2024-11-14T14:29:05-06:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 380960035 CREDIT UNION CHARTERED IN THE STATE OF COMMUNITY CHOICE CREDIT UNION CRED 8772432528 31155 NORTHWESTERN HIGHWAY FARMINGTON HILLS MI 48334 KELLI WISNER-FRANK CFO 8772432528 2024-11-14 1 0 JACK C TRACY P01974742 2482443000 2024-11-14 2023 2024-10-15 13:58:12Z ROBERT BAVA 31155 NORTHWESTERN HWY FARMINGTON HILLS MI 48334 103148332 0 1359 X WWW.COMMUNITYCHOICECU.COM X 1935 MI COMMUNITY CHOICE CREDIT UNION IS A MEMBER OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE COMMITTED TO SERVING AS A TRUSTED ADVISOR TO OUR MEMBERS. WE ARE DEDICATED TO IMPROVING THE FINANCIAL LIVES OF OUR MEMBERS AND QUALITY OF LIFE FOR THE COMMUNITIES WE SERVE IN MICHIGAN. WE RECOGNIZE FOUR MAIN CORE VALUES THAT WE STRIVE TO DELIVER WITH EVERY EXPERIENCE: COMMITTED, CHARITABLE, CREDIBLE, AND UNITED. 9 9 481 9 1018893 0 0 0 76733478 95078708 4664965 5587511 2738950 2235100 84137393 102901319 100000 79102 0 0 34138453 39660623 0 0 0 36595021 58847131 70833474 98586856 13303919 4314463 1750069029 1787760337 1612556801 1645059194 137512228 142701143 X WE BELIEVE IN HELPING OUR NEIGHBORS ACHIEVE THE LIFE THEY DESIRE. 1 0 LENDING: HELPED MEMBERS BY LOANING THEM MORTGAGES, HOME EQUITY LOANS AND AUTO LOANS WITH AGGREGATE LOAN BALANCES THAT APPROXIMATED $1,350,876,000 AS OF DECEMBER 31, 2023. DEPOSITS: MEMBERS DEPOSITED IN SAVINGS, CHECKING, BUSINESS, AND INVESTMENTS ACCOUNTS INCLUDING IRA AND CDS, WITH AGGREGATE DEPOSIT BALANCES THAT APPROXIMATED $1,516,489,000 AS OF DECEMBER 31, 2023. REWARDS: REWARDS ARE PAID FOR MEMBERS USE OF PRODUCTS AND SERVICES INCLUDING DEBIT CARDS, LOANS, AND DEPOSITS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 1 0 1 0 0 0 0 1 1 1 1 0 1 49872 0 1 481 1 1 1 0 0 0 0 0 1 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 KELLI WISNER-FRANK 8772432528 31155 NORTHWESTERN HWY FARMINGTON HILLS MI 48334 BRIAN WILSON CHAIRPERSON 1.00 X 0 0 0 MARY MIKO DIRECTOR 1.00 X 0 0 0 THOMAS COOK SECRETARY 1.00 X 0 0 0 KATHLEEN BONUTTI TREASURER 1.00 X 0 0 0 TIMOTHY CROSSON VICE CHAIRPERSON 1.00 X 0 0 0 CHERYL MARKS DIRECTOR 1.00 X 0 0 0 VICTOR MARSHALL DIRECTOR 1.00 X 0 0 0 ONEATA BAILEY DIRECTOR 1.00 X 0 0 0 TIMOTHY WELCER DIRECTOR 1.00 X 0 0 0 MICHAEL FAHMY DIRECTOR 1.00 X 0 0 0 ROBERT BAVA CEO 40.00 X 1063998 0 77778 KELLI WISNER-FRANK CFO 40.00 X 403919 0 55053 TERESA MAYER CLO 40.00 X 337731 0 37363 DONNA SIEJUTT CHRO 40.00 X 320121 0 53241 DANIEL MUNRO COO/EVP 40.00 X 518261 0 73534 JENNIFER LYNN HURREN SVP CHIEF DIGITAL OFFICER 40.00 X 320702 0 24051 BRIAN WILSON VP RETAIL