2023-10-25T14:50:06-05:00 2022-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2022-01-01 381453620 TRUE COMMUNITY CREDIT UNION TRUE 5177847101 1100 CLINTON RD JACKSON MI 49202 LANCE SCHNITKEY CFO 5177847101 2023-10-24 LANCE SCHNITKEY 999009999 0 JACK C TRACY P01974742 2482443000 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z CHRISTINA SIDERS 1100 CLINTON RD JACKSON MI 49202 43686146 0 X WWW.TRUECCU.COM X 2020 MI TO CULTIVATE LEGACY-DEFINING MOMENTS FOR THE PEOPLE AND PLACES WE SERVE FOR GENERATIONS TO COME. 10 10 243 17 226763 0 0 0 29335301 33217903 1004042 2052132 0 0 30339343 35270035 0 0 0 0 14289632 16184469 0 0 0 11900411 15369423 26190043 31553892 4149300 3716143 691048479 683496777 625179364 621103240 65869115 62393537 TO CULTIVATE LEGACY-DEFINING MOMENTS FOR THE PEOPLE AND PLACES WE SERVE FOR GENERATIONS TO COME. 0 0 TRUE COMMUNITY CREDIT UNION PROVIDES A SPECTRUM OF DEPOSIT AND LOAN PRODUCTS FOR OUR MEMBERS AND PROVIDES FINANCIAL EDUCATION FOR THE COMMUNITY TO CULTIVATE THE LEGACY-DEFINING MOMENTS FOR THOSE WE SERVE. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 14322 0 1 243 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X LANCE SCHNITKEY 5177847101 1100 CLINTON ROAD JACKSON MI 49202 QUENTIN GUINN BOARD CHAIRPERSON 1.00 X 0 0 0 JOSH BURGETT BOARD VICE CHAIRPERSON 1.00 X 0 0 0 JO ANN RAND BOARD SECRETARY 1.00 X 0 0 0 TIM DENTON BOARD TREASURER 1.00 X 0 0 0 L KEITH ACKER BOARD DIRECTOR 1.00 X 0 0 0 CHELSEA PAGE BOARD DIRECTOR 1.00 X 0 0 0 REGINA PINNEY BOARD DIRECTOR 1.00 X 0 0 0 DENNIS DECOSTA BOARD DIRECTOR 1.00 X 0 0 0 KAREN RICHARD BOARD DIRECTOR 1.00 X 0 0 0 TOM BUTMAN BOARD DIRECTOR 1.00 X 0 0 0 JOHN HOSTETLER BOARD DIRECTOR 1.00 X 0 0 0 NEIL FERNANDES ASSOCIATE DIRECTOR 1.00 X 0 0 0 CARL GILZOW AUDIT & OVERSIGHT COMMITTEE CHAIR 1.00 X 0 0 0 KEN RUDOLPH AUDIT & OVERSIGHT COMMITTEE CHAIR 1.00 X 0 0 0 SHARI WALTERS AUDIT & OVERSIGHT COMMITTEE 1.00 X 0 0 0 CHRISTINA SIDERS PRESIDENT/CEO 40.00 X 368864 0 23522 LANCE SCHNITKEY VP OF FINANCE 40.00 X 169122 0 12031 JASON MATLEY EVP STARTEGY & TRANSFORMATION 40.00 X 232380 0 17422 VALERIE MOSKAL CHIEF OPERATIONS OFFICER 40.00 X 223291 0 29266 SARAH ERMATINGER CHIEF EXPERIENCE OFFICER 40.00 X 182044 0 10307 CANIS ARBROUET VP TECHNOLOGY SOLUTIONS 40.00 X 164561 0 28089 HEATHER HARBACK VP PEOPLE & CULTURE 40.00 X 159289 0 31729 SHAWN CHRISTIE VP PAYMENT STRATEGY & INNOVATION 40.00 X 152541 0 28544 TERRY FRENCH INVESTMENTS SERVICES REP 40.00 X 222769 0 8406 JEFF THOMASSON SENIOR MORTGAGE LENDING SPECIALIST 40.00 X 141067 0 -13968 BRANDI COLE SENIOR DIRECTOR OF RISK MANAGEMENT 40.00 X 124097 0 25116 REBECCA BILLINGSLEY SENIOR DIRECTOR OF HUMAN RESOURCES 40.00 X 143155 0 28852 STACY SNYDER DIRECTOR OF MORTGAGE LENDING 40.00 X 121998 0 25890 2405178 0 255206 19 0 1 0 HARMON MANAGEMENT LLC 417 COPPERSMITH DRIVE MASON MI 48854 CONSTRUCTION 1229077 JACK HENRY AND ASSOCIATES PO BOX 609 MONETT MO 65708 SOFTWARE SERVICE 617821 DOXIM INC 747 EASY WHITCOMB AVE MADISON