Credit Unions Chartered In The State Of Michigan

Organization Overview

Credit Unions Chartered In The State Of Michigan, operating under the name Family Financial Credit Union, is located in Muskegon, 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, Family Financial Credit Union employed 50 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Family Financial 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 12/2023, Family Financial Credit Union generated $7.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $6.9m during the year ending 12/2023. While expenses have increased by 7.0% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

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 16,799 MEMBERS WITH SAVINGS, SHARE DRAFT, CLUB, MONEY MARKET, CERTIFICATES OF DEPOSITS AND INDIVIDUAL RETIREMENT ACCOUNTS TOTALING 29,584.


PROVIDE 9,040 LOANS INCLUDING CREDIT CARDS, LINE OF CREDIT, VEHICLE, REAL ESTATE, SHARE SECURED, RECREATIONAL VEHICLE, HOME EQUITY, PARTICIPATION AND INDIRECT LOANS.


OFFER ATM/DEBIT CARDS, CHECK CASHING, WIRE TRANSFERS, ELECTRONIC BANKING, BILL PAYER, OVERDRAFT PROTECTION/COURTESY PAY, REMOTE DEPOSIT CAPTURE, MONEY ORDERS, GIFT CARDS, BILINGUAL SERVICES, FINANCIAL EDUCATION AND INSURANCE PROGRAMS TO ALL ELIGIBLE MEMBERS.


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Board, Officers & Key Employees

Name (title)Compensation
Kevin Huss
Board - Chairperson
$0
Kristen Collee
Board - Vice Chairperson
$0
Starr Evans
Board - Treasurer
$0
Denise Winebarger
Board - Secretary
$0
John Taranko
Board - Director
$0
Jim Porter
Board - Director
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Mdt
Data Processor
$588,102
Cps Jack Henry
Card Processor
$569,405
Edge One
Equipment It Services
$172,044
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$6,653,683
Investment income $1,091,758
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$17,610
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $7,727,831

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