2023-05-13T14:00:29+00:00 2022-12-31 350921680 CROWE LLP 575 Market Street Suite 3300 San Francisco CA 941055829 990 2022-01-01 381447620 Community Financial Credit Union COMM 7344531200 500 S HARVEY ST PLYMOUTH MI 481708050 Scott Cameron EVP/CFO 2023-05-13 true SCOTT CAMERON 999009999 Diane Kirmaci P01578407 4155761100 2022 2023-04-26 12:10:37Z X Tansley Stearns 500 S HARVEY ST PLYMOUTH MI 481708050 68299039 false X WWW.CFCU.ORG X 2012 MI Community Financial Credit Union is a state chartered, not-for-profit, full-service financial institution owned and governed by its membership. At Community Financial, we are committed to our members and our communities. For over 70 years, we've provided our Michigan members competitively-priced savings & loans products, outstanding service and support to their neighborhoods. 9 9 379 15 56486 19497 0 0 57422331 65611595 494036 1313989 3175957 1373455 61092324 68299039 721869 812590 0 0 29225631 32207843 0 0 0 18750966 25524125 48698466 58544558 12393858 9754481 1253139306 1531731546 1110856254 1382194058 142283052 149537488 Community Financial Credit Union is a state chartered, not-for-profit, full-service financial institution owned and governed by its membership. At Community Financial, we are committed to our members and our communities. For over 70 years, we've provided our Michigan members competitively-priced savings & loans products, outstanding service and support to their neighborhoods. false false PROMOTE THRIFT TO 80,634 MEMBERS BY OFFERING COMPETITIVELY-PRICED SAVINGS & LOANS PRODUCTS AS WELL AS OTHER FINANCIAL PRODUCTS. 0 false false false false false false true false true true false false true true false false false false false false false false false false false true true true false true false false false false false false false false false false false false true 23768 0 true 379 true true true false false false false false false false X 9 9 false false false false true true true true false true true false true true true true true false false false X SCOTT CAMERON 7345828876 PO BOX 8050 PLYMOUTH MI 481708050 DAN HERRIMAN 2nd vice chairperson 1.0 X X 0 0 0 Dennis LaVoy Secretary/Treasurer 1.0 X X 0 0 0 DON BAIN BOARD CHAIR 1.0 X X 0 0 0 Mark RIEGAL 1st Vice Chairperson 1.0 X X 0 0 0 Debbie Starinsky Board Member 1.0 X 0 0 0 Mary Lowing Board Member (through 3/10/2022) 1.0 X 0 0 0 Patricia Reese Board Member 1.0 X 0 0 0 PAUL BEDICH BOARD MEMBER 1.0 X 0 0 0 RON METEYER BOARD MEMBER 1.0 X 0 0 0 Teri Kuehn Board Member 1.0 X 0 0 0 ART BEARD CHIEF INFORMATION AND DIGITAL OFFICER 40.0 X 379043 0 69563 CATHY MEYERS CHIEF PEOPLE OFFICER 40.0 X 339391 0 74197 CHRIS CURRY CHIEF OPERATIONS AND PAYMENTS OFFICER 40.0 X 333269 0 80682 DANIELLE MILNER CHIEF EXPERIENCE OFFICER 40.0 X 67621 0 324 ELRY ARMAZA CHIEF TRANSFORMATION OFFICER 40.0 X 134404 0 865 ERIC ESSER CHIEF RESIDENTIAL AND COMMERCIAL LENDING OFFICER (THROUGH 12/2/22) 40.0 X 319377 0 21318 JILL JOHNSON CHIEF REVENUE AND LENDING OFFICER 40.0 X 356532 0 82397 RANDY PENNER CHIEF SALES AND MARKETING OFFICER (THROUGH 8/5/22) 40.0 X 353329 0 23561 Scott Cameron EVP/CFO 40.0 X 316066 0 80419 TANSLEY STEARNS CEO (AS OF 6/1/2022) 40.0 X 309415 0 11492 WILLIAM LAWTON CEO (THROUGH 7/1/2022) 40.0 X 517818 0 24758 David Heffner SVP Lending 40.0 X 196901 0 17330 DIANE KENNY VP SALES 40.0 X 207068 0 19529 Sarah Cousineau VP Marketing (through 9/19/2022) 40.0 X 226885 0 15148 