Credit Unions Chartered In The State Of Michigan

Organization Overview

Credit Unions Chartered In The State Of Michigan, operating under the name The Local Credit Union, is located in Sterling Heights, 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, Local Credit Union employed 22 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Local 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, Local Credit Union generated $4.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $4.4m during the year ending 12/2021. While expenses have increased by 4.3% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

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 11,538 MEMBERS WITH VARIOUS SAVINGS, SHARE DRAFT, CERTIFICATE OF DEPOSIT, IRA AND MONEY MARKET ACCOUNTS TOTALING 15,934


PROVIDE 3,992 LOANS INCLUDING VEHICLE, SIGNATURE, CREDIT CARD, MORTGAGE, HOME EQUITY, OVERDRAFT PROTECTION AND RECREATIONAL VEHICLE.


OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, CHECK CASHING, BILL PAYMENTS, WIRE TRANSFERS AND VARIOUS INSURANCE PROGRAMS TO OUR MEMBERS.


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Board, Officers & Key Employees

Name (title)Compensation
Joseph Hallman
President/ceo
$198,766
H Frank Voelker II
Accounting Manager
$73,766
Joseph Cusenza
Chairperson
$0
Jimmie Cole
V. Chairperson
$0
Nicole Didia
Treasurer
$0
Robert Gowatch
Director
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Co-op Financial Services Inc
Atm And Shared Branching Services
$276,069
John M Floyd & Associates
Consulting Services
$177,638
Corelation Inc
Core Software
$171,858
Kasasa Ltd
Consulting Services
$154,644
Mahalo Technologies Inc
Mobile And Online Banking
$119,425
View All Vendors

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$3,899,245
Investment income $828,885
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$1,961
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $4,726,169

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