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Nonprofiteer
← CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN

Form 990 for tax year 2022

Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.

Totals

Total revenue
$68,299,039
Total expenses
$58,544,558
Contributions and grants received
$0
Grants paid
$812,590
Program service revenue
$65,611,595
Investment income
$1,313,989
Other revenue
$1,373,455
Total assets, end of year
$1,531,731,546
Total liabilities, end of year
$1,382,194,058
Net assets or fund balances, end of year
$149,537,488
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: MEMBER LOAN INCOME

    total $53,709,972 · related or exempt $53,709,972 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: INTERCHANGE INCOME

    total $6,133,557 · related or exempt $6,133,557 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: Fee Income

    total $5,093,661 · related or exempt $5,037,424 · unrelated business $56,237 · excluded $0

  • 2d · Program service revenue: Sale of Loans

    total $674,405 · related or exempt $674,405 · unrelated business $0 · excluded $0

  • 2e · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $1,313,989 · related or exempt $0 · unrelated business $0 · excluded $1,313,989

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $0

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 7d · Net gain or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11a · Other revenue: other non-interest income

    total $924,657 · related or exempt $924,408 · unrelated business $249 · excluded $0

  • 11b · Other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11c · Other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $448,798 · related or exempt $448,798 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $1,373,455

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $777,147

  • 2 · Grants to domestic individuals

    total $35,443

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $3,895,842

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $23,347,413

  • 8 · Pension plan contributions

    total $1,038,218

  • 9 · Other employee benefits

    total $2,026,010

  • 10 · Payroll taxes

    total $1,900,360

  • 11a · Fees: management

    total $83,024

  • 11b · Fees: legal

    total $114,350

  • 11c · Fees: accounting

    total $253,832

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $1,397,820

  • 13 · Office expenses

    total $6,381,667

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $2,016,507

  • 17 · Travel

    total $235,532

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $495,941

  • 20 · Interest

    total $5,432,988

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $985,990

  • 23 · Insurance

    total $363,796

  • 24a · Other expenses: Lending

    total $3,427,651

  • 24b · Other expenses: Provision Expense

    total $2,847,888

  • 24c · Other expenses: CARD FRAUD & DISPUTES

    total $283,515

  • 24d · Other expenses: Operating Fees

    total $182,095

  • 24e · All other expenses

    total $1,021,529

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,597,725 · end of year $6,985,914

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $2,381,951 · end of year $2,870,948

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,126,045,355 · end of year $1,399,756,890

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

  • 10a · Land, buildings and equipment: cost or other basis

    $37,500,869

  • 10b · Land, buildings and equipment: accumulated depreciation

    $17,948,362

  • 10c · Land, buildings and equipment, net

    beginning of year $17,273,905 · end of year $19,552,507

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $93,093,191 · end of year $91,944,036

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $8,747,179 · end of year $10,621,251

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,050,576 · end of year $15,915,367

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $7,796,645 · end of year $5,256,467

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0

  • 25 · Other liabilities

    beginning of year $1,091,009,033 · end of year $1,361,022,224

  • 27 · Net assets without donor restrictions

    beginning of year $0 · end of year $0

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $142,283,052 · end of year $149,537,488

Mission and programs · 2022

Mission

Community Financial Credit Union is a state chartered, not-for-profit, full-service financial institution owned and governed by its membership. At Community Financial, we are committed to our members and our communities. For over 70 years, we've provided our Michigan members competitively-priced savings & loans products, outstanding service and support to their neighborhoods.

  • PROMOTE THRIFT TO 80,634 MEMBERS BY OFFERING COMPETITIVELY-PRICED SAVINGS & LOANS PRODUCTS AS WELL AS OTHER FINANCIAL PRODUCTS.

As filed on the 2022 return.

Listed in Part VII

  • DAN HERRIMAN

    2nd vice chairperson

    Total calculated
    $0
    Hours/week
    1

  • Dennis LaVoy

    Secretary/Treasurer

    Total calculated
    $0
    Hours/week
    1

  • DON BAIN

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Mark RIEGAL

    1st Vice Chairperson

    Total calculated
    $0
    Hours/week
    1

  • Debbie Starinsky

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Mary Lowing

    Board Member (through 3/10/2022)

    Total calculated
    $0
    Hours/week
    1

  • Patricia Reese

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • PAUL BEDICH

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • RON METEYER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Teri Kuehn

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • ART BEARD

    CHIEF INFORMATION AND DIGITAL OFFICER

    Total calculated
    $448,606
    From this org
    $379,043
    From related orgs
    $0
    Other
    $69,563
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $279,231
    Bonus
    $74,092
    Other
    $25,720
    Deferred
    $69,563
    Nontaxable benefits
    $0
    Filer's total
    $448,606

  • CATHY MEYERS

    CHIEF PEOPLE OFFICER

    Total calculated
    $413,588
    From this org
    $339,391
    From related orgs
    $0
    Other
    $74,197
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $223,133
    Bonus
    $68,253
    Other
    $48,005
    Deferred
    $67,963
    Nontaxable benefits
    $6,234
    Filer's total
    $413,588

  • CHRIS CURRY

    CHIEF OPERATIONS AND PAYMENTS OFFICER

    Total calculated
    $413,951
    From this org
    $333,269
    From related orgs
    $0
    Other
    $80,682
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $245,400
    Bonus
    $67,025
    Other
    $20,844
    Deferred
    $66,921
    Nontaxable benefits
    $13,761
    Filer's total
    $413,951

