2023-10-23T07:05:48-05:00 2022-12-31 383567911 REHMANN ROBSON LLC PO BOX 2025 SAGINAW MI 486052025 990 2022-01-01 381796409 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN FRANKENMUTH CREDIT UNION CRED 9894971600 PO BOX 209 FRANKENMUTH MI 48734 VICKIE SCHMITZER CEO 9894971600 2023-10-20 1 VICKIE SCHMITZER 999009999 0 JEFFREY E HERT CPA P00066715 9897999580 2023-10-20 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z VICKIE SCHMITZER PO BOX 209 FRANKENMUTH MI 48734 71378433 0 X WWW.FRANKENMUTHCU.ORG X 1964 MI PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 9 9 481 11 595725 0 0 0 67175542 69382846 777446 1156597 -183677 41170 67769311 70580613 484502 511507 0 0 28281141 30213779 0 0 0 20789470 26196334 49555113 56921620 18214198 13658993 1071337170 1198115228 969930490 1083049555 101406680 115065673 PROVIDE SAFE, CONVENIENT, COST EFFECTIVE SERVICES FOR THE FINANCIAL WELL-BEING OF THE CREDIT UNION AND ITS MEMBERS. AND TO GROW TRUSTED RELATIONSHIPS BY PROVIDING PERSONALIZED FINANCIAL SOLUTIONS. 0 0 PROVIDE 65,513 MEMBERS WITH SHARES, CHECKING, BUSINESS SAVINGS, BUSINESS CHECKING, MONEY MARKET, VACATION CLUB, CHRISTMAS CLUB, HEALTH SAVINGS, IRA AND CERTIFICATE OF DEPOSIT ACCOUNTS TOTALING $1,069,100,683. PROVIDE 52,082 SHARE SECURED, STUDENT, SIGNATURE, BUSINESS, CONSTRUCTION, REAL ESTATE, HOME EQUITY, LINE OF CREDIT, NEW AND USED VEHICLE, RECREATIONAL VEHICLE, LEASE LOANS, HOME IMPROVEMENT AND CREDIT CARD LOANS. OFFER AUTOMATED TELLER MACHINES, INTERACTIVE TELLER MACHINES, DEBIT CARDS, CREDIT CARDS, SHARED BRANCHING, MONEY ORDERS, COURTESY PAY, WIRE TRANSFERS, BILL PAY, INVESTMENTS SERVICES AND VARIOUS INSURANCE PROGRAMS TO ALL ELIGIBLE MEMBERS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 1 0 0 0 0 0 1 0 0 0 1 10934 0 1 481 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X DONNA HAUBENSTRICKER 9894971623 PO BOX 209 FRANKENMUTH MI 48734 TIMOTHY HILDNER CHAIRPERSON 2.46 1.00 X X 0 0 0 JILL CATTERFELD VICE CHAIRPERSON 1.35 X X 0 0 0 BRIAN DIXON TREASURER 1.35 X X 0 0 0 RICHARD REIF SECRETARY 1.35 X X 0 0 0 MICHAEL FASSEZEE DIRECTOR 2.04 X 0 0 0 DAN LEMKE DIRECTOR 1.35 X 0 0 0 SCOT PUTZIG DIRECTOR 1.35 X 0 0 0 KARINA SPENCER DIRECTOR 1.35 X 0 0 0 CHRIS FRANK DIRECTOR 1.35 1.00 X 0 0 0 VICKIE SCHMITZER CEO 54.00 X 566409 0 42237 DONNA HAUBENSTRICKER VP OF FINANCE 45.00 X 258165 0 30295 ERIC NEUMEYER CEO OF CUSO 40.89 X 215533 0 31626 ROBERT ROBINSON INSURANCE SALES 40.00 X 308667 0 32355 BRAD GNATKOWSKI MORTGAGE ORIGINATOR 40.00 X 227423 0 19166 WILLIAM WATCHORN MORTGAGE ORIGINATOR 40.00 X 247976 0 20404 DANIEL WORTMAN INSURANCE SALES 40.00 X 230568 0 17771 STEVE WITT INSURANCE SALES 40.00 X 219380 0 29845 2274121 0 223699 8 0 1 0 CUANSWERS 6000 28TH STREET SE STE 100 GRAND RAPIDS MI 49546 DATA PROCESSING 1858597 PERRIN CONSTRUCTION CO 8888 E LANSING RD DURAND MI 48429 CONSTRUCTION, BUILDING 