Credit Unions Chartered In The State Of Michigan
- Assets
- $4.0b
- Revenue
- $172.9m
- Investments
- $12.5m
- Employees
- 627
- Location
- Auburn Hills, MI
- Founding
- 10/1956
- Data as of
- 12/2021
- EIN
- 38-1445060
Organization Overview
Credit Unions Chartered In The State Of Michigan, operating under the name Genisys Credit Union, is located in Auburn Hills, 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, Genisys Credit Union employed 627 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Genisys 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, Genisys Credit Union generated $172.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.4% each year. All expenses for the organization totaled $90.2m during the year ending 12/2021. While expenses have increased by 6.2% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SERVED 249,535 CREDIT UNION MEMBERS BY PROVIDING FINANCIAL SERVICES INCLUDING VARIOUS LOAN PRODUCTS AS WELL AS DEPOSIT PRODUCTS SUCH AS CHECKING, SAVINGS, IRA AND CERTIFICATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED FINANCIAL SERVICES TO 236,924 CREDIT UNION MEMBERS DURING 2020. THESE INCLUDED VARIOUS LOAN PRODUCTS, DEPOSIT ACCOUNT PRODUCTS, ELECTRONIC SERVICES, INCLUDING MOBILE AND ONLINE BANKING, E-STATEMENTS, ATM, DEBIT AND CREDIT CARDS AND FINANCIAL EDUCATION PROGRAMS AND SERVICES
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jacqueline Buchanan President CEO | Officer | 60 | $2,034,181 |
Donald White Mortgage Officer | 40 | $473,831 | |
Lynn Dillon Mortgage Consultant | 40 | $433,647 | |
Nathan Davidson Chief Financial Officer | Officer | 60 | $348,966 |
J Brandon Rubenstein Mortgage Consultant | 40 | $331,399 | |
Allen Mitchell Business Loan | 40 | $291,804 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Michigan Business Connection Loan Services | 12/30/21 | $861,296 |
Midwest Loan Services Mortgage Loan Servicing | 12/30/21 | $691,596 |
Complete Building Maintenance Inc Lawn And Ground Maintenance | 12/30/21 | $291,527 |
Valuation Link Appraisal Service | 12/30/21 | $753,533 |
Factual Data Mortgage Appraisal Credit Report Service | 12/30/21 | $276,564 |
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 | $120,349,170 |
| Investment income | $11,519,281 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$28,126 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $172,897,608 |
| 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. | $4,374,050 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $27,977,790 |
| Pension plan accruals and contributions | $1,552,689 |
| Other employee benefits | $3,857,089 |
| Payroll taxes | $2,481,344 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $151,278 |
| Fees for services: Accounting | $77,005 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $12,571 |
| Fees for services: Other | $251,750 |
| Advertising and promotion | $3,717,666 |
| Office expenses | $13,793,008 |
| Information technology | $1,736,290 |
| Royalties | $0 |
| Occupancy | $3,273,405 |
| Travel | $106,010 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $92,365 |
| Interest | $14,330,731 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,216,045 |
| Insurance | $84,324 |
| All other expenses | $0 |
| Total functional expenses | $90,163,505 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,263,006 |
| Savings and temporary cash investments | $249,057,920 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $58,581,647 |
| Loans from Officers, Directors, or Controlling Persons | $7,850,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,545,340,205 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,314,188 |
| Net Land, buildings, and equipment | $50,210,939 |
| Investments—publicly traded securities | $1,022,801,226 |
| Investments—other securities | $12,540,210 |
| Investments—program-related | $0 |
| Intangible assets | $2 |
| Other assets | $66,422,135 |
| Total assets | $4,033,381,478 |
| Accounts payable and accrued expenses | $34,922,602 |
| 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 | $3,394,108,567 |
| Total liabilities | $3,429,031,169 |
| 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 | $604,350,309 |
| Total liabilities and net assets/fund balances | $4,033,381,478 |