Credit Unions Chartered In The State Of Michigan is located in Saginaw, 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, Credit Unions Chartered In The State Of Michigan employed 220 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Credit Unions Chartered In The State Of Michigan 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, Credit Unions Chartered In The State Of Michigan generated $44.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $34.8m during the year ending 12/2021. While expenses have increased by 3.1% 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 LOW/NO COST FINANCIAL PRODUCTS AND SERVICES TO MEMBER OWNERS WHO SHARE A COMMON BOND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED 49,780 MEMBERS WITH HIGH-YIELDING, NO COST SAVINGS AND TRANSACTION ACCOUNTS. THE TOTAL NUMBER OF ACCOUNTS IS 114,155 AND INCLUDES SHARE ACCOUNTS, CHECKING ACCOUNTS, SMALL BUSINESS DEPOSITS, CHRISTMAS CLUBS, IRAS, HIGH-YIELD ACCOUNTS AND CERTIFICATES OF DEPOSITS.
PROVIDED 32,558 LOW RATE LOANS TO MEMBERS INCLUDING VEHICLE, MORTGAGE/HOME EQUITY, SMALL BUSINESS, CREDIT CARDS AND OTHER PERSONAL LOANS.
PROVIDED NO/LOW COST FINANCIAL PRODUCTS AND SERVICES INCLUDING AUTOMATED TELLER MACHINE ACCESS, DEBIT CARDS, MONEY ORDERS, TRAVELERS CHECKS, AND WIRE TRANSFERS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Timothy W Benecke President/ce | Officer | 40 | $1,046,944 |
Robert C Trumble CFO | Officer | 40 | $256,061 |
Mark Schuiling Chief Techno | 40 | $221,006 | |
Tracy Kaufman Chief Lendin | 40 | $220,853 | |
Michael Zeimen Chief Data O | 40 | $194,481 | |
Andrea Hales Chief Busine | 40 | $182,356 |
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 | $32,864,676 |
Investment income | $9,263,996 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $2,427,080 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $44,555,752 |
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 | $0 |
Compensation of current officers, directors, key employees. | $1,116,560 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $10,145,354 |
Pension plan accruals and contributions | $1,047,116 |
Other employee benefits | $1,016,443 |
Payroll taxes | $812,758 |
Fees for services: Management | $0 |
Fees for services: Legal | $31,630 |
Fees for services: Accounting | $108,806 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $216,954 |
Fees for services: Other | $523,888 |
Advertising and promotion | $464,871 |
Office expenses | $4,771,500 |
Information technology | $2,149,541 |
Royalties | $0 |
Occupancy | $933,158 |
Travel | $181,811 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $5,105 |
Interest | $7,300,007 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $1,133,298 |
Insurance | $160,890 |
All other expenses | $79,207 |
Total functional expenses | $34,829,715 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $5,094,181 |
Savings and temporary cash investments | $11,797,265 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $0 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $514,508,548 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $3,142,894 |
Net Land, buildings, and equipment | $19,149,284 |
Investments—publicly traded securities | $0 |
Investments—other securities | $527,482,889 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $16,282,552 |
Total assets | $1,097,457,613 |
Accounts payable and accrued expenses | $8,576,438 |
Grants payable | $0 |
Deferred revenue | $1,024,773 |
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 | $970,226,840 |
Total liabilities | $979,828,051 |
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 | $117,629,562 |
Total liabilities and net assets/fund balances | $1,097,457,613 |