2024-10-24T07:18:29-05:00 2023-12-31 383567911 REHMANN ROBSON LLC PO BOX 2025 SAGINAW MI 486052025 990 2023-01-01 381514946 SECURITY CREDIT UNION SECU 8102352322 5255 SECURITY PARK BLVD HOLLY MI 48442 HEIDI SCHWARZ VP OF ACCOUNTING 8102352322 2024-10-24 1 1 JEFFREY E HERT CPA P00066715 9897999580 2024-10-07 2023 2024-10-15 13:58:12Z JAY YAX 5255 SECURITY PARK BLVD HOLLY MI 48442 35517888 0 X WWW.SECURITYCU.ORG X CREDIT UNION 1955 MI WE ARE OUR MEMBERS' TRUSTED, SECURED FINANCIAL COOPERATIVE DEDICATED TO PROVIDING EXCEPTIONAL VALUE, PERSONALIZED SERVICE, AND CONVENIENCE. 6 6 205 6 238565 0 0 0 27365054 33198934 1903953 2049198 0 94454 29269007 35342586 0 0 0 0 10293771 11585854 0 0 0 14721590 20622298 25015361 32208152 4253646 3134434 624480675 638584325 583476701 593869029 41003974 44715296 WE ARE OUR MEMBERS' TRUSTED, SECURED FINANCIAL COOPERATIVE DEDICATED TO PROVIDING EXCEPTIONAL VALUE, PERSONALIZED SERVICE, AND CONVENIENCE. 0 0 PROVIDE 52,806 MEMBERS WITH REGULAR SHARES, SHARE DRAFTS, MONEY MARKET AND CERTIFICATE ACCOUNTS TOTALING 88,288. PROVIDE LOANS INCLUDING VEHICLE, BUSINESS, FIRST MORTGAGE, HOME EQUITY, LINE OF CREDIT, AND UNSECURED LOANS. OFFER AUTOMATED TELLER MACHINES, WIRE TRANSFERS, MONEY ORDERS, HOME BANKING, MOBILE BANKING, AND VARIOUS INSURANCE PROGRAMS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 3415 0 1 205 1 1 1 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 1 1 1 1 0 0 0 0 1 1 1 1 1 1 1 0 X THE ORGANIZATION 8102352322 5255 SECURITY PARK BLVD HOLLY MI 48442 JOHN TRUCHAN CHAIRMAN 2.00 X X 0 0 0 JOSEPH NIEDZWIECKI 1ST VICE CHAIRMAN 2.00 X X 0 0 0 DONALD HENRY 2ND VICE CHAIRMAN 2.00 X X 0 0 0 PHIL THICK TREASURER 2.00 X X 0 0 0 DON SORENSEN SECRETARY 2.00 X X 0 0 0 JESSIE COLLINS DIRECTOR 2.00 X 0 0 0 CHRISTOPHER ESTES PRESIDENT AND CEO 40.00 X 387508 0 60891 HEIDI SCHWARZ VP OF ACCOUNTING 40.00 X 153591 0 38308 JAY YAX SVP OPERATIONS AND COO 40.00 X 219105 0 44806 JOSEPH REGAN VP OF IT 40.00 X 163099 0 39528 SCOTT KNOPF VP OF LENDING/LOSS PREVENT 40.00 X 149877 0 37736 AMANDA SHERWOOD VP HR 40.00 X 140033 0 36999 KATIE KRANE VP SALES & SERVICE 40.00 X 127315 0 31830 WILLIAM HERRON VP OF OPERATIONS 40.00 X 125552 0 35325 1466080 0 325423 8 0 1 0 JACK HENRY PO BOX 609 MONETT MO 65708 ELECTRONIC PROCESSING SERVICES 1895640 HARMON MANAGEMENT LLC 417 COPPERSMITH DR MASON MI 48854 CONSULTING 1537349 INFORMA BUSINESS SYSTEMS 5170 HARTSHORN DR FLUSHING MI 48443 ATM PROCESSING AND MAINTENANCE 1199979 US SIGNAL CO LLC 201 IONIA AVE SW GRAND RAPIDS MI 49503 TELEPHONE SERVICE PROVIDER 426815 LOOMIS DEPT CH 10500 PALATINE IL 60055 CASH HANDLING COMPANY 323264 32 LOAN INTEREST INCOME 522100 25344759 25344759 FEE AND OTHER INCOME 522100 7615610 7615610 NON-MEMBER INSURANCE INCOME 524298 150069 150069 NON-MEMBER ATM INCOME 900099 88496 88496 33198934 2041006 2041006 122787 60707 123905 51397 -1118 9310 8192 8192 LEGAL FEE RECOVERY 900099 94454 94454 94454 35342586 32960369 238565 2143652 1294449 7201620 519379 1937396 633010 65301 110290 1167435 4202633 920414 3624699 166073 77380 1103427 290107 LOAN SERVICING 2599205 OTHER OPERATING EXPENSE 2360439 PROVISION FOR LOAN LOSS 2247877 OPERATING FEE 1687018 32208152 14530509 18921971 5780460 7928278 1318994 878692 462236792 482556123 1163894 1210863 49145388 20485823 26899143 28659565 49018414 39813223 45480582 39267465 5335754 5330410 12716133 14017735 624480675 638584325 48508475 54427192 534968226 539441837 583476701 593869029 X 0 0 0 0 41003974 44715296 41003974 44715296 624480675 638584325 X 3134434 2623204 -2046316 X X 0 1 X 1 0 8831400 8831400 21096611 6722544 