1438346 TSSF ARCHITECTS INC 122 N WASHINGTON AVE SAGINAW MI 48607 CONSTRUCTION, BUILDING 382139 SERENUS JOHNSON CONSTRUCTION 5178 KASEMEYER RD BAY CITY MI 48706 CONSTRUCTION, BUILDING 348312 KASASA LTD PO BOX 527 LUBBOCK TX 79408 RELATIONSHIP CHECKING/LOAN OFFERINGS & M 337759 18 LOAN INTEREST INCOME 522100 43795636 43795636 FEE AND OTHER INCOME 522100 24991485 24991485 NON-MEMBER ATM INCOME 900099 574702 574702 NON-MEMBER INSURANCE INCOME 524298 14073 14073 NON-MEMBER SHARED BRANCH INCOME 522100 6950 6950 69382846 1050118 1050118 446438 623611 -177173 -177173 -177173 280688 174209 106479 106479 106479 NON OPERATING GAIN/LOSS 900099 218343 218343 218343 70580613 68609948 595725 1374940 477019 34488 2248598 22397610 974638 2727369 1865564 129930 176295 377972 4237335 930919 1891598 274958 6428 3898547 3596118 285870 OTHER OPERATING EXPENSE 3183855 ATM EXPENSE 1766492 LOAN SERVICING 1566581 MORTGAGE EXPENSE 943469 2929967 56921620 X 11060242 28484013 108588458 87991196 5981476 8365717 2907171 2907171 759490013 928734028 1949108 2399300 84971692 18724269 62578464 66247423 41853842 3073088 23903891 24750000 5124779 8051169 47899726 37112123 1071337170 1198115228 6928231 8587949 3411916 5702453 5632306 3174477 0 401900 953958037 1065182776 969930490 1083049555 X 0 0 0 0 101406680 115065673 101406680 115065673 1071337170 1198115228 13658993 0 X X 0 1 X 1 0 0 1 6630579 6630579 60638781 9167506 51471275 4460265 1774075 2686190 13242067 7782688 5459379 66247423 MEMBER SHARE AND DEPOSITS 1063398228 LEASE LIABILITY 1784548 1065182776 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS EVALUATED ITS INCOME TAX FILING POSITIONS FOR THE YEARS 2019 THROUGH 2022, THE YEARS WHICH REMAIN SUBJECT TO EXAMINATION BY MAJOR TAX JURISDICTIONS AS OF DECEMBER 31, 2022. THE CREDIT UNION CONCLUDED THAT THERE ARE NO SIGNIFICANT UNCERTAIN TAX POSITIONS REQUIRING RECOGNITION IN THE CREDIT UNION'S FINANCIAL STATEMENTS. THE CREDIT UNION DOES NOT EXPECT THE TOTAL AMOUNT OF UNRECOGNIZED TAX BENEFITS ("UTB") (E.G., TAX DEDUCTIONS, EXCLUSIONS, OR CREDITS CLAIMED OR EXPECTED TO BE CLAIMED) TO SIGNIFICANTLY CHANGE IN THE NEXT 12 MONTHS. THE CREDIT UNION DOES NOT HAVE ANY AMOUNTS ACCRUED FOR INTEREST AND PENALTIES RELATED TO UTBS AT DECEMBER 31, 2022 AND 2021, AND IT IS NOT AWARE OF ANY CLAIMS FOR SUCH AMOUNTS BY FEDERAL OR STATE INCOME TAX AUTHORITIES. 0 KINGSTON FIRE DEPARTMENT 2577 PINE ST KINGSTON MI 48741 381721080 GOVERNMENTAL 19900 0 JAWS OF LIFE EQUIPMENT MILLINGTON YOUTH WRESTLING 6194 BARNES RD MILLINGTON MI 48746 831578409 501C3 8500 0 WRESTLING EQUIPMENT FOR NEW FACILITY REESE PUBLIC SCHOOL 9901 CENTER ST REESE MI 48757 386003890 GOVERNMENTAL 8000 0 T-SHIRT CAMPAIGN FOR STUDENTS & STAFF LAKEVILLE WRESTLING 11284 IRISH RD OTISVILLE MI 48463 853430952 501C3 9104 0 NEW WRESTLING MATS FOR K-12 4 SCHOLARSHIPS 24 22000 GRANTS TO