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Nonprofiteer
← CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN

Form 990 for tax year 2023

Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.

Totals

Total revenue
$99,983,788
Total expenses
$96,013,609
Contributions and grants received
$0
Grants paid
$973,333
Program service revenue
$93,855,386
Investment income
$4,626,020
Other revenue
$1,502,382
Total assets, end of year
$1,594,945,276
Total liabilities, end of year
$1,445,878,056
Net assets or fund balances, end of year
$149,067,220
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.

  • 2a · Program service revenue: MEMBER LOAN INCOME

    total $80,423,095 · related or exempt $80,423,095

  • 2b · Program service revenue: INTERCHANGE INCOME

    total $6,472,708 · related or exempt $6,472,708

  • 2c · Program service revenue: Fee Income

    total $5,794,482 · related or exempt $5,737,767 · unrelated business $56,715

  • 2d · Program service revenue: Sale of Loans

    total $1,165,101 · related or exempt $1,165,101

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $2,211,204 · excluded $2,211,204

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $686,590 · other assets $1,728,226

  • 7c · Gain or loss

    securities $686,590 · other assets $1,728,226

  • 7d · Net gain or loss

    total $2,414,816 · excluded $2,414,816

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

    total $1,083,345 · related or exempt $1,083,345

  • 11b · Other revenue: MISC Income

    total $419,037 · related or exempt $419,037

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $1,502,382

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $968,333

  • 2 · Grants to domestic individuals

    total $5,000

  • 5 · Compensation of officers, directors and key employees

    total $3,778,678

  • 7 · Other salaries and wages

    total $26,824,744

  • 8 · Pension plan contributions

    total $2,006,348

  • 9 · Other employee benefits

    total $2,497,952

  • 10 · Payroll taxes

    total $2,220,125

  • 11a · Fees: management

    total $60,917

  • 11b · Fees: legal

    total $201,788

  • 11c · Fees: accounting

    total $227,011

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $2,791,643

  • 13 · Office expenses

    total $9,876,768

  • 16 · Occupancy

    total $2,457,232

  • 17 · Travel

    total $574,307

  • 19 · Conferences, conventions and meetings

    total $512,645

  • 20 · Interest

    total $30,610,493

  • 22 · Depreciation, depletion and amortization

    total $1,087,315

  • 23 · Insurance

    total $404,530

  • 24a · Other expenses: Lending

    total $4,590,943

  • 24b · Other expenses: Provision Expense

    total $3,141,403

  • 24c · Other expenses: CARD FRAUD & DISPUTES

    total $323,061

  • 24d · Other expenses: Operating Expense

    total $182,283

  • 24e · All other expenses

    total $670,090

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,985,914 · end of year $6,709,724

  • 2 · Savings and temporary cash investments

    beginning of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0

  • 4 · Accounts receivable

    beginning of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $2,870,948 · end of year $3,268,571

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,399,756,890 · end of year $1,471,641,195

  • 8 · Inventories for sale or use

    beginning of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0

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

    $45,080,719

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

    $19,411,092

  • 10c · Land, buildings and equipment, net

    beginning of year $19,552,507 · end of year $25,669,627

  • 11 · Investments: publicly traded securities

    beginning of year $0

  • 12 · Investments: other securities

    beginning of year $91,944,036 · end of year $66,812,222

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $0

  • 15 · Other assets

    beginning of year $10,621,251 · end of year $20,843,937

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,915,367 · end of year $17,666,113

  • 18 · Grants payable

    beginning of year $0

  • 19 · Deferred revenue

    beginning of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $5,256,467 · end of year $4,596,931

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $1,361,022,224 · end of year $1,423,615,012

  • 27 · Net assets without donor restrictions

    beginning of year $0

  • 28 · Net assets with donor restrictions

    beginning of year $0

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0

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

    beginning of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $149,537,488 · end of year $149,067,220

Mission and programs · 2023

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 83,566 MEMBERS BY OFFERING COMPETITIVELY-PRICED SAVINGS & LOANS PRODUCTS AS WELL AS OTHER FINANCIAL PRODUCTS.

As filed on the 2023 return.

Listed in Part VII

  • DENNIS LAVOY

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • MARK RIEGAL

    1st VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • PAUL BEDICH

    2ND VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • TERESA KUEHN

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • DAN HERRIMAN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DEBORAH STARINSKY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DON BAIN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Kathy Neirynk

    Board Member (partial year)

    Total calculated
    $0
    Hours/week
    1

  • PATRICIA REESE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ron Meteyer

    Board Member (partial year)

    Total calculated
    $0
    Hours/week
    1

  • YASIR KHOGALI

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • ART BEARD

    CHIEF INFORMATION AND DIGITAL OFFICER

    Total calculated
    $485,026
    From this org
    $410,381
    From related orgs
    $0
    Other
    $74,645
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $299,238
    Bonus
    $78,564
    Other
    $32,579
    Deferred
    $74,645
    Nontaxable benefits
    $0
    Filer's total
    $485,026

  • CATHY MEYERS

    CHIEF PEOPLE OFFICER

    Total calculated
    $449,280
    From this org
    $372,470
    From related orgs
    $0
    Other
    $76,810
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $247,622
    Bonus
    $71,600
    Other
    $53,248
    Deferred
    $72,315
    Nontaxable benefits
    $4,495
    Filer's total
    $449,280

