Credit Unions Chartered in the State of Michigan
- Assets
- $20.7m
- Revenue
- $1.5m
- Investments
- $6.3m
- Employees
- 12
- Location
- Dearborn, MI
- Founding
- Data as of
- 12/2015
- EIN
- 38-1329440
Organization Overview
Credit Unions Chartered in the State of Michigan is located in Dearborn, MI. As of 12/2015, Credit Unions Chartered in the State of Michigan employed 12 individuals. 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2015
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE 3,269 MEMBERS WITH REGULAR SAVINGS, SHARE DRAFTS, CHRISTMAS CLUB, IRA, MONEY MARKET AND CERTIFICATE OF DEPOSIT ACCOUNTS TOTALING 6,658.
PROVIDE 2,261 LOANS INCLUDING VEHICLE, OVERDRAFT PROTECTION, HOME EQUITY, SIGNATURE, CREDIT CARD, RECREATIONAL VEHICLE AND SHARE SECURED LOANS.
OFFER ATM/DEBIT CARD PROGRAM, CHECK CASHING, MONEY ORDERS, NO SURCHARGE ATMS, BILINGUAL SERVICES, INSURANCE/INVESTMENT SALES, NO COST BILL PAYER, NO COST TAX PREPARATION SERVICES, FINANCIAL EDUCATION, FINANCIAL LITERACY WORKSHOPS AND FIRST TIME HOMEBUYER PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Doris Graham Senior Vice President/cfo | Officer | 40 | $81,818 |
Janet B Thompson President/ceo | Officer | 40 | $54,978 |
Cynthia Grimwade Chairperson | Trustee | 2 | $0 |
Pamela Hamilton-Stokes Vice Chairperson | Trustee | 2 | $0 |
Eugene Skarupinski Treasurer | Trustee | 2 | $0 |
Brigitte Fawaz-Anouti Director | Trustee | 2 | $0 |
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 | $1,364,426 |
| Investment income | $86,524 |
| 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 | $1,450,950 |
| 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. | $150,238 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $319,381 |
| Pension plan accruals and contributions | $11,483 |
| Other employee benefits | $55,037 |
| Payroll taxes | $37,542 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,798 |
| Fees for services: Accounting | $19,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $277,844 |
| Advertising and promotion | $16,406 |
| Office expenses | $39,167 |
| Information technology | $97,608 |
| Royalties | $0 |
| Occupancy | $57,399 |
| Travel | $11,171 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,963 |
| Interest | $16,088 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $51,607 |
| Insurance | $16,270 |
| All other expenses | $0 |
| Total functional expenses | $1,349,898 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $132,300 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,875 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $12,045,603 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $35,764 |
| Net Land, buildings, and equipment | $696,238 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,307,560 |
| Investments—program-related | $734,318 |
| Intangible assets | $0 |
| Other assets | $774,601 |
| Total assets | $20,728,259 |
| Accounts payable and accrued expenses | $330,980 |
| 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 | $411,045 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $17,668,759 |
| Total liabilities | $18,410,784 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $2,317,475 |
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