DELIVERY 40.00 X 237153 0 53819 JEFFREY DUBEY VP RISK MANAGEMENT 40.00 X 249312 0 33004 JENNY LUDWIGSEN VP MARKETING 40.00 X 255708 0 24167 CARLINGTON BUCKNOR VP TECHNOLOGY 40.00 X 264699 0 42847 BARBARA BABINGTON VP LENDING 40.00 X 231715 0 32161 DONNA BASHI VP BUSINESS DEVELOPMENT 40.00 X 421683 0 22925 JASON CAIN VP DIGITAL 40.00 X 215619 0 4192 WENDI DIACONO WEALTH ADVISOR 40.00 X 202985 0 37195 FREDERICK MARSZALEC BUSINESS RELATIONSHIP MGR 40.00 X 187411 0 40008 ELIZABETH ANNE SPADAFORE SR BUSINESS RELATIONSHIP MGR 40.00 X 341758 0 11399 BRENT LOWELL SR BUSINESS RELATIONSHIP MGR 40.00 X 286270 0 41660 JEREMY MAURER AVP PROJECT MANAGEMENT 40.00 X 170757 0 30330 6029802 0 694727 35 0 1 0 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE RD FARMINGTON HILLS MI 48334 SOFTWARE/TECHNOLOGY SERVICES 2906482 WOLVERINE BUILDING GROUP INC 4045 BARDEN ST SE GRAND RAPIDS MI 49512 CONSTRUCTION CONTRACT 2647095 RONNISCH CONSTRUCTION GROUP 4327 DELEMERE COURT ROYAL OAK MI 48073 CONSTRUCTION CONTRACT 1844851 FUSION92 440 WEST ONTARIO ST CHICAGO IL 60654 DIGITAL MARKETING MEDIA 1376802 CORNELIUS SYSTEMS INC 3966 ELEVEN MILE RD BERKLEY MI 48072 ATM/ITM SOFTWARE, HARDWARE, AND SUPPORT 1162401 47 MEMBER LOANS 522100 66774524 66774524 FEES, CHARGES, AND OTHER 522100 28304184 28304184 95078708 5547416 5547416 545706 0 545706 545706 545706 111845 175263 119039 127974 -7194 47289 40095 40095 FINANCE AND INSURANCE 520000 1018893 1018893 GAIN FROM CUSO 522100 670501 670501 1689394 102901319 101882426 1018893 0 X 79102 5374756 26327179 1099769 4406976 2451943 910584 157475 154925 7103363 5028379 1851314 1132343 245345 13673005 132544 2732065 289636 PROVISION FOR LOAN LOSS 7114951 DEBIT/CREDIT EXPENSES 6260337 MAINTENANCE 4276875 LOAN SERVICING 3386433 4397557 98586856 19700746 27515055 15306527 39350766 21140420 15425230 13952247 14315310 1291006548 1330027740 2299893 3034301 64491175 20907314 40165708 43583861 266099260 225794879 13157778 13735154 432835 255886 66807067 74722155 1750069029 1787760337 23825662 28512479 68493054 100000000 1520238085 1516546715 1612556801 1645059194 X 0 0 0 0 137512228 142701143 137512228 142701143 1750069029 1787760337 X 4314463 5779136 -4904684 X X 0 1 X 1 0 12068763 12068763 40424964 14404095 26020869 1410906 67029 1343877 10586542 6436190 4150352 43583861 MEMBER DEPOSITS 1516546715 1516546715 X 102901319 0 102901319 0 102901319 98586856 0 98586856 0 98586856 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. 