2017-11-03T16:36:39-05:00 2016-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2016-01-01 381562639 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN CRED 2317379309 1888 E SHERMAN BLVD MUSKEGON MI 49444 MORGAN RESCORLA PRESIDENT/CEO 2317379309 2017-11-03 1 JACK TRACY P01974742 3052328272 40.141.134.7 2017-11-03 17:35:52 ED P 1353DC092BF0A9AADCA388267C2932B6E10091D4 062293E64DF58CF8D35332F263D6456F83B37FCF 2016 2021-01-29 14:40:06Z BEST FINANCIAL CREDIT UNION MORGAN RESCORLA 1888 E SHERMAN BLVD MUSKEGON MI 49444 4307052 0 X WWW.BESTFCU.ORG X 1955 MI THE PURPOSE OF THE CREDIT UNION IS TO ENCOURAGE THRIFT AND SAVINGS BY CREATING A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES AND PROMOTE SAVINGS AT A REASONABLE RATE OF INTEREST. 8 8 46 10 88834 0 0 0 3689855 3747589 401993 504263 0 0 4091848 4251852 0 0 0 0 1387022 1443921 0 0 0 1968530 2274571 3355552 3718492 736296 533360 79075096 82115265 62462783 64969592 16612313 17145673 THE PURPOSE OF THE CREDIT UNION IS TO ENCOURAGE THRIFT AND SAVINGS BY CREATING A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES AND PROMOTE SAVINGS AT A REASONABLE RATE OF INTEREST. 0 0 PROMOTE THRIFT BY OFFERING FINANCIAL SERVICES TO THE COMMUNITY OF MEMBERS ELIGIBLE TO JOIN THE FINANCIAL CREDIT UNION. FINANCIAL SERVICES ARE ECONOMICALLY PRICED FOR LOANS, SERVICES, RETURN ON DEPOSITS. 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 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 5673 0 1 46 1 1 1 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X MORGAN RESCORLA 2317379309 1888 E SHERMAN BLVD MUSKEGON MI 49444 GEORGE GOUDIE CHAIRPERSON 5.00 X 0 0 0 JAMIE STAHL VICE CHAIRPERSON 5.00 X 0 0 0 PAUL HOPPA SECRETARY 5.00 X 0 0 0 MARSHA MAREK BOARD TREASURER 5.00 X 0 0 0 MARIE FOWLER BOARD MEMBER 5.00 X 0 0 0 SHONTAYE WITCHER SUPERVISORY COMMITTEE 5.00 X 0 0 0 DAVID MIERAS SUPERVISORY COMMITTEE 5.00 X 0 0 0 AUSTIN RANKIN SUPERVISORY COMMITTEE 5.00 X 0 0 0 CAROL WAGNER PRESIDENT/CEO 50.00 X 106536 0 6075 MORGAN RESCORLA PRESIDENT/CEO 50.00 X 98201 0 6329 MICHAEL VERSTRAETE VP OF FINANCE 50.00 X 67833 0 4698 272570 0 17102 1 0 0 0 FIS 601 RIVERSIDE AVE JACKSONVILLE FL 32204 DEBIT CARD SERVICES 220155 SHARE ONE INC 2650 THOUSAND OAKS BLVD SUITE 1120 MEMPHIS TN 38118 CORE PROCESSOR 202688 2 INCOME FROM LOANS 522100 2229603 2229603 FEES/CHARGES/OTHER 522100 1429152 1429152 UNRELATED BUSINESS INC 900099 88834 88834 3747589 509987 509987 49476 55200 -5724 -5724 -5724 4251852 3653031 88834 509987 289672 913712 59826 170142 10569 53272 4695 29065 10286 89455 429090 226346 88980 25313 34126 221142 10547 151347 21446 DEBIT/CREDIT VISA EXPEN 394389 PROVISION FOR LOAN LOSS 237731 MISCELLANEOUS 106967 LOAN SERVICING 58235 82139 3718492 1466338 823731 5701681 10660816 77295 20109 39208327 41660095 155521 204086 2993505 1574085 1286635 1419420 1800000 1300000 28416247 24693493 963052 1333515 79075096 82115265 490532 961475 61972251 64008117 62462783 64969592 X 0 0 0 0 16612313 17145673 16612313 17145673 79075096 82115265 533360 0 X X 0 1 X 1 0 330365 330365 1761238 973871 787367 740981 470108 270873 160921 130106 30815 1419420 LONG TERM CERTIFICATES OF DEPOSIT 24291193 C ALLOYA CONTRIBUTED CAPITAL SHARES 402300 C 24693493 SHARE DRAFTS 10339252 SHARES 25530097 MONEY MARKET 22116579 SHARE AND IRA CERTIFICATES 4334012 IRAS 1509063 CLUB ACCOUNTS 179114 64008117 X 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 POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION'S OPEN AUDIT PERIOD IS FOR THE FIVE YEAR PERIOD ENDED DECEMBER 31, 2015 (2011-2015). FORM 990, PART VI, SECTION A, LINE 6 CREDIT UNION IS A THRIFT ORGANIZATION WHERE MEMBERS JOIN AND DEPOSIT THE VALUE OF $5.00 OR ONE PAR SHARE IN THE CREDIT UNION TO MAINTAIN MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE BOARD OF DIRECTORS ARE ELECTED AT AN ANNUAL BUSINESS MEETING. 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 PRESENTED AT BOARD MEETING AND EMAILED TO OFFICERS. FORM 990, PART VI, SECTION B, LINE 12C ANNUAL REVIEW AND WRITTEN CONFIRMATION OF POLICY AND DISCLOSURE STATEMENT COMPLETED. FORM 990, PART VI, SECTION B, LINE 15 ANNUAL SURVEY PUBLICATION REVIEWED FOR MARKET COMPENSATION STANDARD. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY HAVE NOT BEEN MADE READILY AVAILABLE TO THE GENERAL PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY. 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. COUNTY TEACHERS PRINCIPAL INSURANCE AGENCY INC 1888 E SHERMAN BLVD MUSKEGON MI 49444 383507576 INSURANCE SALES MI C 342782 337318 0.98000 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 COUNTY TEACHERS PRINCIPAL INSURANCE AGENCY INC J 12410 ACTUAL AMOUNT