FEDCom Credit Union
- Assets
- $62.3m
- Revenue
- $3.6m
- Investments
- $4.7m
- Employees
- 32
- Location
- Grand Rapids, MI
- Founding
- Data as of
- 12/2016
- EIN
- 38-0592915
Organization Overview
FEDCom Credit Union is located in Grand Rapids, MI. As of 12/2016, FEDCom Credit Union employed 32 individuals. FEDCom 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 12/2016, FEDCom Credit Union generated $3.6m in total revenue. This represents relatively stable growth, over the past 2 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $3.3m during the year ending 12/2016. While expenses have increased by 3.0% per year over the past 2 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
2016
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE COMPETITIVE DEPOSIT AND LOAN PRODUCTS TO THE MEMBERSHIP BASE ACCORDING TO THE MICHIGAN CREDIT UNION ACT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES AND OTHER. THE TOTAL NUMBER OF MEMBERS AT 12/31/2016 WAS 7,628.
THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREDIT CARD, VEHICLE AND OTHER. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/2016 WAS 5,549.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anna Marie Zielinski President & CEO | Officer | 48 | $115,861 |
Clint Holshoe VP Finance | Officer | 40 | $66,163 |
Alfred Pandl Director | Trustee | 1 | $0 |
Douglas Todd Director | Trustee | 1 | $0 |
Jeanette Taylor Director | Trustee | 1 | $0 |
David Brock Vice Chairman | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cu Answers Data Processing | 12/30/16 | $0 |
Co-op Network Electr Transact Svcs | 12/30/16 | $0 |
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 | $3,324,275 |
| Investment income | $233,736 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,582,290 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $182,024 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $876,992 |
| Pension plan accruals and contributions | $35,987 |
| Other employee benefits | $189,567 |
| Payroll taxes | $78,640 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $190,863 |
| Office expenses | $520,478 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $262,923 |
| Travel | $38,486 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $270,310 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $13,549 |
| Total functional expenses | $3,322,702 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,096,400 |
| Savings and temporary cash investments | $10,239,824 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $43,535,009 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $516,883 |
| Net Land, buildings, and equipment | $1,648,410 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,710,577 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $581,362 |
| Total assets | $62,328,465 |
| Accounts payable and accrued expenses | $450,659 |
| 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 | $54,987,523 |
| Total liabilities | $55,438,182 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $6,890,283 |
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