14374067 3896454 2708525 1187929 14758952 10924911 3834041 561971 129843 432128 28659565 AFS SECURITIES 36554965 F OTHER SECURITIES 800000 C FED HOME LOAN BANK STOCK 1912500 C 39267465 MEMBERS SHARES AND DEPOSITS 539441837 539441837 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)(14)), FROM FEDERAL AND STATE INCOME TAXES. X 1 1 X X 0 1 0 CHRISTOPHER ESTES PRESIDENT AND CEO 387508 0 0 0 0 0 39600 0 21291 0 448399 0 0 0 JAY YAX SVP OPERATIONS AND COO 194783 0 24322 0 0 0 23515 0 21291 0 263911 0 0 0 JOSEPH REGAN VP OF IT 149703 0 13396 0 0 0 18237 0 21291 0 202627 0 0 0 HEIDI SCHWARZ VP OF ACCOUNTING 141241 0 12350 0 0 0 17017 0 21291 0 191899 0 0 0 SCOTT KNOPF VP OF LENDING/LOSS PREVENT 137314 0 12563 0 0 0 16445 0 21291 0 187613 0 0 0 AMANDA SHERWOOD VP HR 128033 0 12000 0 0 0 15708 0 21291 0 177032 0 0 0 WILLIAM HERRON VP OF OPERATIONS 115138 0 10414 0 0 0 14034 0 21291 0 160877 0 0 0 KATIE KRANE VP SALES & SERVICE 116457 0 10858 0 0 0 14055 0 17775 0 159145 0 0 0 PART I, LINE 1A EACH BOARD AND COMMITTEE MEMBER IS ENTITLED TO HAVE THEIR SPOUSE ACCOMPANY THEM TO THE CONFERENCE. PART I, LINE 4B CHRISTOPHER ESTES, PRESIDENT/CEO PARTICIPATED IN A 457(F) NON-QUALIFIED PLAN WITH CERTAIN OTHER INDIVIDUALS THAT HAS A BALANCE ON DECEMBER 31, 2023 OF $11,322,332. 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 MEMBERS ELECT MEMBERS OF THE GOVERNING BODY EACH YEAR AT THE ANNUAL MEETING. BOARD OF DIRECTORS MEMBERS ARE ELECTED FOR THREE YEAR TERMS. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS OF THE GOVERNING BODY THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE MERGERS INTO ANOTHER INSTITUTION AND CHARTER CHANGES. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION HAS NO COMMITTEES. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS COMPLETED BY THE VP OF ACCOUNTING PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C UPON ELECTION OR APPOINTMENT, THE BOARD OF DIRECTORS SIGN AN OATH OF OFFICE THAT INCLUDES A CONLICT OF INTEREST STATEMENT. MANAGEMENT SIGNS A CONFLICT OF INTEREST POLICY ANNUALLY AND IS REVIEWED BY THE PRESIDENT/CEO. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS REVIEWS THE PRESIDENT/CEO PERFORMANCE AND APPROVES COMPENSATION. THIS IS DOCUMENTED IN THE MINUTES AND CREDIT UNION EXECUTIVE SOCIETY (CUES), AS WELL AS THE NATIONAL ASSOCIATION OF CREDIT UNION CHAIRMEN CEO SALARY SURVEY. THE PRESIDENT/CEO REVIEWS ALL EXECUTIVE COMPENSATION USING THE CREDIT UNION EXECUTIVE SOCIETY (CUES) GUIDE AND DOCUMENTATION IS RETAINED IN THEIR PERSONNEL FILES. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF EACH OFFICE. OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN UNRECOGNIZED RETIREMENT COSTS 277,616. CHANGE IN ACCOUNTING PRINCIPLE -2,323,932. FORM 990, PART XII, LINE 2C THE PROCESS FOR OVERSIGHT OF THE AUDIT HAS NOT CHANGED FROM PRIOR YEARS. FORM 990, PART XI, LINE 9 THE CREDIT UNION ADOPTED ASC 326 ON APRIL 1, 2023, USING THE MODIFIED RETROSPECTIVE METHOD FOR ALL FINANCIAL ASSETS MEASURED AT AMORTIZED COST, AND OFF-BALANCE-SHEET CREDIT EXPOSURES. RESULTS FOR REPORTING PERIODS BEGINNING AFTER APRIL 1, 2023, ARE PRESENTED UNDER ASC 326 WHILE PRIOR PERIOD AMOUNTS CONTINUE TO BE REPORTED IN ACCORDANCE WITH PREVIOUSLY APPLICABLE GAAP. THE TRANSITION ADJUSTMENT OF THE CURRENT EXPECTED CREDIT LOSS ("CECL") ADOPTION INCLUDED AN INCREASE IN THE ALLOWANCE FOR CREDIT LOSSES AND RELATED DECREASE TO THE UNDIVIDED EARNINGS ACCOUNT OF $2,323,933 TO REFLECT THE CUMULATIVE EFFECT OF ADOPTING CECL ON THE BALANCE SHEET. THE ALLOWANCE FOR CREDIT LOSSES ON UNFUNDED COMMITMENTS WAS NOT MATERIAL AT ADOPTION.