2025-11-17T13:34:26-06:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 381441242 ELGA CREDIT UNION ELGA 8107153542 6065 GRAND POINTE BLVD GRAND BLANC MI 48439 TERRY KATZUR CEO 8107153542 2025-11-17 0 AUBREY CLEGG P01076395 3052328272 2025-11-17 2024 2025-03-06 01:10:19Z TERRY KATZUR 6065 GRAND POINTE BLVD GRAND BLANC MI 48439 123261006 0 X WWW.ELGACU.COM X 1951 MI PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS. 7 7 351 9 326265 0 2000000 2478839 101238840 111674326 5458896 8943875 0 0 108697736 123097040 490216 644126 0 0 24978005 26365740 0 0 0 55778092 68626652 81246313 95636518 27451423 27460522 1497868277 1552368811 1310039442 1335223604 187828835 217145207 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 DECEMBER 31, 2024 WAS 93,022. THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES, AND OTHER. THE TOTAL NUMBER OF MEMBERS AT DECEMBER 31, 2024 WAS 98,766. 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 0 0 1 32929 0 1 351 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 CHRISTOPHER GOETZ BOARD MEMBER 1.00 X 0 0 0 DIANA CURRIER BOARD TREASURER 1.00 X 0 0 0 KEVIN KEANE BOARD MEMBER 1.00 X 0 0 0 RODERICK SLAUGHTER BOARD MEMBER 1.00 X 0 0 0 SHEVEZE ANDERSON BOARD SECRETARY 1.00 X 0 0 0 RUTHY QUARLES SUPERVISORY COMMITTEE CHAIR 1.00 X 0 0 0 GLENN WILSON SUPERVISORY COMMITTEE MEMBER 1.00 X 0 0 0 TERRY KATZUR CEO 40.00 X 1033087 0 38786 BRYAN RANDALL CIO 40.00 X 185753 0 38788 DAVID BRANDT EVP 40.00 X 365771 0 46286 KATHLEEN SMITH VP OF BRANCH EXPERIENCE 40.00 X 226396 0 37524 MALLORY HAZARD VP OF CONSUMER LENDING 40.00 X 188415 0 38472 ZACHARY EYCHANER VP OF DIGITAL EXPERIENCE 40.00 X 232913 0 27168 REBECCA JONES DIGITAL EXPERIENCE MANAGER 40.00 X 148790 0 13620 AMY ZIMMER DIRECTOR OF MORTGAGE LENDING 40.00 X 167105 0 12333 CHADD O'BRIEN CORPORATE COUNSEL 40.00 X 187925 0 24497 DOUGLAS CHAMPAGNE CREDIT SOLUTIONS MANAGER 40.00 X 150784 0 27957 ROBERT CLONTZ BRANCH MANAGER 40.00 X 150287 0 34124 3037226 0 339555 35 0 1 0 KASASA LTD PO BOX 527 LUBBOCK TX 79408 CHECKING SERVICING 1242765 EDGE ONE 161 BUSINESS PARK CIRCLE STOUGHTON WI 53589 ATM SERVICING 1186011 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 CORE SOFTWARE MAINTENANCE 795679 DOXIM INC 2200 PRODUCTION DR INDIANAPOLIS IN 46241 CARD SERVICES 578510 CU NEXTGEN 4750 ASHWOOD DR BLUE ASH OH 45241 DATA SERVICES 555840 28 2478839 2478839 INTEREST ON LOANS 522100 79686998 79686998 FEES, CHARGES, AND OTHER 522100 18728391 18728391 INTERCHANGE INCOME 522100 12932672 12932672 FINANCE AND INSURANCE 520000 326265 326265 111674326 8834976 8834976 272865 163966 108899 108899 108899 123097040 120291936 326265 0 X 644126 2459359 17344220 1301479 3567523 1693159 145259 156247 1905381 5906628 5806771 3470425 2231695 434436 22439047 1901820 255835 PROVISION FOR LOAN LOSS 16425064 ATM EXPENSE 4938492 LOAN SERVICING EXPENSES 2609552 95636518 13249750 22753725 59743125 142174917 15933074 16795042 1190298352 1156916782 2351590 2811170 56053592 26128982 31637498 29924610 158754769 157470295 2147800 2230800 23752319 21291470 1497868277 1552368811 15374904 11337183 34000000 10000000 173000000 173000000 1087664538 1140886421 1310039442 1335223604 X 0 0 0 0 187828835 217145207 187828835 217145207 1497868277 1552368811 27460522 1855850 0 X X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 5250472 5250472 30106935 7824961 22281974 1070269 961364 108905 19625916 17342657 2283259 29924610 REGULAR SAVINGS AND CLUB ACCOUNTS 624433826 SHARE DRAFT ACCOUNTS 323786510 INDIVIDUAL RETIREMENT ACCOUNTS 12371901 CERTIFICATES OF DEPOSIT AND IRA CERTIFICATES 180294184 1140886421 X 123560218 463178 463178 123097040 0 123097040 95636518 0 95636518 0 95636518 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) 644126 0 ENDOWMENT CAMPAIGN TO GIVE TAX-DEDUCTIBLE RECEIPTS AND WRITE GRANT MATCHING DOLLARS. THERE ARE THREE PILLARS TO THE FOUNDATION: PHILANTHROPY, EDUCATION, AND BUSINESS-START UPS. 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 888443 0 91020 0 53624 0 23000 0 15786 0 1071873 0 0 0 DAVID BRANDT EVP 302506 0 38142 0 25123 0 30500 0 15786 0 412057 0 0 0 KATHLEEN SMITH VP OF BRANCH EXPERIENCE 192465 0 28867 0 5064 0 19937 0 17587 0 263920 0 0 0 ZACHARY EYCHANER VP OF DIGITAL EXPERIENCE 204730 0 17733 0 10450 0 4815 0 22353 0 260081 0 0 0 MALLORY HAZARD VP OF CONSUMER LENDING 149641 0 34742 0 4032 0 16119 0 22353 0 226887 0 0 0 BRYAN RANDALL CIO 165542 0 18572 0 1639 0 17406 0 21382 0 224541 0 0 0 CHADD O'BRIEN CORPORATE COUNSEL 162564 0 17714 0 7647 0 17099 0 7398 0 212422 0 0 0 ROBERT CLONTZ BRANCH MANAGER 109488 0 36842 0 3957 0 11771 0 22353 0 184411 0 0 0 AMY ZIMMER DIRECTOR OF MORTGAGE LENDING 138288 0 24012 0 4805 0 0 0 12333 0 179438 0 0 0 DOUGLAS CHAMPAGNE CREDIT SOLUTIONS MANAGER 115687 0 32007 0 3090 0 12171 0 15786 0 178741 0 0 0 REBECCA JONES DIGITAL EXPERIENCE MANAGER 130297 0 13849 0 4644 0 13504 0 116 0 162410 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 16274042 0 1 1 DAVID BRANDT EVP SPLIT DOLLAR LIFE INSURANCE X 521000 521000 0 1 1 16795042 FORM 990, SCHEDULE L, PART II 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. 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 IX, LINE 11G OTHER PROFESSIONAL SERVICES 1,905,381. 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 UNRELATED 14188 62422 0 13290 0 0.08190 STORYFI LLC PO BOX 288 NOVI MI 48376 921618724 MEDIA SOLUTIONS MI RELATED -72921 218718 0 0 0.16660 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 ELGA CREDIT UNION FOUNDATION FOR IMPACT O 71025 ESTIMATED ELGA CREDIT UNION FOUNDATION FOR IMPACT B 644126 ACTUAL CONTRIBUTION