2025-11-17T07:06:38-06:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 520284053 MUNICIPAL EMPLOYEES CREDIT UNION OF BALTIMORE INC MUNI 4107528313 ONE SOUTH STREET BALTIMORE MD 21202 ADRIAN JOHNSON EVP/CFO 4107528313 2025-11-16 0 AUBREY CLEGG P01076395 3052328272 2025-11-16 2024 2025-03-06 01:10:19Z MECU OF BALTIMORE INC JOHN HAMILTON ONE SOUTH STREET BALTIMORE MD 21202 82194220 0 X WWW.MECU.COM X 1936 MD MECU IS A CREDIT UNION WHICH PROVIDES A FULL ARRAY OF FINANCIAL SERVICES TO ITS MEMBER OWNERS. 9 9 393 0 439109 0 471441 1188922 63196585 68554081 8397005 7986983 0 0 72065031 77729986 149957 154815 0 0 28272854 28362348 0 0 0 40604295 46834298 69027106 75351461 3037925 2378525 1302310518 1258553265 1185908448 1130682067 116402070 127871198 OUR MISSION IS TO EMPOWER OUR MEMBERS TO IMPROVE THEIR FINANICAL WELL-BEING AND LIVE BETTER. 0 0 MECU PROVIDES CONSUMER AND BUSINESS LOANS TO MEMBERS AT COMPETITIVE RATES. THESE LOANS INCLUDE: MORTGAGE, HOME EQUITY, VEHICLE, CREDIT CARD, AND UNSECURED LOANS. MECU PROVIDES DEPOSIT PRODUCTS AND SERVICES TO CONSUMER AND BUSINESS MEMBERS. THESE DEPOSIT PRODUCTS INCLUDE SAVINGS, CHECKING, MONEY MARKET, CERTIFICATES OF DEPOSIT, AND INDIVIDUAL RETIREMENT ACCOUNTS. AS OF DECEMBER 31, 2024, MECU HAD AGGREGATE DEPOSIT BALANCES THAT APPROXIMATED $1,045,819,000. MECU'S DEPOSIT RATES CONTINUE TO BE SOME OF THE MOST COMPETITIVE RATES OFFERED BY FEDERALLY INSURED FINANCIAL INSTITUTIONS. MECU IS COMMITTED TO MEMBER FINANCIAL EDUCATION. SOME OF THE PROGRAMS THAT MECU PROVIDES INCLUDE DISCOUNTED MORTGAGE RATES THROUGH FIRST-TIME HOMEBUYER'S PROGRAMS AND BUY IN BALTIMORE LOANS, HOMEBUYER'S WORKSHOPS, CREDIT REPAIR WORKSHOPS, BASICS OF MONEY MANAGEMENT, NEW EMPLOYEE /PRE-RETIREMENT WORKSHOPS, AND FREE 1-1 COACHING/CREDIT COUNSELING SERVICES FOR ALL MEMBERS. 0 1 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 16834 0 1 393 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X JEAN TYLER 4107528313 ONE SOUTH STREET BALTIMORE MD 21202 ROMAN CLARK SR CHAIRPERSON 2.00 X 22700 0 0 BENJAMIN MELI JR BOARD MEMBER 2.00 X 15654 0 0 ERNEST GLINKA BOARD MEMBER 1.50 X 11732 0 0 G LOUISE GREEN TREASURER 2.00 X 26000 0 0 GARY MCLHINNEY VICE CHAIRPERSON 2.00 X 20000 0 0 DEBORAH MOORE-CARTER SECRETARY 2.00 X 23600 0 0 LORRETTA JOHNSON BOARD MEMBER 1.50 X 6600 0 0 KARA KING-BESS BOARD MEMBER 1.50 X 9900 0 0 NICOLE HARRELL BOARD MEMBER 1.50 X 10800 0 0 ADRIAN JOHNSON SVP/CFO 45.00 X 314450 0 113743 JOHN HAMILTON PRESIDENT AND CEO 45.00 X 870733 0 23055 MICHELLE WILLIAMS SVP HUMAN RESOURCES & ADMIN 45.00 X 206328 0 32118 KATHY SHELTON SVP AND COO 45.00 X 265060 0 51961 MARY JO TAYLOR VP CHIEF COMMERCIAL LENDING OFFICER 45.00 X 221682 0 20485 DENISE JONES-FRASIER CHIEF OF STAFF SVP 45.00 X 247965 0 8538 MAYNARD HURD VP LENDING 45.00 X 222427 0 7740 JEAN TYLER VP ACCOUNTING/CONTROLLER 45.00 X 201654 0 6727 DONTE LEGGETTE VP OF IT SERVICES 45.00 X 187266 0 41359 TIMOTHY ROZALSKI VP OF MARKETING 45.00 X 200902 0 7016 NINA SPENCER VP RETAIL DELIVERY 45.00 X 184590 0 24991 PATRICIA HANSEL VP OPERATIONS 45.00 X 168298 0 19734 3438341 0 357467 45 0 1 0 VELERAPSCU 560 CARILLON PKWY ST PETERSBUR FL 33716 CARD PROCESSOR 2967144 FISERV 600 N VEL R PHILLIPS AVE MILWAUKEE WI 53203 CORE SYSTEM 2437203 ONE SOUTH STREET LLC 1 SOUTH STREET SUITE 820 BALTIMORE MD 21202 LEASE FOR 1 