2018-11-15T15:01:21-06:00 2017-12-31 382492570 DOEREN MAYHEW 305 W BIG BEAVER ROAD TROY MI 48084 990 2017-01-01 381796409 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN 1038 FRANKENMUTH CREDIT UNION CRED 9894971600 P O BOX 209 FRANKENMUTH MI 48734 VICKIE SCHMITZER CEO 9894971623 2018-11-15 1 JACK TRACY P01974742 2482443000 64.95.240.2 2018-11-15 09:31:22 ES P 5C10503600C6A44598C4573B9F16AA1A88D12859 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2017 2019-02-21 02:37:17Z VICKIE SCHMITZER P O BOX 209 FRANKENMUTH MI 48734 37660155 0 X WWW.FRANKENMUTHCU.ORG X 1964 MI PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND 9 9 286 9 118221 -260464 0 0 30496754 36942616 558777 626777 -46606 -103634 31008925 37465759 7000 11500 0 0 11032879 12302579 0 0 0 12726795 16824385 23766674 29138464 7242251 8327295 470665512 567059424 418907380 507004029 51758132 60055395 X PROVIDE SAFE, CONVENIENT, COST EFFECTIVE SERVICES FOR THE FINANCIAL WELL BEING OF THE CREDIT UNION AND ITS MEMBERS. AND TO GROW TRUSTED RELATIONSHIPS BY PROVIDING PERSONALIZED FINANCIAL SOLUTIONS. 0 1 PROVIDE 41,599 MEMBERS WITH SHARES, SHARE DRAFTS, BUSINESS CHECKING, MONEY MARKET, CLUB, HEALTH SAVINGS, IRA AND CERTIFICATE OF DEPOSIT ACCOUNTS TOTALING 87,740. PROVIDE 37,041 SHARE SECURED, STUDENT, SIGNATURE, PAYMENT SHAVER, BUSINESS, HOME EQUITY, LINE OF CREDIT, NEW AND USED VEHICLE, RECREATIONAL VEHICLE, HOME IMPROVEMENT, CREDIT CARD, DRIVING SENSE AND MORTGAGE LOANS. OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, SHARED BRANCHING, TRAVELERS CHECKS, MONEY ORDERS, COURTESY PAY, WIRE TRANSFERS, GIFT CHECKS, BILL PAY AND VARIOUS INSURANCE PROGRAMS TO ALL ELIGIBLE MEMBERS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 1 1 0 0 1 10742 0 1 286 1 1 1 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 FRANKENMUTH CREDIT UNION 9894971600 580 N MAIN ST FRANKENMUTH MI 48734 PETER BENDER CHAIRPERSON 6.00 X 0 0 0 CHERYL LOEFFLER VICE CHAIRPERSON 6.00 X 0 0 0 RICHARD REIF SECRETARY 6.00 X 0 0 0 BRIAN DIXON TREASURER 6.00 X 0 0 0 TIMOTHY HILDNER DIRECTOR 6.00 X 0 0 0 JILL CATTERFELD DIRECTOR 6.00 X 0 0 0 MICHAEL FASSEZKE DIRECTOR 6.00 X 0 0 0 TIFFANY LOBODZINSKI DIRECTOR 6.00 X 0 0 0 AMY ZEHNDER-GROSSI DIRECTOR 6.00 X 0 0 0 VICKIE SCHMITZER CEO 56.48 X 435401 0 54400 DONNA HAUBENSTRICKER VP OF FINANCE 45.62 X 202231 0 24500 VICTORIA DEGRACE COLLECTIONS MANAGER 43.10 X 150567 0 10000 BRAD GNATKOWSKI MORTGAGE ORIGINATOR 40.00 X 155909 0 15100 WILLIAM WATCHORN MORTGAGE ORIGINATOR 40.00 X 185844 0 11500 JAMES BICKEL VP OF BUSINESS SERVICES 44.47 X 114900 0 10300 DEBRA BAUER DIRECTOR OF MEMBER SERVICE 46.71 X 112685 0 19400 ERIC NEUMEYER CUSO CEO 42.97 X 102955 0 19500 KARI SCHMITZER HR DIRECTOR 41.94 X 101502 