2017-10-12T15:02:22-05:00 2016-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2016-01-01 380703992 ARBOR FINANCIAL CREDIT UNION F/K/A EDUCATIONAL COMMUNITY CREDIT UNION ARBO 2693756702 1551 SOUTH 9TH STREET KALAMAZOO MI 490099327 EARLE SHELNER II VP - FINANCE 2695443471 2017-10-12 1 ROBERT PARKS CPA P00740435 2482443000 40.141.134.7 2017-10-12 13:54:30 ED P 062293E64DF58CF8D35332F263D6456F83B37FCF 062293E64DF58CF8D35332F263D6456F83B37FCF 2016 2021-01-29 14:40:06Z JULIE BLITCHOK 1551 S 9TH SREET KALAMAZOO MI 49009 25565301 0 X WWW.ARBORFCU.ORG X 1935 MI THE CREDIT UNION'S OPERATIONS INCLUDE HOLDING DEPOSITS FOR AND MAKING LOANS TO INDIVIDUALS WHO WORK OR RESIDE WITHIN A SPECIFIC AREA AND GROUP IN THE STATE OF MICHIGAN. 7 7 176 10 203263 -21685 0 0 20579054 23699578 1858194 754955 167813 749063 22605061 25203596 18000 24000 0 0 10432318 9970338 0 0 0 10190241 12041494 20640559 22035832 1964502 3167764 428500083 479181965 387781027 435489370 40719056 43692595 THE CREDIT UNION'S OPERATIONS INCLUDE HOLDING DEPOSITS FOR AND MAKING LOANS TO INDIVIDUALS WHO WORK OR RESIDE WITHIN A SPECIFIC AREA AND GROUP IN THE STATE OF MICHIGAN. 0 0 ALLOWING MEMBERS ACCESS TO CREDIT THROUGH OUR CREDIT CARD PROGRAM. ALLOWING MEMBERS DIRECT ACCESS TO THEIR CHECKING ACCOUNT AT MERCHANTS THROUGH OUR DEBIT CARD PROGRAM. ALLOWING MEMBERS ACCESS TO OVER 21,000 ATMS THORUGHOUT THE U.S. THROUGH OUR ATM NETWORKING PROGRAM. 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 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 12702 0 1 176 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 EARLE SHELNER II 2695443471 1551 S 9TH STREET KALAMAZOO MI 49009 DAVID AUBRY CHAIRMAN 2.00 X 0 0 0 RICHARD CAHOW VICE-CHAIRMAN 2.00 X 0 0 0 BARBARA WINTER SECRETARY 2.00 X 0 0 0 ARTHUR PARKER TREASURER 2.00 X 0 0 0 ROBERT GOODWIN DIRECTOR 2.00 X 0 0 0 JEFF POWLESS DIRECTOR 2.00 X 0 0 0 KIMBERLY ROHR DIRECTOR 2.00 X 0 0 0 EARLE SHELNER II VP FINANCE 50.00 X 164133 0 47098 JULIE BLITCHOK PRESIDENT/CEO 50.00 X 350024 0 57310 TAMARA PHELPS VP OPERATIONS 50.00 X 153048 0 48559 ARLENE HORTON VP HUMAN RESOURCES 50.00 X 143949 0 34024 JEFFREY DESHANE VP LENDING 50.00 X 136536 0 42752 KENNETH LEONARD VP COMMERCIAL LENDING 50.00 X 195473 0 48201 LAURIE BROOKS MORTGAGE LOAN OFFICER 40.00 X 140191 0 20503 RYAN REFFITT COMMERCIAL LOAN OFFICER 40.00 X 160779 0 47469 1444133 0 345916 8 0 1 0 FISERV 75 REMITTANCE DRIVE DEPT 1649 CHICAGO IL 60675 CORE SYSTEM PROCESSOR 1563732 FIS PO BOX 4535 CAROL STREAM IL 60197 CREDIT CARD PROCESSOR 1014706 VANTIV 8500 GOVERNORS HILL DR SYMMES TOWNSHIP OH 45249 DEBIT CARD PROCESSOR 789878 GLORY GLOBAL SOLUTIONS INC PO BOX 71252 CHICAGO IL 60694 ATM PROVIDER 143380 SIGNART INC 5757 EAST CORK ST KALAMAZOO MI 49048 SIGNS 138910 7 INCOME ON MEMBER LOANS 522100 14974761 14974761 FEES AND CHARGES 522100 8724817 8724817 23699578 804711 804711 311949 361705 -49756 -49756 -49756 MISCELLANEOUS INCOME 522100 545800 545800 WEALTH MANAGEMENT INCOME 523930 80104 80104 WARRANTY SALES 524298 70970 70970 52189 52189 749063 25203596 24245378 203263 754955 X 24000 820172 5838714 596858 2165650 548944 165866 61572 79736 609998 1257194 1313336 728622 19629 286147 1784504 45926 839899 178159 VISA AND MASTERCARD EXP 1159497 PROVISION FOR LOAN LOSS 1086000 LOAN SERVICING EXPENSE 703522 ATM EXPENSES 577059 1144828 22035832 3752719 3608682 26819820 44892062 3872047 329796697 360506687 263881 474291 20140673 5519908 15259297 14620765 38609706 26774978 1830200 3222300 12167763 