2024-11-05T14:41:51+00:00 2023-12-31 440160260 Forvis Mazars LLP 111 E Wayne Street Suite 600 Fort Wayne IN 46802 990 2023-01-01 382323689 American 1 Credit Union AMER 5177876510 718 EAST MICHIGAN AVENUE JACKSON MI 49201 MARTHA FUERSTENAU PRESIDENT/CEO 5177876510 2024-11-05 true true Lauren Denton P01571860 2604604000 2024-11-05 2023 2024-10-15 13:58:12Z MARTHA FUERSTENAU 718 EAST MICHIGAN AVENUE JACKSON MI 49201 57257513 false X WWW.AMERICAN1CU.ORG X 1980 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 7 7 328 7 24750 0 0 0 42913488 49843918 2806308 7413595 0 0 45719796 57257513 16000 20000 0 16709936 19616115 0 0 0 19696769 28720728 36422705 48356843 9297091 8900670 586031148 683624165 495290199 591312381 90740949 92311784 THE MISSION OF AMERICAN 1 CREDIT UNION IS TO CREATE FINANCIAL WELLNESS IN OUR COMMUNITIES THROUGH PERSONAL EVERYDAY BANKING. false false THE CREDIT UNION PROVIDES 64,464 MEMBERS WITH REGULAR SHARES, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, IRA, BUSINESS, HEALTH SAVINGS AND MONEY MARKET ACCOUNTS. THE CREDIT UNION PROVIDES LOANS INCLUDING CREDIT CARDS, UNSECURED, LINE OF CREDIT, VEHICLE, OVERDRAFT, MORTGAGE AND HOME EQUITY LOANS.THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/2023 WAS 51,328. THE CREDIT UNION OFFERS DEBIT CARDS, CHECK CASHING, WIRE TRANSFERS, MONEY ORDERS, NO SURCHARGE ATMS, INSURANCE AND INVESTMENT SALES, BILL PAYER, STUDENT SCHOLARSHIPS, FINANCIAL COUNSELING AND COURTES PAY TO ALL ELIGIBLE MEMBERS. 0 false false false false false false false false true false false false true false true false false false false false false false false false false false true true false true false false false false false false false false false false false false true 16187 0 328 true true true false false false false false false false X 7 7 false false false false true true true true true false false true true true true false true true true false X SARAH MILLER 5177876510 718 E MICHIGAN AVE JACKSON MI 49201 ANGELLA ARNOLD BOARD SECRETARY 2.0 X 0 0 0 CHERYL SCHANTZ BOARD DIRECTOR 2.0 X 0 0 0 FRANK WEATHERS BOARD VICE CHAIR 2.0 X 0 0 0 JULIE ALEXANDER BOARD TREASURER 2.0 X 0 0 0 LINDA SCHAUB BOARD DIRECTOR 2.0 X 0 0 0 PHILIP HOFFMAN BOARD CHAIR 2.0 X 0 0 0 TIMOTHY HERNANDEZ BOARD DIRECTOR 2.0 X 0 0 0 MARTHA FUERSTENAU PRESIDENT/CEO 40.0 X 787587 0 72908 SARAH MILLER CFO 40.0 X 209371 0 20362 KRISTINA EDGAR EVP/COO 40.0 X 240910 0 23486 CAROLYN DUNCAN CMXO 40.0 X 183037 0 21675 KELLY GRYGIEL VP OF COMMUNICATIONS 40.0 X 122716 0 12033 NICOLE PATRICK VP OF RISK & IT 40.0 X 151867 0 27041 TONIA WHITE CEXO 40.0 X 159106 0 19308 WILLIAM KEATHLEY CORE SYSTEM ADMINISTRATOR II 40.0 X 117442 0 13903 DAVID PUCKETT FORMER PRESIDENT/CEO 1.0 X 199378 0 0 2171414 0 210716 17 true true false 0 0 LOAN INTEREST INCOME 522100 29766329 29766329 FEE & OTHER INCOME 524298 20077589 20052839 24750 0 0 0 0 49843918 7413595 7413595 0 0 0 0 0 0 0 0 0 57257513 49819168 24750 7413595 20000 1289606 13728370 935545 2394255 1268339 158746 50070 78210 0 1815524 5102630 1826856 947723 81664 291771 7069085 1091307 170127 PROVISION FOR LOAN LOSS 8982778 OTHER OPERATING EXPENSE 500585 LOAN SERVICING 407395 EXAMINATION FEE/ASSOC. DUES 146257 0 48356843 11151293 11419277 137620653 199296225 310287 349955 6976314 7082534 0 0 395766267 425727502 5423341 6296086 25371752 9965338 12526914 15406414 2888438 3077028 0 13367641 14969144 586031148 683624165 19359190 20463401 0 0 475931009 570848980 495290199 591312381 X 90740949 92311784 90740949 92311784 586031148 683624165 X 8900670 -7329835 X false true X true false 2563915 2563915 15748926 4822510 10926416 998933 263353 735580 5596780 4517540 1079240 463198 361935 101263 15406414 MEMBER SHARES 570848980 570848980 57257513 0 0 57257513 0 0 57257513 48356843 0 0 