THOMAS VARGO AVP/CORE OPERATIONS 40.0 X 200303 0 21446 WARREN MUSSON VP BUSINESS SERVICES (through 8/16/2022) 40.0 X 704724 0 15225 4962146 0 558254 53 false true false SHAW CONSTRUCTION 13980 FARMINGTON RD LIVONIA MI 48154 Construction Services 2288680 CO-OP 1500 NW 118TH STREET DES MOINES IA 50325 CARD PROCESSOR 2084810 NCR CORPORATION 14181 COLLECTIONS CENTER DR Chicago IL 60693 ATM INSTALL/SERVICER 881386 MASTERCARD 2200 Mastercard Blvd OFallon MS 633687263 CREDIT CARD PROCESSOR 671904 Jack Henry & Associates Inc 663 W Highway 60 Monet MO 65708 Core Processor Services 575161 31 0 0 0 0 0 0 0 0 MEMBER LOAN INCOME 522130 53709972 53709972 0 0 INTERCHANGE INCOME 522130 6133557 6133557 0 0 Fee Income 522130 5093661 5037424 56237 0 Sale of Loans 522130 674405 674405 0 0 0 0 0 0 0 0 0 0 65611595 1313989 0 0 1313989 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 other non-interest income 522130 924657 924408 249 0 0 0 0 0 0 0 0 0 448798 448798 0 0 1373455 68299039 66928564 56486 1313989 777147 35443 0 0 3895842 0 23347413 1038218 2026010 1900360 83024 114350 253832 0 0 0 0 1397820 6381667 0 0 2016507 235532 0 495941 5432988 0 985990 363796 Lending 3427651 Provision Expense 2847888 CARD FRAUD & DISPUTES 283515 Operating Fees 182095 1021529 58544558 5597725 6985914 0 0 0 0 0 0 2381951 2870948 0 0 1126045355 1399756890 0 0 0 0 37500869 17948362 17273905 19552507 0 0 93093191 91944036 0 0 0 8747179 10621251 1253139306 1531731546 12050576 15915367 0 0 0 0 0 0 7796645 5256467 0 0 0 0 1091009033 1361022224 1110856254 1382194058 0 0 0 0 X 0 0 0 0 142283052 149537488 142283052 149537488 1253139306 1531731546 9754481 -2500045 0 0 0 0 X false true X true false false true X 5074618 5074618 17783849 8818365 8965484 10822098 9129997 1692101 3820304 3820304 19552507 91944036 C 91944036 BORROWINGS 77000000 MEMBER SAVINGS 296502389 CHECKING 296531538 OTHER SAVINGS 59614727 MONEY MARKET 208749568 CERTIFICATES 422624002 1361022224 X Schedule D, Part IV, Line 2b Explanation of escrow agreement THE ORGANIZATION MAINTAINS MEMBERS SHARES ESCROWS AND FHLBI AND FNMA INVESTOR ESCROWS. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Credit Union is exempt, under Internal Revenue Code (IRC) 501(c)(14), from federal and state income taxes. The Credit Union has filed tax returns in the past for activities it has deemed taxable and has a minimal net operating loss carryforward as of the 2020 calendar year. The taxing authorities have the ability to assess taxes, penalties, and interest for any years for which no tax return was filed. In the opinion of management, any liability resulting from taxing authorities imposing income taxes on the net taxable income from activities potentially deemed to be unrelated to the Credit Union's exempt purpose is not expected to have a material effect on the Credit Union's financial position or results of operations. The Credit Union evaluated its tax positions and determined no uncertain tax positions exist as of March 31, 2022. The Credit Union's 2018 through 2021 tax years are open for examination by federal and state taxing authorities. true Amber Reineck House PO BOX 510 HAMBURG MI 48139 823730226 501(c)(3) 10000 GENERAL SUPPORT American Cancer Society 20450 Civic Center Dr Southfield MI 48076 131788491 501(c)(3) 24280 GENERAL SUPPORT American Heart Association 27777 FRANKLIN ROAD SOUTHFIELD MI 48034 135613797 501(c)(3) 5031 GENERAL SUPPORT