HEIGHTS MI 48071 STATEMENT/MARKETING MATERIALS 421339 FINASTRA USA CORPORATION PO BOX 535120 ATLANTA GA 30353 MOBILE APP 395067 DIEBOLD NIXDORF INCORPORATED PO BOX 643543 PITTSBURGH PA 15264 ATM INSTALLATION/SUPPORT 335200 8 LOAN INCOME 522100 21664457 21664457 FEES, CHARGES & OTHER 522100 11326683 11326683 FINANCE AND INSURANCE 520000 226763 226763 33217903 2437066 2437066 7406438 624739 7858320 557791 -451882 66948 -384934 -384934 35270035 32606206 226763 2437066 X 1833002 10615999 1297636 1503011 934821 138281 162658 1283404 1513240 2120813 962231 61193 171535 1697233 15557 1270787 106142 LOAN SERVICING 1624081 PLL 1445364 ATM EXPENSE 816436 MAINTENANCE/REPAIRS 686780 1293688 31553892 5406110 4554197 152550990 12842195 2411109 1657045 3200000 3211234 426522967 546043742 15055851 13086723 22635642 15659309 7245220 6976333 47116610 68062271 22966955 15998624 356600 267450 8216067 10796963 691048479 683496777 4972283 5008685 1000000 619207081 616094555 625179364 621103240 X 0 0 0 0 65869115 62393537 65869115 62393537 691048479 683496777 X 3716143 -4626068 -2565653 X X 0 1 X 1 0 1804395 1804395 9596530 6285640 3310890 298755 207982 90773 10935962 9165687 1770275 6976333 MEMBER SHARE ACCOUNTS 616094555 616094555 X 35270035 0 35270035 0 35270035 31553892 0 31553892 0 31553892 PART X, LINE 2: INCOME TAXES THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. X 1 1 X X X X X X 0 1 0 CHRISTINA SIDERS PRESIDENT/CEO 306285 0 46833 0 15746 0 3005 0 20517 0 392386 0 0 0 VALERIE MOSKAL CHIEF OPERATIONS OFFICER 197766 0 24145 0 1380 0 9282 0 19984 0 252557 0 0 0 JASON MATLEY EVP STARTEGY & TRANSFORMATION 201086 0 24360 0 6934 0 9294 0 8128 0 249802 0 0 0 TERRY FRENCH INVESTMENTS SERVICES REP 203105 0 14393 0 5271 0 7998 0 408 0 231175 0 0 0 CANIS ARBROUET VP TECHNOLOGY SOLUTIONS 146144 0 18130 0 287 0 6700 0 21389 0 192650 0 0 0 SARAH ERMATINGER CHIEF EXPERIENCE OFFICER 160076 0 19926 0 2042 0 8104 0 2203 0 192351 0 0 0 HEATHER HARBACK VP PEOPLE & CULTURE 135871 0 16790 0 6628 0 11262 0 20467 0 191018 0 0 0 LANCE SCHNITKEY VP OF FINANCE 139163 0 17417 0 12542 0 9870 0 2161 0 181153 0 0 0 SHAWN CHRISTIE VP PAYMENT STRATEGY & INNOVATION 135461 0 16801 0 279 0 8839 0 19705 0 181085 0 0 0 REBECCA BILLINGSLEY SENIOR DIRECTOR OF HUMAN RESOURCES 119837 0 12432 0 10886 0 8015 0 20837 0 172007 0 0 0 PART I, LINE 3 THE BELOW LISTED EMPLOYEES PARTICIPATE IN A NON-QUALIFIED 457B PLAN. THE AMOUNTS REPORTED REPRESENT THE EMPLOYEE CONTRIBUTION DURING 2022: CHRISTINA SIDERS: $18,603 VALERIE MOSKAL: $20,500 TERRY FRENCH: $3,229 SARAH ERMATINGER: $3,217 SHAWN CHRISTIE: $4,181 THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, CHRISTINA SIDERS, THROUGH AN ARRANGEMENT REFERRED TO AS "COLLATERAL ASSIGNED SPLIT DOLLAR". AT SPECIFIED TIMES, THE PARTICIPANT 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 PREMIUM PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. CHRISTINA SIDERS CEO COLLATERAL ASSIGNED SPLIT DOLLAR X 3200000 3211234 0 1 1 3211234 