Credit Unions Chartered In The State Of Michigan

Organization Overview

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.

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.


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Board, Officers & Key Employees

Name (title)Compensation
Janet Thompson
CEO / President
$263,157
Connie Gladki
CFO
$105,213
Heather Colonius
Cdo
$98,475
Joy-Michelle Bobby
Clo
$96,738
Heathor Balazy
COO
$78,571
Janet Hendrie
Evp/coo
$68,292

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Cu Answers
Core Processor
$386,991
Fis
Card Services
$1,032,224
Visa
Card Services
$232,272
Health Alliance Plan Of Michigan
Employee Health
$385,435
Harmon Managment Llc
Contractor For Renovation
$524,488
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$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

Peer Organizations

Organization NameAssets
Credit Unions Chartered In The State Of Michigan
Adrian, MI
$27,618,251
Credit Unions Chartered In The State Of Michigan
Warren, MI
$24,218,411
Credit Unions Chartered In The State Of Michigan
Royal Oak, MI
$18,978,004
Credit Unions Chartered In The State Of Michigan
Alpena, MI
$23,924,797
Heritage Credit Union
Deforest, WI
$20,193,229
River Valley Credit Union Inc
Miamisburg, OH
$19,820,493
Credit Unions Chartered In The State Of Michigan
Mt Clemens, MI
$17,137,740
Via Credit Union
Marion, IN
$20,356,846
Myusa Credit Union Inc
Middletown, OH
$17,347,880
Credit Unions Chartered In The State Of Michigan
Farmington, MI
$18,776,561
Credit Unions Chartered In The State Of Michigan
Saginaw, MI
$18,275,533
Credit Unions Chartered In The State Of Michigan
Bay City, MI
$13,825,729
0022 Homeland Credit Union Inc
Chillicothe, OH
$16,065,435
715 Pse Credit Union Inc
Parma, OH
$16,506,657
Credit Unions Chartered In The State Of Michigan
Grand Rapids, MI
$15,755,243
Credit Unions Chartered In The State Of Michigan
Kalamazoo, MI
$14,420,939
Credit Unions Chartered In The State Of Michigan
Flint, MI
$18,274,970
Credit Unions Chartered In The State Of Michigan
Birmingham, MI
$14,355,199
568 Cardinal Credit Union Inc
Mentor, OH
$13,717,571
Credit Unions Chartered In The State Of Michigan
Lansing, MI
$12,619,706
1388 Genfed Financial Credit Union
Akron, OH
$14,549,021
Ignite Credit Union
Battle Creek, MI
$13,169,848
Credit Unions Chartered In The State Of Michigan
Marshall, MI
$13,400,712
Credit Unions Chartered In The State Of Michigan
Kentwood, MI
$11,042,659
Monroe Community Credit Union
Monroe, MI
$13,744,255

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