAUREN | ||||||||
| PRESIDENT, NORTHERN MKT. | 40.00 | 0.00 | $154,956 | $0 | $30,623 | Yes (X) | ||
| DUSTIN JANKOVIAK | ||||||||
| MORTGAGE LOAN OFFICER | 40.00 | 0.00 | $147,373 | $0 | $25,090 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,566,795 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $342,851 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 15 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| EC MOORE OF BERRIEN COUNTY | |||||
| 117 W FERRY | BERRIEN SPRINGS | MI | 49103 | CONSTRUCTION | $2,606,688 |
| CU ANSWERS | |||||
| 6000 28TH ST SE | GRAND RAPIDS | MI | 49546 | DATA PROCESSING | $1,863,536 |
| VANTIV HOLDING LLC | |||||
| 8500 GOVERNORS HILL DR | SYMMES TOWNSHIP | OH | 45249 | ELECTRONIC PAYMENT PROCESSING | $1,495,619 |
| SECANT TECHNOLOGIES INC | |||||
| 6395 TECHNOLOGY AVE STE A | KALAMAZOO | MI | 49009 | TECHNOLOGY SERVICES | $649,584 |
| AT&T | |||||
| PO BOX 5019 | CAROL STREAM | IL | 60197 | COMMUNICATION | $600,538 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 27 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| LOAN INTEREST INCOME | 522100 | $28,897,021 | $28,897,021 | |
| FEES AND CHARGES | 522100 | $18,096,432 | $17,994,426 | $102,006 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $46,993,453 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $2,310,811 | TotalRevenueColumnAmt |
| Exclusion | $2,310,811 | ExclusionAmt |
Gross Rents GrossRentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $37,512 | RealAmt |
Less Rental Expenses LessRentalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $0 | RealAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $37,512 | RealAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $37,512 | TotalRevenueColumnAmt |
| Exclusion | $37,512 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $27,474,278 | SecuritiesAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $27,469,192 | SecuritiesAmt |
| Other | $10,336 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $5,086 | SecuritiesAmt |
| Other | -$10,336 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$5,250 | TotalRevenueColumnAmt |
| Exclusion | -$5,250 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $49,336,526 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $46,891,447 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $102,006 | UnrelatedBusinessRevenueAmt |
| Exclusion | $2,343,073 | ExclusionAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $876,254 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $12,318,668 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $176,653 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,919,459 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,185,091 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $436,578 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $86,110 | TotalAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $73,011 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $249,071 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,438,525 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,190,658 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,539,216 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,519,555 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $224,592 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $215,714 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $809,756 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,780,051 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $280,501 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| FEDERAL INCOME TAXES | $43,280 |
| PROVISION FOR LOAN LOSS | $3,025,610 |
| CREDIT AND DEBIT CARD F | $2,718,490 |
| INTEREST PAID ON MEMBER | $2,506,517 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,309,189 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $40,922,549 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,633,549 | BOYAmt |
| EOY | $10,642,971 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $23,661,908 | BOYAmt |
| EOY | $19,920,985 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $282,816 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $557,356,723 | BOYAmt |
| EOY | $681,232,046 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $880,404 | BOYAmt |
| EOY | $949,846 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $45,095,945 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $10,836,566 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $29,980,963 | BOYAmt |
| EOY | $34,259,379 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $77,969,367 | BOYAmt |
| EOY | $83,942,542 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $15,483,109 | BOYAmt |
| EOY | $21,290,407 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $712,966,023 | BOYAmt |
| EOY | $852,520,992 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,991,778 | BOYAmt |