TEACHERS 38 12488 PART I, LINE 2: EACH YEAR THE CREDIT UNION AWARDS SCHOLARSHIPS ANNUALLY TO SENIORS WHO ARE MEMBERS OF THE CREDIT UNION THAT ARE GRADUATING FROM HIGH SCHOOL. THE INDIVIDUAL RECEIVES $500 EACH YEAR THEY ARE ATTENDING COLLEGE FOR A PERIOD OF 4 YEARS. THE SELECTION IS BASED ON ACHIEVEMENTS IN TWO AREAS. THEY MUST BE INVOLVED IN EXTRA-CURRICULAR ACTIVITIES AND SUBMIT A WRITTEN ESSAY ON A TOPIC CHOSEN BY THE CREDIT UNION. X X 0 0 X X X X 0 1 0 VICKIE SCHMITZER CEO 504519 0 61890 0 0 0 20434 0 21803 0 608646 0 0 0 ROBERT ROBINSON INSURANCE SALES 204173 0 104494 0 0 0 14348 0 18007 0 341022 0 0 0 DONNA HAUBENSTRICKER VP OF FINANCE 198165 0 60000 0 0 0 12429 0 17866 0 288460 0 0 0 WILLIAM WATCHORN MORTGAGE ORIGINATOR 26000 0 221976 0 0 0 12577 0 7827 0 268380 0 0 0 STEVE WITT INSURANCE SALES 198583 0 20797 0 0 0 10938 0 18907 0 249225 0 0 0 DANIEL WORTMAN INSURANCE SALES 188794 0 41774 0 0 0 10175 0 7596 0 248339 0 0 0 ERIC NEUMEYER CEO OF CUSO 185178 0 30355 0 0 0 9823 0 21803 0 247159 0 0 0 BRAD GNATKOWSKI MORTGAGE ORIGINATOR 32500 0 194923 0 0 0 11339 0 7827 0 246589 0 0 0 PART I, LINE 1A CHARTER TRAVEL IS USED ONLY IF NECESSARY FOR BUSINESS. BOARD CONFERENCE TRAVEL WITH SPOUSE ALLOWED, NOT TAXABLE. PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO VICKIE SCHMITZER, CEO, THROUGH AN ARRANGEMENT REFERRED TO AS "COLLATERAL ASSIGNED SPLIT DOLLAR." THE CASH SURRENDER VALUE OF THE LIFE INSURANCE POLICY WAS $2,768,000 AT DECEMBER 31, 2022. 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 PARTICIPANT. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. VICKIE SCHMITZER CEO RETIREMENT DEATH BENEFIT X 2907171 2907171 0 1 1 2907171 BRANDON SCHMITZER HEAD OF MAINTENA CREDIT UNION EMPLOYEE WITH FAMILY RELATIONSHIP WITH THE CEO 118392 EMPLOYEE COMPENSATION 0 KARI SCHMITZER HR DIRECTOR CREDIT UNION EMPLOYEE WITH FAMILY RELATIONSHIP WITH THE CEO 136213 EMPLOYEE COMPENSATION 0 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 THE BOARD OF DIRECTORS IS ELECTED BY MEMBERS VOTING AT THE ANNUAL MEETING FOR 3-YEAR TERMS. FORM 990, PART VI, SECTION A, LINE 7B THE CREDIT UNION NEEDS MEMBER APPROVAL FOR MERGERS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY THE CEO PRIOR TO FILING. SUBSEQUENT TO FILING, THE BOARD OF DIRECTORS AND AUDIT COMMITTEE IS PROVIDED WITH A COPY OF THE 990 RETURNS SUBMITTED. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY IS REVIEWED AT THE ORGANIZATIONAL MEETING AND MONITORED BY THE INTERNAL COMPLIANCE OFFICER. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE ESTABLISHES CEO COMPENSATION USING INDEPENDENT CONSULTANT AND SURVEYS. IT IS APPROVED BY THE BOARD. THE VP OF FINANCE'S COMPENSATION IS DETERMINED BY THE CEO WITH APPROVAL FROM THE BOARD BASED ON CUES AND MICHIGAN CREDIT UNION LEAGUE SURVEYS AND BONUS PAID BY GOALS BEING MET. MANAGEMENT TEAM EMPLOYEES COMPENSATION IS ALSO DETERMINED IN THE SAME MANNER AS THE VP OF FINANCE. FORM 990, PART VI, SECTION C, LINE 19 THE MONTHLY FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. ALL OTHER DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPON REQUEST. FORM 990, PART X, LINE 15 LEASES ARE CLASSIFIED AS OPERATING OR FINANCE LEASES AT THE LEASE COMMENCEMENT DATE. LEASE EXPENSE FOR OPERATING LEASES AND SHORTTERM LEASES IS RECOGNIZED ON A STRAIGHTLINE BASIS OVER THE LEASE TERM. RIGHT-OF-USE ASSETS REPRESENT THE RIGHT TO USE AN UNDERLYING ASSET FOR THE LEASE TERM AND LEASE LIABILITIES REPRESENT THE OBLIGATION TO MAKE LEASE PAYMENTS ARISING FROM THE LEASE. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES ARE RECOGNIZED AT THE LEASE COMMENCEMENT DATE BASED ON THE ESTIMATED PRESENT VALUE OF LEASE PAYMENTS OVER THE LEASE TERM. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES ARE ALL RELATED TO OPERATING LEASES. THE RIGHT OF USE ASSET AS OF DECEMBER 31, 2022 WAS $1,784,548, AND IS INCLUDED IN OTHER ASSETS ON THE BALANCE SHEET. FORM 990, PART X, LINE 25 LEASES ARE CLASSIFIED AS OPERATING OR FINANCE LEASES AT THE LEASE COMMENCEMENT DATE. LEASE EXPENSE FOR OPERATING LEASES AND SHORTTERM LEASES IS RECOGNIZED ON A STRAIGHTLINE BASIS OVER THE LEASE TERM. RIGHT-OF-USE ASSETS REPRESENT THE RIGHT TO USE AN UNDERLYING ASSET FOR THE LEASE TERM AND LEASE LIABILITIES REPRESENT THE OBLIGATION TO MAKE LEASE PAYMENTS ARISING FROM THE LEASE. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES ARE RECOGNIZED AT THE LEASE COMMENCEMENT DATE BASED ON THE ESTIMATED PRESENT VALUE OF LEASE PAYMENTS OVER THE LEASE TERM. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES ARE ALL RELATED TO OPERATING LEASES. THE LEASE LIABILITY AS OF DECEMBER 31, 2022 WAS $1,784,548, AND IS INCLUDED IN ACCRUED EXPENSES AND OTHER LIABILITIES ON THE BALANCE SHEET. FORM 990, PART X, LINE 24 IN MAY 2020, MMIA ENTERED INTO A PROMISSORY NOTE (THE NOTE") WITH A LENDER EVIDENCING UNSECURED LOANS IN AGGREGATE PRINCIPAL AMOUNTS OF $401,900 PURSUANT TO THE PPP UNDER THE CARES ACT ADMINISTERED BY THE U.S. SMALL BUSINESS ADMINISTRATION ("SBA"). THE PAYROLL PROTECTION PROGRAM FLEXIBILITY ACT EXTENDED THE DEFERRAL PERIOD FOR BORROWER PAYMENTS OF PRINCIPAL, INTEREST, AND FEES ON ALL PPP LOANS TO THE DATE THAT THE SBA REMITS THE BORROWER'S LOAN FORGIVENESS AMOUNT TO THE LENDER. ADDITIONALLY, THE REPAYMENT TERM WAS EXTENDED TWO YEARS TO FIVE YEARS. THE NOTE MAY BE PREPAID AT ANY TIME PRIOR TO MATURITY WITH NO PREPAYMENT PENALTIES. THE NOTE IS INCLUDED IN THE UNSECURED NOTES/LOANS ON THE BALANCE SHEET, AS THE SBA DETERMINED IN 2022 THAT THE LOAN DOES NOT QUALIFY FOR FORGIVENESS. FORM 990, PART XII, LINE 2C NO CHANGE FROM PRIOR YEARS. MY MEMBER INSURANCE AGENCY PO BOX 209 FRANKENMUTH MI 49734 473157237 INSURANCE SALES MI -1643797 5874563 FRANKENMUTH CREDIT UNION