0 20400 1561994 0 185100 9 0 1 0 SPENCE BROTHERS 203 S WASHINGTON AVE SUITE 360 SAGINAW MI 48607 CONSTRUCTION 5573918 CUANSWERS 6000 28TH STREET SE SUITE 100 GRAND RAPIDS MI 49546 DATA PROCESSING 1334298 TSSF ARCHITECTS INC 122 N WASHINGTON AVENUE SAGINAW MI 48607 ARCHITECT 666769 CO-OP 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 DEBIT AND CREDIT PROCESSING 409516 INFORMA BUSINESS SYSTEMS 5170 HARTSHORN DRIVE FLUSHING MI 48433 ATM/ITM SERVICES 395322 14 LOAN INTEREST INCOME 522100 24302700 24302700 FEE AND OTHER INCOME 522100 12521695 12521695 NON-MEMBER ATM INCOME 900099 91635 91635 UNRELATED SPRINT INCOME 517000 12297 12297 NON-MEMBER SHARED BRANCH INCOME 522100 9296 9296 4993 4993 36942616 626777 626777 90762 194396 -103634 -103634 -103634 37465759 37347538 118221 0 11500 1245452 8152681 352523 1730803 821120 101782 76139 31425 232454 582066 2369014 455198 1085125 86880 235285 2593337 1526440 147252 PROVISION FOR LOAN LOSS 4173404 OTHER OPERATING EXPENSE 1917026 LOAN SERVICING 1066629 EXAMINATION FEES & ASSO 144929 29138464 5758253 6778862 414935 10571129 1524028 1429180 383287086 459972563 758480 780483 43704480 10895134 24145864 32809346 30685405 35048533 11702122 6222714 12389339 13446614 470665512 567059424 2640103 5285237 17850000 26275000 398417277 475443792 418907380 507004029 X 0 0 0 0 51758132 60055395 51758132 60055395 470665512 567059424 8327295 -30032 0 X X 0 1 X 1 1 1 4201694 4201694 28508109 4016904 24491205 1158045 636809 521236 9836632 6241421 3595211 32809346 CERTIFICATES OF DEPOSIT 26929000 C CUSO INVESTMENTS 1025626 C FHLB STOCK 1153000 C FEDERAL AGENCY INVESTMENTS 750000 C BONDS 620708 F US SECURITES FUND 1481435 C NEIGHBORHOOD INCOME SOLUTIONS 3088764 C 35048533 MEMBER SHARES AND DEPOSITS 475443792 475443792 X 37660155 0 37660155 -194396 -194396 37465759 29332860 194396 194396 29138464 0 29138464 PART X, LINE 2: THE CREDIT UNION IS EXEMPT BY STATUTE FROM FEDERAL AND STATE INCOME TAXES, BUT STILL MAY BE SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UNRELATED BUSINESS INCOME IS INCOME FROM A TRADE OR BUSINESS REGULARLY CARRIED ON BY A TAX EXEMPT ORGANIZATION THAT IS NOT SUBSTANTIALLY RELATED TO THE ORGANIZATION'S EXEMPT PURPOSES. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE IS REPORTED AS A REDUCTION OF RENTAL REVENUE IN FORM 990 BUT INCLUDED IN EXPENSES IN THE AUDITED FINANCIAL STATEMENTS -194,396. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE IS REPORTED AS A REDUCTION OF RENTAL REVENUE IN FORM 990 BUT INCLUDED IN EXPENSES IN THE AUDITED FINANCIAL STATEMENTS 194,396. 