Credit Unions Chartered In The State Of Michigan
- Assets
- $847.9m
- Revenue
- $43.5m
- Investments
- $5.1m
- Employees
- 209
- Location
- Sterling Heights, MI
- Founding
- 10/1956
- Data as of
- 12/2023
- EIN
- 38-1418180
Organization Overview
Credit Unions Chartered In The State Of Michigan 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 12/2023, Credit Unions Chartered In The State Of Michigan employed 209 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 12/2023, Credit Unions Chartered In The State Of Michigan generated $43.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.6% each year. All expenses for the organization totaled $36.9m during the year ending 12/2023. While expenses have increased by 9.1% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
AT CHRISTIAN FINANCIAL CREDIT UNION, OUR MISSION IS TO PROVIDE AN ENVIRONMENT THAT DELIVERS HIGH-QUALITY PRODUCTS AND SERVICES THAT PROMOTE CONVENIENCE, TRUST, AND PERSONAL SERVICE TO ASSIST OUR MEMBERS IN ACHIEVING THEIR FINANCIAL SUCCESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION ORIGINATED $166.3 MILLION IN LOANS TO MEMBERS DURING 2023. LOANS ARE GENERALLY ORIGINATED AT OR BELOW MARKET INTEREST RATES HIGHLIGHTING MEMBER LOYALTY.
THE CREDIT UNION OFFERS CONVENIENT DELIVERY CHANNELS FOR MEMBERS WHERE WE FULLY ABSORB THE COST OF THE ABILITY TO USE 30,000 ATMS, ACCESS TO THE SHARED BRANCHING NETWORK WITH OVER 5,600 OUTLETS NATIONWIDE, FREE ACCESS TO ONLINE BANKING AND BILL PAYMENT FOR ALL CONSUMERS.
THE CREDIT UNION BEGAN A WEBSITE AND SYSTEM OVERHAUL IN 2023 WHICH WAS COMPLETED IN 2024. THE WEBSITE AND SYSTEM OVERHAUL CONTINUES TO IMPROVE THE MEMBER EXPERIENCE BY MAKING IT EASIER FOR MEMBERS TO ACCESS LENDING AND SAVINGS PRODUCTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Banaszak Board Chairman | Trustee | 1 | $0 |
Mark Tuttle Board Vice Chairperson | Trustee | 1 | $0 |
Paul Avery Board Secretary | Trustee | 1 | $0 |
Fred Andary Board Treasurer | Trustee | 1 | $0 |
Jeff Malacko Board Director | Trustee | 1 | $0 |
John Amrhein Board Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Co-op Financial Services Financial Services | 12/30/23 | $953,527 |
Fiserv Inc Core Data Processor/it Services | 12/30/23 | $904,664 |
Digital First Holdings Llc Digital Banking | 12/30/23 | $829,764 |
Think Stack Network Security | 12/30/23 | $629,554 |
Pscu Credit Card Processor | 12/30/23 | $563,393 |
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 | $39,618,253 |
| Investment income | $4,226,231 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$108,959 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $43,516,428 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $265,002 |
| 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. | $744,280 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,004,679 |
| Pension plan accruals and contributions | $733,869 |
| Other employee benefits | $1,351,686 |
| Payroll taxes | $854,688 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $194,148 |
| Fees for services: Accounting | $156,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $270,889 |
| Fees for services: Other | $629,934 |
| Advertising and promotion | $518,226 |
| Office expenses | $1,385,862 |
| Information technology | $2,711,382 |
| Royalties | $0 |
| Occupancy | $1,066,782 |
| Travel | $100,485 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $232,921 |
| Interest | $6,876,471 |
| Payments to affiliates | $80,599 |
| Depreciation, depletion, and amortization | $944,877 |
| Insurance | $196,976 |
| All other expenses | $1,057,793 |
| Total functional expenses | $36,934,405 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,285,241 |
| Savings and temporary cash investments | $42,889,605 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,690,827 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $585,051,645 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,635,008 |
| Net Land, buildings, and equipment | $27,346,346 |
| Investments—publicly traded securities | $151,136,882 |
| Investments—other securities | $5,074,182 |
| Investments—program-related | $0 |
| Intangible assets | $1,269,242 |
| Other assets | $23,514,662 |
| Total assets | $847,893,640 |
| Accounts payable and accrued expenses | $4,434,431 |
| 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 | $40,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $719,830,490 |
| Total liabilities | $764,264,921 |
| 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 | $83,628,719 |
| Total liabilities and net assets/fund balances | $847,893,640 |
Grants Awarded
Over the last fiscal year, Credit Unions Chartered In The State Of Michigan has awarded $226,700 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
SACRED HEART MAJOR SEMINARY PURPOSE: CHARITABLE CONTRIBUTION | $32,500 |
HABITAT FOR HUMANITY DETROIT PURPOSE: CHARITABLE CONTRIBUTION | $5,200 |
CHRISTIAN FINANCIAL OUTREACH AND IMPACT FOUNDATION INC PURPOSE: CHARITABLE CONTRIBUTION | $189,000 |