American Red Cross 5640 Venture Ct Kalamazoo MI 49009 530196605 501(c)(3) 11930 GENERAL SUPPORT Angela Hospice 14100 Newburgh Rd Livonia MI 48154 382755767 501(c)(3) 5150 GENERAL SUPPORT Blustone Voices for Autism 38935 Ann Arbor Rd Ste 150 Livonia MI 481503397 850645778 501(c)(3) 6190 GENERAL SUPPORT Canton Chamber of Commerce 45525 Hanford Rd Canton MI 48187 382087835 501(c)(6) 7600 GENERAL SUPPORT Canton Community Foundation 50430 School House Rd Canton MI 48187 382898615 501(c)(3) 35181 GENERAL SUPPORT Community Sharing of Lewiston 4615 Montmorency St Lewiston MI 49756 382546394 501(c)(3) 6000 GENERAL SUPPORT Detroit Cristo Rey 5679 W Vernor Hwy Detroit MI 48209 262994633 501(c)(3) 21250 GENERAL SUPPORT Plymouth-Canton Educational Excellence Foundation 454 S Harvey St Plymouth MI 48170 382638321 501(c)(3) 16000 GENERAL SUPPORT Friends of Novi Schools and Students 25345 Taft Rd Novi MI 48374 872922587 501(c)(3) 13000 GENERAL SUPPORT Gaylord Community Schools 615 South Elm Avenue Gaylord MI 49735 261573069 School 9000 GENERAL SUPPORT Gleaners Community Food Bank 2131 Beaufait Detroit MI 48207 382156255 501(c)(3) 8500 GENERAL SUPPORT Habitat for Humanity of Western Wayne County 3716 Newberry St 250 Wayne MI 48184 383204667 501(c)(3) 11000 GENERAL SUPPORT Hillman Community Schools 26042 M-32 SOUTH HILLMAN MI 49746 261836005 School 14750 GENERAL SUPPORT Hospitality House 2075 E West Maple Rd Commerce MI 48390 383635226 501(c)(3) 6000 GENERAL SUPPORT Livonia Chamber of Commerce 33300 Five Mile Rd Livonia MI 48154 381654593 501(c)(6) 8450 GENERAL SUPPORT LPS Education Foundation 15125 Farmington Livonia MI 48154 201085968 501(c)(3) 5500 GENERAL SUPPORT Michigan Credit Union Foundation PO BOX 8054 Plymouth MI 481708054 386066911 501(c)(3) 260000 GENERAL SUPPORT Northville Community Foundation 195 S Main St Northville MI 48167 383361844 501(c)(3) 7750 GENERAL SUPPORT Northville Education Foundation 405 W MAIN STREET NORTHVILLE MI 48167 383503644 501(c)(3) 8500 GENERAL SUPPORT Novi Education Foundation 25345 Taft Road Novi MI 48374 382665305 501(c)(3) 7500 GENERAL SUPPORT Novi Public Library 45255 W Ten Mile Rd Novi MI 48375 386032551 Government 10000 GENERAL SUPPORT Novi Rotary Foundation PO Box 159 Novi MI 48376 383218968 501(c)(3) 5750 GENERAL SUPPORT City of Novi 45175 W Ten Mile Road Novi MI 48375 386032551 Government 10500 GENERAL SUPPORT Open Door Food Ministry 3855 S Sheldon Rd Canton MI 48188 202685468 501(c)(3) 6230 GENERAL SUPPORT Otsego Community Foundation PO Box 344 Gaylord MI 49734 383216235 501(c)(3) 32500 GENERAL SUPPORT Otsego County Habitat for Humanity PO BOX 344 GAYLORD MI 49734 383130500 501(c)(3) 7000 GENERAL SUPPORT Otsego County United Way 116 E Fifth St Gaylord MI 49735 237156104 501(c)(3) 19750 GENERAL SUPPORT OtsegoAntrim Habitat for Humanity 306 S Williams Street Mancelona MI 49659 383130500 501(c)(3) 10000 GENERAL SUPPORT Plymouth-Canton Community Schools 454 South Harvey St Plymouth MI 481701717 262856082 School 11058 GENERAL SUPPORT Plymouth Chamber of Commerce 850 W Ann Arbor Trail Plymouth MI 48170 380933390 501(c)(6) 8005 GENERAL SUPPORT Plymouth Community Arts Council 774 Sheldon Rd Plymouth MI 48170 382132636 501(c)(3) 11000 GENERAL SUPPORT Plymouth Community United Way 960 W Ann Arbor Trail PO Box 6356 Plymouth MI 48170 237327248 501(c)(3) 12560 GENERAL SUPPORT Salvation Army of Gaylord 116 E 5thSt Gaylord MI 49735 381370971 