1 COMMUNITY CHOICE FOUNDATION INC 31155 NORTHWESTERN HIGHWAY FARMINGTON HILLS MI 48334 263891535 501(C)(3) 75000 0 CHARITABLE CONTRIBUTION 1 0 FORM 990, SCH I, PART I, LINE 2 THIS IS A CHARITABLE CONTRIBUTION, NOT A GRANT. HOWEVER, AS THE SPONSOR OF THE FOUNDATION, COMMUNITY CHOICE CREDIT UNION MONITORS THE CHARITABLE DONATIONS BY THE FOUNDATION TO ENSURE THEY ALIGN WITH THE FOUNDATION'S EXEMPT PURPOSE AND GIVING INITIATIVES. X 1 1 X X X X X 0 1 0 ROBERT BAVA CEO 765331 0 293535 0 5132 0 52500 0 25278 0 1141776 0 0 0 DANIEL MUNRO COO/EVP 386961 0 127750 0 3550 0 52500 0 21034 0 591795 0 0 0 KELLI WISNER-FRANK CFO 305279 0 89940 0 8700 0 31401 0 23652 0 458972 0 0 0 DONNA BASHI VP BUSINESS DEVELOPMENT 197973 0 209576 0 14134 0 22500 0 425 0 444608 0 0 0 TERESA MAYER CLO 262831 0 63200 0 11700 0 32764 0 4599 0 375094 0 0 0 DONNA SIEJUTT CHRO 233364 0 67500 0 19257 0 31339 0 21902 0 373362 0 0 0 ELIZABETH ANNE SPADAFORE SR BUSINESS RELATIONSHIP MGR 133395 0 207763 0 600 0 4064 0 7335 0 353157 0 0 0 JENNIFER LYNN HURREN SVP CHIEF DIGITAL OFFICER 244793 0 60000 0 15909 0 22500 0 1551 0 344753 0 0 0 BRENT LOWELL SR BUSINESS RELATIONSHIP MGR 127930 0 150711 0 7629 0 22500 0 19160 0 327930 0 0 0 CARLINGTON BUCKNOR VP TECHNOLOGY 206385 0 42750 0 15564 0 22500 0 20347 0 307546 0 0 0 BRIAN WILSON VP RETAIL DELIVERY 186053 0 50500 0 600 0 30000 0 23819 0 290972 0 0 0 JEFFREY DUBEY VP RISK MANAGEMENT 204212 0 44500 0 600 0 10334 0 22670 0 282316 0 0 0 JENNY LUDWIGSEN VP MARKETING 211608 0 40500 0 3600 0 22500 0 1667 0 279875 0 0 0 BARBARA BABINGTON VP LENDING 195365 0 35750 0 600 0 23112 0 9049 0 263876 0 0 0 WENDI DIACONO WEALTH ADVISOR 49136 0 148989 0 4860 0 30000 0 7195 0 240180 0 0 0 FREDERICK MARSZALEC BUSINESS RELATIONSHIP MGR 100413 0 77294 0 9704 0 18740 0 21268 0 227419 0 0 0 JASON CAIN VP DIGITAL 196894 0 18125 0 600 0 3600 0 592 0 219811 0 0 0 JEREMY MAURER AVP PROJECT MANAGEMENT 139424 0 30973 0 360 0 8752 0 21578 0 201087 0 0 0 PART I, LINE 4B THE FOLLOWING PARTICIPANTS PARTICIPATE IN A NON-QUALIFIED RETIREMENT PLAN: DANIEL MUNRO KELLI WISNER-FRANK ROBERT BAVA TERESA MAYER DONNA SIEJUTT DAN MUNRO, COO/EVP PARTICIPATES IN A 457F PLAN. THE ACCRUED BENEFIT LIABILITY AS OF DECEMBER 31, 2023 APPROXIMATED $347,000. THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, ROBERT BAVA, THE CHRO, DONNA SIEJUTT, AND THE CFO, KELLI WISNER-FRANK, 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. ROBERT BAVA CEO COLLATERAL ASSET SPLIT DOLLAR PLAN X 9350000 11014367 0 1 1 DONNA SIEJUTT CHRO COLLATERAL ASSET SPLIT DOLLAR PLAN X 1675000 1765159 0 1 1 KELLI WISNER-FRANK CFO COLLATERAL ASSET SPLIT DOLLAR PLAN X 1476800 1535784 0 1 1 14315310 CHRISTOPHER FRANK OWNER OF LEGAL SENTINEL/ SPOUSE OF CFO KELLI WISNER-FRANK 236732 CCCU OWN SHARES IN THE COMPANY WHICH IS 45% OWNED BY CHRIS FRANK, THE HUSBAND OF CFO, KELLIWISNER-FRANK. THE BALANCE OF THE CREDIT UNION'S INVESTMENT IN LEGAL SENTINEL AS OF 12/31/2023 WAS 236,732. 