2025-11-17T22:14:19-06:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 381489454 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN CRED 9898355100 600 W WACKERLY STREET MIDLAND MI 48641 TAMARA MCGOVERN CFO 9898355100 2025-11-17 1 0 AUBREY CLEGG P01076395 3052328272 2025-11-17 2024 2025-03-06 01:10:19Z MEMBERS FIRST CREDIT UNION CARRIE IAFRATE 600 W WACKERLY STREET MIDLAND MI 48641 64839036 0 X WWW.MFCU.NET X 1936 MI THE VISION OF MEMBERS FIRST CREDIT UNION IS TO CREATE THRIVING COMMUNITIES AND OUR MISSION IS ENCOURAGING A BETTER TOMORROW. 8 8 299 8 54162 28498 1500000 315000 48887806 56504350 3934694 5344686 0 0 54322500 62164036 360112 258294 0 0 20240323 21192122 0 0 0 31239038 38316596 51839473 59767012 2483027 2397024 827697863 850578095 765997655 784694457 61700208 65883638 X THE MISSION OF MEMBERS FIRST CREDIT UNION IS ENCOURAGING A BETTER TOMORROW. WE DELIVER ON THIS MISSION BY BEING TRUSTWORTHY, CARING, AND ENTHUSIASTIC. WE EMPOWER OUR PEOPLE IN THEIR JOURNEY OF WELLBEING. WE BELIEVE IN PURPOSE, BELONGING, AND JOY; WHEN OUR PEOPLE FIND THIS IN THEIR WORK AND THE PEOPLE THEY WORK WITH, AMAZING THINGS HAPPEN. 0 0 PROVIDED APPROXIMATELY 60,000 LOANS TO MEMBERS, INCLUDING CONSUMER, REAL ESTATE, CREDIT CARD AND SMALL BUSINESS LOANS. OFFER OVER 65,000 MEMBERS METHODS TO INCREASE THEIR FINANCIAL WELLBEING WITH SAVINGS, CHECKING, CERTIFICATES OF DEPOSIT AND OTHER DEPOSIT AND INVESTMENT PRODUCTS AND OPTIONS. OFFER MEMBERS VARIOUS METHODS TO ACHIEVE THEIR FINANCIAL GOALS THROUGH PERSONAL CONTACT, ELECTRONIC AND ONLINE SERVICES. 0 1 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 16605 0 1 299 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X MEMBERS FIRST CREDIT UNION 9898355100 600 W WACKERLY STREET MIDLAND MI 48641 KEVIN BROTT VICE CHAIRPERSON 4.00 X 0 0 0 JENNI BUSH SECRETARY 4.00 X 0 0 0 ROBERT COOPER CHAIRPERSON 4.00 X 0 0 0 RENEE DECKROW DIRECTOR 4.00 X 0 0 0 JOSEPH KREUSCH DIRECTOR 4.00 X 0 0 0 GRANT MURSCHEL DIRECTOR 4.00 X 0 0 0 ERIN STRANG DIRECTOR 4.00 X 0 0 0 DAVID THOMPSON TREASURER 4.00 X 0 0 0 CARRIE IAFRATE CEO 40.00 X 390152 0 50904 TAMARA MCGOVERN CFO 40.00 X 330544 0 53608 AMY GARVER COO 40.00 X 221332 0 30071 MARCIE LONG CPSO 40.00 X 221140 0 40077 JOHN PEPMEIER VP FINANCE 40.00 X 181946 0 36914 NICHOLAS GROULX VP CHANNEL DELIVERY 40.00 X 171870 0 34827 REID LUNDEEN VP LENDING 40.00 X 137510 0 41769 KELLY KAMMER VP RISK MANAGEMENT 40.00 X 160266 0 44824 BETHANY DUTCHER VP MARKETING 40.00 X 158849 0 38285 EVERETT PETERSON VP TECHNOLOGY 40.00 X 133242 0 40437 NOELLE ROBINSON VP CULTURE & EMPLOYEE DEVELOPMENT 40.00 X 127828 0 32607 2234679 0 444323 23 0 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE PROCESSING SYSTEMS 1791573 SCHWIND CONSTRUCTION 2014 N SAGINAW RD MIDLAND MI 48641 BUILDING CONTRACTOR 1017794 YEO & YEO COMPUTER CONSULTING PO BOX 3275 SAGINAW MI 48605 COMPUTER CONSULTANTS 988526 Q2 SOFTWARE INC 10355 PECAN PARK BLVD AUSTIN TX 78729 ONLINE BANKING 887101 DOXIM 747 E WHITCOMB AVE MADISON HEIGHTS MI 48071 PRINTER-STATEMENTS & MARKETING PIECES 762028 32 300000 15000 315000 LOAN INTEREST 522100 41102256 41102256 FEES AND OTHER 522100 15347932 15347932 FINANCE & INSURANCE 520000 54162 54162 56504350 4685278 4685278 3334408 2675000 659408 659408 659408 62164036 61794874 54162 0 214794 43500 1763385 15043866 1103250 1925078 1356543 63343 255753 692512 752268 10573255 919232 199386 388226 14237416 1756464 208317 PROVISION FOR LOAN LOSS 6528230 LOAN SERVICING FEES 1560807 LOSSES ON DEPOSIT ACCOU 176212 990T EXPENSE 5175 59767012 8429123 10315797 24096348 23793308 899616 418238 2750000 3336905 601896240 627061420 4935583 5330149 29682553 14079506 14530625 15603047 151222069 143733190 6027972 5882523 128611 47383 12781676 15056135 827697863 850578095 10994709 7346747 68000000 57500000 687002946 719847710 765997655 784694457 X 0 0 0 0 61700208 65883638 61700208 65883638 827697863 850578095 2397024 1786406 0 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2917830 2917830 17350854 7294174 10056680 9413869 6785332 2628537 15603047 MEMBER DEPOSITS 719847710 719847710 X 62164036 0 62164036 0 62164036 59767012 0 59767012 0 59767012 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. 1 AFFORDABLE HOUSING ALLIANCE 3400 ISABELLA ST MIDLAND MI 48642 383269965 501(C)(3) 20000 0 TO SUPPORT THE OGRANIZATION MISSION OF AFFORDABLE HOUSING FOR INDIVIDUALS IN NEED MIDLAND CENTER FOR THE ARTS 1801 W ST ANDREWS MIDLAND MI 48640 386114020 501(C)(3) 10000 0 TO SUPPORT ARTS EDUCATION, CULTURAL RPOGRAMS, AND COMMUNITY EVENTS THAT ENRICH THE LIVES OF LOCAL FAMILIES MIDLAND SOCCER CLUB 901 SOCCER DR MIDLAND MI 48642 382343344 501(C)(3) 20000 0 TO SUPPORT YOUTH SPORTS, TEAMWORK, AND HEALTHY LIFESTYLE FOR CHILDREN AND FAMILIES IN THE COMMUNITY 3 0 TEACHER GRANTS 40 20000 TEACHER GRANTS SCHOLARSHIPS 4 10000 SCHOLARSHIP GIVEN TO HIGHER EDUCATION STUDNETS WHO DEMOSTRATED EXCELLENCE WEEK OF JOY 260 13500 260 GIFT CARDS WERE HANDED OUT RANDOMLY PART I, LINE 2: THESE ARE CHARITABLE CONTRIBUTIONS, NOT GRANTS. THEREFORE, THERE IS NO SUBSEQUENT MONITORING BY THE CREDIT UNION. FORM 990, SCH I, PART IV SCHOLARSHIPS ARE GIVEN TO LOCAL STUDENTS PURSUING HIGHER EDUCATION. TEACHER GRANTS ARE AWARDED TO HELP TEACHERS BRING THEIR CLASSROOM VISIONS TO LIFE. X X X 0 1 0 CARRIE IAFRATE CEO 379740 0 1910 0 8502 0 21818 0 29086 0 441056 0 0 0 TAMARA MCGOVERN CFO 326465 0 1885 0 2194 0 26766 0 26842 0 384152 0 0 0 MARCIE LONG CPSO 216572 0 2210 0 2358 0 17736 0 22341 0 261217 0 0 0 AMY GARVER COO 216764 0 2210 0 2358 0 17736 0 12335 0 251403 0 0 0 JOHN PEPMEIER VP FINANCE 177712 0 1876 0 2358 0 14616 0 22298 0 218860 0 0 0 NICHOLAS GROULX VP CHANNEL DELIVERY 168077 0 1911 0 1882 0 13983 0 20844 0 206697 0 0 0 KELLY KAMMER VP RISK MANAGEMENT 155061 0 2032 0 3173 0 13336 0 31488 0 205090 0 0 0 BETHANY DUTCHER VP MARKETING 146421 0 10441 0 1987 0 13008 0 25277 0 197134 0 0 0 REID LUNDEEN VP LENDING 132974 0 2208 0 2328 0 11601 0 30168 0 179279 0 0 0 EVERETT PETERSON VP TECHNOLOGY 128873 0 2032 0 2337 0 11280 0 29157 0 173679 0 0 0 NOELLE ROBINSON VP CULTURE & EMPLOYEE DEVELOPMENT 124006 0 2032 0 1790 0 10305 0 22302 0 160435 0 0 0 PART I, LINE 4B CARRIE IAFRATE, CEO, AND ERIC BRUBAKER, FORMER PRESIDENT/CEO, PARTICIPATE IN