2024-09-24T15:54:46-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 W BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 381536749 EXTRA CREDIT UNION EXTR 5862763000 6611 CHICAGO ROAD WARREN MI 48092 KRISTIN KASINEC VP FINANCE 5862763125 2024-09-19 0 JACK C TRACY CPA P01974742 2482443000 2023 2024-08-08 14:25:15Z EXTRA CREDIT UNION DEIDRA WILLIAMS 6611 CHICAGO ROAD WARREN MI 48092 24218411 0 X WWW.EXTRACREDITUNION.ORG X 1954 MI TO ENHANCE THE FINANCIAL WELL-BEING FOR MEMBERS AND POTENTIAL MEMBERS BY PROVIDING QUALITY, VALUE, AND CONVENIENCE IN OUR PRODUCTS AND SERVICES WHICH PROMOTES MEMBER CONFIDENCE AND LOYALTY WHILE MAINTAINING FINANCIAL STABILITY. 7 7 106 7 65380 0 0 0 18550296 21948276 2318421 2270135 0 0 20868717 24218411 18996 18514 0 0 7708308 8184544 0 0 0 8912974 11009727 16640278 19212785 4228439 5005626 314332667 311717527 283177656 274068248 31155011 37649279 TO ENHANCE THE FINANCIAL WELL-BEING OF MEMBERS AND POTENTIAL MEMBERS BY PROVIDING QUALITY, VALUE, AND CONVENIENCE IN OUR PRODUCTS AND SERVICES WHICH PROMOTES MEMBER CONFIDENCE AND LOYALTY WHILE MAINTAINING FINANCIAL STABILITY. 0 0 PROVIDE 18,908 MEMBERS WITH REGULAR SHARES, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, IRA, AND MONEY MARKET ACCOUNTS TOTALING $271,309,765. PROVIDE LOANS INCLUDING VEHICLE, PERSONAL, MORTGAGE, RECREATIONAL VEHICLE, AND HOME EQUITY LOANS TOTALING $181,058,563. OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, INTERNATIONAL REMITTANCES, BILL PAYER, STUDENT SCHOLARSHIPS, OVERDRAFT PROTECTION/COURTESY PAY, FINANCIAL EDUCATION AND COUNSELING AND VARIOUS INSURANCE AND INVESTMENT PROGRAMS. 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 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 7443 0 1 106 1 1 1 0 0 0 0 0 0 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 DEIDRA M WILLIAMS 5862763000 6611 CHICAGO ROAD WARREN MI 48092 ANNE COVERT CHAIRPERSON 1.00 X 0 0 0 DONALD SLAGEL VICE CHAIRPERSON 1.00 X 0 0 0 PHILLIP JANKOWSKI TREASURER 1.00 X 0 0 0 JOHN PERMALOFF SECRETARY 1.00 X 0 0 0 CLAUDIA MULLIN BOARD MEMBER 1.00 X 0 0 0 MICHAEL STROUD BOARD MEMBER 1.00 X 0 0 0 KENNETH MEERSCHAERT BOARD MEMBER 1.00 X 0 0 0 DEIDRA WILLIAMS CEO 60.00 X 549899 0 43723 KRISTIN KASINEC VP OF FINANCE 50.00 X 275545 0 27984 JAMES MCQUEEN VP OF MEMBER SERVICES 50.00 X 228492 0 24547 STACEY COMISKA AVP FINANCE 45.00 X 161228 0 26550 RUTHANN VAROSI AVP OF MARKETING 45.00 X 130233 0 20467 CARRIE ROBERTSON AVP MEMBER SERVICE 45.00 X 127040 0 25839 PAUL SHAMMAS IT MANAGER 45.00 X 138082 0 10565 MARY KAY OSGOOD AVP OF RISK 45.00 X 132424 0 22005 1742943 0 201680 10 0 1 0 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE RD FARMINGTON HILLS MI 48334 IT HOSTING SERVICES 891775 INNOVATIVE CORPORATE INTERIORS INC 3779 STRATHMORE BLVD OAKLAND TWP MI 48363 BUILDING CONTRUCTION 410190 VFI MARKETING LLC 12319 HIGHLAND RD STE 403 HARTLAND MI 48353 AUTO SALES 269699 US SIGNAL COMPANY LLC 201 IONIA AVE SW GRAND RAPIDS MI 49503 IT HOSTING SERVICES 248766 AUTO EXAM 17555 EL CAMINO REAL HOUSTON TX 77058 GPS/WARRANTIES 189858 12 LOAN INTEREST 522100 14702552 14702552 FEES, CHARGES, & OTHER 522100 7180344 7180344 FINANCE & INSURANCE 520000 65380 65380 21948276 2270135 2270135 24218411 24153031 65380 0 X 18514 1150190 4923367 255600 1396418 458969 204758 68404 517220 385262 545329 1203648 612259 294082 1176919 594903 94529 PROVISION FOR LOAN LOSS 2921498 DEBIT CARD EXPENSE 1231170 LOAN SERVICING 601608 CREDIT CARD EXPENSE 358225 199913 19212785 1762508 2154504 5179994 249699 673270 789323 7047474 7146126 153507375 175298147 659149 526833 15756434 9328052 5700704 6428382 127475600 108973674 5538700 2394077 6787893 7756762 314332667 311717527 2723904 2758483 280453752 271309765 283177656 274068248 X 0 0 0 0 31155011 37649279 31155011 37649279 314332667 311717527 X 5005626 2280815 -792173 X X 0 1 X 1 0 640638 640638 8250356 4316253 3934103 366387 22102 344285 5867310 4421891 1445419 631743 567806 63937 6428382 CERTIFICATES OF DEPOSIT (AFS) 7224755 F COLLATERALIZED MORTGAGE OBLIGATIONS 5427318 F CORPORATE BONDS 10778001 F CUSO INVESTMENTS 4885803 C