  • DANIELLE MILNER

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $67,945
    From this org
    $67,621
    From related orgs
    $0
    Other
    $324
    Hours/week
    40

  • ELRY ARMAZA

    CHIEF TRANSFORMATION OFFICER

    Total calculated
    $135,269
    From this org
    $134,404
    From related orgs
    $0
    Other
    $865
    Hours/week
    40

  • ERIC ESSER

    CHIEF RESIDENTIAL AND COMMERCIAL LENDING OFFICER (THROUGH 12/2/22)

    Total calculated
    $340,695
    From this org
    $319,377
    From related orgs
    $0
    Other
    $21,318
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,895
    Bonus
    $64,820
    Other
    $49,662
    Deferred
    $16,943
    Nontaxable benefits
    $4,375
    Filer's total
    $340,695

  • JILL JOHNSON

    CHIEF REVENUE AND LENDING OFFICER

    Total calculated
    $438,929
    From this org
    $356,532
    From related orgs
    $0
    Other
    $82,397
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $261,406
    Bonus
    $72,896
    Other
    $22,230
    Deferred
    $71,901
    Nontaxable benefits
    $10,496
    Filer's total
    $438,929

  • RANDY PENNER

    CHIEF SALES AND MARKETING OFFICER (THROUGH 8/5/22)

    Total calculated
    $376,890
    From this org
    $353,329
    From related orgs
    $0
    Other
    $23,561
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $182,526
    Bonus
    $141,739
    Other
    $29,064
    Deferred
    $18,735
    Nontaxable benefits
    $4,826
    Filer's total
    $376,890

  • Scott Cameron

    EVP/CFO

    Total calculated
    $396,485
    From this org
    $316,066
    From related orgs
    $0
    Other
    $80,419
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $248,504
    Bonus
    $66,710
    Other
    $852
    Deferred
    $66,654
    Nontaxable benefits
    $13,765
    Filer's total
    $396,485

  • TANSLEY STEARNS

    CEO (AS OF 6/1/2022)

    Total calculated
    $320,907
    From this org
    $309,415
    From related orgs
    $0
    Other
    $11,492
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $298,513
    Bonus
    $10,615
    Other
    $287
    Deferred
    $8,654
    Nontaxable benefits
    $2,838
    Filer's total
    $320,907

  • WILLIAM LAWTON

    CEO (THROUGH 7/1/2022)

    Total calculated
    $542,576
    From this org
    $517,818
    From related orgs
    $0
    Other
    $24,758
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $262,846
    Bonus
    $137,324
    Other
    $117,648
    Deferred
    $20,500
    Nontaxable benefits
    $4,258
    Filer's total
    $542,576

  • David Heffner

    SVP Lending

    Total calculated
    $214,231
    From this org
    $196,901
    From related orgs
    $0
    Other
    $17,330
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,331
    Bonus
    $31,167
    Other
    $1,403
    Deferred
    $6,834
    Nontaxable benefits
    $10,496
    Filer's total
    $214,231

  • DIANE KENNY

    VP SALES

    Total calculated
    $226,597
    From this org
    $207,068
    From related orgs
    $0
    Other
    $19,529
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,296
    Bonus
    $33,455
    Other
    $3,317
    Deferred
    $17,346
    Nontaxable benefits
    $2,183
    Filer's total
    $226,597

  • Sarah Cousineau

    VP Marketing (through 9/19/2022)

    Total calculated
    $242,033
    From this org
    $226,885
    From related orgs
    $0
    Other
    $15,148
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $117,809
    Bonus
    $32,104
    Other
    $76,972
    Deferred
    $11,634
    Nontaxable benefits
    $3,514
    Filer's total
    $242,033

  • THOMAS VARGO

    AVP/CORE OPERATIONS

    Total calculated
    $221,749
    From this org
    $200,303
    From related orgs
    $0
    Other
    $21,446
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,743
    Bonus
    $22,372
    Other
    $1,188
    Deferred
    $18,230
    Nontaxable benefits
    $3,216
    Filer's total
    $221,749

  • WARREN MUSSON

    VP BUSINESS SERVICES (through 8/16/2022)

    Total calculated
    $719,949
    From this org
    $704,724
    From related orgs
    $0
    Other
    $15,225
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $117,910
    Bonus
    $522,446
    Other
    $64,368
    Deferred
    $12,267
    Nontaxable benefits
    $2,958
    Filer's total
    $719,949

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 4a Severance or change-of-control payment
THE FOLLOWING PERSONS RECEIVED PAYMENTS AS PART OF A SEVERANCE AGREEMENT IN 2022: ERIC ESSER - $9,225 WARREN MUSSON - $61,538 SARAH COUSINEAU - $75,774
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
THE FOLLOWING INTERESTED PERSONS RECEIVED DEFERRALS TO THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2022: ART BEARD - $52,416 SCOTT CAMERON- $46,154 CATHY MEYERS - $47,463 JILL JOHNSON - $51,401 CHRIS CURRY - $46,421 THE FOLLOWING INTERESTED PERSONS RECEIVED DISTRIBUTIONS FROM THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2022: ART BEARD - $24,754 RANDY PENNER - $25,576 ERIC ESSER - $18,169 CATHY MEYERS - $26,254 WILLIAM LAWTON - $95,656 JILL JOHNSON - $20,309 CHRIS CURRY - $20,075

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2022
Filed
13 May 2023
IRS schema version
2022v5.0
Source object
202331339349300323

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