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, CHRISTINA SIDERS, THROUGH AN ARRANGEMENT REFERRED TO AS "COLLATERAL ASSIGNED SPLIT DOLLAR". AT SPECIFIED TIMES, THE PARTICIPANT 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 PREMIUM PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A CREDIT UNION MEMBERS ELECT THE BOARD MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B REVIEW WILL BE PERFORMED BY CEO AND VP OF FINANCE. FORM 990, PART VI, SECTION B, LINE 12C POLICIES ARE REVIEWED ANNUALLY AND ALL VOLUNTEERS COMPLETE CONFLICT OF INTEREST FORMS AFTER THE ANNUAL MEETING EACH YEAR. FORM 990, PART VI, SECTION B, LINE 15 PRESIDENT/CEO - THE BOARD OF DIRECTOR'S PERFORMS AN ANNUAL PERFORMANCE EVALUATION OF THE PRESIDENT/CEO. BASED ON THE GOALS ACHIEVED AND RESULTS OF THE REVIEW, A MERIT ADJUSTMENT IS CALCULATED. THE RESULTS OF THE REVIEW AND THE PROPOSED MERIT ADJUSTMENT IS REVIEWED BY THE BOARD OF DIRECTORS. AT THE SAME TIME, THE BOARD ALSO OBTAINS A SALARY STUDY FROM A SALARY CONSULTANT (BALANCED COMP) FOR PRESIDENTS AND CHIEF FINANCIAL OFFICERS IN SIMILAR SIZED INSTITUTIONS. A VARIETY OF SURVEY DATA IS USED BY THE CONSULTANT TO PREPARE THE RECOMMENDED PAY RANGE AND PLACEMENT OF THE PAY FOR THE PRESIDENT/CEO. IN ADDITION, THE COMMITTEE REVIEWS 990 DATA, AND OTHER INDUSTRY RESOURCES FOR INFORMATION TO DETERMINE IF ANY ADDITIONAL ADJUSTMENT IS REQUIRED TO ENSURE THE PRESIDENT/CEO IS BEING PAID APPROPRIATELY. ONCE A FINAL MERIT ADJUSTMENT IS AGREED UPON, THE BOARD OF DIRECTORS TAKES A FORMAL VOTE. THIS ADJUSTMENT INFORMATION IS PRESENTED TO THE PRESIDENT/CEO AND PROVIDED TO HUMAN RESOURCES TO PROCESS THE PROPER ADJUSTEMENT TO THE PRESIDENT/CEO'S COMPENSATION. CFO AND OTHER OFFICERS/KEY EMPLOYEES - PAY GRADES FOR THE POSITION ARE ALSO RECOMMENDED BY BALANCED COMP, A SALARY CONSULTANT. THEY USE VARIOUS PROFESSIONAL SURVEY DATA TO DETERMINE APPROPRIATE MINIMUM, MIDPOINT AND MAXIMUM PAY RATES. MERIT INCREASES ARE CALCULATED BASED ON A MATRIX RECOMMENDED THROUGH BALANCED COMP THAT CONSIDERS LONGEVITY, GOAL ACHIEVEMENT AND POSITION WITHIN THE PAY GRADE. THE OVERALL MERIT BUDGET IS APPROVED BY THE BOARD OF DIRECTOR'S IN THE BUDGET APPROVAL PROCESS. NO MERIT ADJUSTMENT IS GIVEN UNTIL BOARD APPROVAL IS OFFICIAL. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC VIA THE QUARTERLY CALL REPORT ON NCUA.GOV. FORM 990, PART IX, LINE 24E VISA EXPENSE 674,747. FRAUD 381,027. MISCELLANEOUS 177,095. COLLECTION EXPENSE 69,679. NON-OPERATING (GAINS)/LOSSES -8,860. FORM 990, PART XI, LINE 9: NET CHANGE IN UNREALIZED LOSSES ON POST-RETIREMENT BENEFIT PLAN -2,565,653. FORM 990, PART XII, LINE 2B THE FINANCIAL STATEMENTS ARE AUDITED ON A FISCAL YEAR END AND FORM 990 IS REPORTED ON A CALENDAR YEAR END. FORM 990, PART XII, LINE 2C WE HAVE A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED. CP FINANCIAL SERVICES 1100 CLINTON RD JACKSON MI 49202 381453620 PERFORM COMPLIANCE AUDITS AND TRAINING FOR OTHER CREDIT UNIONS MI 17737 242572 TRUE COMMUNITY CREDIT UNION