Credit Unions Chartered In The State Of Michigan is located in Flint, MI. The organization was established in 1956. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2019, Credit Unions Chartered In The State Of Michigan employed 227 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 12/2019, Credit Unions Chartered In The State Of Michigan generated $30.9m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $28.5m during the year ending 12/2019. While expenses have increased by 5.0% 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
ENHANCING THE FINANCIAL WELL-BEING OF OUR MEMBERS AND OUR COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE PROVIDE SAFE AND AFFORDABLE FINANCIAL PRODUCTS THAT ENABLED OUR 55,000+ MEMBERS TO MEET FINANCIAL GOALS SUCH AS PURCHASING A VEHICLE OR NEW HOME, SAVING FOR LIFE EVENTS SUCH AS COLLEGE AND WEDDINGS, OR JUST PAYING BILLS EFFICIENTLY AND CONVENIENTLY ONLINE OR WITH THEIR PHONES.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Marilyn Reno President & CEO | Officer | 50 | $335,251 |
Wade Decker CFO | Officer | 50 | $191,944 |
Olga Long VP Of Strategic Growth & Marketing | Officer | 50 | $152,574 |
Deanna Wallace VP Of Hr & Retail Operatio | Officer | 50 | $141,726 |
Susan Bennett VP Of It & Operations | Officer | 50 | $131,102 |
Michael Furst VP Of Lending & Collection | Officer | 50 | $91,125 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Mdt Core System Charges | 12/30/19 | $1,236,816 |
Visa Usa Inc Visa Card Bin Number System Charges | 12/30/19 | $463,795 |
Dei Build Davison Branch/remodeled Buildings | 12/30/19 | $1,641,383 |
Cu Cooperative Atm, Credit & Debit Processing | 12/30/19 | $668,635 |
Hollis Marketing Marketing Ads - Billboard And Radio | 12/30/19 | $304,153 |
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 | $26,660,930 |
Investment income | $4,200,677 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $17,895 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $5,321 |
Miscellaneous Revenue | $0 |
Total Revenue | $30,884,823 |
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. | $1,238,257 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $7,811,222 |
Pension plan accruals and contributions | $913,529 |
Other employee benefits | $1,446,158 |
Payroll taxes | $747,741 |
Fees for services: Management | $139,934 |
Fees for services: Legal | $44,044 |
Fees for services: Accounting | $147,847 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $27,627 |
Fees for services: Other | $335,236 |
Advertising and promotion | $1,297,118 |
Office expenses | $2,617,025 |
Information technology | $1,441,501 |
Royalties | $0 |
Occupancy | $421,586 |
Travel | $89,320 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $78,572 |
Interest | $3,018,799 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $1,133,225 |
Insurance | $0 |
All other expenses | $197,215 |
Total functional expenses | $28,489,936 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $9,979,230 |
Savings and temporary cash investments | $11,416,625 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $456,944 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $336,092,847 |
Inventories for sale or use | $46,474 |
Prepaid expenses and deferred charges | $1,057,675 |
Net Land, buildings, and equipment | $14,658,859 |
Investments—publicly traded securities | $186,681,342 |
Investments—other securities | $639,100 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $8,696,547 |
Total assets | $569,725,643 |
Accounts payable and accrued expenses | $1,904,733 |
Grants payable | $88,095 |
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 | $489,060,183 |
Total liabilities | $491,053,011 |
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 | $78,672,632 |
Total liabilities and net assets/fund balances | $569,725,643 |
Organization Name | Assets | Revenue |
---|---|---|
Credit Unions Chartered In The State Of Michigan Lansing, MI | $746,558,780 | $43,479,866 |
Credit Unions Chartered In The State Of Michigan Flint, MI | $569,725,643 | $30,884,823 |
Sharefax Credit Union Inc Cincinnati, OH | $430,891,781 | $16,755,561 |
0053 Ih Credit Union Springfield, OH | $291,987,881 | $15,244,026 |
Filene Research Institute Inc Madison, WI | $14,025,616 | $10,102,854 |
544 C E S Credit Union Inc Mount Vernon, OH | $148,510,347 | $7,952,688 |
1087 Millstream Area Credit Union Inc Findlay, OH | $45,423,986 | $3,772,125 |
Credit Unions Chartered In The State Of Michigan Grandville, MI | $41,062,284 | $3,204,621 |
Christian Family Credit Union Inc North Canton, OH | $83,167,733 | $2,886,709 |
1143 Southeastern Ohio Credit Union Inc Cambridge, OH | $31,981,517 | $2,038,975 |
1246 Genesis Employees Credit Union Zanesville, OH | $13,837,922 | $836,605 |
Gmiluth Chasodim Beachwood, OH | $2,862,936 | $1,264,465 |