2024-10-29T15:20:14-04:00 2023-12-31 383133790 ANDREWS HOOPER PAVLIK PLC 2311 EAST BELTLINE AVE SE STE 200 GRAND RAPIDS MI 49546 990 2023-01-01 381599932 SOO CO-OP CREDIT UNION SOOC 9066325300 4489 I-75 BUSINESS SPUR SAULT STE MARIE MI 49783 LYNDA ELLIS PRESIDENT/CEO 9066325300 2024-10-25 true true ERIC A RYAN P01388772 6169426440 2024-10-25 2023 2024-10-15 13:58:12Z LYNDA ELLIS 4489 I-75 BUSINESS SPUR SAULT STE MARIE MI 49783 13688606 false X WWW.SOOCOOP.COM X 1958 MI TO BECOME THE MEMBERS' PRIMARY FINANCIAL INSTITUTION BY PROVIDING RELIABLE, COMPREHENSIVE, COURTEOUS, AND PROMPT SERVICES THAT ARE COMPETITIVE WITH THE MARKET AND IN TUNE WITH MEMBERS' NEEDS. 7 6 98 8 311932 0 10419195 12294219 1398456 1394387 0 11817651 13688606 0 0 4466100 4686197 0 0 5078173 6358208 9544273 11044405 2273378 2644201 248562285 259141916 224819781 231628937 23742504 27512979 TO BECOME THE MEMBERS' PRIMARY FINANCIAL INSTITUTION BY PROVIDING RELIABLE, COMPREHENSIVE, COURTEOUS, AND PROMPT SERVICES THAT ARE COMPETITIVE WITH THE MARKET AND IN TUNE WITH MEMBERS' NEEDS. false false THE ORGANIZATION PROVIDES MANY SERVICES TO ITS MEMBERS INCLUDING SAVINGS PLANS, SHARE DRAFT PRIVILEGES, LOANS FOR REAL ESTATE, CARS, BOATS, VACATIONS, EMERGENCIES, AND BUSINESS. THE ORGANIZATION ALSO PROVIDES INVESTMENT SERVICES THROUGH A FULLY LICENSED BROKER AND INSURANCE PRODUCTS THROUGH THIRD PARTY RELATIONSHIPS. false false false false false false false true false true false false false true false true false false false false false false false false false false false false false false true false false false false false false false false true false false false true 5391 9 true 98 true true true false false false false false false false X 7 6 false false false false true true false true false false true true false true true true true true true true false X JOY HILL 9066325300 4489 I-75 BUSINESS SPUR SAULT STE MARIE MI 49783 LYNDA ELLIS PRESIDENT/CE 40.00 0.00 X 118183 0 11143 MELISSA MCCLENDON VICE PRESIDE 40.00 0.00 X 83216 0 5363 JOY HILL CHIEF FINANC 40.00 0.00 X 75985 0 7417 STEVEN ROGERS DIRECTOR & E 8.00 0.00 X 17655 0 359 EDWIN COOK CHAIRPERSON 1.00 X X 0 0 0 MONICA HOOLSEMA DIRECTOR 1.00 X 0 0 0 LORI LANGENDORF TREASURER 1.00 X X 0 0 0 JO ANNE LUSSIER SECRETARY 1.00 X X 0 0 0 JIM ROSE DIRECTOR 1.00 X 0 0 0 TOM THORESEN VICE CHAIRPE 1.00 X X 0 0 0 295039 24282 1 false false false MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE RD FARMINGTON HILLS MI 48334 DATA PROCESSING 614377 1 LOAN INTEREST 524298 8480642 8480642 FEES AND CHARGES 523000 3734398 3422466 311932 OTHER