2011-08-04T14:45:51-05:00 2010-12-31 PLANTE & MORAN PLLC CPA'S 511 RENAISSANCE DRIVE SUITE 120 ST JOSEPH MI 49085 990 2010-01-01 380855535 OPTION 1 CREDIT UNION OPTI 6162430125 630 32ND STREET SE GRAND RAPIDS MI 49548 ANDREW LIST 6162430125 2011-08-02 1 KENLEY PENNER CPA 2699828000 2010 2016-02-24 21:20:13Z ANDREW LIST 630 32ND STREET SE GRAND RAPIDS MI 49548 17378166 0 X WWW.OPTION1CU.ORG X 1936 MI OPTION 1 CREDIT UNION'S PRIMARY EXEMPT PURPOSE IS TO PROVIDE A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS. ITS MEMBERS INCLUDE INDIVIDUALS WHO ARE EMPLOYED IN OR RETIRED FROM COMMUNICATIONS RELATED ORGANIZATIONS, THE HEALTH CARE INDUSTRY, DISABLED OR WORK WITH THE DISABLED, AND OTHER SELECT EMPLOYEE GROUPS OR THOSE WHO LIVE OR WORK IN ALLEGAN, BARRY, CLINTON, EATON, INGHAM, KENT, LIVINGSTON, NEWAYGO, OTTAWA OR SHIAWASSEE COUNTIES IN MICHIGAN. 11 11 171 11 59616 -208043 0 0 15415909 14703431 2448264 2020578 0 0 17864173 16724009 0 0 0 0 5455635 5605190 0 0 0 11753938 9974312 17209573 15579502 654600 1144507 262684306 261058654 226332972 223901649 36351334 37157005 X TO PROVIDE FINANCIAL SERVICES WHILE TREATING MEMBERS WITH DIGNITY AND RESPECT, ACTING AS A GOOD STEWARD OF OUR MEMBERS' ASSETS, VALUING OUR EMPLOYEES AND VOLUNTEERS, MAINTAINING HIGH LEVELS OF INTEGRITY IN EVERYTHING WE DO, AND BEING A LEADER IN COMMUNITY OUTREACH AND BUILDING COMMUNITY RELATIONSHIPS. 0 0 OPTION 1 CREDIT UNION SERVED AND CONTINUES TO SERVE THE FINANCIAL NEEDS OF 32,268 MEMBERS BY OFFERING LOANS, DEPOSITS AND VARIOUS OTHER FINANCIAL PRODUCTS. 0 0 0 0 0 0 0 0 1 1 0 0 1 0 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 0 1 8137 0 1 171 1 1 1 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 1 1 1 1 0 0 1 1 1 1 0 MI X THOMAS DAVIS 6162430125 630 32ND STREET SE GRAND RAPIDS MI 49548 PATRICIA ANDREWS 1.00 X 0 0 0 CHARLES BRENEMAN 1.00 X 0 0 0 EMILY HOUK 1.00 X X 0 0 0 C NANCY FORD 1.00 X 0 0 0 ROGER FRY 1.00 X 0 0 0 DEBORAH GINSBURG 1.00 X 0 0 0 DAVID HENDERSON 1.00 X 0 0 0 DAVID KIDD 1.00 X X 0 0 0 MICHAEL KUTAS 1.00 X X 0 0 0 BRIAN PITTS 1.00 X X 0 0 0 DAVID FERGUSON 1.00 X 0 0 0 ANDREW LIST 40.00 X 244638 0 37667 KAREN WIETZKE 40.00 X 122870 0 20298 THOMAS S DAVIS 40.00 X 103087 0 20490 THOMAS BERRY 40.00 X 112266 0 19597 MARSHA CLARK 40.00 X 90474 0 8656 JAMES BIRD 40.00 X 107275 0 13836 780610 0 120544 5 0 1 0 PRIORITY HEALTH 3915 MOMENTUM PLACE CHICAGO IL 60689 HEALTH BENEFITS 416520 JACK HENRY AND ASSOCIATES INC PO BOX 503328 ST LOUIS MO 63150 PROMOTIONS/ADVERTISING 293796 ALLIED SOLUTIONS PO BOX 937 NILES MI 49120 INSURANCE 160858 DATAMAIL SERVICES INC 747 E WHITCOMB AVENUE MADISON HEIGHTS MI 48071 STATEMENT PROCESSING 152218 BLUE CARE NETWORK OF MICHIGAN PO BOX 33608 DETROIT MI 48232 HEALTH BENEFITS 130363 7 LOAN INTEREST INCOME 522100 9879304 9879304 FEES AND CHARGES 522100 4473392 4413776 59616 MISCELLANEOUS 522100 350735 350735 14703431 2036469 2036469 16794 621472 654157 16794 -32685 -15891 -15891 16724009 14627924 59616 2036469 900609 3559008 789541 356032 71615 60420 3480 68370 456972 251787 443017 1644138 39514 42883 INTEREST PAID ON MEMBER 2372488 FEES AND CHARGES EXPENS 1574347 PROVISION FOR LOAN LOSS 1350000 TCCUSF 279024 NCUSIF INSURANCE PREMIU 275949 1040308 15579502 2879278 3205920 9955818 8645111 159054236 159329165 15754900 7205151 8761428 8549749 71947392 72283681 10086154 9045028 262684306 261058654 2590025 3364250 2207500 390000 221535447 220147399 226332972 223901649 X 0 0 0 0 36351334 37157005 36351334 37157005 262684306 261058654 X 1144507 -338836 X X 0 1 1 X 0 1891286 1891286 7537507 1771960 5765547 6144238 5433191 711047 181869 181869 8549749 MEMBERS' SHARES AND SAVINGS 220147399 