Credit Unions Chartered In The State Of Michigan
- Assets
- $211.8m
- Revenue
- $11.5m
- Investments
- $433.0k
- Employees
- 59
- Location
- Brownstown, MI
- Founding
- 10/1956
- Data as of
- 12/2021
- EIN
- 38-1475121
Organization Overview
Credit Unions Chartered In The State Of Michigan, operating under the name Advantage One Credit Union, is located in Brownstown, MI. The organization was established in 1956. As of 12/2021, Advantage One Credit Union employed 59 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Advantage One 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, Advantage One Credit Union generated $11.5m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 18.4% each year . All expenses for the organization totaled $9.4m during the year ending 12/2021. While expenses have increased by 16.4% per year over the past 6 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
THE MISSION OF ADVANTAGE ONE CU IS TO OPERATE IN A SAFE AND SOUND MANNER WHILE MEETING THE FINANCIAL NEEDS OF ITS MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOANS - TOTAL LOANS GREW $18.5 MILLION, OR 16.94% IN 2021. 1ST MORTGAGE LOANS ACCOUNTED FOR $11.6 MILLION OF THAT GROWTH, GROWING AT A RATE OF 69%. STRONG GROWTH IN THIS AREA WAS SHARED ACROSS THE INDUSTRY AS THE ECONOMY PUSHED RATES VERY LOW AND THE PANDEMIC RENEWED FAMILIES' APPRECIATION OF "HOME". VEHICLE LOANS WERE THE SECONDARY SOURCE WITH GROWTH OF $5.8 MILLION. STRONG BANK BALANCES SERVED TO REDUCE THE BALANCES AND CONCENTRATION OF UNSECURED LOANS. NOT INCLUDING WAGES AND BENEFITS, LOAN EXPENSES APPROXIMATED $1.2 MILLION.
DEBIT CARDS - AS OF 12/31/2021 ADVANTAGE ONE CREDIT UNION HAD 9,658 DEBIT CARDS (UP FROM 7,375 LAST YEAR) REPRESENTING 57% OF OUR TOTAL MEMBERSHIP. THE ASSOCIATED EXPENSE FOR THE PROGRAM IN 2021 APPROXIMATED $534,000 (EXCLUDING WAGES AND BENEFITS).
COURTESY PAY/ NSF - COURTESY PAY/NSF INCOME FOR 2021 TOTALED $1,231,618, INCREASING SLIGHTLY ($50,527 OR 4.28%) FROM 2020. THE NUMBER IN 2020 DROPPED SIGNIFICANTLY DUE TO EXCESS DEPOSIT FUNDS IN ACCOUNTS, OF WHICH LITTLE RAN OFF IN 2021. IN 2021, THE ORGANIZATION ALSO BEGAN ADDRESSING EXTERNAL POLITICAL PRESSURE ON THIS MEANS OF INCOME, WHICH SERVED TO KEEP THE NUMBER DOWN. EXPENSES ASSOCIATED WITH UNCOLLECTED FEES TOTALED APPROXIMATELY $5,800.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher Corkery CEO | Officer | 55 | $244,925 |
Nicholas Schmitter Clo | Officer | 55 | $136,929 |
Scott Kreinbring CFO | Officer | 55 | $134,535 |
Thomas Newman Cio | 45 | $104,202 | |
Richard E Lindermann Chairperson | Trustee | 1 | $0 |
Mark Ragsdale Vice Chairperson | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Dr/cr/atm Processing | 12/30/21 | $717,929 |
Jfa Core Services | 12/30/21 | $307,030 |
Visa Credit Card Processing | 12/30/21 | $252,936 |
Alkami Home Banking/ Bill Pay | 12/30/21 | $253,361 |
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 | $10,792,380 |
| Investment income | $667,741 |
| 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 | $11,495,994 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $7,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $587,326 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,782,632 |
| Pension plan accruals and contributions | $254,947 |
| Other employee benefits | $352,564 |
| Payroll taxes | $269,945 |
| 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 | $748,338 |
| Advertising and promotion | $53,064 |
| Office expenses | $1,789,413 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $382,276 |
| Travel | $13,953 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $91,757 |
| Interest | $359,103 |
| Payments to affiliates | $28,759 |
| Depreciation, depletion, and amortization | $326,046 |
| Insurance | $0 |
| All other expenses | $2,519 |
| Total functional expenses | $9,420,423 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,932,311 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,253,003 |
| Loans from Officers, Directors, or Controlling Persons | $1,563,798 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $127,492,673 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $666,478 |
| Net Land, buildings, and equipment | $4,457,553 |
| Investments—publicly traded securities | $62,658,363 |
| Investments—other securities | $433,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,316,028 |
| Total assets | $211,773,207 |
| Accounts payable and accrued expenses | $1,319,857 |
| 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 | $191,167,970 |
| Total liabilities | $192,487,827 |
| 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 | $19,285,380 |
| Total liabilities and net assets/fund balances | $211,773,207 |
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