Allegan Credit Union
- Assets
- $84.4m
- Revenue
- $3.3m
- Investments
- $1.2m
- Employees
- 40
- Location
- Allegan, MI
- Founding
- Data as of
- 12/2022
- EIN
- 38-1465061
Organization Overview
Allegan Credit Union is located in Allegan, MI. As of 12/2022, Allegan Credit Union employed 40 individuals. Allegan Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
ALLEGAN CREDIT UNION VALUES PEOPLE OVER PROFIT, RELATIONSHIPS OVER REVENUE, AND COMMUNITY OVER CREDIT SCORE TO SHARE THE FUTURE OF THE CREDIT UNION FOR THE GOOD OF THE MEMBERS BECAUSE SERVICNG THEM IS WHY WE ARE HERE.
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 12/31/2022 WAS 8,837.
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 12/31/2022 WAS 4,439.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kristopher Lewis CEO | Officer | 40 | $148,822 |
Chris Harris CFO | Officer | 40 | $40,943 |
Willard Jennings Treasurer | Trustee | 1 | $0 |
Aaron Hartman Vice Chair | Trustee | 1 | $0 |
Lori Drozd Chair Person | Trustee | 1 | $0 |
Erica Mcculley Secretary | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cuanswers Core Processor | 12/30/22 | $161,243 |
Pscu Card Processing | 12/30/22 | $210,842 |
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 | $3,071,252 |
| Investment income | $268,965 |
| 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 | $3,340,217 |
| 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. | $201,703 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $805,947 |
| Pension plan accruals and contributions | $38,729 |
| Other employee benefits | $97,417 |
| Payroll taxes | $78,465 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $294,006 |
| Advertising and promotion | $73,256 |
| Office expenses | $44,139 |
| Information technology | $179,837 |
| Royalties | $0 |
| Occupancy | $106,394 |
| Travel | $30,285 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $100,478 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $139,456 |
| Insurance | $18,784 |
| All other expenses | $18,935 |
| Total functional expenses | $3,288,388 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,145,645 |
| Savings and temporary cash investments | $6,433,955 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $521,130 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $61,760,340 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $92,656 |
| Net Land, buildings, and equipment | $1,075,805 |
| Investments—publicly traded securities | $10,862,957 |
| Investments—other securities | $1,230,833 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,318,283 |
| Total assets | $84,441,604 |
| Accounts payable and accrued expenses | $3,129,016 |
| 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 | $73,621,756 |
| Total liabilities | $76,750,772 |
| 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 | $7,690,832 |
| Total liabilities and net assets/fund balances | $84,441,604 |