Credit Unions Chartered In The State Of Michigan
- Assets
- $896.6m
- Revenue
- $51.9m
- Investments
- $21.9m
- Employees
- 319
- Location
- Traverse City, MI
- Founding
- 10/1956
- Data as of
- 12/2021
- EIN
- 38-1524350
Organization Overview
Credit Unions Chartered In The State Of Michigan, operating under the name 4 Front Credit Union, is located in Traverse City, 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 12/2021, 4 Front Credit Union employed 319 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 4 Front 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 12/2021, 4 Front Credit Union generated $51.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $42.4m during the year ending 12/2021. While expenses have increased by 10.6% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL SERVICES TO MEMBERS WITH A COMMON BOND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS,CHECKING, CERTIFICATES OF DEPOSITS AND OTHERS. THE TOTAL NUMBER OF MEMBERS AT 12/31/21 WAS 95,314.
THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREDIT CARDS, VEHICLE AND OTHERS. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/21 WAS 48,046.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrew Kempf CEO | Officer | 40 | $395,548 |
Brent Simons Mortgage Loan Originator | 40 | $194,978 | |
Darrin Van Loo Mortgage Consultant | 40 | $186,232 | |
Geoff Streit VP Commercial Lending | 40 | $175,005 | |
Karl Pagel SVP Finance | 40 | $161,704 | |
Zach Eychaner SVP It/innovation | 40 | $158,833 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Interphase Interiors Furniture For New Admin Building | 12/30/21 | $585,946 |
Pine Street Development One Llc Admin Center Construction | 12/30/21 | $3,994,092 |
Informa Business Systems Inc Itms, Service Agreements, Receipt Paper | 12/30/21 | $530,364 |
Jack Henry And Associates Employee/member Services | 12/30/21 | $438,169 |
Q2 Software Online Banking | 12/30/21 | $988,463 |
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 | $48,450,192 |
| Investment income | $1,844,015 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$12,021 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $51,854,069 |
| 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 | $3,292,876 |
| Compensation of current officers, directors, key employees. | $475,058 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,690,380 |
| Pension plan accruals and contributions | $838,891 |
| Other employee benefits | $1,234,582 |
| Payroll taxes | $824,745 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $37,188 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,669,443 |
| Advertising and promotion | $1,025,961 |
| Office expenses | $10,082,418 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,067,248 |
| Travel | $10,846 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $220,940 |
| Interest | $2,193 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,186,455 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $42,435,257 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,530,076 |
| Savings and temporary cash investments | $39,813,011 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,333,929 |
| Loans from Officers, Directors, or Controlling Persons | $6,338,692 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $597,964,102 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $969,029 |
| Net Land, buildings, and equipment | $38,619,400 |
| Investments—publicly traded securities | $152,934,018 |
| Investments—other securities | $21,899,103 |
| Investments—program-related | $0 |
| Intangible assets | $1,001,891 |
| Other assets | $19,243,044 |
| Total assets | $896,646,295 |
| Accounts payable and accrued expenses | $5,923,813 |
| 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 | $810,576,256 |
| Total liabilities | $816,500,069 |
| 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 | $80,146,226 |
| Total liabilities and net assets/fund balances | $896,646,295 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Credit Unions Chartered In The State Of Michigan has recieved totaling $14,475.
| Awarding Organization | Amount |
|---|---|
Michigan Credit Union Foundation Plymouth, MI PURPOSE: MCUF COMMUNITY REINVESTMENT GRANT | $14,475 |