2025-10-24T07:20:41-05:00 2024-12-31 383567911 REHMANN ROBSON LLC PO BOX 2025 SAGINAW MI 486052025 990 2024-01-01 381514946 SECURITY CREDIT UNION SECU 8102352322 5255 SECURITY PARK BLVD HOLLY MI 48442 HEIDI SCHWARZ VP OF ACCOUNTING 8102352322 2025-10-13 1 1 JEFFREY E HERT CPA P00066715 9897999580 2025-10-13 2024 2025-03-06 01:10:19Z JAY YAX 5255 SECURITY PARK BLVD HOLLY MI 48442 41808692 0 X WWW.SECURITYCU.ORG X CREDIT UNION 1955 MI WE ARE OUR MEMBERS' TRUSTED, SECURED FINANCIAL COOPERATIVE DEDICATED TO PROVIDING EXCEPTIONAL VALUE, PERSONALIZED SERVICE, AND CONVENIENCE. 6 6 201 6 200155 0 0 0 33198934 38009326 2049198 2151131 94454 0 35342586 40160457 0 150073 0 0 11585854 12700176 0 0 0 20622298 24006701 32208152 36856950 3134434 3303507 638584325 637849652 593869029 587356323 44715296 50493329 WE ARE OUR MEMBERS' TRUSTED, SECURED FINANCIAL COOPERATIVE DEDICATED TO PROVIDING EXCEPTIONAL VALUE, PERSONALIZED SERVICE, AND CONVENIENCE. 0 0 PROVIDE 52,974 MEMBERS WITH REGULAR SHARES, SHARE DRAFTS, MONEY MARKET AND CERTIFICATE ACCOUNTS TOTALING 87,874. PROVIDE LOANS INCLUDING VEHICLE, BUSINESS, FIRST MORTGAGE, HOME EQUITY, LINE OF CREDIT, AND UNSECURED LOANS. OFFER AUTOMATED TELLER MACHINES, WIRE TRANSFERS, MONEY ORDERS, HOME BANKING, MOBILE BANKING, AND VARIOUS INSURANCE PROGRAMS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 3556 0 1 201 1 1 1 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 1 1 1 1 0 0 0 0 1 1 1 1 1 1 1 0 X THE ORGANIZATION 8102352322 5255 SECURITY PARK BLVD HOLLY MI 48442 JOHN TRUCHAN CHAIRMAN 2.00 X X 1679 0 0 JOSEPH NIEDZWIECKI 1ST VICE CHAIRMAN 2.00 X X 0 0 0 DONALD HENRY 2ND VICE CHAIRMAN 2.00 X X 788 0 0 PHIL THICK TREASURER 2.00 X X 1260 0 0 DON SORENSEN SECRETARY 2.00 X X 381 0 0 JESSIE COLLINS DIRECTOR 2.00 X 0 0 0 JAY YAX PRESIDENT AND CEO AS OF 7/31/24 40.00 X 352301 0 57182 HEIDI SCHWARZ SENIOR VP/CFO 40.00 X 210662 0 43957 CHRISTOPHER ESTES PRESIDENT AND CEO THRU 7/30/24 40.00 X 862305 0 48467 JOSEPH REGAN VP OF IT 40.00 X 207487 0 43263 SCOTT KNOPF VP OF LENDING/LOSS PREVENT 40.00 X 180653 0 41332 AMANDA SHERWOOD VP HR 40.00 X 175254 0 40042 CATHERINE KRANE VP SALES & SERVICE 40.00 X 152941 0 33597 WILLIAM HERRON VP OF OPERATIONS 40.00 X 148288 0 38424 2293999 0 346264 8 0 1 0 HARMON MANAGEMENT LLC 417 COPPERSMITH DR MASON MI 48854 CONSULTING 3959752 JACK HENRY PO BOX 609 MONETT MO 65708 ELECTRONIC PROCESSING SERVICES 2126637 INFORMA BUSINESS SYSTEMS 5170 HARTSHORN DR FLUSHING MI 48443 ATM PROCESSING AND MAINTENANCE 1662273 US SIGNAL CO LLC 201 IONIA AVE SW GRAND RAPIDS MI 49503 TELEPHONE SERVICE PROVIDER 407087 LOOMIS DEPT CH 10500 PALATINE IL 60055 CASH HANDLING COMPANY 345018 28 LOAN INTEREST INCOME 522100 30284952 30284952 FEE AND OTHER INCOME 522100 7524219 7524219 NON-MEMBER INSURANCE INCOME 524298 104407 104407 NON-MEMBER ATM INCOME 900099 95748 95748 38009326 2169789 2169789 1584577 45000 1591006 57229 -6429 -12229 -18658 -18658 40160457 37809171 200155 2151131 150073 1136835 8492658 606266 1767672 696745 69710 78559 124496 1250995 4540819 1168203 4030168 216050 100587 2262283 298975 PROVISION FOR LOAN LOSS 2907929 LOAN SERVICING 2506012 OTHER OPERATING EXPENSE 2313158 OPERATING FEE 2138757 36856950 18921971 14130513 7928278 9063682 878692 1345166 482556123 500012038 1210863 1419889 53833751 21075105 28659565 32758646 39813223 22107109 39267465 34200141 5330410 5348672 14017735 17463796 638584325 637849652 54427192 39348372 539441837 548007951 593869029 587356323 X 0 0 0 0 44715296 50493329 44715296 50493329 638584325 637849652 X 3303507 2429207 45319 X X 0 1 X 1 0 8181095 8181095 21219943 7351243 13868700 4215764 3202032 1013732 13932762 10521830 3410932 6284187 6284187 32758646 AFS SECURITIES 31487641 F OTHER SECURITIES 800000 C FED HOME LOAN BANK STOCK 1912500 C 34200141 MEMBERS SHARES AND DEPOSITS 548007951 548007951 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)(14)), FROM FEDERAL AND STATE INCOME TAXES. 