2017-11-03T16:21:39-05:00 2016-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2016-01-01 381449622 CREDIT UNIONS CHARTERED IN THE STATE OF MONROE COUNTY COMMUNITY CREDIT UNION CRED 7342423222 715 N TELEGRAPH ROAD MONROE MI 48162 MARK RADWANSKI INTERIM PRESIDENT AND CEO 7342423222 2017-11-03 1 JOSEPH ZITO CPA P00648440 2482443000 40.141.134.7 2017-11-03 17:13:15 ED P 062293E64DF58CF8D35332F263D6456F83B37FCF 062293E64DF58CF8D35332F263D6456F83B37FCF 2016 2018-03-14 21:41:22Z MARK RADWANSKI 715 N TELEGRAPH ROAD MONROE MI 48162 10248683 0 1359 X WWW.MCCCU.ORG X 1953 MI A MEMBER OWNED, QUALITY SERVICE ORIENTED FINANCIAL INSTITUTION, POSITIONED TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS IN A PERSONABLE AND COURTEOUS MANNER. 7 7 94 7 88306 68200 0 0 9070514 9343106 674993 817271 249265 88306 9994772 10248683 0 0 0 0 3866851 4057992 0 0 0 5426306 5695742 9293157 9753734 701615 494949 176609614 187050883 160948694 170098265 15660920 16952618 A MEMBER OWNED, QUALITY SERVICE ORIENTED FINANCIAL INSTITUTION, POSITIONED TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS IN A PERSONABLE AND COURTEOUS MANNER. 0 0 LOANS TO MEMBERS CARD SERVICES COURTESY PAY 0 0 0 0 0 0 0 0 0 1 1 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 2999 0 1 94 1 1 1 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X MARK RADWANSKI 7343842704 715 N TELEGRAPH RD MONROE MI 48162 DOLORES EVANS DIRECTOR 5.00 X 0 0 0 ROBERT DEGRAER DIRECTOR 5.00 X 0 0 0 MICHAEL MILLER VICE CHAIRMAN 5.00 X 0 0 0 GARY SIEVERT SECRETARY 5.00 X 0 0 0 BARRY KINSEY CHAIRMAN 5.00 X 0 0 0 JENNIFER POUPARD TREASURER 5.00 X 0 0 0 MATTHEW HEHL DIRECTOR 5.00 X 0 0 0 CONNIE OCHS DIRECTOR 5.00 X 0 0 0 KENNETH STRITT DIRECTOR 5.00 X 0 0 0 MICHAEL NEWMAN CEO 50.00 X 251086 0 35650 MARK RADWANSKI CFO 50.00 X 126218 0 30474 377304 0 66124 2 0 1 0 FIS 601 RIVERSIDE AVENUE JACKSONVILLE FL 32204 CREDIT/DEBIT CARD PROCESSOR 975416 CU ANSWERS 6000 28TH SE STE 100 GRAND RAPIDS MI 49546 CORE SYSTEM PROCESSOR 520109 2 INCOME ON MEMBER LOANS 522100 5581808 5581808 FEES 522100 3761298 3761298 9343106 817271 817271 ATM INCOME 525990 82583 82583 BROKERAGE INCOME 525990 5723 5723 88306 10248683 9343106 88306 817271 443428 2531770 221429 604572 256793 79910 65916 160059 114492 544019 438936 289806 119987 889 143422 29461 255513 67736 PROVISION FOR LOAN LOSS 1858600 DEBIT/CREDIT EXPENSE 1051883 LOAN SERVICING 230318 EQUIPMENT/BUILDING MAIN 199444 45351 9753734 4907408 4191317 22545397 23243822 635259 1255485 104707848 108608945 219541 194218 5844536 2519008 3474235 3325528 34778019 30098498 2329300 12858700 94031 76371 2918576 3197999 176609614 187050883 1373649 1475108 159575045 168623157 160948694 170098265 X 0 0 0 0 15660920 16952618 15660920 16952618 176609614 187050883 X 494949 690954 105795 X X 0 1 X 1 0 716115 716115 3505270 1357305 2147965 1623151 1161703 461448 3325528 FHLB STOCK 334900 C LONG TERM INTEREST BEARING DEPOSITS 11957000 C PERPETUAL CONTRIBUTED CAPITAL 566800 C 12858700 MEMBERS SHARES 168623157 168623157 X 10248683 0 10248683 0 10248683 9753734 0 9753734 0 9753734 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 2013 - 2016. X X 1 1 X X X X 0 0 0 MICHAEL NEWMAN CEO 205448 0 20496 0 25142 0 18216 0 17434 0 286736 0 0 0 MARK RADWANSKI CFO 111648 0 10000 0 4570 0 10177 0 20297 0 156692 0 0 0 PART I, LINE 1A CEO PAYS TAX ON THE INTEREST ON HIS COLLATERAL SPLIT DOLLAR PLAN BASED ON THE BLENDED ANNUAL TAX RATE IN EFFECT. THIS GETS ADDED TO HIS W-2. HE IS THEN REIMBURSED THROUGH PAYROLL FOR HIS TAXES PAID AT 30% OF THE INCOME AMOUNT. FORM 990, PART VI, SECTION A, LINE 6 EVERY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION CAN ELECT MEMBERS OF THE GOVERNING BODY. 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 990 IS PREPARED BY 3RD PARTY AND A DRAFT RETURN IS THEN SENT TO THE CFO FOR REVIEW AND FINAL APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C DISCLOSURE FORMS ARE REVIEWED BY COMPLIANCE OFFICER AND ADDED TO EMPLOYEE/DIRECTOR THIRD PARTY ACCOUNT RELATIONSHIPS. FORM 990, PART VI, SECTION B, LINE 15 SALARIES ARE PAID BASED ON THE RESULTS OF AN INDUSTRY COMPENSATION SURVEY COMPILED BY THE CREDIT UNION NATIONAL ASSOCIATION. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: NET ACTUARIAL GAINS ON POST-RETIREMENT BENEFIT PLAN 105,795. 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.