Credit Unions Chartered In The State Of Michigan
- Assets
- $383.2m
- Revenue
- $20.6m
- Investments
- $56.0m
- Employees
- 175
- Location
- Lansing, MI
- Founding
- 10/1956
- Data as of
- 12/2021
- EIN
- 38-0745805
Organization Overview
Credit Unions Chartered In The State Of Michigan, operating under the name Case Credit Union, is located in Lansing, 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, Case Credit Union employed 175 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Case 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, Case Credit Union generated $20.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $16.9m during the year ending 12/2021. While expenses have increased by 2.3% 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 ASSIST MEMBERS AND EMPLOYEES TO ACHIEVE FINANCIAL SUCCESS THROUGH SERVICE THAT IS SUPERIOR, CONVENIENT, AND EASY TO USE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CASE CREDIT UNION OFFERS A WIDE VARIETY OF CONSUMER AND BUSINESS LOAN PRODUCTS TO MEET THE NEEDS OF OUR MEMBERS. THESE LOANS INCLUDE AUTO/RV, PERSONAL, EDUCATIONAL, HOME EQUITY, BUSINESS, 1ST MORTGAGE, AND CREDIT CARDS. OUR LOAN PRODUCTS ARE TAILORED TO FIT THE NEEDS AND WANTS OF OUR MEMBERSHIP AND INCLUDE FEATURES SUCH AS SKIP-A-PAYMENT, COMPETITIVE RATES, AUTOMATIC PAYMENT OPTIONS AND LOAN PROTECTION OPTIONS. LOANS CAN BE APPLIED FOR IN PERSON AT ANY OF OUR SEVEN BRANCHES, BY PHONE, FAX, WEBSITE AND THROUGH DEALER DIRECT LOANS AT MANY AREA DEALERSHIPS.
CASE CREDIT UNION HAS OVER 44,000 MEMBERS. OUR MEMBERS ENJOY A WIDE VARIETY OF SAVINGS OPTIONS TO SUIT THEIR INDIVIDUAL NEEDS. WE OFFER SEVERAL SAVINGS AND CHECKING OPTIONS, MONEY MARKET ACCOUNTS, TERM DEPOSITS, IRA'S AND CHRISTMAS CLUB ACCOUNTS. ALL MEMBERS ARE REQUIRED TO MAINTAIN A $5 SHARE DEPOSIT TO CONTINUE THEIR MEMBERSHIP. OUR RATES AND PRODUCT OFFERINGS ARE COMPETITIVE.
CASE CREDIT UNION OFFERS A WIDE VARIETY OF ELECTRONIC SERVICES. THE SERVICES ARE FREE FOR MEMBERS. SERVICES INCLUDE BUT ARE NOT LIMITED TO ONLINE BANKING, BILL PAY, MOBILE BANKING, TEXT BANKING, QUICKEN, FINANCE WORKS, TELEPHONE BANKING, CONTACT CENTER, ONLINE LOAN APPLICATIONS, AND POP MONEY (FUNDS TRANSFER).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey Benson President And CEO | Officer | 50 | $366,717 |
Chad Rolston VP Of Information Systems | 50 | $150,691 | |
Rachael Singleton Evp | 50 | $149,322 | |
Bryanna Benoit Vice President Of Finance/cfo | Officer | 50 | $147,855 |
Kevin Badge VP Of Human Resources | 50 | $120,988 | |
Corrie Jameson Avp Internal Audit | 50 | $109,576 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Technology | 12/30/20 | $1,502,366 |
Cornelius Systems Inc Technology (Atm) | 12/30/20 | $203,186 |
Foster Swift Collins And Smith Pc Legal And Collection | 12/30/20 | $182,124 |
Trace3 Technology Services | 12/30/20 | $219,505 |
Diebold Nixdorf Inc Technology | 12/30/20 | $142,473 |
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 | $19,108,922 |
| Investment income | $1,511,625 |
| 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 | $20,620,547 |
| 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 | $1,004,287 |
| Compensation of current officers, directors, key employees. | $565,117 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,690,466 |
| Pension plan accruals and contributions | $146,224 |
| Other employee benefits | $553,852 |
| Payroll taxes | $468,432 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $80,580 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $417,211 |
| Advertising and promotion | $376,231 |
| Office expenses | $445,615 |
| Information technology | $2,931,349 |
| Royalties | $0 |
| Occupancy | $696,279 |
| Travel | $48,108 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $41,438 |
| Interest | $262,811 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,040,427 |
| Insurance | $79,322 |
| All other expenses | $1,043,889 |
| Total functional expenses | $16,856,432 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,935,614 |
| Savings and temporary cash investments | $19,526,774 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $729,024 |
| Loans from Officers, Directors, or Controlling Persons | $7,902,252 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $273,722,344 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $10,319,485 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $55,966,923 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,071,706 |
| Total assets | $383,174,122 |
| Accounts payable and accrued expenses | $5,785,865 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $552,944 |
| 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 | $338,652,684 |
| Total liabilities | $344,991,493 |
| 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 | $38,182,629 |
| Total liabilities and net assets/fund balances | $383,174,122 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Credit Unions Chartered In The State Of Michigan has recieved totaling $7,260.
| Awarding Organization | Amount |
|---|---|
Michigan Credit Union Foundation Plymouth, MI PURPOSE: COMMUNITY ENRICHMENT GRANTS | $7,260 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Credit Unions Chartered In The State Of Michigan Frankenmuth, MI | $1,071,337,170 | $67,769,311 |
Credit Unions Chartered In The State Of Michigan Grand Blanc, MI | $1,236,875,968 | $71,459,461 |
Credit Unions Chartered In The State Of Michigan Midland, MI | $2,159,950,542 | $56,115,396 |
42 Kemba Credit Union Inc West Chester, OH | $1,395,836,820 | $59,675,729 |
Credit Unions Chartered In The State Of Michigan Traverse City, MI | $896,646,295 | $51,854,069 |
Beacon Credit Union Wabash, IN | $1,514,735,601 | $47,143,377 |
Credit Unions Chartered In The State Of Michigan Ann Arbor, MI | $1,323,805,807 | $50,830,621 |
Credit Unions Chartered In The State Of Michigan Kalamazoo, MI | $829,123,274 | $44,270,339 |
Indiana University Credit Union Bloomington, IN | $1,349,340,515 | $48,794,263 |
Credit Unions Chartered In The State Of Michigan Saginaw, MI | $1,097,457,613 | $44,555,752 |
Financial Center First Credit Union Indianapolis, IN | $817,315,000 | $38,154,429 |
Credit Unions Chartered In The State Of Michigan Midland, MI | $736,881,404 | $38,250,460 |