2018-11-07T09:28:18-06:00 2017-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2017-01-01 381418180 CHRISTIAN FINANCIAL CREDIT UNION CHRI 5867726330 18441 UTICA RD ROSEVILLE MI 48066 PATRICIA CAMPBELL PRESIDENT & CEO 5867726330 2018-11-07 1 JOSEPH ZITO CPA P00648440 2482443000 64.95.240.2 2018-11-07 09:27:14 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2017 2019-02-21 02:37:17Z PATRICIA CAMPBELL 18441 UTICA ROSEVILLE MI 48066 27274547 0 1359 X WWW.CHRISTIANFINANCIALCU.COM X 1950 MI AT CHRISTIAN FINANCIAL CREDIT UNION, OUR MISSION IS TO PROVIDE AN ENVIRONMENT THAT DELIVERS HIGH-QUALITY PRODUCTS AND SERVICES THAT PROMOTE CONVENIENCE, TRUST, AND PERSONAL SERVICE TO ASSIST OUR MEMBERS IN ACHIEVING THEIR FINANCIAL SUCCESS. 7 7 204 7 1630103 -31151 0 0 20508523 20348279 1099290 1333409 637708 2106661 22245521 23788349 0 0 0 0 7743709 8374497 0 0 0 11215391 11910526 18959100 20285023 3286421 3503326 362629806 381310206 325551719 340937752 37078087 40372454 X CHRISTIAN FINANCIAL SERVICES OVER 40,000 MEMBERS IN METROPOLITAN DETROIT. CHARTERED IN 1950 THE CREDIT UNION'S MISSION IS TO PROVIDE MEMBERS CUSTOMIZED SOLUTIONS TO ENHANCE THEIR FINANCIAL WELL-BEING THROUGH A TRUSTED PARTNERSHIP WITH A DEDICATED TEAM OF PROFESSIONALS FOCUSED ON EXCEEDING THEIR EXPECTATIONS. 0 0 THE CREDIT UNION ORIGINATED $74 MILLION IN LOANS TO MEMBERS DURING 2017. LOANS ARE GENERALLY ORIGINATED AT BELOW MARKET INTEREST RATES HIGHLIGHTING MEMBER LOYALTY. THE CREDIT UNION COMPLETED A SYSTEM CONVERSION IN 2015 WITH ASSOCIATED COSTS IN 2017 OF $559,000. THE NEW SYSTEM CONTINUES TO IMPROVE THE MEMBER EXPERIENCE THROUGH THE OFFERING OF PRODUCTS SUCH AS LENDING AND ACCOUNT ORIGINATIONS ONLINE AND MOBILE BANKING. THE CREDIT UNION LAUNCHED A NEW DATA MANAGEMENT AND QUERY TOOL THAT PROVIDES CREDIT UNION EMPLOYEES TO PROVIDE MEMBERS WITH QUICK RESPONSES AND MESSAGES TARGETED TO THEIR SPECIFIC NEEDS. 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 0 0 0 0 0 0 0 0 0 0 0 0 0 1 13637 0 1 204 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 1 1 1 1 0 X PATRICIA CAMPBELL 5864981584 18441 UTICA ROAD ROSEVILLE MI 48066 PAUL AVERY SECRETARY 2.00 X 0 0 0 JAMES BANASZAK TREASURER 2.00 X 0 0 0 JAMES BEAUDOIN BOARD VICE-CHAIRMAN 2.00 X 0 0 0 WILLIAM AMRHEIN BOARD DIRECTOR 2.00 X 0 0 0 SHELLEY BOEDEKER BOARD DIRECTOR 2.00 X 0 0 0 MIKE DOMZALSKI BOARD CHAIRMAN 2.00 X 0 0 0 JAMES SHEREDA BOARD DIRECTOR 2.00 X 0 0 0 PATRICIA CAMPBELL PRESIDENT & CEO 40.00 X 346909 0 26104 DAVID MAURER CIO 40.00 X 116205 0 13018 JAMES SPESHOCK COO 40.00 X 124630 0 20926 DOUGLAS DINNING LEGAL COUNSEL 40.00 X 119380 0 22912 707124 0 82960 4 0 1 0 FISERV 75 REMITTANCE DRIVE DEPT 1649 CHICAGO IL 606751649 CORE SYSTEM PROCESSOR 1027062 AT&T MPLS PO BOX 5019 CAROL STREAM IL 601975019 INTERSTATE DEDICATED PRIVATE LINE 272627 DELL BUSINESS CREDIT PO BOX 5275 CAROL STREAM IL 601975275 COMPUTER PROVIDER 140132 DIEBOLD INC PO BOX 643543 PITTSBURGH PA 152643543 ATM SERVICER 121935 APPLICATION SPEACIALIST KOMPANY 3125 SOVEREIGN DRIVE SUITE 98 LANSING MI 48911 IT SUPPORT/BACKUP AND RECOVERY 121124 5 INCOME FROM