2025-03-08T12:03:44-06:00 2023-12-31 331498605 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2023-01-01 381438667 CONSUMERS CREDIT UNION CONS 2693457804 7200 ELM VALLEY DRIVE KALAMAZOO MI 49009 STEVE HOWARD CFO 2693457804 2025-03-04 1 1 JOSHUA NITZ CPA P01946955 2695674500 2025-03-04 2023 2025-03-06 01:10:19Z X SCOTT SYLVESTER 7200 ELM VALLEY DRIVE KALAMAZOO MI 49009 132085885 0 1359 X WWW.CONSUMERSCU.ORG X 1951 MI TO PROVIDE QUALITY AND INNOVATIVE FINANCIAL PRODUCTS AND SERVICES THAT CONTRIBUTE TO THE ECONOMIC AND SOCIAL WELL-BEING OF OUR MEMBERSHIP. 7 7 504 8 381501 0 0 0 105688277 129515946 708436 2569939 0 0 106396713 132085885 0 0 0 0 37320782 38310353 0 0 0 46030653 72642713 83351435 110953066 23045278 21132819 2031988351 2206395595 1843965051 2003843255 188023300 202552340 TO PROVIDE QUALITY AND INNOVATIVE FINANCIAL PRODUCTS AND SERVICES THAT CONTRIBUTE TO THE ECONOMIC AND SOCIAL WELL-BEING OF OUR MEMBERSHIP. 0 0 SERVED 134,825 MEMBERS BY OFFERING LOANS, DEPOSITS, AND VARIOUS OTHER FINANCIAL PRODUCTS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 55056 0 1 504 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 0 1 1 1 0 0 1 1 0 0 X STEVE HOWARD 2693457804 7200 ELM VALLEY DRIVE KALAMAZOO MI 49009 KIM SHOOK CHAIRPERSON 4.00 0.00 X X 0 0 0 NICK ZAFER VICE-CHAIRPERSON 4.00 0.00 X X 0 0 0 LISA GUSTAFSON TREASURER 4.00 0.00 X X 0 0 0 JAY PRINCE SECRETARY 4.00 0.00 X X 0 0 0 BRENT BASSETT DIRECTOR 4.00 0.00 X 0 0 0 KIM WEISHAAR DIRECTOR 4.00 0.00 X 0 0 0 SANDRA GADDY DIRECTOR 4.00 0.00 X 0 0 0 SCOTT SYLVESTER CEO 50.00 0.00 X 804172 0 42694 STEVE HOWARD CFO 50.00 0.00 X 469806 0 277810 SCOTT ADAMS CRO 50.00 0.00 X 230702 0 58509 ROBERT DUNNING CIO 50.00 0.00 X 242465 0 70763 LYNN JARMAN-JOHNSON CMO 50.00 0.00 X 260992 0 97144 LINDSAY MCCALL COO 50.00 0.00 X 246494 0 64290 STEVE OWENS CLO 50.00 0.00 X 394430 0 62505 SHAWN PREMER CHRO 50.00 0.00 X 320353 0 54681 JEFFREY VISSER CSO 50.00 0.00 X 266751 0 71187 GARY FERGUSON VP OF BUSINESS SERVICES 50.00 0.00 X 164704 0 28398 TIMOTHY KOSAK VP OF CONSUMER LENDING & DATA ANALYSTICS 50.00 0.00 X 158866 0 17316 JOSHUA SUMMERFIELD VP OF MORTGAGE 50.00 0.00 X 218730 0 36311 GLEN KELLAM INVESTMENT SERVICES PROGRAM MANAGER 50.00 0.00 X 172601 0 20481 HEATHER GOULD INDIRECT SALES MANAGER 50.00 0.00 X 149793 0 29087 HEIDI BISH MORTGAGE LOAN OFFICER 50.00 0.00 X 270546 0 25400 ELLENGRACE HAUENSTEIN MORTGAGE LOAN OFFICER 50.00 0.00 X 144480 0 27031 GREGG TEEGARDIN MORTGAGE LOAN OFFICER 50.00 0.00 X 318907 0 35432 RENEE ZISKA MORTGAGE SALES MGR 50.00 0.00 X 196563 0 22823 5031355 0 1041862 43 0 1 0 BOSCH ARCHITECTURE INC 8065 VINEYARD PARKWAY KALAMAZOO MI 49009 DESIGN SERVICES 436853 LENNON MILLER O'CONNOR & BARTOZIEWICZ 900 COMERICA BUILDING 151 SOUTH ROS KALAMAZOO MI 49007 LEGAL SERVICES 261750 DIXON LAWN CARE 682 LAKE ST KALAMAZOO MI 49001 LAWN SERVICES 124095 MILLER CANFIELD