Credit Unions Chartered In The State Of Michigan
- Assets
- $683.5m
- Revenue
- $35.3m
- Investments
- $16.0m
- Employees
- 243
- Location
- Jackson, MI
- Founding
- Data as of
- 12/2022
- EIN
- 38-1453620
Organization Overview
Credit Unions Chartered In The State Of Michigan is located in Jackson, MI. As of 12/2022, Credit Unions Chartered In The State Of Michigan employed 243 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 $35.3m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 58.4% each year . All expenses for the organization totaled $31.6m during the year ending 12/2022. While expenses have increased by 56.0% per year over the past 3 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 CULTIVATE LEGACY-DEFINING MOMENTS FOR THE PEOPLE AND PLACES WE SERVE FOR GENERATIONS TO COME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TRUE COMMUNITY CREDIT UNION PROVIDES A SPECTRUM OF DEPOSIT AND LOAN PRODUCTS FOR OUR MEMBERS AND PROVIDES FINANCIAL EDUCATION FOR THE COMMUNITY TO CULTIVATE THE LEGACY-DEFINING MOMENTS FOR THOSE WE SERVE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Quentin Guinn Board Chairperson | Trustee | 1 | $0 |
Josh Burgett Board Vice Chairperson | Trustee | 1 | $0 |
Jo Ann Rand Board Secretary | Trustee | 1 | $0 |
Tim Denton Board Treasurer | Trustee | 1 | $0 |
L Keith Acker Board Director | Trustee | 1 | $0 |
Chelsea Page Board Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Harmon Management Llc Construction | 12/30/22 | $1,229,077 |
Jack Henry And Associates Software Service | 12/30/22 | $617,821 |
Doxim Inc Statement/marketing Materials | 12/30/22 | $421,339 |
Finastra Usa Corporation Mobile App | 12/30/22 | $395,067 |
Diebold Nixdorf Incorporated Atm Installation/support | 12/30/22 | $335,200 |
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 | $33,217,903 |
| Investment income | $2,437,066 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$384,934 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $35,270,035 |
| 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. | $1,833,002 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,615,999 |
| Pension plan accruals and contributions | $1,297,636 |
| Other employee benefits | $1,503,011 |
| Payroll taxes | $934,821 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $138,281 |
| Fees for services: Accounting | $162,658 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,283,404 |
| Advertising and promotion | $1,513,240 |
| Office expenses | $2,120,813 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $962,231 |
| Travel | $61,193 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $171,535 |
| Interest | $1,697,233 |
| Payments to affiliates | $15,557 |
| Depreciation, depletion, and amortization | $1,270,787 |
| Insurance | $106,142 |
| All other expenses | $1,293,688 |
| Total functional expenses | $31,553,892 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,554,197 |
| Savings and temporary cash investments | $12,842,195 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,657,045 |
| Loans from Officers, Directors, or Controlling Persons | $3,211,234 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $546,043,742 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $13,086,723 |
| Net Land, buildings, and equipment | $6,976,333 |
| Investments—publicly traded securities | $68,062,271 |
| Investments—other securities | $15,998,624 |
| Investments—program-related | $0 |
| Intangible assets | $267,450 |
| Other assets | $10,796,963 |
| Total assets | $683,496,777 |
| Accounts payable and accrued expenses | $5,008,685 |
| 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 | $616,094,555 |
| Total liabilities | $621,103,240 |
| 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 | $62,393,537 |
| Total liabilities and net assets/fund balances | $683,496,777 |