  • CHRIS CURRY

    SVP OF OPERATIONS AND RISK

    Total calculated
    $450,076
    From this org
    $358,191
    From related orgs
    $0
    Other
    $91,885
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $259,588
    Bonus
    $74,668
    Other
    $23,935
    Deferred
    $74,926
    Nontaxable benefits
    $16,959
    Filer's total
    $450,076

  • DANIELLE FRAWLEY

    CHIEF GROWTH OFFICER

    Total calculated
    $220,392
    From this org
    $206,265
    From related orgs
    $0
    Other
    $14,127
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,543
    Bonus
    $20,292
    Other
    $430
    Deferred
    $14,092
    Nontaxable benefits
    $35
    Filer's total
    $220,392

  • DANIELLE MILNER

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $324,113
    From this org
    $304,084
    From related orgs
    $0
    Other
    $20,029
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $268,487
    Bonus
    $34,054
    Other
    $1,543
    Deferred
    $7,465
    Nontaxable benefits
    $12,564
    Filer's total
    $324,113

  • ELRY ARMAZA

    CHIEF OF STAFF

    Total calculated
    $309,892
    From this org
    $306,142
    From related orgs
    $0
    Other
    $3,750
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $266,252
    Bonus
    $38,674
    Other
    $1,216
    Deferred
    $0
    Nontaxable benefits
    $3,750
    Filer's total
    $309,892

  • JILL JOHNSON

    CHIEF REVENUE AND LENDING OFFICER

    Total calculated
    $477,309
    From this org
    $390,136
    From related orgs
    $0
    Other
    $87,173
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $278,911
    Bonus
    $77,311
    Other
    $33,914
    Deferred
    $77,242
    Nontaxable benefits
    $9,931
    Filer's total
    $477,309

  • SCOTT CAMERON

    EVP/CFO

    Total calculated
    $463,674
    From this org
    $376,943
    From related orgs
    $0
    Other
    $86,731
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $300,974
    Bonus
    $74,875
    Other
    $1,094
    Deferred
    $75,140
    Nontaxable benefits
    $11,591
    Filer's total
    $463,674

  • TANSLEY STEARNS

    CEO

    Total calculated
    $598,916
    From this org
    $570,686
    From related orgs
    $0
    Other
    $28,230
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $491,284
    Bonus
    $78,609
    Other
    $793
    Deferred
    $22,500
    Nontaxable benefits
    $5,730
    Filer's total
    $598,916

  • DAVID HEFFNER

    SVP Lending

    Total calculated
    $240,167
    From this org
    $220,808
    From related orgs
    $0
    Other
    $19,359
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,805
    Bonus
    $42,976
    Other
    $22,027
    Deferred
    $7,768
    Nontaxable benefits
    $11,591
    Filer's total
    $240,167

  • JAMES POTTER

    INVESTMENT REPRESENTATIVE

    Total calculated
    $238,868
    From this org
    $228,506
    From related orgs
    $0
    Other
    $10,362
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $47,220
    Bonus
    $180,977
    Other
    $309
    Deferred
    $5,500
    Nontaxable benefits
    $4,862
    Filer's total
    $238,868

  • MICHAEL ERFOURTH

    VP BUSINESS EXPERIENCE

    Total calculated
    $221,611
    From this org
    $221,337
    From related orgs
    $0
    Other
    $274
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,449
    Bonus
    $70,791
    Other
    $1,097
    Deferred
    $0
    Nontaxable benefits
    $274
    Filer's total
    $221,611

  • Thomas Vargo

    AVP of Core Systems & Development

    Total calculated
    $238,393
    From this org
    $217,306
    From related orgs
    $0
    Other
    $21,087
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $189,166
    Bonus
    $26,952
    Other
    $1,188
    Deferred
    $18,765
    Nontaxable benefits
    $2,322
    Filer's total
    $238,393

  • TOMMY GASSO

    VP COMMERCIAL LENDING (THROUGH 9/30/23)

    Total calculated
    $574,283
    From this org
    $562,645
    From related orgs
    $0
    Other
    $11,638
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $189,583
    Bonus
    $372,925
    Other
    $137
    Deferred
    $5,861
    Nontaxable benefits
    $5,777
    Filer's total
    $574,283

  • ERIC ESSER

    Former OFFICER

    Total calculated
    $230,615
    From this org
    $230,615
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $230,615
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $230,615

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 2023: ERIC ESSER - $230,615
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
THE FOLLOWING INTERESTED PERSONS RECEIVED DEFERRALS TO THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2023: ART BEARD - $55,822 SCOTT CAMERON- $52,640 CATHY MEYERS - $49,815 JILL JOHNSON - $54,742 CHRIS CURRY - $52,426 THE FOLLOWING INTERESTED PERSONS RECEIVED DISTRIBUTIONS FROM THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) IN 2023: ART BEARD - $31,613 ERIC ESSER - $24,896 CATHY MEYERS - $29,519 JILL JOHNSON - $32,071 CHRIS CURRY - $23,256

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
2023
Filed
11 November 2024
IRS schema version
2023v5.1
Source object
202443169349303844

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