Credit Unions Chartered In The State Of Michigan

Organization Overview

Credit Unions Chartered In The State Of Michigan is located in Lathrup Village, MI. The organization was established in 1956. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Credit Unions Chartered In The State Of Michigan employed 632 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Credit Unions Chartered In The State Of Michigan is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.

For the year ending 12/2021, Credit Unions Chartered In The State Of Michigan generated $103.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.6% each year. All expenses for the organization totaled $80.9m during the year ending 12/2021. While expenses have increased by 6.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

ORIGINATED APPROXIMATELY $427 MILLION IN MORTGAGE LOANS DURING 2021.


INCREASED MEMBER DEPOSITS BY APPROXIMATELY $147 MILLION DURING 2021.


ORIGINATED APPROXIMATELY $234 MILLION IN CONSUMER LOANS DURING 2021.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Etkin
Bldg Maintenance/ Property Management
$1,999,601
Alimar Security Inc
Security Guards At Branches
$1,125,586
Trace3
Phone & Netowrk Support And Licensing
$3,097,537
Diebold Nixdorf Inc
Atm Machines
$1,832,588
Olympia Entertainment
Marketing Sponsorhips
$1,095,836
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$68,019,032
Investment income $2,883,687
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $42,769
Net Gain/Loss on Asset Sales $157,562
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $103,646,862

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