2024-05-06T14:07:56-05:00 2023-12-31 383567911 REHMANN ROBSON LLC PO BOX 2025 SAGINAW MI 486052025 990 2023-01-01 381444840 MARSHALL COMMUNITY CREDIT UNION MARS 2697819885 839 W GREEN ST MARSHALL MI 49068 JULIE ZINK CFO 2697819885 2024-05-06 1 JULIE ZINK 999009999 1 JEFFREY E HERT CPA P00066715 9897999580 2024-05-06 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z JULIE ZINK 839 W GREEN ST MARSHALL MI 49068 18472085 0 X WWW.MARSHALLCOMMUNITYCU.COM X CREDIT UNION 1951 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 9 9 85 9 57528 5548 0 0 12609370 15714791 791342 1023290 0 0 13400712 16738081 0 0 0 0 4428616 4943568 0 0 0 7062989 9254656 11491605 14198224 1909107 2539857 306519256 311754958 264778530 265887060 41740726 45867898 X PARTNERING WITH MEMBERS FOR FINANCIAL SUCCESS THROUGH SERVICE, SOLUTIONS, AND EDUCATION. 0 0 PROVIDE 15,324 MEMBERS WITH REGULAR SHARE, CLUB SAVINGS, SHARE DRAFT, YOUTH SAVINGS, HEALTH SAVINGS ACCOUNTS, MONEY MARKET, IRA, COMMERCIAL AND CERTIFICATE OF DEPOSIT ACCOUNTS TOTALING 17,399. PROVIDE 7,864 LOANS INCLUDING VEHICLE, OTHER CONSUMER, UNSECURED, MORTGAGE, HOME EQUITY, COMMERCIAL, CREDIT CARD, YOUTH AND CONSTRUCTION LOANS. SERVICE 1,524 LOANS SOLD TO THE SECONDARY MARKET. OFFER INSURANCE AND FINANCIAL ADVISORY SERVICES. INSURANCE OFFERED INCLUDES AD&D, GAP, CREDIT LIFE & DISABILITY, AND MECHANICAL BREAKDOWN COVERAGE. ALSO OFFER PROPERTY & CASUALTY AND ANCILLARY INSURANCE LINES VIA MCCU INSURANCE AGENCY, LLC. FINANCIAL ADVISORY SERVICES OFFERED VIA INDEPENDENT FINANCIAL ADVISORS. MISCELLANEOUS SERVICES: ATMS, MONEY ORDERS, WIRE TRANSFERS, PREPAID GIFT CARDS, SAFE DEPOSIT BOXES, NOTARY SERVICE, MEDALLION SIGNATURE GUARANTEES, BILL PAY, COIN COUNTERS, CU IN SCHOOL BRANCHES, MOBILE DEPOSIT, MERCHANT CARD PROCESSING, LAND CONTRACT SERVICING, FINANCIAL COUNSELING VIA GREENPATH DEBT SOLUTIONS. THIS LIST IS NOT ALL-INCLUSIVE. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 4558 0 1 85 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MI X JULIE ZINK 2697819885 839 W GREEN ST MARSHALL MI 49068 MARK GARAVALIA CHAIRPERSON 1.00 X X 0 0 0 MICHAEL DARLING VICE CHAIRPERSON 1.00 X X 0 0 0 JERRY BAREMOR SECRETARY 1.00 X X 0 0 0 LISA DAMRON TREASURER 1.00 X X 0 0 0 PAUL WATSON DIRECTOR 1.00 X 0 0 0 FRANK CABRERA DIRECTOR 1.00 X 0 0 0 ASHLEY IOVIENO DIRECTOR 1.00 X 0 0 0 LUCY BLAIR DIRECTOR 1.00 X 0 0 0 WILLIAM CLAYBORN DIRECTOR 1.00 X 0 0 0 KELLI SCOTT DIRECTOR - PARTIAL YEAR 1.00 X 0 0 0 DOUGLAS JACKSON DIRECTOR - PARTIAL YEAR 1.00 X 0 0 0 CORRIE ROZELL CEO 40.00 X 306544 0 28209 JULIE ZINK CFO 40.00 X 144397 0 24858 MELISSA SEAVOLT COO 40.00 X 149590 0 19663 JOHN MCKENZIE VP OF INFORMATION TECHNOLO 40.00 X 140391 0 34461 740922 0 107191 4 0 1 0 0 LOAN INTEREST 522100 