PADDOCK & STONE PLC 150 WEST JEFFERSON SUITE 2500 DETROIT MI 48226 LEGAL SERVICES 108625 SNELLER SNOW & GROUNDS 675 CLYDE CT SW BRYON CENTER MI 49315 LAWN SERVICES 104425 5 LOAN INTEREST INCOME 522100 92674233 92674233 0 0 FEES AND OTHER INCOME 522100 34504715 34123507 381208 0 GAINS ON SALES OF LOANS 522100 2336705 2336705 0 0 INSURANCE COMMISSIONS 522100 293 0 293 0 129515946 2469913 2469913 100026 0 100026 100026 100026 132085885 129134445 381501 2569939 6508173 23996268 2122001 3428947 2254964 1381566 147942 1709531 8129976 4021863 3280625 291267 250449 7279253 5345685 78703 INTEREST AND DIVIDENDS 28801244 LOAN SERVICING EXPENSE 8302440 AMORTIZATION OF MORTGAG 1914428 PROVISION FOR LOAN LOSS 1473217 234524 110953066 21102108 20508834 11133835 53852010 1409472 3203800 1840407526 1955800354 3529106 2740953 135566127 32307947 100050682 103258180 7367176 11479383 46988446 55552081 2031988351 2206395595 11558575 16481337 3377900 3038577 210000000 210000000 1619028576 1774323341 1843965051 2003843255 X 0 0 0 0 188023300 202552340 188023300 202552340 2031988351 2206395595 X 21132819 -6603779 X X 0 1 X 1 0 0 1 X 21637753 21637753 80675780 11183301 69492479 1996391 974662 1021729 29095835 20149984 8945851 2160368 2160368 103258180 MEMBER SHARES 1774323341 1774323341 132085885 0 132085885 0 132085885 110953066 0 110953066 0 110953066 PART IV, LINE 2B: THE CREDIT UNION HOLDS AMOUNTS IN ESCROW ACCOUNTS FOR REAL ESTATE TAXES AND HOME INSURANCE RELATED TO HOME MORTGAGE LOANS. X X X 1 1 X X X X 0 1 0 SCOTT SYLVESTER CEO 521806 0 235290 0 47076 0 30000 0 12694 0 846866 0 24276 0 STEVE HOWARD CFO 298514 0 143668 0 27624 0 264999 0 12811 0 747616 0 23838 0 STEVE OWENS CLO 247690 0 118465 0 28275 0 49999 0 12506 0 456935 0 24476 0 SHAWN PREMER CHRO 205559 0 97160 0 17634 0 42203 0 12478 0 375034 0 15911 0 LYNN JARMAN-JOHNSON CMO 166173 0 79540 0 15279 0 85453 0 11691 0 358136 0 11475 0 GREGG TEEGARDIN MORTGAGE LOAN OFFICER 36000 0 1922 0 280985 0 22500 0 12932 0 354339 0 0 0 JEFFREY VISSER CSO 174225 0 79578 0 12948 0 55794 0 15393 0 337938 0 12538 0 ROBERT DUNNING CIO 163992 0 76181 0 2292 0 58353 0 12410 0 313228 0 0 0 LINDSAY MCCALL COO 168377 0 77378 0 739 0 58708 0 5582 0 310784 0 0 0 HEIDI BISH MORTGAGE LOAN OFFICER 36000 0 1922 0 232624 0 22500 0 2900 0 295946 0 0 0 SCOTT ADAMS CRO 154254 0 72081 0 4367 0 55356 0 3153 0 289211 0 0 0 JOSHUA SUMMERFIELD VP OF MORTGAGE 92378 0 126352 0 0 0 22276 0 14035 0 255041 0 0 0 RENEE ZISKA MORTGAGE SALES MGR 50000 0 10761 0 135802 0 19656 0 3167 0 219386 0 0 0 GARY FERGUSON VP OF BUSINESS SERVICES 148675 0 16029 0 0 0 17061 0 11337 0 193102 0 0 0 GLEN KELLAM INVESTMENT SERVICES PROGRAM MANAGER 69761 0 14310 0 88530 0 17485 0 2996 0 193082 0 0 0 HEATHER GOULD INDIRECT SALES MANAGER 77670 0 4023 0 68100 0 15085 0 14002 0 178880 0 0 0 TIMOTHY KOSAK VP OF CONSUMER LENDING & DATA ANALYS 144176 0 14690 