PROGRAM SERVICES 522100 79179 79179 12294219 1394387 1394387 13688606 11982287 311932 1394387 319321 3249328 352833 491588 273127 11093 34501 85990 289634 779918 645344 373247 19901 86755 1352199 214337 75625 ATM EXPENSE 813278 VISA EXPENSE 608059 LOAN SERVICING FEES 528056 PROVISION FOR LOAN LOSSES 275802 164469 11044405 0 0 0 8628099 14522522 2185738 2185738 157359192 165850240 452354 422229 9197230 4486102 4885168 4711128 68274069 64561546 566250 566250 6211415 6322263 248562285 259141916 1492995 1639154 80490 56561 223246296 229933222 224819781 231628937 X 23742504 27512979 23742504 27512979 248562285 259141916 X 2644201 -172123 1298397 X false true X true false false true X 836617 836617 6088683 2516903 3571780 22335 22335 2159381 1861307 298074 90214 85557 4657 4711128 MEMBERS' SHARES, SAVINGS AND CERT. 229933222 229933222 14987003 1298397 1298397 13688606 13688606 11044405 11044405 11044405 SCHEDULE D, PAGE 2, PART IV, LINE 2B THE ORGANIZATION COLLECTS REAL ESTATE TAXES AND INSURANCE PREMIUMS ON CERTAIN MORTGAGE LOANS AND HOLDS THEM IN ESCROW ACCOUNTS. THE ESCROW ACCOUNTS WILL BE PROPERLY DISTRIBUTED TO TAXING AGENCIES, INSURANCE COMPANIES, OR RETURNED TO MEMBERS. SCHEDULE D, PAGE 4, PART XI, LINE 2D CHANGE IN COLI CASH SURRENDER VALUE 80,904 UNREALIZED HOLDING GAIN ON OTHER INVESTMENTS 1,244,052 ACTUARIAL LOSS ON OTHER POST-EMPLOYMENT BENEFITS -26,559 LYNDA ELLIS PRESIDENT DEFERRED COMPENSATION FUNDING X 1417488 2185738 false true true 2185738 SCHEDULE L, PART V ADDITIONAL INFORMATION FROM PART II: (A) NAME OF PERSON: LYNDA ELLIS (B) RELATIONSHIP WITH ORGANIZATION: PRESIDENT & CEO OF ORGANIZATION (C) PURPOSE OF LOAN: DEFERRED COMPENSATION FUNDING SECURED BY SPLIT DOLLAR LIFE INSURANCE FORM 990, PAGE 6, PART VI, LINE 6 THE ORGANIZATION'S CAPITAL CONSISTS OF PAYMENTS ON SHARES THAT HAVE BEEN MADE BY ITS MEMBERS. THE ORGANIZATION HAS ONE CLASS OF MEMBERS. FORM 990, PAGE 6, PART VI, LINE 7A THE NOMINATING COMMITTEE ACCEPTS APPLICATION FROM INTERESTED PARTIES AND NOMINATES AT LEAST ONE MEMBER FOR EACH BOARD OF DIRECTOR VACANCY, TO BE ELECTED AT THE ANNUAL MEMBERSHIP MEETING. EACH MEMBER THAT HOLDS AT LEAST ONE FULLY PAID SHARE AND WHO HAS ATTAINED THE AGE OF EIGHTEEN, IS ENTITLED TO ONLY ONE VOTE, REGARDLESS OF THE NUMBER OF SHARES OWNED. FORM 990, PAGE 6, PART VI, LINE 8B NO COMMITTEE HAS AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PAGE 6, PART VI, LINE 11B THE FORM 990 IS REVIEWED BY THE CHIEF FINANCIAL OFFICER AND BY THE PRESIDENT/CHIEF EXECUTIVE OFFICER BEFORE FILING. FORM 990, PAGE 6, PART VI, LINE 12C THE CONFLICT