Credit Unions Chartered In The State Of Michigan
- Assets
- $508.5m
- Revenue
- $18.3m
- Investments
- $17.9m
- Employees
- 103
- Location
- Flint, MI
- Founding
- 10/1956
- Data as of
- 12/2023
- EIN
- 38-0546210
Organization Overview
Credit Unions Chartered In The State Of Michigan, operating under the name Sovita Credit Union, is located in Flint, 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 12/2023, Sovita Credit Union employed 103 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Sovita 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 12/2023, Sovita Credit Union generated $18.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $12.8m during the year ending 12/2023. While expenses have increased by 3.0% per year over the past 8 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 2017, Sovita Credit Union has awarded 24 individual grants totaling $242,002. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO BECOME THE PRIMARY FINANCIAL SERVICES PROVIDER FOR OUR MEMBERS THROUGH OUR CONTINUAL EFFORT TO EXEMPLIFY COURTEOUS, RELIABLE, COMPREHENSIVE AND PROMPT SERVICES THAT ARE COMPETITIVE WITH THE MARKET AND CORRESPOND TO THE NEEDS OF OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARE DRAFTS AND MONEY MARKET ACCOUNTS - $230,906,456
SHARE ACCOUNTS - $149,096,759
CERTIFICATES OF DEPOSIT - $62,728,864
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick White CEO | OfficerTrustee | 40 | $318,240 |
Patrick Hagedorn Coo/board Secretary | OfficerTrustee | 3 | $24,082 |
Jeffrey Clothier Board Member | Trustee | 1 | $0 |
Patricia R Gooch Board President | Trustee | 1 | $0 |
Sam Paraschos Board Vice President | Trustee | 1 | $0 |
Joseph Eufinger Board Treasurer | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Karma Group Marketing And Advertising | 12/30/23 | $327,725 |
Visa Usa Debit & Credit Card Processing | 12/30/23 | $298,240 |
Fiserv Data Processing | 12/30/23 | $606,314 |
Fis Global (Metavante) Atm & Debit Card Processing | 12/30/23 | $212,685 |
Fis (Certegy) Credit Card Processing | 12/30/23 | $191,389 |
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 | $8,685,209 |
| Investment income | $9,564,103 |
| 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 | $18,274,970 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $96,746 |
| 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. | $584,324 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,214,450 |
| Pension plan accruals and contributions | $184,512 |
| Other employee benefits | $570,490 |
| Payroll taxes | $287,807 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $34,042 |
| Fees for services: Accounting | $75,394 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $105,000 |
| Fees for services: Other | $28,815 |
| Advertising and promotion | $575,529 |
| Office expenses | $866,618 |
| Information technology | $754,795 |
| Royalties | $0 |
| Occupancy | $406,002 |
| Travel | $18,612 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,239,051 |
| Payments to affiliates | $16,957 |
| Depreciation, depletion, and amortization | $348,540 |
| Insurance | $117,599 |
| All other expenses | -$153,120 |
| Total functional expenses | $12,774,373 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,351,176 |
| Savings and temporary cash investments | $58,955,496 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $898,186 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $129,471,839 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $201,557 |
| Net Land, buildings, and equipment | $4,567,685 |
| Investments—publicly traded securities | $284,783,516 |
| Investments—other securities | $17,908,339 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,358,930 |
| Total assets | $508,496,724 |
| Accounts payable and accrued expenses | $2,133,744 |
| 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 | $442,732,079 |
| Total liabilities | $444,865,823 |
| 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 | $63,630,901 |
| Total liabilities and net assets/fund balances | $508,496,724 |
Grants Awarded
Over the last fiscal year, Credit Unions Chartered In The State Of Michigan has awarded $50,173 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
MCLAREN FOUNDATION PURPOSE: CHARITABLE CONTRIBUTION | $9,000 |
HURLEY FOUNDATION PURPOSE: CHARITABLE CONTRIBUTION | $7,673 |
GENESEE COUNTY MEDICAL SOCIETY PURPOSE: CHARITABLE CONTRIBUTION | $16,000 |
EDUCATION FOUNDATION FOR FLINT COMMUNITY SCHOOLS PURPOSE: CHARITABLE CONTRIBUTION | $7,500 |
LEADERFUND PURPOSE: CHARITABLE CONTRIBUTION | $10,000 |