0 0 0 7667 0 9649 0 176182 0 0 0 ELLENGRACE HAUENSTEIN MORTGAGE LOAN OFFICER 36000 0 1922 0 106558 0 15036 0 11995 0 171511 0 0 0 PART I, LINE 1A WELLNESS RELATED BENEFITS ARE OFFERED TO ALL EMPLOYEES. LIMITED COMPANION TRAVEL BENEFIT WAS EXTENDED TO ALL EXECUTIVE MANAGEMENT, AND THE BOARD OF DIRECTORS. ALL OF THE BENEFITS ARE TREATED AS TAXABLE. PART I, LINE 4B DURING THE YEAR, THE FOLLOWING AMOUNTS WERE CONTRIBUTED TO THE PLAN BY THE CREDIT UNION. THE ORGANIZATION OFFERS A 457(F) NON-QUALIFIED DEFERRED COMPENSATION ARRANGEMENT TO SELECTED EXECUTIVE OFFICERS AT THE CREDIT UNION: STEVE HOWARD - $235,000 LYNNE JARMAN JOHNSON - $60,000 SCOTT SYLVESTER CEO SPLIT DOLLAR LIFE INSURANCE X 1409472 3203800 0 1 1 3203800 FORM 990, PART VI, SECTION A, LINE 6 EACH INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER IS ALLOWED TO VOTE FOR THE GOVERNING BODY AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PROVIDED TO THE ORGANIZATION'S GOVERNING BODY FOR REVIEW PRIOR TO FILING. MEMBERS OF MANAGEMENT WILL REVIEW THE 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 15A THE ORGANIZATION USES INDEPENDENT COMPENSATION CONSULTANTS AND COMPENSATION SURVEYS TO DETERMINE COMPENSATION OF THE TOP MANAGEMENT OFFICIAL. CEO COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS AND THE COMPENSATION COMMITTEE. ALL DISCUSSIONS AND DECISIONS ARE DOCUMENTED IN THE BOARD MINUTES. THE MOST RECENT YEAR THIS PROCESS WAS UNDERTAKEN WAS 2023. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS THAT ARE OPEN TO PUBLIC INSPECTION ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE DUE TO CECL -6,603,779. FORM 990, PART XII, LINE 2C: AUDIT OVERSIGHT PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART X, LINE 5 AND SCHEDULE L: SCHEDULE L IS NOT REQUIRED FOR LOANS RECEIVABLE BALANCES ON FORM 990, PART X, LINE 5 IF THE LOANS ARE MADE BY THE CREDIT UNION TO THE DIRECTORS, OFFICERS, AND KEY EMPLOYEES ON THE SAME TERMS OFFERED TO OTHER MEMBERS OF THE CREDIT UNION. THEREFORE, THE CREDIT UNION HAS INCLUDED APPROXIMATELY $6,250,000 AND $2,250,000 OF RECEIVABLES FROM CURRENT OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES, AND HIGHEST COMPENSATED EMPLOYEES FOR 2023 AND 2022, RESPECTIVELY, WITHIN FORM 990, PART X, LINE 7. FORM 990, PAGE 1, SECTION B, REASON FOR AMENDING FORM 990: THE ORGANIZATION IS AMENDING FORM 990 TO CORRECT THE AMOUNT OF COMPENSATION REPORTED ON FORM 990, PART VII AND SCHEDULE J FOR ITS OFFICERS, KEY EMPLOYEES AND HIGHEST COMPENSATION EMPLOYEES. THE ORGANIZATION INCORRECTLY REPORTED THE EMPLOYEES COMPENSATION, DEFERRED COMPENSATION AND NONTAXABLE BENEFITS. THE ORGANIZATION CORRECTED THE AMOUNT OF COMPENSATION REPORTED ON FORM 990, PART VII, AND SCHEDULE J. FURTHERMORE, THE ORGANIZATION CORRECTED THE AMOUNT OF OFFICER'S COMPENSATION REPORTED ON FORM 990, PART IX, STATEMENT OF FUNCTIONAL EXPENSE, LINES 6, 7, 8 AND 9.