11235159 11235159 OTHER INCOME 524298 4479632 4422104 57528 15714791 2220646 2220646 510978 25670 1707168 26836 -1196190 -1166 -1197356 -1197356 16738081 15657263 57528 1023290 X 848113 3220540 193947 382963 298005 126392 81890 2032329 348365 165663 359960 317256 133640 2673478 229541 76785 LOAN SERVICING 873382 SERVICE CHARGES AND ACC 822247 PROVISION FOR LOAN LOSS 648861 MISCELLANEOUS OPERATING 194823 170044 14198224 2748608 1546771 15969 15026 203094665 223202591 65213 123475 9433833 3936789 4543330 5497044 72844116 57546104 14159752 14719653 9047603 9104294 306519256 311754958 4344500 5075626 260434030 260811434 264778530 265887060 X 0 0 0 0 41740726 45867898 41740726 45867898 306519256 311754958 2539857 1587315 0 X X 0 1 X 1 0 1012271 1012271 6687181 2637600 4049581 1734381 1299189 435192 5497044 INVESTMENTS - AFS 49657488 F INVESTMENT IN CUSOS 222621 C BANK CDS 744000 C FEDERAL RESERVE ACCOUNT 5315628 C FEDERAL HOME LOAN BANK 1606367 C 57546104 MEMBER SHARES 260811434 260811434 X 20688461 2753024 1197356 3950380 16738081 0 16738081 15416766 21186 1197356 1218542 14198224 0 14198224 PART X, LINE 2: THE CREDIT UNION HAS EVALUATED ITS INCOME TAX FILING POSITIONS FOR THE YEARS 2020 - 2023, THE YEARS WHICH REMAIN SUBJECT TO EXAMINATION BY MAJOR TAX JURISDICTIONS AS OF DECEMBER 31, 2023. THE CREDIT UNION CONCLUDED THAT THERE ARE NO SIGNIFICANT UNCERTAIN TAX POSITIONS REQUIRING RECOGNITION IN THE CREDIT UNION'S FINANCIAL STATEMENTS. THE CREDIT UNION DOES NOT EXPECT THE TOTAL AMOUNT OF UNRECOGNIZED TAX BENEFITS ("UTB") (E.G., TAX DEDUCTIONS, EXCLUSIONS, OR CREDITS CLAIMED OR EXPECTED TO BE CLAIMED) TO SIGNIFICANTLY CHANGE IN THE NEXT 12 MONTHS. THE CREDIT UNION DOES NOT HAVE ANY AMOUNTS ACCRUED FOR INTEREST AND PENALTIES RELATED TO UTBS AT DECEMBER 31, 2023 AND 2022, AND IT IS NOT AWARE OF ANY CLAIMS FOR SUCH AMOUNTS BY FEDERAL OR STATE INCOME TAX AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF ASSETS 1,197,356. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF ASSETS 1,197,356. X 1 1 X X X 1 1 0 CORRIE ROZELL CEO 235823 0 70721 0 0 0 27381 0 828 0 334753 0 0 0 JOHN MCKENZIE VP OF INFORMATION TECHNOLO 125838 0 14553 0 0 0 18280 0 16181 0 174852 0 0 0 JULIE ZINK CFO 129804 0 14593 0 0 0 18537 0 6321 0 169255 0 0 0 MELISSA SEAVOLT COO 134915 0 14675 0 0 0 18624 0 1039 0 169253 0 0 0 PART I, LINES 4A-B THE CREDIT UNION PURCHASED A LIFE INSURANCE POLICY AND SERP FOR HEATHER LUCIANI, FORMER CEO IN 2013 THIS WAS DISSOLVED IN 2019. IN 2019 THE CREDIT UNION ENTERED INTO A COLLATERAL ASSIGNMENT SPLIT DOLLAR LIFE INSURANCE AGREEMENT WITH HEATHER LUCIANI, FORMER CEO. THE OUTSTANDING LOAN BALANCE AS OF 12/31/23 WAS $3,577,000 THE CREDIT UNION HAS SECTION 457(F) SUPPLEMENTAL EMPLOYEE RETIREMENT PLANS. THE