FEDERAL AGENCY SECURITIES 30947578 F MORTGAGE-BACKED SECURITIES 26240274 F STATE AND MUNICIPAL BONDS 20860945 F U.S. TREASURY 1865000 F CERTIFICATES OF DEPOSIT (NON-NEGOTIABLE) 744000 C 108973674 MEMBER SHARES 271309765 271309765 X 24218411 0 24218411 0 24218411 19212785 0 19212785 0 19212785 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 SCHOLARSHIPS 11 10500 GRANTS 7 8014 PART I, LINE 2: SCHOLARSHIP RECIPIENTS COMPLETE APPLICATIONS AND ARE SELECTED BY A JUDGING COMMITTEE BASED ON A NUMBER OF CRITERIA. ALL APPLICATIONS AND SUPPORTING DOCUMENTS WILL BE KEPT CONFIDENTIAL, BECOME THE PROPERTY OF THE CREDIT UNION AND WILL NOT BE RETURNED. EMPLOYEE GRANT PROGRAM ALLOWS ALL SCHOOL STAFF MEMBERS THE OPPORTUNITY TO APPLY FOR FUNDS THEY WOULD USE TO PAY FOR SCHOOL ACTIVITIES, EQUIPMENT, PROJECTS, SUPPLIES, ETC. OUTSIDE OF THE NORMAL OPERATING BUDGET. THE SCHOOL (OR SCHOOL DISTRICT) WILL BE RESPONSIBLE FOR DISTRIBUTING THE FUNDS TO THE GRANT WINNER IN THE TIMELINE INDICATED UNDER SUBMISSION TIMELINE. X X 1 1 X X X X 0 1 0 DEIDRA WILLIAMS CEO 377413 0 156355 0 16131 0 6600 0 37123 0 593622 0 0 0 KRISTIN KASINEC VP OF FINANCE 205289 0 69593 0 663 0 4132 0 23852 0 303529 0 0 0 JAMES MCQUEEN VP OF MEMBER SERVICES 166666 0 57668 0 4158 0 0 0 24547 0 253039 0 0 0 STACEY COMISKA AVP FINANCE 129651 0 28017 0 3560 0 2735 0 23815 0 187778 0 0 0 MARY KAY OSGOOD AVP OF RISK 102936 0 25156 0 4332 0 2208 0 19797 0 154429 0 0 0 CARRIE ROBERTSON AVP MEMBER SERVICE 101465 0 23412 0 2163 0 1997 0 23842 0 152879 0 0 0 RUTHANN VAROSI AVP OF MARKETING 106769 0 23140 0 324 0 2148 0 18319 0 150700 0 0 0 PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, DEIDRA WILLIAMS, THE VP OF FINANCE, KRISTIN KASINEC, AND THE VP OF MEMBER SERVICES, JAMES MCQUEEN 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 PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. DEIDRA WILLIAMS CEO TO FUND SPLIT DOLLAR PLAN X 3497551 4024540 0 1 1 KRISTIN KASINEC VP OF FINANCE TO FUND SPLIT DOLLAR PLAN X 1502000 1555331 0 1 1 JAMES MCQUEEN VP OF MEMBER SERVICE TO FUND SPLIT DOLLAR PLAN X 1512000 1566255 0 1 1 7146126 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 PARTICIPANT 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 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 BOARD MEMBERS CAN BE NOMINATED BY CURRENT BOARD MEMBERS OR BY A PETITION SIGNED BY 50 MEMBERS. BOARD MEMBERS ARE ELECTED BY A MAJORITY BALLOT VOTE IF NECESSARY FOR A THREE YEAR TERM. FORM 990, PART VI, SECTION A, LINE 7B CREDIT UNION DECISIONS THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE MERGERS, CHARTER CHANGES, DISSOLUTION OF THE CREDIT UNION, CONVERSION OF THE CREDIT UNION TO A BANK, MUTUAL SAVINGS BANK, OR MUTUAL SAVINGS ASSOCIATION, STOCK SAVINGS BANK, OR STOCK SAVINGS AND LOAN ASSOCIATION. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE PRESIDENT/CEO AND VP OF FINANCE PRIOR TO SUBMISSION TO THE IRS. THE RETURNS ARE MADE AVAILABLE TO THE BOARD OF DIRECTORS FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR IS REQUIRED TO SIGN AN OATH OF OFFICE IN MARCH ANNUALLY. OATH #7 STATES THE DIRECTOR WILL REPORT TO THE PRESIDENT/CEO ANY CONFLICTS OF INTEREST, OR POTENTIAL CONFLICTS OF INTEREST, AS THEY WOULD DIRECTLY IMPACT EXTRA CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS UTILIZES A REVIEW AND COMPENSATION SOFTWARE SPECIFICALLY FOR THE PRESIDENT/CEO'S ANNUAL REVIEW. OTHER OFFICERS AND/OR KEY EMPLOYEES REVIEWS ARE COMPLETED UTILIZING A PERFORMANCE SOFTWARE TOOL. SALARY INFORMATION IS COMPARED TO INDUSTRY AVERAGES UTILIZING A SOFTWARE TOOL. ALL OFFICERS AND/OR KEY EMPLOYEE REVIEWS ARE REVIEWED AND APPROVED BY THE PRESIDENT/CEO. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. THE CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE AVAILABLE FOR REVIEW UPON REQUEST. FORM 990, PART IX, LINE 11G PROFESSIONAL SERVICES 517,220. FORM 990, PART IX, LINE 24E OTHER EXPENSE 199,913. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -792,173. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS 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 FROM PREVIOUS YEARS.