Credit Unions Chartered In The State Of Michigan is located in Westland, 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 12/2022, Credit Unions Chartered In The State Of Michigan employed 65 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 $11.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 7.4% each year. All expenses for the organization totaled $9.9m during the year ending 12/2022. While expenses have increased by 7.3% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND.
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 13,654.
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 10,295.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Janet Thompson CEO / President | Officer | 40 | $263,157 |
Connie Gladki CFO | Officer | 40 | $105,213 |
Heather Colonius Cdo | Officer | 40 | $98,475 |
Joy-Michelle Bobby Clo | Officer | 40 | $96,738 |
Heathor Balazy COO | Officer | 40 | $78,571 |
Janet Hendrie Evp/coo | Officer | 40 | $68,292 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Cu Answers Core Processor | 12/30/22 | $386,991 |
Fis Card Services | 12/30/22 | $1,032,224 |
Visa Card Services | 12/30/22 | $232,272 |
Health Alliance Plan Of Michigan Employee Health | 12/30/22 | $385,435 |
Harmon Managment Llc Contractor For Renovation | 12/30/22 | $524,488 |
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 | $10,401,198 |
Investment income | $994,462 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | -$26,703 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $11,368,957 |
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. | $827,397 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $2,385,964 |
Pension plan accruals and contributions | $51,232 |
Other employee benefits | $341,849 |
Payroll taxes | $241,146 |
Fees for services: Management | $0 |
Fees for services: Legal | $66,040 |
Fees for services: Accounting | $34,910 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $4,065 |
Fees for services: Other | $200,050 |
Advertising and promotion | $365,229 |
Office expenses | $363,600 |
Information technology | $281,646 |
Royalties | $0 |
Occupancy | $252,748 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $73,168 |
Interest | $279,982 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $500,541 |
Insurance | $74,222 |
All other expenses | $277,448 |
Total functional expenses | $9,936,232 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $3,077,952 |
Savings and temporary cash investments | $2,318,990 |
Pledges and grants receivable | $0 |
Accounts receivable, net | -$267,505 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $92,992,135 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $353,498 |
Net Land, buildings, and equipment | $5,712,880 |
Investments—publicly traded securities | $38,203,007 |
Investments—other securities | $12,466,978 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $4,500,978 |
Total assets | $159,358,913 |
Accounts payable and accrued expenses | $1,934,378 |
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 | $142,274,808 |
Total liabilities | $144,209,186 |
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 | $15,149,727 |
Total liabilities and net assets/fund balances | $159,358,913 |