Credit Unions Chartered In The State Of Michigan
- Assets
- $268.1m
- Revenue
- $11.4m
- Investments
- $590.0k
- Employees
- 119
- Location
- Wyandotte, MI
- Founding
- 10/1956
- Data as of
- 12/2021
- EIN
- 38-1295875
Organization Overview
Credit Unions Chartered In The State Of Michigan is located in Wyandotte, 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 119 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 $11.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $10.1m during the year ending 12/2021. While expenses have increased by 5.0% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
MICHIGAN LEGACY CREDIT UNION IS A FINANCIAL INSTITUTION COOPERATIVE ORGANIZED TO PROVIDE LOAN AND DEPOSIT PRODUCTS AND SERVICES TO ITS MEMBER OWNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS A STATE CHARTERED MEMBER OWNED COOPERATIVE CREDIT UNION THAT PROVIDES FINANCIAL SERVICES AND PRODUCTS TO THE MEMBER OWNERS. MICHIGAN LEGACY CREDIT UNION HAS PROVIDED 12,652 ACTIVE LOANS INCLUDING MEMBER BUSINESS, INDIRECT, PARTICIPATION, REAL ESTATE, VEHICLE, RECREATIONAL VEHICLE, LINES OF CREDIT, HOME EQUITY AND CREDIT CARD. ALSO OFFERED ARE ATM'S, DEBIT CARDS, CHECK CASHING, WIRE TRANSFERS, CHECKING ACCOUNTS, IRA'S, CERTIFICATES OF DEPOSIT, BILL PAY, MONEY ORDERS, CASHIERS CHECKS, COURTESY PAY, REMOTE DEPOSIT CAPTURE, AN APP AND FINANCIAL COUNSELING THROUGH ITS STRATEGIC PARTNERSHIPS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carma Peters Chief Executive Officer | Officer | 40 | $581,023 |
Gary Leach Evp/coo | Officer | 40 | $480,228 |
Ronald Grobbel Vice Chairperson | OfficerTrustee | 1 | $0 |
Jeanette Mccomb Treasurer | OfficerTrustee | 1 | $0 |
Bruce Crossman Chairperson | OfficerTrustee | 1 | $0 |
Kevin Golden Secretary | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Xfer Communication Inc It/network Solutions | 12/30/21 | $159,977 |
Cu Answers Core Processor | 12/30/21 | $450,335 |
Neighborhood Mtg Solutions Mortgage Servicing | 12/30/21 | $178,666 |
123 Net Telephone Provider | 12/30/21 | $126,762 |
Co-op Financial Services Card Processing | 12/30/21 | $222,386 |
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 | $9,955,563 |
| Investment income | $1,479,965 |
| 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 | $11,435,528 |
| 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. | $1,069,707 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,761,168 |
| Pension plan accruals and contributions | $133,860 |
| Other employee benefits | $710,055 |
| Payroll taxes | $327,181 |
| Fees for services: Management | $26,038 |
| Fees for services: Legal | $24,839 |
| Fees for services: Accounting | $41,130 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $201,152 |
| Fees for services: Other | $161,495 |
| Advertising and promotion | $202,551 |
| Office expenses | $320,896 |
| Information technology | $292,768 |
| Royalties | $0 |
| Occupancy | $406,906 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $64,912 |
| Interest | $1,005,945 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $731,562 |
| Insurance | $155,305 |
| All other expenses | $0 |
| Total functional expenses | $10,106,410 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,943,737 |
| Savings and temporary cash investments | $8,090,883 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $50,709 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $175,125,144 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,876,600 |
| Net Land, buildings, and equipment | $10,385,699 |
| Investments—publicly traded securities | $65,434,999 |
| Investments—other securities | $590,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,594,283 |
| Total assets | $268,092,054 |
| Accounts payable and accrued expenses | $11,287,172 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $302,041 |
| 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 | $231,860,725 |
| Total liabilities | $243,449,938 |
| 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 | $24,642,116 |
| Total liabilities and net assets/fund balances | $268,092,054 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Credit Unions Chartered In The State Of Michigan Frankenmuth, MI | $1,071,337,170 | $67,769,311 |
Credit Unions Chartered In The State Of Michigan Grand Blanc, MI | $1,236,875,968 | $71,459,461 |
Credit Unions Chartered In The State Of Michigan Midland, MI | $2,159,950,542 | $56,115,396 |
42 Kemba Credit Union Inc West Chester, OH | $1,395,836,820 | $59,675,729 |
Credit Unions Chartered In The State Of Michigan Traverse City, MI | $896,646,295 | $51,854,069 |
Beacon Credit Union Wabash, IN | $1,514,735,601 | $47,143,377 |
Credit Unions Chartered In The State Of Michigan Ann Arbor, MI | $1,323,805,807 | $50,830,621 |
Credit Unions Chartered In The State Of Michigan Kalamazoo, MI | $829,123,274 | $44,270,339 |
Indiana University Credit Union Bloomington, IN | $1,349,340,515 | $48,794,263 |
Credit Unions Chartered In The State Of Michigan Saginaw, MI | $1,097,457,613 | $44,555,752 |
Financial Center First Credit Union Indianapolis, IN | $817,315,000 | $38,154,429 |
Credit Unions Chartered In The State Of Michigan Midland, MI | $736,881,404 | $38,250,460 |