| EOY | $6,243,722 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $909,162 | BOYAmt |
| EOY | $1,216,251 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $45,394,000 | BOYAmt |
| EOY | $45,394,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $586,375,607 | BOYAmt |
| EOY | $704,476,817 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $636,670,547 | BOYAmt |
| EOY | $757,330,790 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow SFAS117 | Yes (X) | OrgDoesNotFollowSFAS117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $76,295,476 | BOYAmt |
| EOY | $95,190,202 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $76,295,476 | BOYAmt |
| EOY | $95,190,202 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $712,966,023 | BOYAmt |
| EOY | $852,520,992 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $8,413,977 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$303,772 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $10,784,521 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Agent Trustee Etc | 0 | AgentTrusteeEtcInd |
| Incl Escrow Custodial Acct Liab | Yes (1) | InclEscrowCustodialAcctLiabInd |
| Explanation Provided | Yes (X) | ExplanationProvidedInd |
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $5,432,356 | OtherCostOrOtherBasisAmt |
| Book Value | $5,432,356 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $27,000,333 | OtherCostOrOtherBasisAmt |
| Depreciation | $4,020,572 | DepreciationAmt |
| Book Value | $22,979,761 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $11,171,811 | OtherCostOrOtherBasisAmt |
| Depreciation | $6,815,994 | DepreciationAmt |
| Book Value | $4,355,817 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,491,445 | OtherCostOrOtherBasisAmt |
| Book Value | $1,491,445 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $34,259,379 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp (6 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| U.S. GOVERNMENT AND FEDERAL AGENCY SECURITIES | $39,557,459 | F |
| MORTGAGE-BACKED SECURITIES | $21,813,678 | F |
| NEGOTIABLE CERTIFICATES OF DEPOSIT | $10,740,348 | F |
| STATE AND MUNICIPAL BONDS | $3,542,778 | F |
| COLLATERALIZED MORTGAGE OBLIGATIONS | $5,813,149 | F |
| CORPORATE BONDS | $2,475,130 | F |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $83,942,542 | TotalBookValueSecuritiesAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBERS' SHARES AND SAVINGS | Desc |
| Amt | $704,476,817 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $704,476,817 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $49,694,618 | TotalRevEtcAuditedFinclStmtAmt |
| Other Revenue | $278,871 | OtherRevenueAmt |
| Revenue Not Reported | $278,871 | RevenueNotReportedAmt |
| Revenue Subtotal | $49,415,747 | RevenueSubtotalAmt |
| Other Revenues Not Included | -$79,221 | OtherRevenuesNotIncludedAmt |
| Revenue Not Reported Fincl Stmt | -$79,221 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $49,336,526 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $41,001,770 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | $79,221 | OtherExpensesIncludedAmt |
| Expenses Not Reported | $79,221 | ExpensesNotReportedAmt |
| Expenses Subtotal | $40,922,549 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $40,922,549 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (5 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART IV, LINE 2B: | THE CREDIT UNION HOLDS AMOUNTS IN ESCROW ACCOUNTS FOR REAL ESTATE TAXES AND HOME INSURANCE RELATED TO HOME MORTGAGE LOANS. |
| PART X, LINE 2: | THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. HOWEVER, THE CREDIT UNION MAY BE SUBJECT TO UNRELATED BUSINESS INCOME TAX. THE NET UNRELATED BUSINESS INCOME TAX IS IMMATERIAL TO THE FINANCIAL STATEMENTS AS A WHOLE. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE CREDIT UNION AND RECOGNIZE A TAX LIABILITY IF THE CREDIT UNION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CREDIT UNION AND HAS CONCLUDED THAT AS OF DECEMBER 31, 2017 AND 2016, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE CREDIT UNION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. |
| PART XI, LINE 2D - OTHER ADJUSTMENTS: | BARGAIN PURCHASE GAIN 278,871. |
| PART XI, LINE 4B - OTHER ADJUSTMENTS: | LOSS ON SALE OF FORECLOSED ASSETS -79,221. |
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | LOSS ON SALE OF FORECLOSED ASSETS 79,221. |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (7 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SCOTT MCFARLAND | ||||||||||||||
| CEO | $385,820 | $0 | $82,677 | $0 | $16,826 | $0 | $65,612 | $0 | $12,799 | $0 | $563,734 | $0 | $0 | $0 |
| SHARI WEBER | ||||||||||||||
| CFO | $227,673 | $0 | $16,312 | $0 | $0 | $0 | $55,795 | $0 | $12,740 | $0 | $312,520 | $0 | $0 | $0 |
| AMANDA CRAIG | ||||||||||||||
| COO | $175,000 | $0 | $7,532 | $0 | $0 | $0 | $37,333 | $0 | $1,716 | $0 | $221,581 | $0 | $0 | $0 |