1 THOMAS COOK DIRECTOR/PREVIOUS OWNER OF TEAM FACILITIES 127024 THOMAS COOK OWNED A FACILITIES COMPANY THAT HANDLES ALL OF THE CREDIT UNION FACILITY NEEDS FOR ALL LOCATIONS (LAWN SERVICE, OFFICE CLEANING, HEATING/COOLING, ETC.). DURING 2023, MR. COOK SOLD HIS COMPANY TO THREE CREDIT UNIONS. COMMUNITY CHOICE CREDIT UNION PURCHASED 33.3% OF TEAM FACILITIES. TOM COOK, IS NOW THE CEO OF THE COMPANY. THE BALANCE OF THE CREDIT UNION'S INVESTMENT IN TEAM FACILITIES AS OF 12/31/2023 WAS 127,024. 1 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO CERTAIN MEMBERS OF THE EXECUTIVE MANAGEMENT TEAM THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY. 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 III, LINE 2 WE OPENED THREE NEW MEMBER CENTERS IN MICHIGAN, ONE IN FARMINGTON HILLS, COMMERCE, AND MUSKEGON. OUR MUSKEGON BUILDING HAS VACANT SPACE FOR UP TO THREE ADDITIONAL TENANTS. WE ADDED SEVEN NEW ITMS (INTERACTIVE TELLER MACHINES) IN OUR LOCATIONS OFFERING THE LATEST IN TECHNOLOGY FOR OUR MEMBER'S CONVENIENCE. FORM 990, PART VI, SECTION A, LINE 6 ANY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER IS GIVEN ONE VOTE AND IS ABLE TO VOTE FOR THE GOVERNING BODY AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B MAJOR DECISIONS MADE BY THE GOVERNING BODY ARE SUBJECT TO APPROVAL BY MEMBERS, STOCKHOLDERS, OR OTHER PERSONS; HOWEVER, DAY TO DAY DECISIONS ARE NOT SUBJECT TO APPROVAL. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF FORM 990 WILL NOT BE PROVIDED TO THE ORGANIZATION'S GOVERNING BODY PRIOR TO IT BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EACH MEMBER OF THE BOARD OF DIRECTORS, MANAGEMENT, AND TEAM MEMBERS MUST BE TRAINED, REVIEW, AND SIGN OFF ON A CONFLICT OF INTEREST STATEMENT LISTING ANY POTENTIAL CONFLICTS. IF A POTENTIAL CONFLICT IS LISTED OR FOUND, EACH IS REVIEWED ON A CASE BY CASE BASIS. ANY CONFLICTS THAT ARE FOUND ARE DEALT WITH IMMEDIATELY. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION USES A THIRD PARTY VENDOR, D HILTON, TO ASSESS AND EVALUATE EVERY POSITION IN THE ORGANIZATION WHICH HELPS THE ORGANIZATION DEVELOP AND MAINTAIN COMPETITIVE PAY RATES AND IMPROVE EMPLOYEE PERFORMANCE. 