2025-11-17T13:35:00-06:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 381569911 ZEAL CREDIT UNION ZEAL 7345223700 17250 NEWBURGH RD LIVONIA MI 48152 SANDRA SELEWSKI COO 7345223700 2025-11-17 0 AUBREY CLEGG P01076395 3052328272 2025-11-17 2024 2025-03-06 01:10:19Z JULIE KREINBRING 17250 NEWBURGH RD LIVONIA MI 48152 57308175 0 1359 X WWW.ZEALCU.ORG X 1954 MI FINANCIAL COOPERATIVE ORGANIZED TO PROVIDE MEMBERS WITH AFFORDABLE FINANCIAL SERVICES & PRODUCTS. 9 9 191 9 205262 0 0 748853 47709723 52782261 7079191 3777061 0 0 54788914 57308175 0 14634 0 0 11140731 11580689 0 0 0 20071920 22798692 31212651 34394015 23576263 22914160 808824973 822949279 676024075 667331370 132800898 155617909 TO BE THE MOST TRUSTED HOUSEHOLD NAME IN BANKING IN MICHIGAN. 0 0 PROVIDE LOANS INCLUDING MORTGAGES, BUSINESS, HOME EQUITY, CREDIT CARDS, SHARE SECURED, VEHICLE, AND LINE OF CREDIT LOANS WITH AGGREGATE LOAN BALANCES THAT APPROXIMATED $645,981,000 AS OF DECEMBER 31, 2024. PROVIDE MEMBERS WITH REGULAR SAVINGS, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, IRA, CLUB, AND MONEY MARKET ACCOUNTS WITH AGGREGATE DEPOSIT BALANCES THAT APPROXIMATED $638,942,000 AS OF DECEMBER 31, 2024. 0 1 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 9052 0 1 191 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X JULIE KREINBRING 7345223700 17250 NEWBURGH RD LIVONIA MI 48152 MICHAEL A O'HEHIR CHAIRPERSON 2.00 X 0 0 0 DAVID L KISIC SECRETARY 2.00 X 0 0 0 DAVID ADAMS JR DIRECTOR 2.00 X 0 0 0 KAREN RAWLS TREASURER 2.00 X 0 0 0 KATHY RICHARDSON DIRECTOR 2.00 X 0 0 0 PAUL MESSIMER VICE CHAIRPERSON 2.00 X 0 0 0 SHARON WRIGHT DIRECTOR 2.00 X 0 0 0 SUSAN LESLIE DIRECTOR 2.00 X 0 0 0 SAMUEL R PALISE DIRECTOR 2.00 X 0 0 0 JULIE KREINBRING PRESIDENT/CEO 40.00 X 573322 0 190016 RONALD BOEHNLEIN CFO 40.00 X 309171 0 43409 SANDRA SELEWSKI CHIEF OPERATIONS OFFICER 40.00 X 195960 0 278180 MICHAEL CONNOLLY CHIEF TECHNOLOGY OFFICER 40.00 X 195192 0 35563 COLLEEN CHAPMAN VP MEMBER EXPERIENCE 40.00 X 151272 0 33237 DORI HAWKINS-FREELAIN VP ACCOUNTING 40.00 X 130966 0 16887 EDWARD PRIEBE INFORMATION SECURITY OFFIC 40.00 X 110438 0 9921 1666321 0 607213 7 0 1 0 SACHSE CONSTRUCTION 3663 WOODWARD AVE SUITE 500 DETROIT MI 48201 CONSTRUCTION 1859616 NCR-DI PO BOX 740641 LOS ANGELES CA 90074 DIGITAL BANKING AND ATM'S 579593 DOXIM IDS LLC PO BOX 933472 CLEVELAND OH 44193 STATEMENT PRINTING 520248 FISERV PO BOX 934057 ATLANTA GA 31193 DATA PROCESSING 470318 DIEBOLD PO BOX 643543 PITTSBURGH PA 15264 ATM EQUIPMENT & MAINTENANCE 410389 25 748853 748853 LOAN INCOME 522100 38144077 38144077 FEE/CHARGES/OTHER 522100 14432922 14432922 FINANCE & INSURANCE 520000 205262 205262 52782261 3777061 3777061 57308175 52576999 205262 3777061 X 14634 1820813 7242273 386623 1491379 639601 372256 138383 183640 440896 2930472 2063507 1223498 456510 104672 2047997 1356947 202649 PROVISION LOAN LOSS 6180000 LOAN SERVICING 2056138 DEBIT/CREDIT EXPENSES 1227826 ATM EXPENSES 1117649 695652 34394015 6926784 7486987 10470904 3743303 4273647 1448275 7264577 7397762 609909734 640417399 825086 1205863 40220878 17666817 21023284 22554061 109897653 93002319 88321 88321 38144983 45604989 808824973 822949279 5015467 4882774 18506124 5000000 5000000 666008608 638942472 676024075 667331370 X 0 0 0 0 132800898 155617909 132800898 155617909 808824973 822949279 22914160 -97149 0 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4780702 4780702 19452107 6319038 13133069 5522566 2973403 2549163 9573303 8061956 1511347 892200 312420 579780 22554061 457B PLAN 551804 ACCRUED INTEREST RECEIVABLE 4178586 CUNA PLANS 4339779 CREDIT UNION OWNED LIFE