OF INTEREST POLICY IS RE-SIGNED ANNUALLY. FORM 990, PAGE 6, PART VI, LINE 15A SALARIES FOR OFFICERS ARE BASED ON A WAGE SCALE SET BY THE WAGE COMMITTEE, WHICH IS APPROVED BY THE BOARD OF DIRECTORS AND RECORDED IN THE MEETING MINUTES. A COMPENSATION SURVEY IS REVIEWED AND COMPARED BY THE WAGE COMMITTEE. FORM 990, PAGE 6, PART VI, LINE 15B SALARIES FOR OFFICERS ARE BASED ON A WAGE SCALE SET BY THE WAGE COMMITTEE, WHICH IS APPROVED BY THE BOARD OF DIRECTORS AND RECORDED IN THE MEETING MINUTES. A COMPENSATION SURVEY IS REVIEWED AND COMPARED BY THE WAGE COMMITTEE. FORM 990, PAGE 6, PART VI, LINE 19 THE FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY AND THE OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9 CHANGE IN COLI CASH SURRENDER VALUE 80,904 UNREALIZED HOLDING GAIN ON OTHER INVESTMENTS 1,244,052 ACTUARIAL LOSS ON OTHER POST-EMPLOYMENT BENEFITS -26,559 TOTAL 1,298,397 PART XI, LINE 8 - PRIOR PERIOD ADJUSTMENTS EXPLANATION: ON JANUARY 1, 2023, THE CREDIT UNION ADOPTED ASU 2016-13 FINANCIAL INSTRUMENTS - CREDIT LOSSES (TOPIC 326): MEASUREMENT OF CREDIT LOSSES ON FINANCIAL INSTRUMENTS, AS AMENDED (ASC 326), WHICH REPLACES THE INCURRED LOSS METHODOLOGY WITH AN EXPECTED LOSS METHODOLOGY THAT IS REFERRED TO AS THE CURRENT EXPECTED CREDIT LOSS (CECL) METHODOLOGY. THE MEASUREMENT OF EXPECTED CREDIT LOSSES UNDER THE CECL METHODOLOGY IS APPLICABLE TO FINANCIAL ASSETS MEASURED AT AMORTIZED COST, INCLUDING LOAN RECEIVABLES AND HELD-TO-MATURITY DEBT SECURITIES. IT ALSO APPLIES TO OFF-BALANCE SHEET CREDIT EXPOSURES NOT ACCOUNTED FOR AS INSURANCE (LOAN COMMITMENTS, STANDBY LETTERS OF CREDIT, FINANCIAL GUARANTEES, AND OTHER SIMILAR INSTRUMENTS) AND NET INVESTMENTS IN LEASES RECOGNIZED BY A LESSOR IN ACCORDANCE WITH TOPICS 842 ON LEASES. THE CREDIT UNION ADOPTED ASC 326 USING THE MODIFIED RETROSPECTIVE METHOD FOR ALL FINANCIAL ASSETS MEASURED AT AMORTIZED COST AND OFF-BALANCE SHEET CREDIT EXPOSURES. RESULTS FOR REPORTING PERIODS BEGINNING AFTER JANUARY 1, 2023, ARE PRESENTED UNDER ASC 326 WHILE PRIOR PERIOD AMOUNTS CONTINUE TO BE REPORTED IN ACCORDANCE WITH PREVIOUSLY APPLICABLE GAAP. THE CREDIT UNION RECORDED A DECREASE TO UNDIVIDED EARNINGS OF 172,123 AND AN INCREASE TO THE ALLOWANCE FOR CREDIT LOSSES OF 172,123 AS OF JANUARY 1, 2023, FOR THE CUMULATIVE EFFECT OF ADOPTING ASC 326. BASED ON MANAGEMENT'S EVALUATION, NO ALLOWANCE FOR CREDIT LOSSES WAS DETERMINED TO BE NECESSARY FOR OFF-BALANCE SHEET CREDIT EXPOSURES AS OF JANUARY 1, 2023. SCCU SERVICES LLC 536 BINGHAM AVE SAULT ST MARIE MI 49783 611523169 INSURANCE MI 166547 5551 SOO CO-OP