SOUTH STREET 1724049 CARDTRONICS USA INC 2050 W SAM HOUSTON PKWY S SUITE 130 HOUSTON TX 77042 DEBIT/CREDIT CARD PROCESSING 1003452 NCR VOYIX CORPORATION 864 SPRING ST NW ATLANTA GA 30308 ATM OPERATIONAL SUPPORT AND MONITORING 980166 46 1188922 1188922 INTEREST ON LOANS TO MEMBERS 522100 48155131 48155131 SERVICE CHARGES AND OTHER FEES 522100 15306166 15306166 OTHER NONINTEREST INCOME 522100 4653675 4653675 FINANCE AND INSURANCE 520000 439109 439109 68554081 7908466 7908466 4466395 76356 4419000 45234 47395 31122 78517 78517 77729986 76101955 439109 0 X 154815 2753271 19259078 1354807 3325699 1669493 200144 544592 720011 439294 1611974 1893814 2695739 376433 13955483 2290169 312522 PROVISION FOR LOAN LOSS 8172771 ATM/DEBIT CARD EXPENSE 5882917 MAINTENANCE 2912647 LOAN SERVICING 1483697 3342091 75351461 16317882 15214636 31686099 34904979 7911247 10351545 6161219 6289728 817311392 816842281 2071541 5274380 30857036 21196497 11045092 9660539 340452493 302447128 7358195 5640439 61995358 51927610 1302310518 1258553265 28865234 25792205 79964 71141 76071429 59000000 1080891821 1045818721 1185908448 1130682067 X 0 0 0 0 116402070 127871198 116402070 127871198 1302310518 1258553265 X 2378525 5539237 3551366 X X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 311898 311898 3256345 1476424 1779921 6778328 4806286 1972042 20510465 14913787 5596678 9660539 MEMBER SHARES AND SAVINGS 1045818721 1045818721 X 77729986 0 77729986 0 77729986 75351461 0 75351461 0 75351461 PART IV, LINE 2B: THE CREDIT UNION HOLDS ESCROWED FUNDS FOR THE PAYMENT OF PROPERTY TAXES AND HOMEOWNERS' INSURANCE. THE CREDIT UNION THEN REMITS THESE FUNDS TO THE APPLICABLE THIRD PARTIES ON BEHALF OF THE BORROWERS AS A SERVICE TO OUR MEMBERS WHO HAVE MORTGAGES WITH THE CREDIT UNION OR HAVE MORTGAGES SERVICED BY THE CREDIT UNION. PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 MDDC CU ASSOCIATION 8975 GUILFORD ROAD SUITE 190 COLUMBIA MD 21046 933785784 501(C)(3) 20000 0 CONTRIBUTION TO THE CREDIT UNION MOVEMENT. CU FOUNDATION ANNUAL SUPPORT PO BOX 190 GLENELG MD 21737 521749045 501(C)(3) 20000 0 TO INVEST IN THE ADVANCEMENT OF CREDIT UNIONS' WORK. ARTS EVERY DAY 20192020 120 W NORTH AVE SUITE 303 BALTIMORE MD 21201 900091850 501(C)(3) 7500 0 TO INSPIRE STUDENTS AND ENHANCE LEARNING IN BALTIMORE CITY SCHOOLS. AACUC CORP CONTRIBUTION PO BOX 392136 SNELLVILLE GA 30039 571091138 501(C)(3) 9000 0 TO UNITE THE CREDIT UNION MOVEMENT FOR DEI. MSU FOUNDATION 1700 E COLDSPRING LANE BALTIMORE MD 21251 237089143 501(C)(3) 6000 0 TO PROVIDE FINANCIAL SUPPORT AND COUNSEL FOR MORGAN STATE UNIVERSITY. MECU FOUNDATION INC 1 SOUTH ST 14TH FLOOR BALTIMORE MD 21202 261113703 501(C)(3) 8500 0 TO IMPROVE THE FINANCIAL EDUCATION AND LITERACY OF THE COMMUNITIES WE SERVE. 6 0 PART I, LINE 2: MECU HAS A COMMITTEE THAT MEETS AND DETERMINES WHAT CHARITABLE CONTRIBUTIONS WILL BE MADE. THE COMMITTEE SELECTS 501(C)(3), PUBLIC CHARITIES, THAT BENEFIT THE CREDIT UNION MOVEMENT AND THE BALTIMORE COMMUNITY. 