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. THE FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST AND ARE ALSO POSTED IN THE BRANCH OFFICES EACH MONTH. FORM 990, PART IX, LINE 24E ATM EXPENSES 1,840,105. HOME BANKING 1,694,672. TRAINING/DEVELOPMENT/EDUCATION 504,449. MISCELLANEOUS EXPENSE 358,331. FORM 990, PART XI, LINE 9: OTHER COMPREHENSIVE INCOME/(LOSS) RELATIVE TO THE DEFINED BENEFIT PLAN -219,325. CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -4,685,359. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART IV, LINE 28C: ROBERT BAVA IS ON THE BOARD OF DIRECTORS OF THE FOLLOWING ORGANIZATIONS: MEMBER DRIVEN TECHNOLOGIES MICHIGAN TRUSTED TITLE AGENCY AUTOBOOKS CU REALTY INVESTORS ONE LLC THE CREDIT UNION HAS SHARES IN LEGAL SENTINEL, LLC. THE CU OWNS 15% OF THE COMPANY, CHRISTOPHER FRANK, THE HUSBAND OF CFO KELLI WISNER-FRANK, OWNS 45%, AND OTHER INVESTORS OWN THE REMAINING 40%. THE COMPANY OFFERS PREPAID LEGAL SERVICES. KELLI WISNER-FRANK IS ON THE BOARD OF DIRECTORS FOR THE FOLLOWING ORGANIZATIONS: COMMERCIAL ALLIANCE MEMBER FIRST MORGAGE CREDIT UNION TRUST DANIEL MUNRO IS ON THE BOARD OF DIRECTOS FOR THE FOLLOWING ORGANIZATIONS: TRU TREASURY LEGAL SENTINEL CU REALTY INVESTORS ONE LLC DONNA SIEJUTT IS ON THE BOARD OF DIRECTORS FOR COMPLY-YES! AND NICKELS. TERESA MAYER IS ON THE BOARD OF DIRECTORS FOR SERVISTAR. JENNIFER HURREN IS ON THE BOARD OF DIRECTORS FOR CURQL. THOMAS COOK OWNED A FACILITIES COMPANY THAT HANDLES ALL OF THE CREDIT UNION FACILITY NEEDS FOR ALL LOCATIONS (LAWN SERVICE, OFFICE CLEANING, HEATING/COOLING, ETC.). DURING 2023, MR. COOK SOLD HIS COMPANY TO THREE CREDIT UNIONS. COMMUNITY CHOICE CREDIT UNION PURCHASED 33.3% OF TEAM FACILITIES. TOM COOK, IS NOW THE CEO OF THE COMPANY. THE BALANCE OF THE CREDIT UNION'S INVESTMENT IN TEAM FACILITIES AS OF 12/31/2023 WAS 127,024. 3099 BIDDLE LLC 31155 NORTHWESTERN HIGHWAY FARMINGTON HILLS MI 48334 823577624 PROPERTY MANAGEMENT MI 445800 5799564 COMMUNITY CHOICE CREDIT UNION 20773 13 MILE RD ROSEVILLE LLC 31155 NORTHWESTERN HIGHWAY FARMINGTON HILLS MI 48334 844641854 PROPERTY MANAGEMENT MI 216000 3209094 COMMUNITY CHOICE CREDIT UNION 5180 HARVEY STREET LLC 31155 NORTHWESTERN HIGHWAY FARMINGTON HILLS MI 48334 882177519 PROPERTY MANAGEMENT MI 12900 3726981 COMMUNITY CHOICE CREDIT UNION COMMUNITY CHOICE FOUNDATION INC 31155 NORTHWESTERN HIGHWAY FARMINGTON HILLS MI 48334 263891535 PUBLIC CHARITY MI 501(C)(3) 7 COMMUNITY CHOICE CREDIT UNION 1 TEAM FACILITIES LLC 1146 E BIG BEAVER RD TROY MI 48083 932575714 FACILITY MAINTENANCE MI N/A RELATED -39375 88563 0 0 0.33330 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 COMMUNITY CHOICE FOUNDATION B 75000 ACTUAL COMMUNITY CHOICE FOUNDATION L 86407 ESTIMATE COMMUNITY CHOICE FOUNDATION O 111793 ESTIMATE