Credit Unions Chartered In The State Of Michigan
- Assets
- $2.7b
- Revenue
- $117.2m
- Investments
- $44.1m
- Employees
- 718
- Location
- Kalamazoo, MI
- Founding
- 10/1956
- Data as of
- 12/2021
- EIN
- 38-1686050
Organization Overview
Credit Unions Chartered In The State Of Michigan, operating under the name Advia Credit Union, is located in Kalamazoo, 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, Advia Credit Union employed 718 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Advia 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, Advia Credit Union generated $117.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.7% each year. All expenses for the organization totaled $85.4m during the year ending 12/2021. While expenses have increased by 6.7% 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.
Since 2019, Advia Credit Union has awarded 11 individual grants totaling $162,464. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL ADVANTAGES TO OUR MEMBERS THROUGH THE OFFERING OF A FULL RANGE OF FINANCIAL PRODUCTS AND SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOW-COST COMPETITIVE LENDING PRODUCTS (INTEREST INCOME)
LOW-COST PAYMENT SOLUTIONS (DEBIT/CREDIT INTERCHANGE)
COMPETITIVE MEMBERSHIP AND ACCOUNT-RELATED FEES (OVERDRAFT/NSF FEES)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cheryl Koncsol President/ceo | Officer | 40 | $1,390,466 |
Jeffrey Fielder Chief Financial Officer | Officer | 40 | $362,011 |
Timothy Merwin Chief Lending Officer | Officer | 40 | $329,131 |
Raymond Black Chief Operating Officer | Officer | 40 | $323,487 |
Linden Buck VP Of Indirect Services | 40 | $203,469 | |
Renae Sisk VP Of Human Resources | 40 | $197,277 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Q2 Software Inc Software Provider | 12/30/21 | $1,247,321 |
James And Matthew Company Marketing | 12/30/21 | $1,491,255 |
Trellis Partners Llc Office Furniture | 12/30/21 | $1,456,262 |
Granger Constructions General Contractor For Hq | 12/30/21 | $14,666,898 |
Cu Cooperative Financial Services-cards | 12/30/21 | $2,287,319 |
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 | $110,843,985 |
| Investment income | $5,983,670 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $387,872 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $117,215,527 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $141,482 |
| Grants and other assistance to domestic individuals. | $62,978 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,527,084 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $26,067,596 |
| Pension plan accruals and contributions | $1,984,620 |
| Other employee benefits | $4,215,260 |
| Payroll taxes | $2,128,168 |
| Fees for services: Management | $393,263 |
| Fees for services: Legal | $44,736 |
| Fees for services: Accounting | $82,876 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $56,327 |
| Fees for services: Other | $346,182 |
| Advertising and promotion | $2,313,391 |
| Office expenses | $5,295,855 |
| Information technology | $5,941,813 |
| Royalties | $0 |
| Occupancy | $3,152,988 |
| Travel | $116,260 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $13,117,344 |
| Payments to affiliates | $104,327 |
| Depreciation, depletion, and amortization | $3,676,939 |
| Insurance | $253,631 |
| All other expenses | $533,306 |
| Total functional expenses | $85,384,828 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $43,682,665 |
| Savings and temporary cash investments | $161,727,554 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,435,583 |
| Loans from Officers, Directors, or Controlling Persons | $9,997,770 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,901,041,704 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,365,003 |
| Net Land, buildings, and equipment | $69,276,266 |
| Investments—publicly traded securities | $385,448,132 |
| Investments—other securities | $44,103,106 |
| Investments—program-related | $0 |
| Intangible assets | $32,236,941 |
| Other assets | $42,291,342 |
| Total assets | $2,694,606,066 |
| Accounts payable and accrued expenses | $27,972,214 |
| 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 | $15,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,409,092,607 |
| Total liabilities | $2,452,064,821 |
| 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 | $242,541,245 |
| Total liabilities and net assets/fund balances | $2,694,606,066 |
Grants Awarded
Over the last fiscal year, Credit Unions Chartered In The State Of Michigan has awarded $64,819 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
KALAMAZOO BASEBALL LLC PURPOSE: ATHLETIC SPONSORSHIP | $27,758 |
Kalamazoo, MI PURPOSE: ATHLETIC SPONSORSHIP | $23,800 |
BC BOMBERS- CEREAL CITY BASEBALL PURPOSE: ATHLETIC SPONSORSHIP | $13,261 |