Ignite Credit Union
- Assets
- $222.7m
- Revenue
- $13.2m
- Investments
- $6.4m
- Employees
- 126
- Location
- Battle Creek, MI
- Founding
- 10/1956
- Data as of
- 12/2022
- EIN
- 38-1480245
Organization Overview
Ignite Credit Union is located in Battle Creek, 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 12/2022, Ignite Credit Union employed 126 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Ignite 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 12/2022, Ignite Credit Union generated $13.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.2% each year . All expenses for the organization totaled $12.5m during the year ending 12/2022. While expenses have increased by 14.2% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
BLUEOX CREDIT UNION'S MISSION IS TO PROVIDE QUALITY FINANCIAL SERVICES THAT WILL IMPROVE AND MAKE A DIFFERENCE IN THE LIVES OF OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INCOME FROM CREDIT UNION'S MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
A Mumford Director/chairperson | Trustee | 1 | $0 |
D Voshell Director | Trustee | 1 | $0 |
D Hicks Director/secretary | Trustee | 1 | $0 |
M Wallace Director | Trustee | 1 | $0 |
M Dutcher Director | Trustee | 1 | $0 |
F Hetherwick Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fis Debit/credit Processor | 12/30/22 | $1,066,118 |
Cuanswers Core Processor | 12/30/22 | $757,210 |
Edge One Itm/atm Servicer | 12/30/22 | $289,394 |
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 | $12,722,875 |
| Investment income | $364,684 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $12,834 |
| Net Gain/Loss on Asset Sales | $69,455 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,169,848 |
| 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. | $380,917 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,786,322 |
| Pension plan accruals and contributions | $214,958 |
| Other employee benefits | $706,685 |
| Payroll taxes | $378,500 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $209,902 |
| Fees for services: Accounting | $61,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $370,549 |
| Advertising and promotion | $265,536 |
| Office expenses | $741,178 |
| Information technology | $389,932 |
| Royalties | $0 |
| Occupancy | $299,425 |
| Travel | $64,491 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $132,798 |
| Interest | $442,305 |
| Payments to affiliates | $13,728 |
| Depreciation, depletion, and amortization | $399,601 |
| Insurance | $69,137 |
| All other expenses | $364,910 |
| Total functional expenses | $12,477,470 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,119,001 |
| Savings and temporary cash investments | $6,777,406 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $527,015 |
| Loans from Officers, Directors, or Controlling Persons | $1,384,416 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $184,921,793 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $411,026 |
| Net Land, buildings, and equipment | $7,967,775 |
| Investments—publicly traded securities | $6,420,782 |
| Investments—other securities | $6,414,073 |
| Investments—program-related | $0 |
| Intangible assets | $196,706 |
| Other assets | $5,606,013 |
| Total assets | $222,746,006 |
| Accounts payable and accrued expenses | $1,406,184 |
| 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 | $1,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $202,338,107 |
| Total liabilities | $204,744,291 |
| 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 | $18,001,715 |
| Total liabilities and net assets/fund balances | $222,746,006 |