INSURANCE 13283623 DEFERRED COMPENSATION PLAN 1837226 FHLB STOCK 2137900 INVESTMENT IN CUSO 11582445 MEMBER CAPITAL SHARE DEPOSIT 1004200 NCUIF DEPOSIT 6587347 OTHER ASSETS 102079 45604989 SHARE ACCOUNTS 327576541 MONEY MARKET 129736801 IRA SHARES 15058438 SHARE DRAFT ACCOUNTS 135863793 SHARE AND IRA CERTIFICATES 30706899 638942472 X 57308175 0 57308175 0 57308175 34394015 0 34394015 0 34394015 PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 ZEAL CREDIT UNION FOUNDATION INC 17250 NEWBURGH ROAD LIVONIA MI 48152 871931957 501(C)(3) 14634 0 TO CARRY OUT THE FOUNDATION'S MISSION OF COMMUNITY DEVELOPMENT. 1 0 PART I, LINE 2: THE CONTRIBUTION IS CHARITABLE IN NATURE TO THE CREDIT UNION-SPONSORED FOUNDATION. THE OFFICERS OF THE FOUNDATION ARE CREDIT UNION EMPLOYEES WHO ENSURE THE FUNDS CONTRIBUTED BY THE CREDIT UNION ARE USED TO CARRY OUT THE FOUNDATION'S MISSION. X 1 1 X X 0 1 0 JULIE KREINBRING PRESIDENT/CEO 459364 0 108942 0 5016 0 179261 0 10755 0 763338 0 0 0 SANDRA SELEWSKI CHIEF OPERATIONS OFFICER 163406 0 30000 0 2554 0 255067 0 23113 0 474140 0 0 0 RONALD BOEHNLEIN CFO 256503 0 42000 0 10668 0 23960 0 19449 0 352580 0 0 0 MICHAEL CONNOLLY CHIEF TECHNOLOGY OFFICER 168824 0 25493 0 875 0 13132 0 22431 0 230755 0 0 0 COLLEEN CHAPMAN VP MEMBER EXPERIENCE 135133 0 15500 0 639 0 11349 0 21888 0 184509 0 0 0 PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, JULIE KRIENBRING, FORMER CEO, ANTHONY CARNARVON, AND FORMER CHIEF MEMBER SERVICE EXPERIENCE OFFICER, ANGELA KROGEL, THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. THE PRESIDENT/CEO, JULIE KRIENBRING, AND THE CHIEF OPERATIONS OFFICER, SANDRA SELEWSKI, PARTICIPATE IN A SUPPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP). THE BENEFIT LIABILITIES ASSOCIATED WITH THIS PLAN AS OF DECEMBER 31, 2024 ARE AS FOLLOWS: JULIE KRIENBRING: $682,475 SANDRA SELEWSKI: $259,157 ANGELA KROGOL FORMER CHIEF MEMBER SERVICE EXPERIENCE OFFICER SPLIT DOLLAR - DEFERRED COMP X 1050000 1324233 0 1 1 ANTHONY CARNARVON FORMER CEO SPLIT DOLLAR - DEFERRED COMP X 2780000 3503714 0 1 1 JULIE KREINBRING CEO SPLIT DOLLAR - DEFERRED COMP X 2438760 2569815 0 1 1 7397762 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO CERTAIN EXECUTIVES THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A CREDIT UNION MEMBERS ELECT THE BOARD MEMBERS. 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 BOARD HAS DESIGNATED THE PRESIDENT/CEO AND THE FINANCIAL MANAGEMENT TEAM WITH THE RESPONSIBILITY OF REVIEWING AND APPROVING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C IN ADDITION TO REGULAR ADHERENCE TO POLICY GUIDELINES, THE BOARD OF DIRECTORS PERFORMS AN ANNUAL REVIEW OF ALL POLICIES. IN ADDITION TO THE BOARD REVIEW, ANNUALLY THE STATE OF MICHIGAN REGULATORY EXAMINATION REVIEWS ALL POLICIES FOR COMPLIANCE. FORM 990, PART VI, SECTION B, LINE 15 COMPARABLE MARKET DATA IS USED FOR ALL KEY EMPLOYEES. A VOLUNTEER BOARD OF DIRECTORS UTILIZES MARKET DATA TO SET COMPENSATION OF THE CEO. THE CEO, WITHIN PRE-ESTABLISHED RANGES SET BY THE BOARD OF DIRECTORS, ESTABLISHES THE COMPENSATION OF THE REMAINING KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 183,640. FORM 990, PART IX, LINE 24E MISCELLENEOUS 453,086. MAINTENANCE 167,446. TRAINING/DEVELOPMENT/EDUCATION 75,120. FORM 990, PART XII, LINE 2C WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. OUR PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. ZEAL CREDIT UNION FOUNDATION INC 17250 NEWBURGH ROAD LIVONIA MI 48152 871931957 TO FURTHER ZEAL CREDIT UNION'S CHARITABLE ACTIVITIES MI 501(C)(3) LINE 10 ZEAL CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0