0 SECURITY CREDIT UNION FOUNDATION 5255 SECURITY PARK BLVD HOLLY MI 48442 990940075 501(C)(3) 50000 0 GENERAL PURPOSE PINK PAR-TEE OF SECURITY CREDIT UNION 5255 SECURITY PARK BLVD HOLLY MI 48442 830536212 501(C)(3) 52205 0 GENERAL PURPOSE 2 X 1 1 X X 1 1 0 CHRISTOPHER ESTES PRESIDENT AND CEO THRU 7/30/24 572860 0 74753 0 214692 0 34524 0 13943 0 910772 0 0 0 JAY YAX PRESIDENT AND CEO AS OF 7/31/24 319777 0 32524 0 0 0 34524 0 22658 0 409483 0 0 0 HEIDI SCHWARZ SENIOR VP/CFO 192565 0 18097 0 0 0 21299 0 22658 0 254619 0 0 0 JOSEPH REGAN VP OF IT 188459 0 19028 0 0 0 20605 0 22658 0 250750 0 0 0 SCOTT KNOPF VP OF LENDING/LOSS PREVENT 168295 0 12358 0 0 0 18674 0 22658 0 221985 0 0 0 AMANDA SHERWOOD VP HR 158549 0 16705 0 0 0 17384 0 22658 0 215296 0 0 0 WILLIAM HERRON VP OF OPERATIONS 138670 0 9618 0 0 0 15766 0 22658 0 186712 0 0 0 CATHERINE KRANE VP SALES & SERVICE 143165 0 9776 0 0 0 15942 0 17655 0 186538 0 0 0 PART I, LINE 1A EACH BOARD AND COMMITTEE MEMBER IS ENTITLED TO HAVE THEIR SPOUSE ACCOMPANY THEM TO THE CONFERENCE. PART I, LINES 4A-B CHRISTOPHER ESTES, FORMER PRESIDENT/CEO RECEIVED A SEVERANCE PAYMENT OF $214,692.04. JAY YAX, PRESIDENT/CEO CURRENTLY PARTICIPATES IN A 457(F) NON-QUALIFIED DEFERRED COMPENSATION PLAN, ALONG WITH OTHER ELIGIBLE PARTICIPANTS. UNDER THE TERMS OF THE PLAN, PARTICIPANTS WILL RECEIVE CASH BENEFIT PAYMENTS UPON RETIREMENT. AS OF DECEMBER 31, 2024, THE ORGANIZATION HAS ACCRUED LIABILITIES TOTALING $268,882 TO COVER FUTURE BENEFIT OBLIGATIONS. 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 MEMBERS ELECT MEMBERS OF THE GOVERNING BODY EACH YEAR AT THE ANNUAL MEETING. BOARD OF DIRECTORS MEMBERS ARE ELECTED FOR THREE YEAR TERMS. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS OF THE GOVERNING BODY THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE MERGERS INTO ANOTHER INSTITUTION AND CHARTER CHANGES. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION HAS NO COMMITTEES. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS COMPLETED BY THE VP OF ACCOUNTING PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C UPON ELECTION OR APPOINTMENT, THE BOARD OF DIRECTORS SIGN AN OATH OF OFFICE THAT INCLUDES A CONLICT OF INTEREST STATEMENT. MANAGEMENT SIGNS A CONFLICT OF INTEREST POLICY ANNUALLY AND IS REVIEWED BY THE PRESIDENT/CEO. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS REVIEWS THE PRESIDENT/CEO PERFORMANCE AND APPROVES COMPENSATION. THIS IS DOCUMENTED IN THE MINUTES AND CREDIT UNION EXECUTIVE SOCIETY (CUES), AS WELL AS THE NATIONAL ASSOCIATION OF CREDIT UNION CHAIRMEN CEO SALARY SURVEY. THE PRESIDENT/CEO REVIEWS ALL EXECUTIVE COMPENSATION USING THE CREDIT UNION EXECUTIVE SOCIETY (CUES) GUIDE AND DOCUMENTATION IS RETAINED IN THEIR PERSONNEL FILES. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF EACH OFFICE. OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN UNRECOGNIZED RETIREMENT COSTS 45,319. FORM 990, PART XII, LINE 2C THE PROCESS FOR OVERSIGHT OF THE AUDIT HAS NOT CHANGED FROM PRIOR YEARS. SECURITY CREDIT UNION FOUNDATION 5255 SECURITY PARK BLVD HOLLY MI 48442 990940075 IMPROVEMENT OF SOCIAL CONDITIONS AND FOSTER COMMUNITY FINANCIAL HEALTH MI 501(C)(3) PF 0 PINK PAR-TEE OF SECURITY CREDIT UNION 5255 SECURITY PARK BLVD HOLLY MI 48442 830536212 PROVIDE ASSISTANCE TO WOMEN OF MID-MICHIGAN WHO ARE FIGHTING BREAST CANCER MI 501(C)(3) LINE 7 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 SECURITY CREDIT UNION FOUNDATION B 50000 PINK PAR-TEE OF SECURITY CREDIT UNION B 52205