SCHEDULE O
(Form 990)

Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2023
Open to Public
Inspection
Name of the organization
MICHIGAN CREDIT UNION FOUNDATION
 
Employer identification number

38-6066911
Return Reference Explanation
FORM 990, PART VI, SECTION A, LINE 4 CHANGES TO THE BYLAWS WERE MADE EFFECTIVE FEBRUARY 21, 2023. IN OCTOBER 2022, MCUF TRUSTEES AGREED THAT MCUF WOULD LIKE TO EXPAND BOARD INVOLVEMENT OPPORTUNITIES FOR MICHIGAN CREDIT UNION PROFESSIONALS. THESE CHANGES INCLUDE INCREASING THE MAXIMUM BOARD SIZE TO ALLOW UP TO 11 BOARD MEMBERS AND TO ALIGN WITH THE MCUL BOARD STRUCTURE TO SPECIFY ONE BOARD SEAT FOR EACH MCUL DISTRICT AND AT-LARGE BOARD SEATS FOR SMALL AND LARGE CREDIT UNION ASSET SIZES. IN ADDITION, THE MCUF TRUSTEES AGREED THAT MCUF WOULD LIKE TO SPECIFY ONE BOARD SEAT FOR A CREDIT UNION YOUNG PROFESSIONAL. IN PREPARATION FOR THIS ACTION, A FULL REVIEW OF THE MCUF BYLAWS WAS CONDUCTED WITH THE AID OF HOLZMAN LAW. IN ADDITION TO THE CHANGE IN THE BOARD COMPOSITION, OTHER CHANGES WERE RECOMMENDED AND REQUESTED TO ALLOW FOR ELECTRONIC MEETINGS, TO CHANGE THE TERM "TRUSTEE" TO "DIRECTOR" IN THE BYLAWS TO REFLECT THE CURRENT LANGUAGE OF THE MICHIGAN NONPROFIT CORPORATION ACT, AND TO UPDATE THE PROCEDURE FOR FILLING A BOARD VACANCY TO ALIGN WITH THE PROCEDURE FOR ELECTING ALL DIRECTORS BY THE MEMBERS OF THE MICHIGAN CREDIT UNION FOUNDATION.
FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER OF THE BOARD OF DIRECTORS OF A RELATED NONPROFIT ORGANIZATION IS A MEMBER OF THE FOUNDATION, BUT ONLY SO LONG AS HE OR SHE SHALL HOLD OFFICE AS A MEMBER OF SAID BOARD OF DIRECTORS. THE FOUNDATION BOARD MEMBERS ARE ELECTED BY MAJORITY VOTE OF THE MEMBERS.
FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS OF THE FOUNDATION (THE BOARD OF DIRECTORS OF THE RELATED NONPROFIT ORGANIZATION) ELECTS THE FOUNDATION BOARD MEMBERS. IN ADDITION, ANY CHANGES TO THE FOUNDATION'S BYLAWS OR ARTICLES OF INCORPORATION MUST BE APPROVED BY THE MEMBERS.
FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE EXECUTIVE DIRECTOR OF THE FOUNDATION AND THE FINANCE DIRECTOR AND THEN FILED WITH THE IRS.
FORM 990, PART VI, SECTION B, LINE 12C ALL OFFICERS AND BOARD MEMBERS ARE REQUIRED TO ANNUALLY COMPLETE A CONFLICT OF INTEREST STATEMENT. ANY POTENTIAL CONFLICTS OF INTEREST THAT ARISE DURING THE YEAR ARE DISCUSSED AT BOARD MEETINGS.
FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION PROVIDES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS UPON REQUEST.
PART VI, SECTION B, LINE 15: NO COMPENSATION POLICY IS IN PLACE SINCE THERE ARE NO COMPENSATED OFFICERS OR KEY EMPLOYEES.
FORM 990, PART XII, LINE 2C: THE PROCESS FOR SELECTING AND OVERSEEING THE WORK OF THE INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR.
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990) 2023


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