Credit Unions Chartered In The State Of Michigan

Organization Overview

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.

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.


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Board, Officers & Key Employees

Name (title)Compensation
Timothy W Benecke
President/ce
$1,046,944
Robert C Trumble
CFO
$256,061
Mark Schuiling
Chief Techno
$221,006
Tracy Kaufman
Chief Lendin
$220,853
Michael Zeimen
Chief Data O
$194,481
Andrea Hales
Chief Busine
$182,356

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$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

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