2024-11-13T09:35:53-06:00 2023-12-31 382492570 DOEREN MAYHEW 305 W BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 381441242 ELGA CREDIT UNION ELGA 8107153542 6065 GRAND POINTE BLVD GRAND BLANC MI 48439 TERRY KATZUR CEO 8107153542 2024-10-28 0 JACK C TRACY P01974742 2482443000 2024-10-28 2023 2024-10-15 13:58:12Z TERRY KATZUR 6065 GRAND POINTE BLVD GRAND BLANC MI 48439 109873162 0 X WWW.ELGACU.COM X 1951 MI PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS. 7 7 324 10 378454 0 0 2000000 76577288 101238840 4832167 5458896 5324966 0 86734421 108697736 0 490216 0 0 22818814 24978005 0 0 0 35616289 55778092 58435103 81246313 28299318 27451423 1416776548 1497868277 1256537450 1310039442 160239098 187828835 PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS. 0 0 THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREDIT CARD, VEHICLE, AND OTHER. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/23 WAS 92,944. THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES, AND OTHER. THE TOTAL NUMBER OF MEMBERS AT 12/31/23 WAS 95,703. 0 1 0 0 0 0 0 0 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 1 0 1 29949 0 1 324 1 1 1 0 0 0 0 0 1 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X TERRY KATZUR 8107153542 6065 GRAND POINT BLVD GRAND BLANC MI 48439 HAROLD MOTT BOARD CHAIRPERSON 1.00 X 0 0 0 JOSEPH BORIS BOARD VICE CHAIRPERSON 1.00 X 0 0 0 SHEVEZE ANDERSON BOARD SECRETARY 1.00 X 0 0 0 DIANA CURRIER BOARD TREASURER 1.00 X 0 0 0 RODERICK SLAUGHTER BOARD MEMBER 1.00 X 0 0 0 KEVIN KEANE BOARD MEMBER 1.00 X 0 0 0 CHRISTOPHER GOETZ BOARD MEMBER 1.00 X 0 0 0 RUTHY QUARLES SUPERVISORY COMMITTEE CHAIRPERSON 1.00 X 0 0 0 GLENN WILSON SUPERVISORY COMMITTEE MEMBER 1.00 X 0 0 0 TERRY KATZUR CEO 45.00 X 1029744 0 37806 BRYAN RANDALL CIO 45.00 X 208437 0 23988 DAVID BRANDT EVP 45.00 X 357579 0 44259 KATHLEEN SMITH VP OF BRANCH OPERATIONS 45.00 X 236226 0 35191 MALLORY HAZARD VP OF LENDING 45.00 X 163202 0 33004 CHADD O'BRIEN CORPORATE COUNSEL 45.00 X 194675 0 16231 ROBERT CLONTZ BRANCH MANAGER 45.00 X 173251 0 9114 AMY ZIMMER DIRECTOR OF MORTGAGE LENDING 45.00 X 172550 0 990 SHELLEY HUFTON ACCOUNTING MANAGER 45.00 X 157015 0 13918 REBECCA JONES DIGITAL EXPERIENCE MANAGER 45.00 X 154129 0 12235 2846808 0 226736 41 0 1 0 FUSION AUTO FINANCE 1320 TENNIS DR BEDFORD TX 76022 LEASE PROCESSING 1709931 KASASA LTD PO BOX 527 LUBBOCK TX 79408 CHECKING SERVICING 957103 CDW DIRECT PO BOX 75723 CHICAGO IL 60675 TECHNOLOGY HARDWARE/SOFTWARE/SUPPLIES 835173 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 CORE SOFTWARE MAINTENANCE 741504 EDGE ONE 161 BUSINESS PARK CIRCLE STOUGHTON WI 53589 ATM SERVICING 665815 25 2000000 2000000 INTEREST ON LOANS 522100 70321989 70321989 FEES, CHARGES, AND OTHER 522100 30538397 30538397 FINANCE AND INSURANCE 520000 378454 378454 101238840 5547299 5547299 1087023 1175426 -88403 -88403 -88403 108697736 106319282 378454 0 490216 2169436 17090486 1084679 3026174 1607230 2954 87033 3474164 5999061 2892221 2097227 394502 14363858 2108774 278205 PROVISION FOR LOAN LOSS 15609057 ATM EXPENSE 4508557 LOAN SERVICING EXPENSES 2503625 PROFESSIONAL SERVICES 1458854 81246313 17195806 13249750 32293425 59743125 15599250 15933074 1093548626 1190298352 1778168 2351590 56987726 25350228 34027322 31637498 191255451 158754769 1967100 2147800 29111400 23752319 1416776548 1497868277 13895421 15374904 14300000 34000000 173000000 173000000 1055342029 1087664538 1256537450 1310039442 X 0 0 0 0 160239098 187828835 160239098 187828835 1416776548 1497868277 X 27451423 4650999 -4512685 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 5250472 5250472 31577035 8348444 23228591 1070269 894239 176030 19089950 16107545 2982405 31637498 MEMBERS' SHARE ACCOUNTS 1087664538 1087664538 X 109139237 441501 441501 108697736 0 108697736 81246313 