MEMBER LOANS 522100 12514075 12514075 FEES 522100 7834204 7834204 20348279 1312335 1312335 3255178 252094 3248000 238198 7178 13896 21074 21074 NON-MEMBER ATM/SHARED BRANCHING 525990 1617094 1617094 EQUITY IN EARNINGS OF CUSO 522100 476558 476558 INSURANCE INCOME 524298 13009 13009 2106661 23788349 20845911 1630103 1312335 X 647792 6038485 327432 839911 520877 146989 71947 63340 49086 335573 989538 1430323 597119 47715 161708 1416188 99657 1325380 123382 DEBIT/CREDIT CARD EXPEN 1491170 PROVISION FOR LOAN LOSS 1490000 LOAN SERVICING 731526 MAINTENANCE 543568 796317 20285023 3908438 3911119 26176985 28075057 1886048 1645197 249389964 263669999 762826 839232 18609488 5569936 10654494 13039552 55338990 54304029 8718867 9990449 596149 395497 5197045 5440075 362629806 381310206 1708501 1753128 323843218 339184624 325551719 340937752 X 0 0 0 0 37078087 40372454 37078087 40372454 362629806 381310206 X 3503326 -233151 24192 X X 0 1 X 1 0 6702895 6702895 6934898 2810206 4124692 4971695 2759730 2211965 13039552 POSTRETIREMENT HEALTHCARE 835859 MEMBER SHARES 338348765 339184624 X 23774453 0 23774453 13896 13896 23788349 20271127 -13896 -13896 20285023 0 20285023 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 CONDITION OR RESULTS OF OPERATIONS. THE CREDIT UNION'S INCOME TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES AND OPEN TAX PERIODS INCLUDE 2015 - 2017. PART XI, LINE 4B - OTHER ADJUSTMENTS: GAIN ON OREO REPORTED AS A REDUCTION OF EXPENSES IN AUDITED FINANCIALS BUT REPORTED IN THE STATEMENT OF REVENUE IN FORM 990 13,896. PART XII, LINE 2D - OTHER ADJUSTMENTS: GAIN ON OREO REPORTED AS A REDUCTION OF EXPENSES IN AUDITED FINANCIALS BUT REPORTED IN THE STATEMENT OF REVENUE IN FORM 990 -13,896. X 1 1 X X X X X 0 0 0 PATRICIA CAMPBELL PRESIDENT & CEO 246969 0 77928 0 22012 0 18330 0 7774 0 373013 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 ANY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS CONSIDERED A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER IS GIVEN ONE VOTE TO ELECT ONE OR MORE MEMBERS OF THE GOVERNING BODY AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR AND AS REQUIRED BY THE MICHIGAN CREDIT UNION ACT AND THE BY-LAWS OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PRESENTED AT A REGULAR BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR ALL EMPLOYEES, MANAGEMENT AND BOARD MEMBERS ARE PROVIDED WITH COPIES OF THE POLICIES AND MUST SIGN FOR ACKNOWLEDGEMENT. FORM 990, PART VI, SECTION B, LINE 15 PRESIDENT/CEO COMPENSATION IS DETERMINED BY THE BOARD OF DIRECTORS; COMPENSATION SURVEY DATA IS USED. SENIOR MANAGEMENT COMPENSATION IS APPROVED BY PRESIDENT/CEO; COMPENSATION SURVEY DATA IS USED. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENT ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST AND ARE POSTED IN ALL CREDIT UNION BRANCH LOCATIONS. FORM 990, PART IX, LINE 24E MISCELLANEOUS 490,043. ATM EXPENSES 240,685. EDUCATION 65,589. FORM 990, PART XI, LINE 9: AMORTIZATION OF UNREALIZED LOSSES ON POSTRETIREMENT BENEFIT PLAN 24,192. 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.