2025-10-04T14:21:48-05:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 381418001 1199 CORNERSTONE COMMUNITY FINANCIAL CREDIT UNION 1199 2483409310 2955 UNIVERSITY DRIVE AUBURN HILLS MI 48326 HEIDI KASSAB CEO 2483409310 2025-10-02 0 AUBREY CLEGG P01076395 3052328272 2025-10-02 2024 2025-03-06 01:10:19Z HEIDI KASSAB 2955 UNIVERSITY DR AUBURN HILLS MI 48326 28282702 0 1359 X WWW.CCFINANCIAL.COM X 1951 MI WE ARE COMMITTED TO BEING A LEADING COMMUNITY-FOCUSED CREDIT UNION THAT IS THE CORNERSTONE TO HELPING MEMBERS ACHIEVE THEIR FINANCIAL GOALS. 9 9 123 9 15105 0 0 0 23373963 26481092 1476706 1786505 14114 15105 24864783 28282702 0 10000 0 0 8701805 8714839 0 0 0 13909986 17264651 22611791 25989490 2252992 2293212 405800769 423738714 357952994 373511709 47847775 50227005 REVOLUTIONIZE THE SERVICE EXPERIENCE FULFILLING THE CHANGING NEEDS OF MEMBERS AND OUR COMMUNITIES. 0 0 SERVICE OVER $367 MILLION IN LOANS TO MEMBERS AS OF DECEMBER 31, 2024. PROVIDE DEPOSIT SERVICES TO OVER 25,000 MEMBERS. MEMBERS DEPOSITS APPROXIMATED $323 MILLION AS OF DECEMBER 31, 2024. ESTABLISHED 3,100 NEW MEMBERSHIPS IN 2024. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 6540 0 1 123 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 1 1 1 1 0 X SHAWN WOLBERT 2483409310 2955 UNIVERSITY DRIVE AUBURN HILLS MI 48326 LEO MOSES CHAIRPERSON 10.00 X 0 0 0 CHRIS BAKER TREASURER 5.00 X 0 0 0 TIMOTHY MCGLINCHEY VICE CHAIRPERSON 5.00 X 0 0 0 TIMOTHY GREEN SECRETARY 5.00 X 0 0 0 JOHN ELSE II DIRECTOR 5.00 X 0 0 0 DAVID WOODWARD DIRECTOR 5.00 X 0 0 0 LORI OZDOWY DIRECTOR 5.00 X 0 0 0 JACKIE MACON DIRECTOR 5.00 X 0 0 0 BRIAN BEAUMONT DIRECTOR 5.00 X 0 0 0 HEIDI KASSAB PRESIDENT/CEO 40.00 X 437257 0 41393 JENNIFER DICKEY CHIEF EXPERIENCE OFFICER 40.00 X 213135 0 40361 CHRISTOPHER MANGENO CHIEF LENDING OFFICER 40.00 X 197203 0 64362 ROBERT STIER CFO 40.00 X 156837 0 33566 STEVE FLORES CHIEF INNOVATION OFFICER 40.00 X 153563 0 59346 SUZANNE MARTIN VP OF RETAIL SALES 40.00 X 176183 0 24081 AUTUMN NANASI VP OF CULTURE AND TALENT 40.00 X 152523 0 31977 DAVID SHOSEY VP OF IT 40.00 X 139938 0 55887 GABRIELLE CHAMPINE VP OF BRAND & GROWTH 40.00 X 122550 0 4292 HEATHER HERMES DIRECTOR OF LENDING & COLLECTIONS 40.00 X 113564 0 18491 CHRISTOPHER DEGEN LENDING MANAGER 40.00 X 108824 0 8381 ALEXANDRA WOLF GARSHOTT DIRECTOR OF RETAIL 40.00 X 102997 0 16155 2074574 0 398292 12 0 1 0 JACK HENRY AND ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE PROCESSING SYSTEM 890078 RONNISCH CONSTRUCTION GROUP 4327 DELEMERE CT ROYAL OAK MI 48073 CONSTRUCTION 437775 SUES LANDSCAPING 1000 BENSTEIN RD WALLED LAKE MI 48390 LANDSCAPING 375952 MARQUIS SOFTWARE SOLUTIONS INC PO BOX 660919 DALLAS TX 75266 CUSTOMER MANAGEMENT 257761 HUTCH PAVING 3000E 10 MILE ROAD WARREN MI 48091 PAVING CONTRACTOR 235314 17 LOAN INCOME 522100 20990681 20990681 FEE INCOME 522100 5490411 5490411 26481092 1786505 1786505 FINANCE AND INSURANCE 520000 15105 15105 15105 28282702 26481092 15105 1786505 X 10000 1781787 5228395 433383 720450 550824 9546 122351 21383 894966 606654 1379581 904546 36728 15810 7167703 67840 1001046 156712 PROVISION FOR LOAN LOSS 2065700 LOAN SERVICING EXPENSE 996960 DEBIT/CREDIT CARD EXPEN 685724 MAINTENANCE 439741 691660 25989490 2535553 2743729 24502823 26262785 2565099 819593 5467290 5312982 340796894 358444962 1208733 1027688 25764110 12153664 10815685 13610446 6653194 5915101 2605300 2830300 8650198 6771128 405800769 423738714 2218764 3414880 42000000 47000000 313734230 323096829 357952994 373511709 X 0 0 0 0 47847775 50227005 47847775 50227005 405800769 423738714 2293212 86018 0 X X 0 1 X 1 0 2913939 2913939 12397694 3967723 8429971 100401 53789 46612 8795585 6913010 1882575 1556491 1219142 337349 13610446 REGULAR SHARES 71468725 SHARE DRAFTS 64090856 MONEY MARKETS 73214408 CERTIFICATES OF DEPOSIT 111419249 IRA SHARES 2903591 323096829 X 28282702 0 28282702 0 28282702 25989490 0 25989490 0 25989490 PART X, LINE 2: INCOME TAXES 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. THE CREDIT UNION'S OPEN AUDIT PERIOD IS FOR THE THREE YEAR PERIOD ENDED DECEMBER 31, 2024. 