Credit Unions Chartered In The State Of Michigan
- Assets
- $133.4m
- Revenue
- $4.4m
- Investments
- $1.1m
- Employees
- 37
- Location
- Livonia, MI
- Founding
- Data as of
- 12/2021
- EIN
- 38-1490360
Organization Overview
Credit Unions Chartered In The State Of Michigan is located in Livonia, MI. As of 12/2021, Credit Unions Chartered In The State Of Michigan employed 37 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 12/2021, Credit Unions Chartered In The State Of Michigan generated $4.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (4.6%) each year. All expenses for the organization totaled $4.1m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES AND OTHER. THE TOTAL NUMBER OF MEMBERS AT 12/31/2021 WAS 8,667.
THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREDIT CARD, VEHICLE AND OTHER. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/2021 WAS 4,299.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Bagazinski CEO | Officer | 50 | $187,806 |
Michael Scurto VP It | Officer | 45 | $116,859 |
Robert Marciniak CFO | Officer | 45 | $103,774 |
Emma Teller VP Operations | Officer | 50 | $98,762 |
Joann Peurach VP Lending | Officer | 50 | $89,184 |
Eric Rothert VP Marketing | Officer | 45 | $66,418 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blue Care Network Medical Insurance | 12/30/21 | $134,361 |
Member Driven Technologies Symitar Core Platform | 12/30/21 | $217,108 |
Alkami Technology Online Banking | 12/30/21 | $148,227 |
Pscu Credit Card Hosting | 12/30/21 | $159,778 |
Jack Henry Card Processing Solutions Debit And Atm Hosting | 12/30/21 | $195,979 |
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 | $4,112,526 |
| Investment income | $264,472 |
| 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 | $4,376,998 |
| 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. | $730,885 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $882,986 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $150,021 |
| Payroll taxes | $127,568 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,658 |
| Fees for services: Accounting | $25,475 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $377,023 |
| Advertising and promotion | $189,809 |
| Office expenses | $253,433 |
| Information technology | $202,991 |
| Royalties | $0 |
| Occupancy | $173,753 |
| Travel | $25,763 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $165,022 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $103,871 |
| Insurance | $53,468 |
| All other expenses | -$175,095 |
| Total functional expenses | $4,079,914 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $624,582 |
| Savings and temporary cash investments | $30,602,827 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $773,243 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $79,234,996 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $296,912 |
| Net Land, buildings, and equipment | $2,869,556 |
| Investments—publicly traded securities | $15,877,611 |
| Investments—other securities | $1,121,500 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,029,520 |
| Total assets | $133,430,747 |
| Accounts payable and accrued expenses | $149,315 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $123,908,170 |
| Total liabilities | $124,057,485 |
| 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 | $9,373,262 |
| Total liabilities and net assets/fund balances | $133,430,747 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Credit Unions Chartered In The State Of Michigan has recieved totaling $13,000.
| Awarding Organization | Amount |
|---|---|
Michigan Credit Union Foundation Plymouth, MI PURPOSE: IMPLEMENT THE EVERFI FINANCIAL EDUCATION PROGRAM FOR YOUTH, ADULT AND HISPANIC MEMBERS. | $13,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Chinese American Service League Inc Chicago, IL | $15,835,299 | $20,315,146 |
Germantown Home Philadelphia, PA | $23,238,200 | $17,117,508 |
Sholom Home East Inc St Paul, MN | $55,805,227 | $20,264,604 |
Chandler Hall Health Services Inc Newtown, PA | $26,412,529 | $17,505,940 |
Botsford Continuing Care Corporation Southfield, MI | $28,554,348 | $16,692,642 |
American Association Of Orthopaedic Surgeons Of America Rosemont, IL | $21,165,468 | $24,653,127 |
Blackburn University Carlinville, IL | $69,417,787 | $20,572,819 |
Executive Education Academy Charter School Allentown, PA | $63,584,076 | $23,169,797 |
Community Legal Services Inc Philadelphia, PA | $20,694,601 | $20,774,549 |
Southern Painters Welfare Fund Pittsburgh, PA | $17,172,930 | $23,602,516 |
Community Support Services Inc Akron, OH | $23,036,222 | $26,517,082 |
Montgomery Place Chicago, IL | $31,885,880 | $16,111,662 |