PLANS COVER CERTAIN CREDIT UNION EMPLOYEES. UNDER THE 457(F) PLANS, UPON RETIREMENT OR THE ACHIEVEMENT OF OTHER MILESTONES, PARTICIPANTS WILL RECEIVE CASH PAYMENTS. LIABILITIES ARE ACCRUED FOR FUTURE BENEFIT PAYMENTS OF APPROXIMATELY $145,000 AND $79,000 AT DECEMBER 31, 2023 AND 2022, RESPECTIVELY. SUCH AMOUNTS ARE INCLUDED IN ACCRUED INTEREST PAYABLE AND OTHER LIABILITIES ON THE ACCOMPANYING CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION. FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBER WILLIAM CLAYBORN HAS A FAMILY RELATIONSHIP WITH CFO JULIE ZINK (SPOUSES ARE SIBLINGS). FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE, AND VOTING. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY THE MEMBERSHIP AND ANNOUNCED AT THE ANNUAL MEETING. EACH BOARD MEMBER IS ELECTED FOR A THREE YEAR TERM. FORM 990, PART VI, SECTION A, LINE 7B CREDIT UNION DECISIONS THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE MERGERS INTO ANOTHER CREDIT UNION AND CONVERSIONS FROM A CREDIT UNION TO A MUTUAL SAVINGS BANK, MUTUAL SAVINGS ASSOCIATION, BANK, STOCK SAVINGS BANK, OR STOCK SAVINGS AND LOAN ASSOCIATION. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE CFO AND THEN SUBMITTED TO THE CEO AND THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEES RECEIVE TRAINING ON POLICIES AND ARE REQUIRED TO SUBMIT TO MANAGEMENT A CONFLICT OF INTEREST STATEMENT. BOARD MEMBERS SIGN AN ANNUAL OATH OF OFFICE THAT INCLUDES ACKNOWLEDGING FAMILIARITY WITH THE CREDIT UNION'S DIRECTORSHIP RESPONSIBILITY AND CONFLICT OF INTEREST POLICIES, AMONG OTHERS. FORM 990, PART VI, SECTION B, LINE 15 PERFORMANCE IS REVIEWED BY THE BOARD OF DIRECTORS AND INCLUDES BOTH OBJECTIVE AND SUBJECTIVE FACTORS. THE PERSONNEL COMMITTEE OF THE BOARD OF DIRECTORS THEN MEETS TO ESTABLISH A RECOMMENDED SALARY INCREASE, BASED ON THIS REVIEW AND COMPENSATION SURVEYS. THE BOARD OF DIRECTORS THEN ACTS ON THIS RECOMMENDATION. THE CEO IS ALSO ELIGIBLE FOR AN INCENTIVE BONUS BASED ON MEETING PRE-DEFINED CREDIT UNION GOALS/METRICS. CEO EVALUATES EMPLOYEES BASED ON GOALS AND SOFT SKILL FACTORS. SALARY RANGE RECOMMENDED BY THE CEO BASED ON COMPENSATION SURVEYS AND APPROVED BY THE BOARD. SALARY INCREASE PERCENT DETERMINED BY A MATRIX THAT IS BASED UPON PERFORMANCE LEVEL AND POSITION WITHIN APPROVED SALARY RANGE. CFO, COO AND VP OF IT ARE ELIGIBLE FOR AN INCENTIVE BONUS BASED ON MEETING PRE-DEFINED CREDIT UNION GOALS/METRICS. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. OTHER DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER FEES 2,032,329. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. MCCU INSURANCE AGENCY 839 W GREEN ST MARSHALL MI 49068 822553177 INSURANCE SERVICES MI 19156 46478 MARSHALL COMMUNITY CREDIT UNION