Credit Unions Chartered In The State Of Michigan

Organization Overview

Credit Unions Chartered In The State Of Michigan, operating under the name Sovita Credit Union, is located in Flint, 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 12/2019, Sovita Credit Union employed 104 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Sovita Credit Union 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 12/2019, Sovita Credit Union generated $14.8m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $11.6m during the year ending 12/2019. While expenses have increased by 2.8% per year over the past 5 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

2019

Describe the Organization's Mission:

Part 3 - Line 1

TO BECOME THE PRIMARY FINANCIAL SERVICES PROVIDER FOR OUR MEMBERS THROUGH OUR CONTINUAL EFFORT TO EXEMPLIFY COURTEOUS, RELIABLE, COMPREHENSIVE AND PROMPT SERVICES THAT ARE COMPETITIVE WITH THE MARKET AND CORRESPOND TO THE NEEDS OF OUR MEMBERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SHARE DRAFTS & MONEY MARKET - $181,238,967


SHARE ACCOUNTS - $114,049,543


CERTIFICATES OF DEPOSIT - $71,021,822


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Fiserv
Data Processing
$568,371
The Karma Group
Marketing And Advertising
$403,373
Fis (Certegy)
Credit Card Processing
$181,437
Visa Usa
Debit & Credit Card Processing
$217,734
Fis Global (Metavante)
Atm & Debit Card Processing
$175,963
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$7,643,546
Investment income $7,073,455
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $47,312
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $14,803,285

Grants Awarded

Over the last fiscal year, Credit Unions Chartered In The State Of Michigan has awarded $38,362 in support to 4 organizations.

Grant RecipientAmount

EDUCATION FOUNDATION FLINT COMMUNITY SCHOOLS

Org PageRecipient Profile

Flint, MI

PURPOSE: CHARITABLE CONTRIBUTION

$12,500

HURLEY FOUNDATION

Org PageRecipient Profile

Flint, MI

PURPOSE: CHARITABLE CONTRIBUTION

$10,362

MCLAREN FOUNDATION

Org PageRecipient Profile

Flint, MI

PURPOSE: CHARITABLE CONTRIBUTION

$8,000

LEADER FUND LAPEER COMMUNITY SCHOOLS

Org PageRecipient Profile

Lapeer, MI

PURPOSE: CHARITABLE CONTRIBUTION

$7,500
View Grant Profile

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