Credit Unions Chartered In The State Of Michigan
- Assets
- $1.6b
- Revenue
- $90.5m
- Investments
- $241.6m
- Employees
- 513
- Location
- Berrien Springs, MI
- Founding
- 10/1956
- Data as of
- 12/2022
- EIN
- 38-1231023
Organization Overview
Credit Unions Chartered In The State Of Michigan is located in Berrien Springs, 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 12/2022, Credit Unions Chartered In The State Of Michigan employed 513 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 12/2022, Credit Unions Chartered In The State Of Michigan generated $90.5m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.0% each year . All expenses for the organization totaled $71.2m during the year ending 12/2022. While expenses have increased by 11.5% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL SERVICES TO RESIDENTS OF THE STATE OF MICHIGAN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SERVED 107,871 MEMBERS BY OFFERING LOANS, DEPOSITS AND VARIOUS OTHER FINANCIAL SOLUTIONS TO ENSURE FINANCIAL SUCCESS TO OUR MEMBERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Mcfarland Chief Executive Officer | Officer | 40 | $656,695 |
Heather Luciani Chief Strategy Officer | Officer | 40 | $196,604 |
Ronald Lauren President Of Honor Holdings - Part Year | 40 | $162,498 | |
Matthew Nordberg Mortgage Loan Officer | 40 | $494,079 | |
Austin Weber Sr. Commercial Loan Officer | 40 | $375,265 | |
Nita Rich Mortgage Loan Officer | 40 | $295,176 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Innovative Card Services Prepaid Card Services | 12/30/22 | $6,219,800 |
Cu Answers Programming, Technical/client Support | 12/30/22 | $1,789,779 |
Worldpay Holding Llc Electronic Payment Processing | 12/30/22 | $1,206,361 |
Cressy Commercial Real Estate Real Estate | 12/30/22 | $900,131 |
Cdw Direct It Solutions | 12/30/22 | $732,505 |
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 | $86,359,390 |
| Investment income | $5,228,329 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $134,372 |
| Net Gain/Loss on Asset Sales | -$1,463,681 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $90,533,570 |
| 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. | $909,504 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $21,358,627 |
| Pension plan accruals and contributions | $271,727 |
| Other employee benefits | $7,906,654 |
| Payroll taxes | $1,874,915 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $351,564 |
| Fees for services: Accounting | $237,107 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $169,401 |
| Fees for services: Other | $346,865 |
| Advertising and promotion | $3,152,617 |
| Office expenses | $1,510,594 |
| Information technology | $2,204,141 |
| Royalties | $0 |
| Occupancy | $2,228,287 |
| Travel | $298,906 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $469,783 |
| Interest | $887,534 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,939,121 |
| Insurance | $448,804 |
| All other expenses | $5,900,071 |
| Total functional expenses | $71,155,529 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,890,281 |
| Savings and temporary cash investments | $22,553,193 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $46,792 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,213,033,033 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,630,950 |
| Net Land, buildings, and equipment | $48,608,704 |
| Investments—publicly traded securities | $1,965,679 |
| Investments—other securities | $241,640,362 |
| Investments—program-related | $0 |
| Intangible assets | $346,075 |
| Other assets | $37,844,858 |
| Total assets | $1,585,559,927 |
| Accounts payable and accrued expenses | $13,085,755 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,520,986 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $85,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,342,356,079 |
| Total liabilities | $1,442,962,820 |
| 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 | $142,597,107 |
| Total liabilities and net assets/fund balances | $1,585,559,927 |