Credit Unions Chartered In The State Of Michigan
- Assets
- $306.5m
- Revenue
- $13.4m
- Investments
- $72.8m
- Employees
- 87
- Location
- Marshall, MI
- Founding
- 10/1956
- Data as of
- 12/2022
- EIN
- 38-1444840
Organization Overview
Credit Unions Chartered In The State Of Michigan is located in Marshall, 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 87 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 $13.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $11.5m during the year ending 12/2022. While expenses have increased by 7.8% 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.
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 MEMBER OWNERS WITH A COMMON BOND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE 14,888 MEMBERS WITH REGULAR SHARE, CLUB SAVINGS, SHARE DRAFT, YOUTH SAVINGS, HEALTH SAVINGS ACCOUNTS, MONEY MARKET, IRA, COMMERCIAL AND CERTIFICATE OF DEPOSIT ACCOUNTS TOTALING 16,871.
MISCELLANIOUS SERVICES: ATMS, MONEY ORDERS, WIRE TRANSFERS, PREPAID GIFT CARDS, TRAVEL MONEY CARDS, SAFE DEPOSIT BOXES, NOTARY SERVICE, MEDALLION SIGNATURE GUARANTEES, BILL PAY, COIN COUNTERS, CU IN SCHOOL BRANCHES, MOBILE DEPOSIT, MERCHANT CARD PROCESSING, LAND CONTRACT SERVICING, FINANCIAL COUNSELING VIA GREENPATH DEBT SOLUTIONS. THIS LIST IS NOT ALL-INCLUSIVE.
PROVIDE 7,442 LOANS INCLUDING VEHICLE, OTHER CONSUMER, UNSECURED, MORTGAGE, HOME EQUITY, COMMERCIAL, CREDIT CARD, YOUTH AND CONSTRUCTION LOANS. SERVICE 1,518 LOANS SOLD TO FANNIE MAE.
OFFER INSURANCE AND FINANCIAL ADVISORY SERVICES. INSURANCE OFFERED INCLUDES AD&D, GAP, CREDIT LIFE & DISABILITY, AND MECHANICAL BREAKDOWN COVERAGE. ALSO OFFER PROPERTY & CASUALTY AND ANCILLARY INSURANCE LINES VIA MCCU INSURANCE AGENCY, LLC . FINANCIAL ADVISORY SERVICES OFFERED VIA INDEPENDENT FINANCIAL ADVISORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jay Larson Chairperson | OfficerTrustee | 2 | $0 |
Michael Darling Vice Chairperson | OfficerTrustee | 1 | $0 |
Mark Garavalia Treasurer | OfficerTrustee | 1 | $0 |
Jerry Baremor Secretary | OfficerTrustee | 1 | $0 |
William Clayborn Director | Trustee | 1 | $0 |
Lisa Damron Director | Trustee | 1 | $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 | $12,609,370 |
| Investment income | $1,875,369 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,084,027 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,400,712 |
| 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. | $666,068 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,044,707 |
| Pension plan accruals and contributions | $71,592 |
| Other employee benefits | $362,618 |
| Payroll taxes | $283,631 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $395,629 |
| Fees for services: Accounting | $75,535 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,885,753 |
| Advertising and promotion | $384,720 |
| Office expenses | $176,514 |
| Information technology | $310,608 |
| Royalties | $0 |
| Occupancy | $304,313 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $96,881 |
| Interest | $1,216,175 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $213,220 |
| Insurance | $62,665 |
| All other expenses | $131,806 |
| Total functional expenses | $11,491,605 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,748,608 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,969 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $203,094,665 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $65,213 |
| Net Land, buildings, and equipment | $4,543,330 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $72,844,116 |
| Investments—program-related | $14,159,752 |
| Intangible assets | $0 |
| Other assets | $9,047,603 |
| Total assets | $306,519,256 |
| Accounts payable and accrued expenses | $4,344,500 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $260,434,030 |
| Total liabilities | $264,778,530 |
| 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 | $41,740,726 |
| Total liabilities and net assets/fund balances | $306,519,256 |