278 Consumers Professional C U
- Assets
- $89.6m
- Revenue
- $3.3m
- Investments
- $11.1m
- Employees
- 47
- Location
- Lansing, MI
- Founding
- 10/1956
- Data as of
- 12/2021
- EIN
- 38-1446160
Organization Overview
278 Consumers Professional C U is located in Lansing, 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, 278 Consumers Professional C U employed 47 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 278 Consumers Professional C U 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, 278 Consumers Professional C U generated $3.3m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.7%) each year. All expenses for the organization totaled $2.8m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.5%) per year over the past 7 years. 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
WE WILL COMMIT OURSELVES TO BUILDING LIFELONG RELATIONSHIPS AND GIVING THE GREATEST SERVICE EXPERIENCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES AND OTHER. THE TOTAL NUMBER OF MEMBERS AT 12/31/2021 WAS 5,456.
THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREDIT CARD, VEHICLE AND OTHER. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/2021 WAS 2,400.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Kindy CEO | Officer | 40 | $141,228 |
William Burke Chairperson | Trustee | 1 | $0 |
Ronald Juckett Treasurer | Trustee | 1 | $0 |
Marvin Knight Vice Chair | Trustee | 1 | $0 |
Anne Wilson Secretary | Trustee | 1 | $0 |
Mike Frederick 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 | $2,999,308 |
| Investment income | $275,575 |
| 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 | $3,274,883 |
| 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. | $158,507 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $878,500 |
| Pension plan accruals and contributions | $47,162 |
| Other employee benefits | $113,056 |
| Payroll taxes | $79,444 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,415 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $931 |
| Fees for services: Other | $9,733 |
| Advertising and promotion | $24,764 |
| Office expenses | $150,752 |
| Information technology | $181,265 |
| Royalties | $0 |
| Occupancy | $344,075 |
| Travel | $28,584 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $381,319 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $138,250 |
| Insurance | $11,888 |
| All other expenses | $34,239 |
| Total functional expenses | $2,767,350 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $984,290 |
| Savings and temporary cash investments | $24,146,331 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,450 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $49,911,137 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $104,653 |
| Net Land, buildings, and equipment | $2,310,876 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $11,072,527 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,094,355 |
| Total assets | $89,634,619 |
| Accounts payable and accrued expenses | $328,943 |
| 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 | $75,339,014 |
| Total liabilities | $75,667,957 |
| 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 | $13,966,662 |
| Total liabilities and net assets/fund balances | $89,634,619 |
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