48356843 0 0 48356843 Schedule D, Part X, Line 2 ASC 740 DISCLOSURE MANAGEMENT HAS EVALUATED THEIR INCOME TAX POSITIONS UNDER THE GUIDANCE INCLUDED IN ASC 740. BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. true SCHOLARSHIP/EDUCATION 26 20000 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. A COMMITTEE COMPRISED OF AMERICAN 1 CREDIT UNION EMPLOYEES IS SELECTED TO READ AND SCORE ALL THE SCHOLARSHIP APPLICATION ESSAYS. SCORES ARE ADDED TOGETHER TO SELECT THE TOP RECIPIENTS. X true true X X X false true false DAVID PUCKETT FORMER PRESIDENT/CEO 0 0 0 0 199378 0 0 0 0 0 199378 0 199378 0 MARTHA FUERSTENAU PRESIDENT/CEO 621992 0 165595 0 0 0 57474 0 15434 0 860495 0 0 0 SARAH MILLER CFO 190934 0 18437 0 0 0 20362 0 0 0 229733 0 0 0 KRISTINA EDGAR EVP/COO 213997 0 26913 0 0 0 23486 0 0 0 264396 0 0 0 CAROLYN DUNCAN CMXO 165399 0 17638 0 0 0 17529 0 4146 0 204712 0 0 0 TONIA WHITE CEXO 142568 0 16538 0 0 0 0 0 19308 0 178414 0 0 0 NICOLE PATRICK VP OF RISK & IT 139448 0 12419 0 0 0 14447 0 12594 0 178908 0 0 0 Schedule J, Part I, Line 1a Travel for companions TRAVEL FOR COMPANIONS IS PROVIDED TO THE BOARD OF DIRECTORS TO FURTHER THE BUSINESS ACTIVITIES OF THE CREDIT UNION. INCOME IS REPORTED TO THE INDIVIDUALS RECEIVING THE BENEFIT ON THE APPLICABLE FORMS WHEN REQUIRED. Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan DAVID PUCKETT PARTICIPATES IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) THAT IS PAID OUT MONTHLY. CONTRIBUTIONS TO THE PLAN ARE REPORTED AS DEFERRED COMPENSATION AS THEY ARE ACCRUED. IN 2023, THE AMOUNT DEFERRED UNDER THE PLAN WAS $38,480. ADDITIONALLY, DAVID PUCKETT RECEIVED A PAYOUT FROM THE PLAN OF $199,378. MARTHA FUERSTENAU PRESIDENT/CEO SPLIT DOLLAR LIFE INSURANCE X 7732000 7082534 false true true 7082534 Form 990, Part VI, Line 6 Classes of members or stockholders THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE, AND VOTING. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body THE BOARD OF DIRECTORS IS THE GOVERNING BODY AND CONSISTS OF SEVEN DIRECTORS. THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERS OF THE CREDIT UNION. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders GOVERNANCE DECISIONS OF THE ORGANIZATION SUCH AS MERGERS ARE VOTED ON BY THE ENTIRE MEMBERSHIP. Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM 990 IS REVIEWED BY MANAGEMENT AND AN INDEPENDENT ACCOUNTING FIRM PRIOR TO FILING WITH THE IRS. A COPY OF THE TAX RETURN IS MADE AVAILABLE TO THE BOARD OF DIRECTORS FOR THEIR REVIEW PRIOR TO FILING WITH THE IRS. Form 990, Part VI, Line 12c Conflict of interest policy THE HUMAN RESOURCES DEPARTMENT MONITORS COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY BY RESTRICTING THE ABILITY TO TRANSACT ON RELATIVES ACCOUNTS. ALL EMPLOYEES ARE REQUIRED TO ACKNOWLEDGE THIS POLICY IN THE EMPLOYEE HANDBOOK ON AN ANNUAL BASIS. IT IS COMMUNICATED TO ALL EMPLOYEES THAT THEY NEED TO NOTIFY THEIR MANAGER IF THEY RECEIVE A GIFT, OR NEED ASSISTANCE IN REVIEWING A SITUATION THAT IS CONSIDERED A CONFLICT. HUMAN RESOURCES NEEDS TO BE NOTIFIED OF ANY CONFLICT OF INTEREST THAT MAY ARISE. Form 990, Part VI, Line 15a Process to establish compensation of top management official THE PRESIDENT/CEO'S COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. MEMBERS OF THE BOARD OF DIRECTORS ARE NOT COMPENSATED. THE PRESIDENT/CEO DETERMINES COMPENSATION FOR EXECUTIVE MANAGEMENT AND KEY EMPLOYEES. Form 990, Part VI, Line 19 Required documents available to the public CREDIT UNION GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. MONTHLY FINANCIAL STATEMENTS ARE POSTED TO THE EXTERNAL WEBSITE AND POSTED IN EACH BRANCH. Form 990, Part XI, Line 9 Other changes in net assets or fund balances CHANGE IN ACCOUNTING METHOD - ASC 326 ADOPTION - -7329835;