21210153 428500083 479181965 5493953 6036456 1255996 1754380 39287149 45750000 341743929 381948534 387781027 435489370 X 0 0 0 0 40719056 43692595 40719056 43692595 428500083 479181965 3167764 -194225 0 X X 0 1 X 1 0 0 0 2861433 2861433 11871757 2271281 9600476 136866 133981 2885 5270617 3114646 2155971 14620765 MEMBER SHARES AND SAVINGS ACCOUNTS 381948534 381948534 X 25253352 0 25253352 -49756 -49756 25203596 22085588 49756 49756 22035832 0 22035832 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL 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 2012 - 2015. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON SALE OF ASSETS -49,756. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF ASSETS 49,756. 1 SCHOLARSHIPS ARE AWARDED TO HIGH SCHOOL SENIORS WHO HAVE BEEN MEMBERS OF THE CREDIT UNION FOR AT LEAST ONE YEAR AND DEMONSTRATE ACADEMIC ACHIEVEMENT, COMMUNITY INVOLVEMENT AND FINANCIAL NEED. 21 24000 PART I, LINE 2: THE CREDIT UNION CHOOSES SCHOLARSHIP RECIPIENTS BASED ON CERTAIN CRITERIA AND KEEPS SUPPORTING DOCUMENTS FOR THEIR DECISIONS. X 1 1 X X X X X X 0 1 0 EARLE SHELNER II VP FINANCE 136532 0 27187 0 414 0 10264 0 36834 0 211231 0 0 0 JULIE BLITCHOK PRESIDENT/CEO 272711 0 61986 0 15327 0 3552 0 53758 0 407334 0 0 0 TAMARA PHELPS VP OPERATIONS 129776 0 22578 0 694 0 18000 0 30559 0 201607 0 0 0 ARLENE HORTON VP HUMAN RESOURCES 118866 0 23192 0 1891 0 4739 0 29285 0 177973 0 0 0 JEFFREY DESHANE VP LENDING 113811 0 22224 0 501 0 8617 0 34135 0 179288 0 0 0 KENNETH LEONARD VP COMMERCIAL LENDING 123529 0 71667 0 277 0 12274 0 35927 0 243674 0 0 0 LAURIE BROOKS MORTGAGE LOAN OFFICER 33875 0 106263 0 53 0 2905 0 17598 0 160694 0 0 0 RYAN REFFITT COMMERCIAL LOAN OFFICER 75000 0 85670 0 109 0 16078 0 31391 0 208248 0 0 0 PART I, LINE 4B JULIE BLITCHOCK, CEO PARTICIPATES IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN. RETIREMENT PLAN AMOUNT $11,074,666. JULIE BLITCHOCK CEO SERP X 4480403 3872047 0 1 1 3872047 FORM 990, PART VI, SECTION A, LINE 6 EVERY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS CONSIDERED A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A AS A CREDIT UNION, WE HAVE A MEMBERSHIP THAT HAS THE AUTHORITY TO VOTE FOR THE BOARD OF DIRECTORS ON AN ANNUAL BASIS. WE ARE REQUIRED TO HOLD AN ANNUAL MEETING, WHERE THE MEMBERSHIP CAN VOTE FOR THE BOARD OF DIRECTORS UP FOR NOMINATION. FORM 990, PART VI, SECTION A, LINE 7B THE DECISIONS ARE APPROVED AT THE ANNUAL MEETING. THEY ALSO CAN REVIEW THE MONTHLY AND YEAR TO DATE FINANCIAL STATEMENTS THAT ARE REQUIRED TO BE POSTED IN THE LOBBY. AS FOR DAY TO DAY DECISIONS, THEY DO NOT OVERSEE OR APPROVE ACTIONS. FORM 990, PART VI, SECTION B, LINE 11B A COPY WILL BE PROVIDED FOR THE BOARD OF DIRECTORS TO REVIEW AT A REGULAR SCHEDULED BOARD MEETING. INDIVIDUAL COPIES WILL NOT BE HANDED OUT TO EACH BOARD MEMBER. FORM 990, PART VI, SECTION B, LINE 12C ALL DIRECTORS AND EMPLOYEES ARE REQUIRED TO SIGN A POLICY STATEMENT ANNUALLY AND TO SUBMIT CHANGES DURING THE YEAR. FORM 990, PART VI, SECTION B, LINE 15 WE UTILIZE AN OUTSIDE CONSULTANT, AS WELL AS INDUSTRY PUBLICATIONS TO SET THE RANGES OF ALL INDIVIDUALS PAID AT THE CREDIT UNION. ALL SALARY RANGES FOR ALL EMPLOYEES ARE APPROVED BY THE BOARD OF DIRECTORS AT A REGULARLY SCHEDULED MEETING. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 24E FRAUD EXPENSES 477,980. DEBIT AND CREDIT EXPENSES 422,607. MISCELLANEOUS EXPENSE 244,241. FORM 990, PART XII, LINE 2C THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.