501(c)(3) 7000 GENERAL SUPPORT Salvation Army of Plymouth 9451 S Main St Plymouth MI 48170 381370971 501(c)(3) 10000 GENERAL SUPPORT Salvation Army of Westland 2300 Venoy Rd Westland MI 48186 381370971 501(c)(3) 13000 GENERAL SUPPORT The Heat and Warmth Fund 535 Griswold St 200 Detroit MI 48226 382646924 501(c)(3) 10000 GENERAL SUPPORT Wayne-Westland Foundation for Improvement of Instruction 36745 Marquette St Westland MI 48185 382336370 501(c)(3) 8500 GENERAL SUPPORT City Of Westland 36300 Warren Rd Westland MI 48185 000822310 Government 5525 GENERAL SUPPORT 38 3 SCHOLARSHIPS 26 24000 Tuition Assistance 4 11443 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. COMMUNITY FINANCIAL CREDIT UNION WILL MAKE THE SCHOLARSHIP PAYMENTS DIRECTLY TO THE RECEIVING COLLEGE OR UNIVERSITY AS ITS METHOD OF ENSURING THE GRANT FUNDS ARE USED IN ALIGNMENT WITH ITS PURPOSE. CFCU's Community Relations Department chooses public charities throughout the community to provide funds to. CFCU is active in the community's it serves and supports organizations providing social services, scholarships and governmental services. Support provided to the selected public charities is typically intended for general support. Community Financial also provides tuition reimbursement up to $4,000/year per employee based on grade received. X true true false WILLIAM LAWTON CEO (THROUGH 7/1/2022) 262846 0 137324 0 117648 0 20500 0 4258 0 542576 0 95656 0 ART BEARD CHIEF INFORMATION AND DIGITAL OFFICER 279231 0 74092 0 25720 0 69563 0 0 0 448606 0 24754 0 JILL JOHNSON CHIEF REVENUE AND LENDING OFFICER 261406 0 72896 0 22230 0 71901 0 10496 0 438929 0 20309 0 CHRIS CURRY CHIEF OPERATIONS AND PAYMENTS OFFICER 245400 0 67025 0 20844 0 66921 0 13761 0 413951 0 20075 0 CATHY MEYERS CHIEF PEOPLE OFFICER 223133 0 68253 0 48005 0 67963 0 6234 0 413588 0 26254 0 Scott Cameron EVP/CFO 248504 0 66710 0 852 0 66654 0 13765 0 396485 0 0 0 RANDY PENNER CHIEF SALES AND MARKETING OFFICER (THROUGH 8/5/22) 182526 0 141739 0 29064 0 18735 0 4826 0 376890 0 25576 0 ERIC ESSER CHIEF RESIDENTIAL AND COMMERCIAL LENDING OFFICER (THROUGH 12/2/22) 204895 0 64820 0 49662 0 16943 0 4375 0 340695 0 18169 0 TANSLEY STEARNS CEO (AS OF 6/1/2022) 298513 0 10615 0 287 0 8654 0 2838 0 320907 0 0 0 WARREN MUSSON VP BUSINESS SERVICES (through 8/16/2022) 117910 0 522446 0 64368 0 12267 0 2958 0 719949 0 0 0 Sarah Cousineau VP Marketing (through 9/19/2022) 117809 0 32104 0 76972 0 11634 0 3514 0 242033 0 0 0 DIANE KENNY VP SALES 170296 0 33455 0 3317 0 17346 0 2183 0 226597 0 0 0 THOMAS VARGO AVP/CORE OPERATIONS 176743 0 22372 0 1188 0 18230 0 3216 0 221749 0 0 0 David Heffner SVP Lending 164331 0 31167 0 1403 0 6834 0 10496 0 214231 0 0 0 Schedule J, Part I, Line 4a Severance or change-of-control payment THE FOLLOWING PERSONS RECEIVED PAYMENTS AS PART OF A SEVERANCE AGREEMENT IN 2022: ERIC ESSER - $9,225 WARREN MUSSON - $61,538 SARAH COUSINEAU - $75,774 Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan THE FOLLOWING INTERESTED PERSONS RECEIVED DEFERRALS TO THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2022: ART BEARD - $52,416 SCOTT CAMERON- $46,154 CATHY MEYERS - $47,463 JILL JOHNSON - $51,401 CHRIS CURRY - $46,421 THE FOLLOWING INTERESTED PERSONS RECEIVED DISTRIBUTIONS FROM THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2022: ART BEARD - $24,754 RANDY PENNER - $25,576 ERIC ESSER - $18,169 CATHY MEYERS - $26,254 