1 SCHOLARSHIPS 23 11500 PART I, LINE 2: EACH YEAR THE CREDIT UNION AWARDS SEVEN SCHOLARSHIPS ANNUALLY TO SEVEN SENIORS, WHO ARE MEMBERS OF THE CREDIT UNION, THAT ARE GRADUATING FROM HIGH SCHOOL. THE INDIVIDUAL RECEIVES $500 EACH YEAR THEY ARE ATTENDING COLLEGE FOR A PERIOD OF 4 YEARS. THE SELECTION IS BASED ON ACHIEVEMENTS IN TWO AREAS. THEY MUST BE INVOLVED IN EXTRA-CURRICULAR ACTIVITES AND SUBMIT A WRITTEN ESSAY ON A TOPIC CHOSEN BY THE CREDIT UNION. X X 1 1 X X X X 0 1 0 VICKIE SCHMITZER CEO 321401 0 114000 0 0 0 34400 0 20000 0 489801 0 0 0 DONNA HAUBENSTRICKER VP OF FINANCE 170331 0 31900 0 0 0 7500 0 17000 0 226731 0 0 0 VICTORIA DEGRACE COLLECTIONS MANAGER 101167 0 49400 0 0 0 7200 0 2800 0 160567 0 0 0 BRAD GNATKOWSKI MORTGAGE ORIGINATOR 0 0 155909 0 0 0 7700 0 7400 0 171009 0 0 0 WILLIAM WATCHORN MORTGAGE ORIGINATOR 0 0 185844 0 0 0 8300 0 3200 0 197344 0 0 0 PART I, LINE 1A CHARTER TRAVEL IS USED ONLY IF NECESSARY FOR BUSINESS. PART I, LINE 4B VICKIE SCHMITZER, CEO PARTICIPATES IN A SPLIT DOLLAR LIFE PLAN. THE CASH SURRENDER VALUE WAS $1,287,798 AT DECEMBER 31, 2017. BRANDON SCHMITZER HEAD OF MAINTENA CREDIT UNION EMPLOYEE WITH FAMILY RELATIONSHIP WITH THE CEO 103031 EMPLOYEE COMPENSATION AND BENEFITS 0 FORM 990, PART III, LINE 3 THE CREDIT UNION DISCONTINUED OFFERING PAY DAY LOANS. AS OF 12/13/17 ALL OUTSTANDING LOANS WERE PAID OFF. 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 BOARD OF DIRECTORS IS ELECTED BY MEMBERS VOTING AT THE ANNUAL MEETING FOR 3 YEAR TERMS. FORM 990, PART VI, SECTION A, LINE 7B THE CREDIT UNION NEEDS MEMBER APPROVAL FOR MERGERS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY THE CEO PRIOR TO FILING. SUBSEQUENT TO FILING, THE BOARD OF DIRECTORS AND AUDIT COMMITTEE IS PROVIDED WITH A COPY OF THE 990 RETURNS SUBMITTED. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY IS REVIEWED AT THE ORGANIZATIONAL MEETING AND MONITORED BY THE INTERNAL COMPLIANCE OFFICER. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE ESTABLISHES COMPENSATION FOR CEO USING INDEPENDENT CONSULTANT AND SURVEYS. THE COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS. THE VICE PRESIDENT OF FINANCE'S COMPENSATION IS DETERMINED BY THE CEO WITH APPROVAL FROM THE BOARD BASED ON CUES AND MI CREDIT UNION LEAGUE SURVEYS AND BONUS PAID BY GOALS BEING MET. FORM 990, PART VI, SECTION C, LINE 19 THE MONTHLY FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. ALL OTHER DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPON REQUEST. 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 INDEPEDENT AUDITOR. MY MEMBER INSURANCE AGENCY PO BOX 209 FRANKENMUTH MI 49734 473157237 INSURANCE SALES MI 60608 139627 FRANKENMUTH CREDIT UNION NEIGHBORHOOD INCOME SOLUTIONS 1100 S BAGLEY ST ALPENA MI 49707 464364566 HOLDING COMPANY MI RELATED 466499 3088763 0 0 0.33330 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0