2018-07-23T12:01:57-05:00 2017-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2017-01-01 381582963 FREESTAR FINANCIAL CREDIT UNION FKA CENTRAL MACOMB COMMUNITY CREDIT UNION FREE 5864667800 PO BOX 2800 MT CLEMENS MI 48046 DREMA D ISAAC PRESIDENT/CEO 5864667800 2018-07-23 1 JOSEPH A ZITO CPA P00648440 2482443000 2017 2022-09-23 18:48:47Z DREMA D ISAAC PO BOX 2800 MT CLEMENS MI 48046 11758049 0 1359 X WWW.FREESTARFINANCIAL.COM X 1957 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 7 7 83 13 24360 15672 0 0 9477954 11060202 459901 428617 130944 269230 10068799 11758049 0 0 0 0 3685954 4033693 0 0 0 5447915 6107068 9133869 10140761 934930 1617288 192604824 207913005 172805602 186510465 19799222 21402540 TO ASSIST OUR MEMBERS AND COMMUNITIES BY PROVIDING SUPERIOR SERVICE AND INNOVATIVE FINANCIAL SOLUTIONS, MEETING THEIR DYNAMIC NEEDS, WHEREVER LIFE LEADS. 0 0 PROMOTED THRIFT TO 19,738 MEMBERS BY OFFERING LOANS, DEPOSITS, AND OTHER FINANCIAL INSTRUMENTS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4469 0 1 83 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 DREMA ISAAC 5864667800 PO BOX 2800 MT CLEMENS MI 48046 JAMES D ELLIS BOARD MEMBER 2.00 X 0 0 0 EDWARD J COTTER VICE-CHAIRPERSON 2.00 X 0 0 0 CLIFFORD BROWN TREASURER 2.00 X 0 0 0 JEFFREY BRUSS SECRETARY 2.00 X 0 0 0 RAYMOND W WHITE JR CHAIRPERSON 2.00 X 0 0 0 THOMAS CHURCHWELL BOARD MEMBER 2.00 X 0 0 0 JONEL JAKUPI BOARD MEMBER 2.00 X 0 0 0 DREMA ISAAC PRESIDENT/CEO 40.00 X 255330 0 44725 MELINDA REDMAN CFO 40.00 X 113780 0 6286 ERIC HEINRICH CFO 40.00 X 26208 0 2660 JENNIFER MARTINES VICE PRESIDENT 40.00 X 109255 0 350 ANNE LESTER VICE PRESIDENT 40.00 X 100005 0 6323 604578 0 60344 4 0 1 0 FISERV 75 REMITTANCE DRIVE CHICAGO IL 606751649 DATA PROCESSING 1056751 1 LOANS RECEIVABLE 522100 7819609 7819609 FEES AND CHARGES 522100 3240593 3240593 11060202 428617 428617 REALIZED GAINS ON DEFERRED COMP A 522100 244870 244870 NON MEMBER ATM FEES 525990 23110 23110 INSURANCE PRODUCT SALES 524298 1250 1250 269230 11758049 11305072 24360 428617 X 448989 2723788 125114 478327 257475 28038 38108 123768 289437 335269 396843 127294 178245 5171 1074605 8718 388916 57683 UNRELATED BUSINESS INCO 4182 PROVISION FOR LOAN LOSS 1417921 DEBIT/CREDIT/ATM EXPENS 815464 LOAN SERVICING 381992 435414 10140761 1402864 1377422 5993138 2018360 149007570 172729533 184626 148958 7363695 2743885 4568373 4619810 25183559 19044807 1270600 1270600 4994094 6703515 192604824 207913005 1763876 2932746 309139 293725 170732587 183283994 172805602 186510465 X 0 0 0 0 19799222 21402540 19799222 21402540 192604824 207913005 1617288 -13970 0 X X 0 1 X 1 0 0 1 X 1509638 1509638 3946153 1398966 2547187 47932 14779 33153 1859972 1330140 529832 4619810 MEMBER SHARES 183283994 183283994 X 11758049 0 11758049 0 11758049 10140761 0 10140761 0 10140761 PART IV, LINE 2B: THE CREDIT UNION RECEIVES PRINCIPAL PAYMENTS, INTEREST PAYMENTS, TAX PAYMENTS AND INSURANCE PAYMENTS, IN ITS ROLE AS LOAN SERVICER, AND THEN REMITS THESE FUNDS TO THE APPLICABLE THIRD PARTIES FOR TAXES, INSURANCE, AND MORTGAGE INSURANCE FOR CERTAIN MORTGAGE LOANS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE ("IRC") SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS HAS BEEN AN ISSUE FOR MANY YEARS. IN 2007, THE INTERNAL REVENUE SERVICE ("IRS") ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA ("TAM") TO A NUMBER OF STATE-CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. IN THESE TAMS, THE IRS RULED CERTAIN PRODUCTS AND SERVICES TO BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. IN LIGHT OF THE TAMS, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION'S OPEN AUDIT PERIOD IS FOR THE THREE YEAR PERIOD ENDED DECEMBER 31, 2017. X 1 1 X X 0 1 0 DREMA ISAAC PRESIDENT/CEO 245500 0 9830 0 0 0 18000 0 26725 0 300055 0 0 0 PART I, LINE 4B THERE ARE SEVERAL EMPLOYEES OF THE ORGANIZATION THAT PARTICIPATE IN A NONQUALIFIED DEFERRED COMPENSATION PLAN ESTABLISHED BY THE CREDIT UNION. THE FOLLOWING CONTRIBUTIONS WERE MADE IN 2017: DREMA D. ISAAC - $18,000 ERIC HEINRICH - $2,660 MELINDA REDMAN RECIEVED A PAYOUT OF $27,350. FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A ALL OF THE CREDIT UNION'S MEMBERS (CUSTOMERS) VOTE FOR THE DIRECTORS ON A YEARLY BASIS. 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 THE CEO AND THE CFO BOTH REVIEW THE FORM 990. A LINK IS PROVIDED TO THE BOARD OF DIRECTORS TO REVIEW IF THEY CHOOSE. ALSO, A COPY IS PROVIDED TO MEMBERS UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C A REVIEW IS COMPLETED AT VARIOUS TIMES THROUGH THE YEAR. COMPLIANCE WITH THE POLICY IS MONITORED BY THE VP OF HUMAN RESOURCES. EMPLOYEES MUST DISCLOSE ANY CONFLICTS WHEN HIRED AS THEY ARE NOT ALLOWED TO PROCESS TRANSACTIONS WHEN THERE IS A RELATIONSHIP WITH A MEMBER AND CAN BE TERMINATED FOR FAILURE TO COMPLY WITH THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 VARIOUS TRADE SALARY AND BENEFIT SURVEYS WERE USED TO ASSIST IN SETTING THE SALARY OF THE OFFICERS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 24E SERVICE BUREAU 276,997. MAINTENANCE 119,494. MISCELLANEOUS 38,923. 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.