0 81246313 0 81246313 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 THE ELGA CREDIT UNION FOUNDATION 6065 GRAND POINT BLVD GRAND BLANC MI 48439 833968733 501(C)(3) 490216 0 CHARITABLE CONTRIBUTION 1 0 PART I, LINE 2: THIS IS A CHARITABLE CONTRIBUTION TO THE CREDIT-UNION-SPONSORED FOUNDATION. THE FOUNDATION'S BOARD IS COMPRISED OF MEMBERS OF THE CREDIT UNION'S MANAGEMENT TEAM AND OFFICIAL FAMILY TO ENSURE THE FUNDS DONATED TO THE FOUNDATION ARE USED BY THE FOUNDATION IN A MANNER THAT IS CONSISTENT WITH THE FOUNDATION'S EXEMPT FUNCTION. X X X 0 1 0 TERRY KATZUR CEO 810001 0 204298 0 15445 0 22500 0 15306 0 1067550 0 0 0 DAVID BRANDT EVP 277608 0 73569 0 6402 0 28953 0 15306 0 401838 0 0 0 KATHLEEN SMITH VP OF BRANCH OPERATIONS 172792 0 54301 0 9133 0 18419 0 16772 0 271417 0 0 0 BRYAN RANDALL CIO 161264 0 42502 0 4671 0 16903 0 7085 0 232425 0 0 0 CHADD O'BRIEN CORPORATE COUNSEL 149091 0 39017 0 6567 0 15641 0 590 0 210906 0 0 0 MALLORY HAZARD VP OF LENDING 161948 0 70 0 1184 0 11576 0 21428 0 196206 0 0 0 ROBERT CLONTZ BRANCH MANAGER 102203 0 66317 0 4731 0 7328 0 1786 0 182365 0 0 0 AMY ZIMMER DIRECTOR OF MORTGAGE LENDING 127191 0 40861 0 4498 0 0 0 990 0 173540 0 0 0 SHELLEY HUFTON ACCOUNTING MANAGER 120658 0 32978 0 3379 0 12642 0 1276 0 170933 0 0 0 REBECCA JONES DIGITAL EXPERIENCE MANAGER 120657 0 31941 0 1531 0 12235 0 0 0 166364 0 0 0 PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS FOR THE CREDIT UNION'S CEO, TERRY KATZUR THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE PARTICIPANT'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME UP TO THE PREMIUMS PAID INTO THE POLICIES. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOAN ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT. TERRY KATZUR CEO SPLIT DOLLAR LIFE INSURANCE X 15599250 15933074 0 1 1 15933074 FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IS OPEN TO ANYONE WHO LIVES, WORKS, WORSHIPS, VOLUNTEERS, OR ATTENDS SCHOOL WITHIN THE STATE OF MICHIGAN. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS THE GOVERNING BODY AND CONSISTS OF SEVEN DIRECTORS. THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERS AT AN ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B GOVERNANCE DECISIONS OF THE ORGANIZATION SUCH AS MERGERS ARE VOTED ON BY THE ENTIRE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY MANAGEMENT AND AN INDEPENDENT ACCOUNTING FIRM PRIOR TO FILING WITH THE IRS. THE BOARD OF DIRECTORS RECEIVE A COPY OF THE FORM 990 BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED TO STAFF, BOARD OF DIRECTORS AND COMMITTEES ANNUALLY. IT IS MONITORED BY THE PRESIDENT/CEO, BOARD OF DIRECTORS AND KEY STAFF. ALL EMPLOYEES SIGN A CODE OF CONDUCT ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 EXECUTIVE AND EMPLOYEE SALARIES ARE REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. COMPENSATION POLICY AND COMPENSATION BUDGET ARE REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S BYLAWS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST AT THE CREDIT UNION'S MAIN OFFICE. MONTHLY FINANCIAL STATEMENTS ARE DISPLAYED IN THE LOBBY WHICH IS ACCESSIBLE TO THE GENERAL PUBLIC. QUARTERLY FINANCIAL (CALL) REPORTS ARE ALSO AVAILABLE AT WWW.NCUA.GOV FOR ALL FEDERALLY INSURED CREDIT UNIONS. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -4,512,685. FORM 990, PART XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. ELGA CREDIT UNION FOUNDATION FOR IMPACT 6065 GRAND POINTE BLVD GRAND BLANC MI 48439 833968733 CHARITABLE AND EDUCATIONAL PURPOSES MI 501(C)(3) LINE 10 ELGA CREDIT UNION 1 MICHIGAN TRUSTED TITLE AGENCY LLC 3000 E BELTLINE AVE NE GRAND RAPIDS MI 49525 384084134 TITLE AGENCY MI N/A RELATED 24905 49387 0 24476 0 0.08190 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ELGA CREDIT UNION B 490216 ACTUAL