Credit Unions Chartered In The State Of Michigan
- Assets
- $436.1m
- Revenue
- $14.8m
- Investments
- $19.7m
- Employees
- 104
- Location
- Flint, MI
- Founding
- 10/1956
- Data as of
- 12/2019
- EIN
- 38-0546210
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.
Form
990
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick White CEO & Board Member | OfficerTrustee | 40 | $242,238 |
Daniel Fondren Vice-President Of Mem Serv | 40 | $111,772 | |
Jill Kruyer Vice President Of Lending | 40 | $109,871 | |
Jamie Tovarez Vice President Of Finance | Officer | 40 | $33,937 |
Bryanna Benoit COO | Officer | 40 | $24,625 |
Patricia R Gooch Board President | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Data Processing | 12/30/19 | $568,371 |
The Karma Group Marketing And Advertising | 12/30/19 | $403,373 |
Fis (Certegy) Credit Card Processing | 12/30/19 | $181,437 |
Visa Usa Debit & Credit Card Processing | 12/30/19 | $217,734 |
Fis Global (Metavante) Atm & Debit Card Processing | 12/30/19 | $175,963 |
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 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $64,039 |
| Grants and other assistance to domestic individuals. | $3,100 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $403,875 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,981,860 |
| Pension plan accruals and contributions | $252,926 |
| Other employee benefits | $513,968 |
| Payroll taxes | $265,871 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,955 |
| Fees for services: Accounting | $59,517 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $105,000 |
| Fees for services: Other | $127,578 |
| Advertising and promotion | $678,597 |
| Office expenses | $801,308 |
| Information technology | $663,361 |
| Royalties | $0 |
| Occupancy | $391,190 |
| Travel | $25,237 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,891,635 |
| Payments to affiliates | $15,938 |
| Depreciation, depletion, and amortization | $307,532 |
| Insurance | $110,090 |
| All other expenses | $304,176 |
| Total functional expenses | $11,582,342 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,453,223 |
| Savings and temporary cash investments | $23,682,660 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $799,494 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $102,269,286 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $228,932 |
| Net Land, buildings, and equipment | $5,068,522 |
| Investments—publicly traded securities | $276,706,000 |
| Investments—other securities | $19,687,666 |
| Investments—program-related | $0 |
| Intangible assets | $158,601 |
| Other assets | $6,025,962 |
| Total assets | $436,080,346 |
| Accounts payable and accrued expenses | $1,466,938 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $366,310,332 |
| Total liabilities | $367,777,270 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $68,303,076 |
| Total liabilities and net assets/fund balances | $436,080,346 |
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 Recipient | Amount |
|---|---|
Flint, MI PURPOSE: CHARITABLE CONTRIBUTION | $12,500 |
Flint, MI PURPOSE: CHARITABLE CONTRIBUTION | $10,362 |
Flint, MI PURPOSE: CHARITABLE CONTRIBUTION | $8,000 |
Lapeer, MI PURPOSE: CHARITABLE CONTRIBUTION | $7,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Credit Unions Chartered In The State Of Michigan Frankenmuth, MI | $740,854,703 | $52,523,544 |
Beacon Credit Union Wabash, IN | $1,260,998,614 | $54,449,737 |
42 Kemba Credit Union Inc West Chester, OH | $1,022,189,646 | $51,808,067 |
64 Telhio Credit Union Inc Columbus, OH | $841,649,015 | $47,326,708 |
414 University Of Michigan C U Ann Arbor, MI | $953,301,122 | $50,417,594 |
Credit Unions Chartered In The State Of Michigan Burton, MI | $794,491,719 | $56,196,393 |
Indiana University Credit Union Bloomington, IN | $1,144,998,039 | $48,949,808 |
Credit Unions Chartered In The State Of Michigan Saginaw, MI | $996,800,342 | $40,766,110 |
Credit Unions Chartered In The State Of Michigan Kalamazoo, MI | $655,512,242 | $40,476,172 |
Credit Unions Chartered In The State Of Michigan Traverse City, MI | $560,363,272 | $39,221,324 |
Credit Unions Chartered In The State Of Michigan Livonia, MI | $611,976,327 | $36,110,917 |
Credit Unions Chartered In The State Of Michigan Midland, MI | $535,640,849 | $38,127,628 |