WILLIAM LAWTON - $95,656 JILL JOHNSON - $20,309 CHRIS CURRY - $20,075 Board Member PERSONAL OR BUSINESS LOAN X 14873 1646 false true true Executive PERSONAL OR BUSINESS LOAN X 568565 419677 false true true Board Member PERSONAL OR BUSINESS LOAN X 42000 41324 false true true Board Member PERSONAL OR BUSINESS LOAN X 350506 340773 false true true Executive PERSONAL OR BUSINESS LOAN X 509000 481879 false true true Executive PERSONAL OR BUSINESS LOAN X 185061 122550 false true true Executive PERSONAL OR BUSINESS LOAN X 356584 214887 false true true Board Member PERSONAL OR BUSINESS LOAN X 3000 1402 false true true Executive PERSONAL OR BUSINESS LOAN X 295314 244271 false true true Family Member of Interested Person PERSONAL OR BUSINESS LOAN X 40000 40000 false true true Board Member PERSONAL OR BUSINESS LOAN X 205500 192817 false true true Executive PERSONAL OR BUSINESS LOAN X 73266 14978 false true true Family Member of Interested Person PERSONAL OR BUSINESS LOAN X 14955 7680 false true true Family Member of Interested Person PERSONAL OR BUSINESS LOAN X 2214 1658 false true true Board Member PERSONAL OR BUSINESS LOAN X 90495 79424 false true true Board Member PERSONAL OR BUSINESS LOAN X 27156 15567 false true true Family Member of Interested Person PERSONAL OR BUSINESS LOAN X 3000 169 false true true Family Member of Interested Person PERSONAL OR BUSINESS LOAN X 1000 40 false true true Family Member of Interested Person PERSONAL OR BUSINESS LOAN X 17500 11146 false true true Executive PERSONAL OR BUSINESS LOAN X 647200 639060 false true true 2870948 Form 990, Part IV, Line 12a FINANCIAL STATEMENTS FOR THE TAX YEAR THE AUDITED FINANCIALS USE A REGULATORY YEAR END OF MARCH 31. AN AUDIT WILL NEXT BE PERFORMED FOR THE MARCH 31, 2023 YEAR END. Form 990, Part VI, Line 15 process for determining compensation Every other year the credit union engages with D Hilton to have compensation grades repriced and evaluated. The last review was done in 2022. Form 990, Part VI, Line 6 Classes of members or stockholders Each account holder is a member of the credit union. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body The members of the credit union vote on board member changes and charter changes. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders The members of the credit union vote on board member changes and charter changes. Form 990, Part VI, Line 11b Review of form 990 by governing body The Manager/Accounting reviews both Form 990 and 990T prior to filing. Form 990, Part VI, Line 12c Conflict of interest policy THE ORGANIZATION'S OFFICERS, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO ANNUALLY DISCLOSE ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST THEY MAY HAVE WITH THE ORGANIZATION. EACH SIGNED POLICY STATEMENT IS REVIEWED TO DETERMINE IF ANY CONFLICTS EXIST AND NEED TO BE BROUGHT TO THE ATTENTION OF THE BOARD. IF A CONFLICT ARISES, THE RESPECTIVE BOARD MEMBER WILL ABSTAIN FROM ANY RELATED DISCUSSION, VOTE, OR SIMILAR ACTION ON THE MATTER. Form 990, Part VI, Line 19 Required documents available to the public THE FINANCIAL STATEMENTS ARE POSTED IN EACH BRANCH OFFICE, UPDATED MONTHLY. THE GOVERNING DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC. Form 990, Part VIII, Line 11d Other Miscellaneous Revenue 151100 - Total Revenue: 448798, Related or Exempt Function Revenue: 448798, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ;