2024-11-13T09:36:41-06:00 2023-12-31 382492570 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2023-01-01 381562639 BEST FINANCIAL CREDIT UNION BEST 2317331329 1888 E SHERMAN BLVD MUSKEGON MI 49444 MORGAN RESCORLA PRESIDENT/CEO 2317331329 2024-11-08 1 0 BRANDON WILSON P02447970 3052328272 2024-11-08 2023 2024-10-15 13:58:12Z MORGAN RESCORLA 1888 E SHERMAN BLVD MUSKEGON MI 49444 8284218 0 X WWW.BESTFCU.ORG X 1955 MI THE PURPOSE OF THE CREDIT UNION IS TO ENCOURAGE THRIFT AND SAVINGS BY CREATING A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES AND PROMOTE SAVINGS AT A REASONABLE RATE OF INTEREST. 7 7 53 11 120697 29837 0 0 6357977 7212410 660919 951111 133033 120697 7151929 8284218 25963 40155 0 0 2381626 2667430 0 0 0 3962720 5278893 6370309 7986478 781620 297740 137728390 139035538 115734069 116629491 21994321 22406047 THE PURPOSE OF THE CREDIT UNION IS TO ENCOURAGE THRIFT AND SAVINGS BY CREATING A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES AND PROMOTE SAVINGS AT A REASONABLE RATE OF INTEREST. 0 0 PROMOTE THRIFT BY OFFERING FINANCIAL SERVICES TO THE COMMUNITY OF MEMBERS ELIGIBLE TO JOIN THE FINANCIAL CREDIT UNION. FINANCIAL SERVICES ARE ECONOMICALLY PRICED FOR LOANS, SERVICES, RETURN ON 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 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 3302 0 1 53 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 MORGAN RESCORLA 2317331329 1888 E SHERMAN BLVD MUSKEGON MI 49444 PAUL HOPPA SECRETARY 1.00 X 0 0 0 JAMIE STAHL BOARD MEMBER 1.00 X 0 0 0 SHONTAYE WITCHER TREASURER 1.00 X 0 0 0 DAVID MIERAS VICE CHAIRPERSON 1.00 X 0 0 0 SHELLEY PEETS CHAIRPERSON 1.00 X 0 0 0 TAYLOR ADAMS BOARD MEMBER 1.00 X 0 0 0 TIMOTHY BURGESS BOARD MEMBER 1.00 X 0 0 0 MEAGAN WACHTER CHAIR SUPERVISORY COMMITTE 1.00 X 0 0 0 AUSTIN RANKIN SUPERVISORY COMMITTEE 1.00 X 0 0 0 MARY HEETHOUSE SUPERVISORY COMMITTEE 1.00 X 0 0 0 CATHERINE KLOSKA SUPERVISORY COMMITTEE 1.00 X 0 0 0 MORGAN RESCORLA PRESIDENT/CEO 50.00 X 238123 0 63211 MICHAEL VERSTRAETE CFO 50.00 X 138972 0 46251 RANDI SHEFFER COO 50.00 X 105062 0 22467 CHARLES RITTER AGENCY PRINCIPAL 50.00 X 101016 0 9078 583173 0 141007 4 0 1 0 ALLIED SOLUTIONS LLC 350 VETERANS WAY CARMEL IN 46032 BOND/INSURANCE 576801 CO-OP FINANCIAL SERVICES 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 PROCESSING 519960 SHARE ONE NEW SOLUTIONS 1790 KIRBY PKWY STE 200 MEMPHIS TN 38118 PROCESSING 307165 REDROCK INFORMATION SECURITY 1101 40TH ST SE GRAND RAPIDS MI 49508 IT SERVICES 220141 WINBERG CONSTRUCTION INC 8868 WATER STREET MONTAGUE MI 49437 CONSTRUCTION CONTRACTOR 210100 8 INCOME FROM LOANS 522100 4800204 4800204 FEES/CHARGES/OTHER 522100 2412206 2412206 7212410 951111 951111 FINANCE & INSURANCE 520000 120697 120697 120697 8284218 7212410 120697 951111 X 34132 6023 614086 1516408 180913 186820 169203 69138 31552 22814 429550 750469 398833 130583 41913 61097 1447486 17499 248280 36171 UBIT EXPENSE 6713 DEBIT/CREDIT VISA EXPEN 624612 PROVISION FOR LOAN LOSS 578475 LOAN SERVICING 99546 284162 7986478 1534975 1265157 8545523 4522671 41004 49282 88687601 99090313 171268 302696 5118625 2916096 1867631 2202529 24641717 22157041 6075487 3164568 6163184 6281281 137728390 139035538 604026 611654 115130043 116017837 115734069 116629491 X 0 0 0 0 21994321 22406047 21994321 22406047 137728390 139035538 297740 113986 0 X X 0 1 X 1 0 350521 350521 3030101 1704933 1325168 354337 226055 128282 1383666 985108 398558 2202529 SHARES 116017837 116017837 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AND HAS A MINIMAL NET OPERATING LOSS CARRYFORWARD AS OF THE 2023 CALENDAR YEAR. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST. THE CREDIT UNION'S 2021 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. 1 OAKRIDGE PUBLIC SCHOOLS 275 SOUTH WOLF LAKE ROAD MUSKEGON MI 49442 381714401 8388 0 CHARITABLE CONTRIBUTION MUSKEGON HEIGHTS PUBLIC SCHOOL ACADEMY SYSTEM 2441 SANFORD STREET MUSKEGON HEIGHTS MI 49444 460557412 5295 0 CHARITABLE CONTRIBUTION ORCHARD VIEW SCHOOLS 35 SOUTH SHERIDAN MUSKEGON MI 49442 386002949 5799 0 CHARITABLE CONTRIBUTION REETHS-PUFFER SCHOOLS 991 W GILES RD MUSKEGON MI 49445 381816725 6320 0 CHARITABLE CONTRIBUTION 0 4 EDUCASH CLASSROOM GRANT 12 2295 BFCU SCHOLARSHIP 4 2500 LOAN PAYMENT GIVEAWAY 2 1228 PART I, LINE 2: CONTRIBUTIONS TO ORGANIZATIONS ARE CHARITABLE CONTRIBUTIONS, NOT GRANTS. THEREFORE, THERE IS NO SUBSEQUENT MONITORING BY THE CREDIT UNION. EDUCASH CLASSROOM GRANTS: BEST FINANCIAL CREDIT UNION IS DEDICATED TO MAKING AN IMPACT IN AREA CLASSROOMS. THE BEST FINANCIAL CREDIT UNION EDUCASH COMMITTEE IS A GROUP OF CREDIT UNION VOLUNTEERS THAT OVERSEE THE DIRECTION AND DISTRIBUTION OF BEST FINANCIAL'S EDUCASH GRANT PROGRAM. THEIR INTENTION IS TO PROVIDE FUNDING FOR ITEMS THAT IMPACT CLASSROOM LEARNING, AND TO MAINTAIN A SIMPLE AND EFFICIENT APPLICATION PROCESS. BFCU SCHOLARSHIP: TWO SCHOLARSHIPS OF $1,000 EACH WILL BE AWARDED TO QUALIFYING GRADUATING HIGH SCHOOL STUDENTS. AN ADDITIONAL $250 WILL BE GIVEN TO THE NOMINATED TEACHER OF EACH SCHOLARSHIP WINNER FOR USE IN THEIR CLASSROOM. THE JUDGING COMMITTEE WILL SCORE EACH APPLICANT ON THE FOLLOWING CATEGORIES: - EXTRA-CURRICULAR ACTIVITIES/ORGANIZATIONS - 300 TO 500-WORD ESSAY: JUDGED ON CONTENT AND USE OF PROPER ENGLISH GRAMMAR. - 100-WORD ESSAY: JUDGED ON CONTENT AND USE OF PROPER ENGLISH GRAMMAR. X X X X X 0 1 0 MORGAN RESCORLA PRESIDENT/CEO 184852 0 29927 0 23344 0 56747 0 6464 0 301334 0 0 0 MICHAEL VERSTRAETE CFO 98286 0 24509 0 16177 0 39903 0 6348 0 185223 0 20000 0 PART I, LINE 4B THE ORGANIZATION'S OFFICERS PARTICIPATE IN A NON-QUALIFIED 457(F) PLAN. BELOW IS THE BALANCE OF THE BENEFIT LIABILITY FOR EACH OF THE PARTICIPANTS AS OF DECEMBER 21, 2023. MORGAN RESCORLA (CEO) - $98,334 MICHAEL VERSTRAETE (CFO) - $61,860 RANDI SHEFFER (COO) - $20,867 MICHAEL VERSTRAETE (CFO) RECEIVED A PAYOUT 457(F) OF $20,000 DURING 2023. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS A THRIFT ORGANIZATION WHERE MEMBERS JOIN AND DEPOSIT THE VALUE OF $5.00 OR ONE PAR SHARE IN THE CREDIT UNION TO MAINTAIN MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE BOARD OF DIRECTORS ARE ELECTED AT AN ANNUAL BUSINESS MEETING. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PRESENTED AT BOARD MEETING AND EMAILED TO OFFICERS. FORM 990, PART VI, SECTION B, LINE 12C ANNUAL REVIEW AND WRITTEN CONFIRMATION OF POLICY AND DISCLOSURE STATEMENT IS COMPLETED. FORM 990, PART VI, SECTION B, LINE 15 ANNUAL SURVEY PUBLICATION REVIEWED FOR MARKET COMPENSATION STANDARD. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY HAVE NOT BEEN MADE READILY AVAILABLE TO THE GENERAL PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY. FORM 990, PART IX, LINE 24E MAINTENANCE 87,739. ATM EXPENSES 75,873. TRAINING AND EDUCATION 62,020. RENT EXPENSE 39,181. MISCELLANEOUS 19,349. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. BEST FINANCIAL INSURANCE AGENCY 1888 E SHERMAN BLVD MUSKEGON MI 49444 873447645 INSURANCE SALES MI BEST FINANCIAL CREDIT UNION INSURANCE SALES -64326 211197 0 1 0.99000 0 0 0 0 0 1 0 0 0 1 0 1 0 1 1 0 1 0 0