Credit Unions Chartered In The State Of Michigan
- Assets
- $405.8m
- Revenue
- $24.9m
- Investments
- $9.2m
- Employees
- 147
- Location
- Auburn Hills, MI
- Founding
- 10/1956
- Data as of
- 12/2023
- EIN
- 38-1418001
Organization Overview
Credit Unions Chartered In The State Of Michigan is located in Auburn Hills, MI. The organization was established in 1956. As of 12/2023, Credit Unions Chartered In The State Of Michigan employed 147 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 12/2023, Credit Unions Chartered In The State Of Michigan generated $24.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $22.6m during the year ending 12/2023. While expenses have increased by 7.6% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
WE ARE COMMITTED TO BEING A LEADING COMMUNITY-FOCUSED CREDIT UNION THAT IS THE CORNERSTONE TO HELPING MEMBERS ACHIEVE THEIR FINANCIAL GOALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SERVICE OVER $344 MILLION IN LOANS TO MEMBERS AS OF DECEMBER 31, 2023.
PROVIDE DEPOSIT SERVICES TO OVER 24,000 MEMBERS. MEMBER DEPOSITS APPROXIMATED $313 MILLION AS OF DECEMBER 31, 2023.
ESTABLISHED 1,575 NEW MEMBERSHIPS IN 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Leo Moses Chairperson | Trustee | 10 | $0 |
Chris Baker Treasurer | Trustee | 5 | $0 |
Timothy Mcglinchey Vice Chairperson | Trustee | 5 | $0 |
Timothy Green Secretary | Trustee | 5 | $0 |
John Else II Director | Trustee | 5 | $0 |
David Woodward Director | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ronnisch Construction Group Construction | 12/30/23 | $832,833 |
Jack Henry And Associates Inc Core Processing System | 12/30/23 | $763,420 |
Diebold Atm Servicing & Replacements | 12/30/23 | $601,420 |
Marquis Software Solutions Inc Customer Management | 12/30/23 | $255,363 |
Sues Landscaping Landscaping | 12/30/23 | $256,975 |
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 | $23,373,963 |
| Investment income | $1,476,706 |
| 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 | $24,864,783 |
| 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. | $1,627,323 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,404,892 |
| Pension plan accruals and contributions | $529,892 |
| Other employee benefits | $619,368 |
| Payroll taxes | $520,330 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $44,876 |
| Fees for services: Accounting | $315,570 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,016 |
| Advertising and promotion | $715,194 |
| Office expenses | $607,545 |
| Information technology | $1,329,726 |
| Royalties | $0 |
| Occupancy | $800,919 |
| Travel | $61,699 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,338 |
| Interest | $5,159,698 |
| Payments to affiliates | $62,574 |
| Depreciation, depletion, and amortization | $741,800 |
| Insurance | -$137,264 |
| All other expenses | $616,990 |
| Total functional expenses | $22,611,791 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,535,553 |
| Savings and temporary cash investments | $24,502,823 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,565,099 |
| Loans from Officers, Directors, or Controlling Persons | $5,467,290 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $340,796,894 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,208,733 |
| Net Land, buildings, and equipment | $10,815,685 |
| Investments—publicly traded securities | $93,121 |
| Investments—other securities | $9,165,373 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,650,198 |
| Total assets | $405,800,769 |
| Accounts payable and accrued expenses | $2,218,764 |
| 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 | $42,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $313,734,230 |
| Total liabilities | $357,952,994 |
| 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 | $47,847,775 |
| Total liabilities and net assets/fund balances | $405,800,769 |