2024-11-13T11:32:30-06:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 381453620 TRUE COMMUNITY CREDIT UNION TRUE 5177847101 1100 CLINTON RD JACKSON MI 49202 LANCE SCHNITKEY CFO 5177847101 2024-11-13 0 JACK C TRACY P01974742 2482443000 2024-11-13 2023 2024-10-15 13:58:12Z CHRISTINA SIDERS 1100 CLINTON RD JACKSON MI 49202 42945925 0 X WWW.TRUECCU.COM X 2020 MI TO CULTIVATE LEGACY-DEFINING MOMENTS FOR THE PEOPLE AND PLACES WE SERVE FOR GENERATIONS TO COME. 9 9 230 12 191742 0 0 0 33217903 40615233 2052132 2311013 0 0 35270035 42926246 0 332034 0 0 16184469 17668356 0 0 0 15369423 20572458 31553892 38572848 3716143 4353398 683496777 703073726 621103240 634391716 62393537 68682010 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 1 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 15161 0 1 230 1 1 1 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 0 1 1 1 0 X LANCE SCHNITKEY 5177847101 1100 CLINTON ROAD JACKSON MI 49202 QUENTIN GUINN BOARD CHAIRPERSON UNTIL APRIL 1.00 X 0 0 0 JOSH BURGETT BOARD CHAIRPERSON EFFECTIVE APRIL 1.00 X 0 0 0 TIMOTHY DENTON BOARD TREASURER 1.00 X 0 0 0 JO ANN RAND BOARD SECRETARY 1.00 X 0 0 0 NEIL FERNANDES BOARD DIRECTOR 1.00 X 0 0 0 KAREN RICHARD BOARD DIRECTOR 1.00 X 0 0 0 REGINA PINNEY BOARD DIRECTOR 1.00 X 0 0 0 CHELSEA PAGE BOARD VICECHAIRPERSON EFFECTIVE APRIL 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 JACOB INOCENCIO BOARD DIRECTOR 1.00 X 0 0 0 CHRISTINA SIDERS PRESIDENT/CEO 40.00 X 356270 0 17858 LANCE SCHNITKEY CHIEF FINANCIAL OFFICER 40.00 X 177447 0 3392 JASON MATLEY EVP/CHIEF STRATEGY OFFICER 40.00 X 239242 0 15224 VALERIE MOSKAL CHIEF GROWTH & LENDING OFFICER 40.00 X 231813 0 22890 SARAH ERMATINGER CHIEF MEMBER EXPERIENCE OFFICER 40.00 X 183907 0 1289 CANIS ARBROUET VP OF IT AND BRANCH INFRASTRUCTURE 40.00 X 167061 0 27120 HEATHER HARBACK CHIEF PEOPLE OFFICER 40.00 X 159674 0 23369 SHAWN CHRISTIE VP OF WEALTH MANAGEMENT 40.00 X 147684 0 6657 TERRY FRENCH INVESTMENT ADVISOR 40.00 X 200733 0 6796 REBECCA BILLINGSLEY SENIOR DIRECTOR OF HUMAN RESOURCES 40.00 X 151886 0 -12458 JONATHAN BEARD VP OF DIGITAL TRANSFORMATION 40.00 X 146989 0 24949 BRANDI COLE CHIEF RISK OFFICER 40.00 X 130630 0 13548 2293336 0 150634 21 0 1 0 HARMON MANAGEMENT LLC 417 COPPERSMITH DRIVE MASON MI 48854 NEW PARNALL BRANCH CONSTRUCTION 1451648 ALKAMI 5601 GRANITE PARKWAY STE 120 PLANO TX 75024 PLATFORM-CONSUMER 1193928 JACK HENRY AND ASSOCIATES PO BOX 609 MONETT MO 65708 SOFTWARE SERVICE 1035778 US SIGNAL 201 IONIA AVE SW GRAND RAPIDS MI 49503 GRAND RAPIDS COLOCATION SITE 648769 NUSOURCE FINANCIAL 9749 HAMILTON ROAD EDEN PRAIRIE MN 55344 ITMS/ATMS 599326 18 LOAN INCOME 522100 29310577 29310577 FEES, CHARGES & OTHER 522100 11112914 11112914 FINANCE AND INSURANCE 520000 191742 191742 40615233 2300692 2300692 30000 19679 10321 10321 10321 42926246 40433812 191742 