220147399 16724009 15579502 1144507 -169585 -169251 -338836 805671 16756694 0 16756694 -32685 -32685 16724009 15612187 32685 32685 15579502 0 15579502 PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN UNREALIZED LOSS ON POST RETIREMENT AND PENSION BENEFITS PART XII, LINE 4B - OTHER: LOSS ON SALE OF OTHER REAL ESTATE OWNED AND DISPOSAL OF PROPERTY AND EQUIPMENT PART XIII, LINE 2D - OTHER: LOSS ON SALE OF OTHER REAL ESTATE OWNED AND DISPOSAL OF PROPERTY AND EQUIPMENT X 1 1 X X X X X 0 1 0 ANDREW LIST 239301 0 5337 0 0 0 28161 0 9506 0 282305 0 0 0 PART I, LINE 1A THE CREDIT UNION CEO'S SPOUSE ACCOMPANIES HIM OUT OF TOWN TO CONFERENCES AND THE CREDIT UNION REIMBURSES THE CEO FOR SUCH EXPENSES BASED ON THE EXPENDITURE SUPPORT PROVIDED. SUPPLEMENTAL INFORMATION PART III PART I, LINE 3: THE CREDIT UNION UTILIZES AN INDEPENDENT COMPENSATION CONSULTANT IN DETERMINING WAGES FOR ALL OF THE POSITIONS WITHIN THE ORGANIZATION. THE INFORMATION PROVIDED BY THE CONSULTANT IS USED TO ESTABLISH PAY RANGES FOR NEW POSITIONS AS WELL AS ADJUST ESTABLISHED PAY RANGES FOR CHANGES IN THE MARKET. SUPPLEMENTAL INFORMATION PART III PART I, LINE 4B: THE CREDIT UNION EXECUTIVES PARTICIPATE IN 457F AND 457B PLANS. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION CURRENTLY HAS 32,268 MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CREDIT UNION ARE RESPONSIBLE FOR ELECTING THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS OF THE CREDIT UNION MUST APPROVE MERGERS INTO ANOTHER CREDIT UNION. ALL OTHER DECISIONS MAY BE MADE BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11 AN ELECTRONIC COPY OF THE 990 DRAFT WAS SENT TO THE BOARD OF DIRECTORS FOR THEIR REVIEW VIA EMAIL BEFORE THE RETURN WAS FILED. ALL OF THE BOARD MEMBERS WERE GIVEN THE OPPORTUNITY TO CONTACT THE CREDIT UNION'S MANAGEMENT WITH ANY QUESTIONS OR CONCERNS THEY HAD REGARDING THE 990 RETURN. FORM 990, PART VI, SECTION B, LINE 15 SALARIES FOR THE CEO, OFFICERS, AND KEY EMPLOYEES ARE COMPARED TO THOSE REPORTED IN VARIOUS PUBLICATIONS FOR SIMILAR ORGANIZATIONS IN THE INDUSTRY AND MAY BE ADJUSTED FOR AN EMPLOYEE'S PERFORMANCE. COMPENSATION FOR THE CEO, OFFICERS, AND KEY EMPLOYEES ARE THEN DETERMINED, REVIEWED BY AN INDEPENDENT PARTY, AND APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 THE MONTHLY FINANCIAL STATEMENTS OF THE CREDIT UNION ARE POSTED IN THE LOBBY OF EACH BRANCH. OTHER INFORMATION SUCH AS THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 24F: OTHER EXPENSES: MISCELLANEOUS EXPENSE $720,623 LOAN SERVICING EXPENSE $155,826 CENCORP IMPAIRMENT $78,915 TELEPHONE $84,944 TOTAL OTHER EXPENSES $1,040,308 CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -169,585. CHANGE IN UNREALIZED LOSS ON POST RETIREMENT AND PENSION BENEFITS -169,251. TOTAL TO FORM 990, PART XI, LINE 5: -338,836. FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS HAS ESTABLISHED THE AUDIT COMMITTEE, WHICH IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT REVIEW AND THE SELECTION OF AN INDEPENDENT AUDITOR. THE AUDIT COMMITTEE APPROVES AN INDEPENDENT AUDITOR EACH YEAR AND MEETS TO REVIEW THE INDEPENDENT AUDITOR'S REPORT AFTER THE AUDIT IS COMPLETE. FORM 990, PAGE 11 LINE 5 AND SCHEDULE L: SCHEDULE L IS NOT REQUIRED FOR LOANS RECEIVABLE BALANCES SHOWN ON FORM 900, PAGE 11 LINE 5 IF THE LOANS ARE MADE BY THE CREDIT UNION TO THE DIRECTORS, OFFICERS, AND KEY EMPLOYEES ON THE SAME TERMS OFFERED TO OTHER MEMBERS OF THE CREDIT UNION. THEREFORE, THE CREDIT UNION HAS INCLUDED $2,196,000 AND $2,249,000 OF RECEIVABLES FROM CURRENT OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES AND HIGHEST COMPENSATED EMPLOYEES WITHIN FORM 990, PAGE 11 LINE 7.