| KENT FIGY | ||||||||||||||
| CLO | $175,108 | $0 | $11,504 | $0 | $0 | $0 | $33,253 | $0 | $12,382 | $0 | $232,247 | $0 | $0 | $0 |
| MARY UNRUH | ||||||||||||||
| VP OF ACCT. & OPER. EFFIC. | $141,370 | $0 | $21,345 | $0 | $3,299 | $0 | $49,334 | $0 | $6,174 | $0 | $221,522 | $0 | $0 | $0 |
| RON LAUREN | ||||||||||||||
| PRESIDENT, NORTHERN MKT. | $133,412 | $0 | $15,265 | $0 | $6,279 | $0 | $29,228 | $0 | $1,395 | $0 | $185,579 | $0 | $0 | $0 |
| DUSTIN JANKOVIAK | ||||||||||||||
| MORTGAGE LOAN OFFICER | $147,373 | $0 | $0 | $0 | $0 | $0 | $13,776 | $0 | $11,314 | $0 | $172,463 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 3 | COMPENSATION FOR THE CEO, OTHER OFFICERS, AND KEY EMPLOYEES IS APPROVED BY BOTH HUMAN RESOURCES AND THE BOARD OF DIRECTORS. |
| PART I, LINE 4B | THE CREDIT UNION EXECUTIVES PARTICIPATE IN A 457F PLAN. SHARI WEBER, SCOTT MCFARLAND, KENT FIGY, MARY UNRUH, AND RON LAUREN WERE THE PARTICIPANTS IN THE PLAN. |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (11 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | THE CREDIT UNION CURRENTLY HAS APPROXIMATELY 77,000 MEMBERS. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE MEMBERS OF THE CREDIT UNION ARE RESPONSIBLE FOR ELECTING THE BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION A, LINE 7B | THE MEMBERS OF THE CREDIT UNION MUST APPROVE A MERGER INTO ANOTHER CREDIT UNION. ALL OTHER DECISIONS ARE MADE BY THE BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION B, LINE 11B | BEFORE THE 990 WAS FILED, AN ELECTRONIC COPY OF THE DRAFT WAS SENT TO THE BOARD OF DIRECTORS AND VP OF FINANCE, VIA EMAIL, FOR THEIR REVIEW. ALL OF THE BOARD MEMBERS WERE GIVEN THE OPPORTUNITY TO CONTACT THE CREDIT UNION'S MANAGEMENT WITH ANY QUESTIONS OR CONCERNS THEY HAD REGARDING THE FORM 990 RETURN. |
| FORM 990, PART VI, SECTION B, LINE 12C | AUDIT LINK IS A SERVICE WE USE TO MONITOR ALL EMPLOYEE AND BOARD MEMBER ACCOUNTS. ACCOUNTS ARE MONITORED WEEKLY BY AUDIT LINK AND A REPORT IS SENT TO HUMAN RESOURCES WITH THE FINDINGS, HUMAN RESOURCES DOES A REVIEW OF ACCOUNTS AND INVESTIGATES IF NEEDED. COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY IS MONITORED THROUGH DISCUSSIONS AT THE BOARD LEVEL. IF A CONFLICT ARISES THE AFFECTED BOARD MEMBER WILL ABSTAIN FROM VOTING. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE BOARD OF DIRECTORS IS AWARE OF THE USE OF THE COMP EASE SOFTWARE FOR ASSISTING WITH COMPENSATION FOR ALL EMPLOYEES. COMPENSATION FOR THE CEO, OTHER OFFICERS, AND KEY EMPLOYEES IS APPROVED BY BOTH HUMAN RESOURCES AND THE CEO OR THE BOARD OF DIRECTORS. THIS PROCESS WAS LAST COMPLETED DURING 2017. |
| FORM 990, PART VI, SECTION C, LINE 19 | GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. |
| FORM 990, PART XI, LINE 9: | ACQUIRED EQUITY ON BUSINESS ACQUISITION 10,505,650. BARGAIN PURCHASE GAIN 278,871. |
| FORM 990, PART XII, LINE 2C: | THE BOARD OF DIRECTORS HAS ESTABLISHED THE SUPERVISORY COMMITTEE WHICH IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT REVIEW AND THE SELECTION OF AN INDEPENDENT AUDITOR. THE SUPERVISORY COMMITTEE APPROVES AN INDEPENDENT AUDITOR EACH YEAR AND MEETS TO REVIEW THE INDEPENDENT AUDITOR'S REPORT AFTER THE AUDIT IS COMPLETE. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. |
| FORM 990, PART X, LINE 5 AND SCHEDULE L: | SCHEDULE L IS NOT REQUIRED FOR LOANS RECEIVABLE BALANCES ON FORM 990, PART X, LINE 5 IF THE LOANS ARE MADE BY THE CREDIT UNION TO THE DIRECTORS, OFFICERS, AND KEY EMPLOYEES ON THE SAME TERMS OFFERED TO OTHER MEMBERS OF THE CREDIT UNION. THEREFORE, THE CREDIT UNION HAS INCLUDED APPROXIMATELY $2,697,000 AND $1,687,000 OF RECEIVABLES FROM CURRENT OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES, AND HIGHEST COMPENSATED EMPLOYEES FOR 2017 AND 2016, RESPECTIVELY, WITHIN FORM 990, PART X, LINE 7. |
| FORM 990, PART XII, LINE 9 AND SCHEDULE D, PART XI, LINE 2D: | ON APRIL 1, 2017 THE CREDIT UNION ACQUIRED ALL OF BATTLE CREEK AREA FEDERAL CREDIT UNION'S (BATTLE CREEK) ASSETS AND LIABILITIES. ON OCTOBER 1, 2017 THE CREDIT UNION ACQUIRED ALL OF POST CREDIT UNION'S (POST) ASSETS AND LIABILITIES. THE ASSUMED ASSETS AND LIABILITIES WERE RECORDED AT FAIR VALUE. THE RESULTS OF BATTLE CREEK AND POST'S OPERATIONS HAVE BEEN INCLUDED IN THE CREDIT UNION'S FINANCIAL STATEMENTS SINCE THE DATE OF ACQUISITION. NO CONSIDERATION WAS PAID BY THE CREDIT UNION FOR EITHER ACQUISITION. THE FAIR VALUE OF THE ASSETS ACQUIRED IN THE BATTLE CREEK MERGER WAS GREATER THAN THE FAIR VALUE OF THE LIABILITIES AND RESULTED IN A BARGAIN PURCHASE GAIN OF $197,219 (NET OF $3,238,121 RECORDED AS AN INCREASE IN MEMBERS' EQUITY FROM ACQUISITION). THE FAIR VALUE OF THE ASSETS ACQUIRED IN THE POST MERGER WAS GREATER THAN THE FAIR VALUE OF THE LIABILITIES AND RESULTED IN A BARGAIN PURCHASE GAIN OF $81,652 (NET OF $7,267,529 RECORDED AS AN INCREASE IN MEMBERS' EQUITY FROM ACQUISITION). |