A COLLATERAL ASSIGNED SPLIT DOLLAR ARRANGEMENT FOR WHICH NO ACTUAL FUNDS WERE DISTRIBUTED. ERIC BRUBAKER FORMER CEO DEFERRED RETIREMENT PROGRAM-COLLATERAL ASSIGNED X 2750000 2750000 0 1 1 CARRIE IAFRATE CEO DEFERRED RETIREMENT PROGRAM-COLLATERAL ASSIGNED X 614000 586905 0 1 1 3336905 SCHEDULE L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO AND FORMER CEO THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE EXECUTIVE'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE EXECUTIVE MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME UP TO THE PREMIUMS PAID INTO THE POLICIES. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOANS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT. 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 MEMBERS OF THE BOARD OF DIRECTORS HAVE STAGGERED TERMS OF 3 YEARS AND THEIR ELECTION IS HELD ANNUALLY AT AN ANNUAL MEETING FOR THE FULL MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7B CREDIT UNION DECISIONS THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE BYLAW CHANGES. ANY CHANGE IN THE CREDIT UNION'S BYLAWS ARE APPROVED BY A VOTE OF THE FULL MEMBERSHIP AT THE ANNUAL MEETING OR A SPECIAL MEETING CALLED FOR THAT PURPOSE. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE VICE PRESIDENT PRIOR TO SUBMISSION TO THE IRS. A FULL COPY OF THE 990 RETURN IS PROVIDED TO THE BOARD OF DIRECTORS FOR THEIR ANNUAL REVIEW AND DISCUSSION AT A REGULAR MEETING OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION HAS A FULL-TIME AUDIT AND COMPLIANCE DEPARTMENT WHOM, WITH THE HUMAN RESOURCES MANAGER, ENSURES COMPLIANCE WITH REGULATIONS AND STATUTES. THE BOARD OF DIRECTORS AND SENIOR MANAGEMENT SIGN A CONFLICT OF INTEREST DISCLOSURE. ADDITIONALLY, COMPLIANCE WITH CONFLICT OF INTEREST POLICIES IS MONITORED BY THE SUPERVISIORY COMMITTEE, WHO ARE NOT MEMBERS OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 A PERSONNEL COMMITTEE COMPOSED OF SEVERAL MEMBERS OF THE BOARD OF DIRECTORS PERFORM AN ANNUAL REVIEW OF THE PRESIDENT/CEO WHICH IS THEN SUBMITTED TO THE FULL BOARD OF DIRECTORS. A PERSONNEL COMMITTEE COMPOSED OF SEVERAL MEMBERS OF THE BOARD OF DIRECTORS SET THE OVERALL EMPLOYEE COMPENSATION, BENEFIT PARAMETERS AND ANNUAL INCREASE GUIDELINES WHICH ARE THEN APPROVED BY THE FULL BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 MONTHLY FINANCIALS ARE POSTED AT EACH BRANCH AND ANNUAL FINANCIALS ARE PROVIDED TO ALL MEMBERS AT THE ANNUAL MEETING OF THE MEMBERSHIP. THEY ARE ALSO AVAILABLE UPON REQUEST. CREDIT UNION POLICIES ARE REVIEWED AT LEAST ANNUALLY AT A MEETING OF THE BOARD OF DIRECTORS AND ARE AVAILABLE UPON REQUEST TO BE REVIEWED AT THE CREDIT UNION'S CORPORATE HEADQUARTERS DURING REGULAR BUSINESS HOURS. THE CREDIT UNION'S GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST TO BE REVIEWED AT THE CREDIT UNION'S CORPORATE HEADQUARTERS DURING REGULAR BUSINESS HOURS. 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. MICHIGAN TRUSTED TITLE AGENCY 975 NORTH MAIN ST UPTOWN NORTH MAIN FRANKENMUTH MI 48734 TITLE COMPANY MI N/A 9472 42072 0.05520 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0