Credit Unions Chartered In The State Of Michigan

The information for Credit Unions Chartered In The State Of Michigan is as of the organization's most recent filing in December '21. This organization is located in Grand Blanc, MI. It has been in existence for 3 years, following its founding in 2018.

Organization Classification

The IRS classifies organizations according to the National Taxonomy of Exempt Entities (NTEE) system. The NTEE system helps the IRS assign a 3-character code to each organization to describe the organization's activities.

Credit Unions Chartered In The State Of Michigan's NTEE code is W61. The "W" tells us that the organization is classified under Public & Societal Benefit. The "61" tells us that the organization falls under the category of Credit Unions. The NTEE describes Credit Unions as cooperative 501(c)(14) associations that use money deposited by a group of people and lend it out again to people in the same group at favorable interest rates. This organization is specifically classified under State-Chartered Credit Unions, Mutual Reserve Funds, which is represented by the C Section Code 14. The mission of Credit Unions Chartered In The State Of Michigan is to provide financial services and products to its members.

Program Areas

Program Area 1: The credit union provides a variety of loans to its members, including real estate, credit card, vehicle, and other types of loans. As of December 31, 2021, there were a total of 77,967 loans outstanding. Within the general fund, the organization reports all revenues, support, and functional expenses that are not specifically reported by another fund or program.

Program Area 2: The credit union provides various deposit account types, such as savings, checking, certificates, and others, to its members. As of December 31, 2021, the credit union had a total of 86,782 members.

Organization Staffing

Credit Unions Chartered In The State Of Michigan is led by Karen Church, who serves as the CEO. The organization has a labor force of 270 employees, with 32 of them being paid over $100k per year. Additionally, the organization is supported by 12 volunteers.

Board Governance

Credit Unions Chartered In The State Of Michigan appears to be a well-governed non-profit organization based on the provided information. The organization has a total of 7 voting members, all of whom are independent, indicating a diverse and unbiased decision-making process. The absence of potential conflicts of interest further ensures that the organization's actions are driven solely by its mission and the best interests of its beneficiaries. The fact that the organization has not delegated management to an outside firm suggests that it maintains control and oversight over its operations. This allows for better transparency and accountability within the organization. Additionally, the documentation of board and committee meetings indicates a commitment to record-keeping and transparency in decision-making processes. The presence of a conflict of interest policy, disclosure requirements for conflicts, and a whistleblower policy further demonstrate the organization's commitment to ethical practices and preventing any potential misconduct. The implementation of a document retention policy ensures that important records are preserved, which is crucial for maintaining transparency and complying with legal requirements. Furthermore, the organization's practice of substantiating and reviewing leadership and officer salaries ensures that compensation is fair and reasonable. The provision of copies of the 990 form to the board prior to filing indicates a commitment to financial transparency and accountability. Overall, Credit Unions Chartered In The State Of Michigan appears to have a strong governance structure in place, with policies and practices that promote transparency, accountability, and ethical conduct.

Organization Growth

The nonprofit organization, Credit Unions Chartered In The State Of Michigan, has experienced significant growth over the given time period. Program service revenue increased from $36.1M in 2016 to $67.0M in 2021. Investment income also saw a notable increase, rising from $482.6K in 2016 to $1.3M in 2021. Other revenue increased from $1.5M in 2016 to $3.1M in 2021. The total revenue of the organization grew from $38.1M in 2016 to $71.5M in 2021. Additionally, employee salaries increased from $9.8M in 2016 to $17.1M in 2021. Total expenses also rose from $25.6M in 2016 to $48.2M in 2021. The organization's workforce expanded as well, with the total number of employees increasing from 202 in 2016 to 270 in 2021. Even the number of volunteers increased from 10 in 2016 to 12 in 2021. Overall, these figures indicate significant growth in the nonprofit organization over the given time period.