Credit Unions Chartered In The State Of Michigan
- Assets
- $256.4m
- Revenue
- $15.8m
- Investments
- $667.1k
- Employees
- 70
- Location
- Brownstown, MI
- Founding
- 10/1956
- Data as of
- 12/2023
- EIN
- 38-1475121
Organization Overview
Credit Unions Chartered In The State Of Michigan, operating under the name Advantage One Credit Union, is located in Brownstown, MI. The organization was established in 1956. As of 12/2023, Advantage One Credit Union employed 70 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Advantage One 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 12/2023, Advantage One Credit Union generated $15.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 18.1% each year . All expenses for the organization totaled $13.6m during the year ending 12/2023. While expenses have increased by 17.3% per year over the past 8 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
THE MISSION OF ADVANTAGE ONE CREDIT UNION IS TO OPERATE IN A SAFE AND SOUND MANNER WHILE MEETING THE FINANCIAL NEEDS OF ITS MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOANS - TOTAL LOANS GREW $17.2 MILLION, OR 10.15% IN 2023. GROWTH DOLLARS WERE DRIVEN BY INDIRECT LOANS WHICH GREW $8.5 MILLION (21.46%) AND CLOSED END HOME EQUITY LOANS WHICH GREW $4.2 MILLION (41.72%). CREDIT CARD LOANS GREW $1.7 MILLION (14.78%) AND UNSECURED PARTICIPATION LOANS GREW $1.5 MILLION (22.28%). LOAN GROWTH WAS STRONG EARLY IN THE YEAR AND INTENTIONALLY THROTTLED LATER IN THE YEAR BY LIQUIDITY CONSTRAINTS FELT BY THE INDUSTRY AS A WHOLE. NOT INCLUDING WAGES AND BENEFITS, 2023 LOAN EXPENSES TOTALED $1.6 MILLION.
DEBIT CARDS - AS OF 12/31/2023, ADVANTAGE ONE CREDIT UNION HAD 11,327 DEBIT CARDS (UP FROM 10,999 LAST YEAR) REPRESENTING 63% OF THE NUMBER OF TOTAL MEMBERS. THE ASSOCIATED EXPENSE WITH THE PROGRAM IN 2023, WAS $747,000, EXCLUDING WAGES AND BENEFITS.
HOME BANKING AND BILL PAY - ADVANTAGE ONE CREDIT UNION HAS 2,096 ONLINE BANKING USERS AND 982 BILL PAY USERS REPRESENTING 67.42% AND 5.47% OF TOTAL MEMBERS, RESPECTIVELY. THE NUMBER OF BILL PAY USERS INCREASED BY 32.17% IN 2023. NOT INCLUDING WAGES AND BENEFITS, ASSOCIATED PROGRAM EXPENSES TOTALED $369,000 IN 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard E Lindemann Chairperson | Trustee | 1 | $0 |
Mark Ragsdale Vice Chairperson | Trustee | 1 | $0 |
Mart Bertera Director | Trustee | 1 | $0 |
Anthony Pascarella Secretary | Trustee | 1 | $0 |
Robert J Mattern Treasurer | Trustee | 1 | $0 |
Sue Trussel Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Dr/cr/atm Processing | 12/30/23 | $1,141,255 |
Alkami Home Banking/ Bill Pay | 12/30/23 | $319,216 |
Level5 Llc Design And Build | 12/30/23 | $316,030 |
Jack Henry Core Processing | 12/30/23 | $305,671 |
Lkcs Statement Mailer/marketing | 12/30/23 | $164,454 |
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 | $14,774,068 |
| Investment income | $957,531 |
| 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 | $15,764,672 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $7,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $736,735 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,925,327 |
| Pension plan accruals and contributions | $278,709 |
| Other employee benefits | $454,178 |
| Payroll taxes | $286,194 |
| 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 | $816,951 |
| Advertising and promotion | $94,082 |
| Office expenses | $2,077,259 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $441,664 |
| Travel | $23,663 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $176,069 |
| Interest | $2,342,401 |
| Payments to affiliates | $29,509 |
| Depreciation, depletion, and amortization | $288,253 |
| Insurance | $0 |
| All other expenses | $58,414 |
| Total functional expenses | $13,622,991 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $23,107,396 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $703,047 |
| Loans from Officers, Directors, or Controlling Persons | $1,629,848 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $185,077,503 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $964,639 |
| Net Land, buildings, and equipment | $3,892,125 |
| Investments—publicly traded securities | $36,066,632 |
| Investments—other securities | $667,100 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,296,262 |
| Total assets | $256,404,552 |
| Accounts payable and accrued expenses | $1,507,128 |
| 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 | $13,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $221,577,760 |
| Total liabilities | $236,584,888 |
| 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 | $19,819,664 |
| Total liabilities and net assets/fund balances | $256,404,552 |