2300692 X 332034 1626556 12091637 1311966 1610886 1027311 173718 144953 1761495 1243892 2326210 987531 64074 347312 4247519 22847 1115622 188705 PLL 3314670 LOAN SERVICING 2026378 VISA EXPENSE 942963 ATM EXPENSE 805850 858719 38572848 4554197 5823260 12842195 20733733 1657045 1768078 3211234 3229034 546043742 571124251 13086723 14721095 26379789 16290990 6976333 10088799 68062271 61847289 15998624 3491551 267450 178300 10796963 10068336 683496777 703073726 5008685 5539523 20000000 616094555 608852193 621103240 634391716 X 0 0 0 0 62393537 68682010 62393537 68682010 683496777 703073726 X 4353398 1882581 52494 X X 0 1 X 1 0 0 0 1804395 1804395 12609997 6713408 5896589 292807 226689 66118 11672590 9350893 2321697 10088799 MEMBER SHARE ACCOUNTS 608852193 608852193 X 42926246 0 42926246 0 42926246 38572848 0 38572848 0 38572848 PART X, LINE 2: INCOME TAXES THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. 1 AMERICAN HEART ASSOCIATION PO BOX 4002902 DES MOINES IA 50340 DES MOINES IA 50340 135613797 501 (C)(3) 10000 0 CHARITABLE CONTRIBUTION C QUINNEY CONSULTING (ERIC THOMAS AND ASSOCIATES LLC) 5968 DOWNINGTON RIDGE NW ACWORTH GA 30101 LLC 16000 0 ASSISTANCE CITY OF JACKSON 161 W MICHIGAN AVE JACKSON MI 49201 JACKSON MI 49201 386004701 5800 0 ASSISTANCE COMMUNITY ACTION AGENCY 1214 GREENWOOD AVE JACKSON MI 49203 JACKSON MI 49203 381803599 501 (C)(3) 20000 0 CHARITABLE CONTRIBUTION FITZGIBBONS FLEET FABRICATORS 3325 CISCO ST JACKSON MI 49201 JACKSON MI 49201 382269239 CORPORATION 10000 0 CHARITABLE CONTRIBUTION GREATER JACKSON HABITAT FOR HUMANITY 251 W PROSPECT ST JACKSON MI 49203 382878590 501 (C)(3) 20000 0 YEAR 5 OF 5 OF MULTI-YEAR SPONSOR; SPONSORED HOUSE BUILD DELAND POINTE HENRY FORD JACKSON 100 E MICHIGAN AVE JACKSON MI 49201 382027689 501 (C)(3) 20000 0 CHARITABLE CONTRIBUTION JACKSON COMMUNITY FOUNDATION 100 S JACKSON SUITE 200 JACKSON MI 49201 JACKSON MI 49201 386070739 501 (C)(3) 6000 0 CHARITABLE CONTRIBUTION JACKSON SCHOOL OF THE ARTS 135 W CORTLAND AVE JACKSON MI 49201 383581314 501 (C)(3) 33333 0 CHARITABLE CONTRIBUTION JACKSON SYMPHONY ORCHESTRA 215 W MICHIGAN AVE JACKSON MI 49201 382146767 501 (C)(3) 6000 0 CHARITABLE CONTRIBUTION JACKSON YMCA 127 W WESLEY ST JACKSON MI 49201 JACKSON MI 49201 381381139 501 (C)(3) 27000 0 CHARITABLE CONTRIBUTION MICHIGAN TRIBE 133 W MICHIGAN AVE JACKSON MI 49201 JACKSON MI 49201 844587940 501 (C)(3) 6500 0 CHARITABLE CONTRIBUTION RISE ABOVE 936 FLEMING AVE JACKSON MI 49202 208029145 501 (C)(3) 10000 0 CHARITABLE CONTRIBUTION SPRING ARBOR UNIVERSITY 106 E MAIN ST SPRING ARBOR MI 49283 381359569 501 (C)(3) 25000 0 CHARITABLE CONTRIBUTION THE ANCHOR INITIATIVE 134 W MICHIGAN AVE JACKSON MI 49204 472475316 501 (C)(3) 10000 0 CHARITABLE CONTRIBUTION THE ENTERPRISE GROUP 100 E MICHIGAN AVE JACKSON MI 49201 382493672 501 (C)(3) 15000 0 CHARITABLE