Credit Unions Chartered In The State Of Michigan is located in Marquette, 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 12/2023, Credit Unions Chartered In The State Of Michigan employed 152 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 12/2023, Credit Unions Chartered In The State Of Michigan generated $25.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.8% each year . All expenses for the organization totaled $22.6m during the year ending 12/2023. While expenses have increased by 22.4% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS.
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 12/31/2023 WAS 31,581
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 12/31/2023 WAS 27,960
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Thomas Blake CEO | Officer | 40 | $335,563 |
Brenda Lippens President | Officer | 40 | $238,018 |
Matt Nord Vice President | Officer | 40 | $195,264 |
David Black COO | Officer | 40 | $190,224 |
Justin Store Vice President | Officer | 40 | $180,800 |
Jennifer Stempki CFO | Officer | 40 | $141,646 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Cross General Contracting General Contracting | 12/30/23 | $1,339,953 |
Small Business Assc Of Mi Group Health Insurance | 12/30/23 | $830,520 |
Jha Casr Processing Solutions Plastic Card Processor | 12/30/23 | $893,128 |
Member Driven Technologies Data Processing | 12/30/23 | $862,148 |
Mastercard Plastic Card Network | 12/30/23 | $771,405 |
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 | $23,249,754 |
Investment income | $2,083,044 |
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 | $25,332,798 |
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. | $1,743,256 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $5,663,755 |
Pension plan accruals and contributions | $394,216 |
Other employee benefits | $910,923 |
Payroll taxes | $569,481 |
Fees for services: Management | $0 |
Fees for services: Legal | $127,448 |
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 | $0 |
Advertising and promotion | $407,753 |
Office expenses | $2,958,479 |
Information technology | $1,032,005 |
Royalties | $0 |
Occupancy | $758,947 |
Travel | $378,114 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $4,690,293 |
Payments to affiliates | $25,922 |
Depreciation, depletion, and amortization | $512,183 |
Insurance | $0 |
All other expenses | $75,625 |
Total functional expenses | $22,632,248 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $4,006,242 |
Savings and temporary cash investments | $16,696,553 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $0 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $333,319,220 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $659,618 |
Net Land, buildings, and equipment | $13,928,990 |
Investments—publicly traded securities | $130,836,301 |
Investments—other securities | $1,732,700 |
Investments—program-related | $0 |
Intangible assets | $2,979,892 |
Other assets | $11,392,480 |
Total assets | $515,551,996 |
Accounts payable and accrued expenses | $4,161,099 |
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 | $462,715,441 |
Total liabilities | $466,876,540 |
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 | $48,675,456 |
Total liabilities and net assets/fund balances | $515,551,996 |