1 SCHOLARSHIPS 10 10000 PART I, LINE 2: APPLICANTS MUST HAVE A CCFCU ACCOUNT IN GOOD STANDING, HAVING JOINED CCFCU BY JUNE 20TH. APPLICANTS MUST BE A GRADUATING HIGH SCHOOL SENIOR OR AN UNDERGRADUATE STUDENT ENROLLED IN AN ACCREDITED MICHIGAN OR OHIO JUNIOR COLLEGE, COLLEGE, UNIVERSITY OR TRADE SCHOOL. APPLICANTS MUST BE U.S. CITIZENS OR PERMANENT RESIDENT ALIEN CARDHOLDERS. APPLICANTS WHO ARE HIGH SCHOOL SENIORS MUST HAVE A MINIMUM 3.0 GRADE POINT AVERAGE. APPLICANTS WHO ARE COLLEGE STUDENTS MUST HAVE A CUMULATIVE 2.7 GRADE POINT AVERAGE X 1 1 X X X X X X 0 1 0 HEIDI KASSAB PRESIDENT/CEO 382518 0 54739 0 0 0 18257 0 23136 0 478650 0 0 0 CHRISTOPHER MANGENO CHIEF LENDING OFFICER 183040 0 14163 0 0 0 41589 0 22773 0 261565 0 0 0 JENNIFER DICKEY CHIEF EXPERIENCE OFFICER 198610 0 14525 0 0 0 39828 0 533 0 253496 0 0 0 STEVE FLORES CHIEF INNOVATION OFFICER 145263 0 8300 0 0 0 38673 0 20673 0 212909 0 0 0 SUZANNE MARTIN VP OF RETAIL SALES 166944 0 9239 0 0 0 13379 0 10702 0 200264 0 0 0 DAVID SHOSEY VP OF IT 139788 0 150 0 0 0 32751 0 23136 0 195825 0 0 0 ROBERT STIER CFO 156837 0 0 0 0 0 10669 0 22897 0 190403 0 0 0 AUTUMN NANASI VP OF CULTURE AND TALENT 144294 0 8229 0 0 0 29513 0 2464 0 184500 0 0 0 PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, HEIDI KASSAB THROUGH AN ARRANGEMENT REFERRED TO AS A "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 PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. THE CREDIT UNION HAS ESTABLISHED A 457(F) NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR CERTAIN MEMBERS OF MANAGEMENT. DURING 2024, THE CREDIT UNION RECOGNIZED AN ACCRUED EXPENSE FOR THE FOLLOWING EMPLOYEES TOWARD THEIR FUTURE EXPECTED BENEFIT PAYOUT: JENNIFER DICKEY: $25,546 CHRISTOPHER MANGENO: $26,198 DAVID SHOSEY: $20,817 STEVE FLORES: $26,404 AUTUMN NANASI: $17,853 HEIDI KASSAB PRESIDENT/CEO TO FUND SPLIT DOLLAR PLAN X 4750000 5312982 0 1 1 5312982 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO 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. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERSHIP ELECTS THE BOARD OF DIRECTORS WHICH GOVERN THE OPERATIONS OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S 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 THE FORM 990 IS PREPARED BY AN INDEPENDENT CPA FIRM AND REVIEWED BY MANAGEMENT PRIOR TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C ACCOUNT RELATIONSHIPS ARE MONITORED BY THE INTERNAL AUDITOR. ANY BUSINESS RELATIONSHIPS WOULD BE REVIEWED BY THE CEO OR CHAIRMAN AS APPLICABLE. FORM 990, PART VI, SECTION B, LINE 15 AN INDEPENDENT CONSULTANT IS USED IN THE REVIEW PROCESS OF THE CEO. THE BOARD REVIEWS THE EVALUATION AND COMPENSATION LEVELS. ALL OTHER EMPLOYEES ARE REVIEWED BY THEIR SUPERVISOR AND EVALUATIONS ARE APPROVED BY THE CEO. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 21,383. FORM 990, PART IX, LINE 24E MISCELLANEOUS EXPENSES 335,942. EDUCATION AND TRAINING 257,302. ATM EXPENSES 98,416. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM PREVIOUS YEARS.