Credit Unions Chartered In The State Of Michigan

Organization Overview

Credit Unions Chartered In The State Of Michigan, operating under the name Members First Credit Union, is located in Midland, 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 12/2021, Members First Credit Union employed 289 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Members First 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, Members First Credit Union generated $38.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.6% each year. All expenses for the organization totaled $32.3m during the year ending 12/2021. While expenses have increased by 6.9% per year over the past 7 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

2021

Describe the Organization's Mission:

Part 3 - Line 1

THE MISSION OF MEMBERS FIRST CREDIT UNION IS TO ENCOURAGE A BETTER TOMORROW.

Describe the Organization's Program Activity:

Part 3 - Line 4a

PROVIDED APPROXIMATELY 50,000 LOANS TO MEMBERS, INCLUDING CONSUMER, REAL ESTATE, CREDIT CARD AND SMALL BUSINESS LOANS.


OFFER OVER 59,700 MEMBERS METHODS TO INCREASE THEIR FINANCIAL WELLBEING WITH SAVINGS, CHECKING, CERTIFICATES OF DEPOSIT AND OTHER DEPOSIT AND INVESTMENT PRODUCTS AND OPTIONS.


OFFER MEMBERS VARIOUS METHODS TO ACHIEVE THEIR FINANCIAL GOALS THROUGH PERSONAL CONTACT, ELECTRONIC AND ONLINE SERVICES.


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Board, Officers & Key Employees

Name (title)Compensation
Eric Brubaker
President/ceo
$386,217
Carrie Iafrate
Executive VP
$282,048
Tamara Mcgovern
CFO
$277,781
Anna Zielinski
Executive VP
$234,220
Pamela Ayers
VP Of Lending
$165,671
Amy Garver
VP Of Operations
$146,867

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Jack Henry & Associates Inc
Core Processing Systems
$2,003,713
Lending Solutions
Call Center/collections/loan Processing
$619,915
Cornerstone Advisors
Contract Negotiations
$464,124
Doxim
Printer-statements & Marketing Pieces
$462,278
Q2 Software Inc
Online Banking
$454,878
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$35,436,134
Investment income $2,829,848
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$15,522
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $38,250,460

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Credit Unions Chartered In The State Of Michigan has recieved totaling $10,000.

Awarding OrganizationAmount
Michigan Credit Union Foundation

Plymouth, MI

PURPOSE: COMMUNITY ENRICHMENT GRANTS

$10,000
View Grant Recipient Profile

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