Credit Unions Chartered In The State Of Michigan
- Assets
- $818.1m
- Revenue
- $36.7m
- Investments
- $49.4m
- Employees
- 229
- Location
- Battle Creek, MI
- Founding
- 10/1956
- Data as of
- 12/2021
- EIN
- 38-6060726
Organization Overview
Credit Unions Chartered In The State Of Michigan, operating under the name Kellogg Community Credit Union, is located in Battle Creek, MI. The organization was established in 1956. As of 12/2021, Kellogg Community Credit Union employed 229 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Kellogg Community 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, Kellogg Community Credit Union generated $36.7m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 18.1% each year . All expenses for the organization totaled $26.1m during the year ending 12/2021. While expenses have increased by 17.6% per year over the past 6 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
KCCU IS A FULL-SERVICE FINANCIAL INSTITUTION SERVING FAMILIES FOR DECADES. YOUR CREDIT UNION PROVIDES MORE OPPORTUNITY THAN OTHER FINANCIAL INSTITUTIONS BECAUSE IT IS OWNED AND GOVERNED BY THE PEOPLE WHO UTILIZE ITS PRODUCTS AND SERVICES. EVERY MEMBER OWNS A SHARE OF THE CREDIT UNION AND THE CREDIT UNION OPERATES TO PROMOTE THE FINANCIAL WELL-BEING OF ALL ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INCOME FROM THE CREDIT UNION MEMBERSHIP AND 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 |
|---|---|---|---|
Tracy Miller CEO | Officer | 37.5 | $347,509 |
Jerald Pawlowicz Financial Advisor | 37.5 | $175,234 | |
Lindsey R Law Clo | Officer | 37.5 | $160,503 |
Amanda Smith Mortgage Loan Originator | 37.5 | $158,295 | |
Katie L Fullmer Mortgage Loan Originator | 37.5 | $151,925 | |
Michael Ogrin CFO | Officer | 37.5 | $145,549 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Trace3 It | 12/30/21 | $708,809 |
Cu Answers Core Processor | 12/30/21 | $967,912 |
Worldpay Holding Llc Debit/credit Card Processor | 12/30/21 | $1,759,998 |
Sbam Plan Small Business Administration | 12/30/21 | $954,428 |
Visa Usa Inc Debit/credit Card Processor | 12/30/21 | $623,776 |
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 | $34,016,934 |
| Investment income | $2,503,424 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $24,380 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $36,696,292 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,765 |
| Grants and other assistance to domestic individuals. | $5,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $769,650 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,256,591 |
| Pension plan accruals and contributions | $521,001 |
| Other employee benefits | $919,418 |
| Payroll taxes | $572,877 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,834 |
| Fees for services: Accounting | $143,273 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $103,304 |
| Fees for services: Other | $69,768 |
| Advertising and promotion | $1,075,407 |
| Office expenses | $1,782,508 |
| Information technology | $64,921 |
| Royalties | $0 |
| Occupancy | $1,121,871 |
| Travel | $8,654 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $38,623 |
| Interest | $3,845,118 |
| Payments to affiliates | $52,683 |
| Depreciation, depletion, and amortization | $1,052,108 |
| Insurance | $99,321 |
| All other expenses | $434,999 |
| Total functional expenses | $26,124,231 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,411,981 |
| Savings and temporary cash investments | $76,205,586 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $93,339 |
| Loans from Officers, Directors, or Controlling Persons | $750,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $549,040,444 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $540,221 |
| Net Land, buildings, and equipment | $12,573,898 |
| Investments—publicly traded securities | $113,115,746 |
| Investments—other securities | $49,389,500 |
| Investments—program-related | $0 |
| Intangible assets | $3,567 |
| Other assets | $10,966,470 |
| Total assets | $818,090,752 |
| Accounts payable and accrued expenses | $5,929,084 |
| 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 | $700,991,585 |
| Total liabilities | $706,920,669 |
| 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 | $111,170,083 |
| Total liabilities and net assets/fund balances | $818,090,752 |
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