CONTRIBUTION 13 3 PART I, LINE 2 TRUE COMMUNITY CREDIT UNION'S GIVING STRATEGY WILL SUPPORT: CHARITABLE GIVING IS PROVIDED IN THE FORM OF MONETARY DONATIONS, VOLUNTEERISM, IN-KIND DONATIONS AND SERVICES TO NON-PROFITS, CHARITIES OR PROGRAMS THAT MEET THE NEEDS OF OUR COMMUNITY. COMMUNITY ENGAGEMENT CAN INCLUDE MONETARY AND/OR IN-KIND SUPPORT AND SPONSORSHIPS OF NONCHARITABLE ENTITIES SUCH EXPOS, COMMUNITY EVENTS, CONCERTS, FESTIVALS OR COMMUNITY/CIVIC PROJECTS. IN-KIND/RESOURCES GIVING THROUGH FINANCIAL EDUCATION, TANGIBLE GOODS EITHER DONATED OR PURCHASED AND VOLUNTEER TIME. THE COMMUNITY IMPACT PILLAR RECEIVES THE REQUEST(S). THE CHIEF COMMUNITY IMPACT OFFICER AND DIRECTOR OF COMMUNITY PARTNERSHIPS REVIEW THE REQUEST TO DETERMINE IF MORE INFORMATION IS NEEDED, A FOLLOW-UP MEETING IS REQUIRED OR IF THE REQUEST CAN BE DECISIONED ALIGNING WITH THE DECISION MODEL. DONATION REQUESTS MAY ALSO BE BROUGHT FORWARD TO THE PRESIDENT/CEO FOR ADDITIONAL REVIEW, DISCUSSION OR AS AN UPDATE ON THE DECISION TO ENSURE GIVING PRACTICES ALIGN WITH THE MISSION, VISION AND VALUES OF TRUE COMMUNITY CREDIT UNION. ENTITIES THAT RECEIVE SUPPORT ARE REPORTED TO THE BOARD OF DIRECTORS IN EVERY BOARD PACKET. EACH JANUARY, THE CHARITIES THAT WERE SUPPORTED THROUGHOUT THE PREVIOUS YEAR ARE LISTED ON THE WEBSITE. X X 1 1 X X X X X X 0 1 0 CHRISTINA SIDERS PRESIDENT/CEO 324800 0 0 0 31470 0 -3181 0 21039 0 374128 0 0 0 VALERIE MOSKAL CHIEF GROWTH & LENDING OFFICER 226261 0 0 0 5552 0 2382 0 20508 0 254703 0 0 0 JASON MATLEY EVP/CHIEF STRATEGY OFFICER 228845 0 300 0 10097 0 5642 0 9582 0 254466 0 0 0 TERRY FRENCH INVESTMENT ADVISOR 199582 0 600 0 551 0 6380 0 416 0 207529 0 0 0 CANIS ARBROUET VP OF IT AND BRANCH INFRASTRUCTURE 166785 0 0 0 276 0 6668 0 20452 0 194181 0 0 0 SARAH ERMATINGER CHIEF MEMBER EXPERIENCE OFFICER 179910 0 600 0 3397 0 -956 0 2245 0 185196 0 0 0 HEATHER HARBACK CHIEF PEOPLE OFFICER 153350 0 0 0 6324 0 2342 0 21027 0 183043 0 0 0 LANCE SCHNITKEY CHIEF FINANCIAL OFFICER 166430 0 600 0 10417 0 1149 0 2243 0 180839 0 0 0 JONATHAN BEARD VP OF DIGITAL TRANSFORMATION 146539 0 300 0 150 0 11652 0 13297 0 171938 0 0 0 SHAWN CHRISTIE VP OF WEALTH MANAGEMENT 147290 0 0 0 394 0 -16974 0 23631 0 154341 0 0 0 PART I, LINE 3 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 3229034 0 1 1 3229034 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 11G OTHER PROFESSIONAL SERVICES 1,761,495. FORM 990, PART IX, LINE 24E MAINTENANCE/REPAIRS 749,612. FRAUD 491,258. MISCELLANEOUS 279,591. COLLECTION EXPENSE 23,681. NON-OPERATING (GAINS)/LOSSES -685,423. FORM 990, PART XI, LINE 9: NET CHANGE IN UNREALIZED GAINS/(LOSSES) ON POST-RETIREMENT BENEFIT PLAN 1,663,790. CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -1,611,296. 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 4100 244846 TRUE COMMUNITY CREDIT UNION