1 X X X 0 1 0 JOHN HAMILTON PRESIDENT AND CEO 812288 0 58445 0 0 0 15728 0 7327 0 893788 0 0 0 ADRIAN JOHNSON SVP/CFO 301749 0 12701 0 0 0 94264 0 19479 0 428193 0 0 0 KATHY SHELTON SVP AND COO 245906 0 19154 0 0 0 26697 0 25264 0 317021 0 0 0 DENISE JONES-FRASIER CHIEF OF STAFF SVP 190590 0 57375 0 0 0 8538 0 0 0 256503 0 0 0 MARY JO TAYLOR VP CHIEF COMMERCIAL LENDING OFFICER 206065 0 15617 0 0 0 7808 0 12677 0 242167 0 0 0 MICHELLE WILLIAMS SVP HUMAN RESOURCES & ADMIN 153328 0 53000 0 0 0 23704 0 8414 0 238446 0 0 0 MAYNARD HURD VP LENDING 198102 0 24325 0 0 0 7740 0 0 0 230167 0 0 0 DONTE LEGGETTE VP OF IT SERVICES 175498 0 11768 0 0 0 6865 0 34494 0 228625 0 0 0 NINA SPENCER VP RETAIL DELIVERY 145690 0 38900 0 0 0 6335 0 18656 0 209581 0 0 0 JEAN TYLER VP ACCOUNTING/CONTROLLER 171154 0 30500 0 0 0 6727 0 0 0 208381 0 0 0 TIMOTHY ROZALSKI VP OF MARKETING 156304 0 44598 0 0 0 7016 0 0 0 207918 0 0 0 PATRICIA HANSEL VP OPERATIONS 138304 0 29994 0 0 0 6007 0 13727 0 188032 0 0 0 PART I, LINE 4B JOHN HAMILTON, ADRIAN JOHNSON, KATHY SHELTON AND MICHELLE WILLIAMS PARTICIPATED IN A 457F DEFERRED COMPENSATION PLAN. JOHN HAMILTON RECEIVED A BENEFIT PAYOUT OF $346,125 DURING 2024. NO OTHER PAYOUTS, CONTRIBUTIONS, OR EMPLOYER ACCRUALS OCCURRED DURING 2024. FORM 990, SCH J, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO JOHN HAMILTON THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. JOHN HAMILTON PRESIDENT AND CEO TO FUND SPLIT DOLLAR PREMIUMS X 5850000 6289728 0 1 1 6289728 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S 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. THEY MUST APPROVE AMENDMENTS TO CHANGE THE ARTICLES OF INCORPORATION. THE MEMBERSHIP MUST ALSO APPROVE CHANGES TO THE BYLAWS THAT IMPACT MEMBERSHIP MEETINGS, VOTING RIGHTS OF THE MEMBERS, ANY CHANGE IN THE FIELD OF MEMBERSHIP AND ANY CHANGE TO THE BYLAWS REGARDING THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE SVP OF ACCOUNTING/CONTROLLER PERFORMS A DETAILED REVIEW OF THE TAX RETURN. THE CFO AND BOARD THEN REVIEW THE TAX RETURN PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C BOARD DIRECTORS, MECU EMPLOYEES AND SUPERVISORY AND CREDIT COMMITTEE MEMBERS ARE REQUIRED TO COMPLETE A CONFLICT OF INTEREST QUESTIONNAIRE ANNUALLY. THE RESPONSES ARE REVIEWED BY MECU'S HUMAN RESOURCES DEPARTMENT TO VERIFY THAT EVERYONE IS IN COMPLIANCE WITH MECU'S CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 FOR THE CEO, A DESIGNATED COMMITTEE AND THE BOARD REVIEW DATA FROM INDUSTRY RELATED SURVEYS. OTHER ANALYSIS MAY BE PREPARED BY AN EXTERNAL CONSULTANT AS NEEDED. THIS DATA IS USED TO REVIEW COMPENSATION ALONG WITH CEO PERFORMANCE TO DETERMINE SALARY. FOR VP LEVEL EMPLOYEES AND ABOVE, A DESIGNATED COMMITTEE AND THE BOARD REVIEW DATA FROM INDUSTRY RELATED SURVEYS. OTHER ANALYSIS AS NEEDED MAY BE PREPARED BY AN EXTERNAL CONSULTANT, WHICH IS ALSO REVIEWED. WITH DIRECTION FROM THE BOARD, THE CEO WORKING WITH THE HR DEPARTMENT, MAKES DECISIONS ON EXECUTIVE LEVEL COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART IX, LINE 11G CONSULTING FEES 677,894. OTHER PROFESSIONAL SERVICES 42,117. FORM 990, PART IX, LINE 24E MEMBER SERVICING 1,240,245. OTHER NON-OPERATING 756,844. MISCELLANEOUS 747,941. FRAUD LOSSES 589,357. MEMBER STATEMENT EXPENSE 7,704. FORM 990, PART XI, LINE 9: NET CHANGE IN DEFINED BENEFIT PLAN 4,716,371. NET CHANGE IN POST-RETIREMENT HEALTHCARE PLAN -1,165,005. 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. MECU FOUNDATION INC 1 SOUTH ST 14TH FLOOR BALTIMORE MD 21202 261113703 EDUCATION MD 501(C)(3) LINE 7 MUNICIPAL EMPLOYEES CREDIT UNION OF BALTIMORE INC 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0