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 12/2021, Credit Unions Chartered In The State Of Michigan employed 91 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 12/2021, Credit Unions Chartered In The State Of Michigan generated $19.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.9% each year . All expenses for the organization totaled $16.2m during the year ending 12/2021. While expenses have increased by 19.0% 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
2021
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 12/31/2021 WAS 29,923.
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 12/31/2021 WAS 18,803.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Tom Blake CEO | Officer | 40 | $293,387 |
Brenda Lippens President | Officer | 40 | $205,179 |
David Black Vp/coo | Officer | 40 | $167,499 |
Matt Nord VP Com Lending | Officer | 40 | $162,090 |
Justin Store Ciso | Officer | 40 | $109,069 |
Erik Bessonen VP Bus Dev | Officer | 40 | $108,908 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Mastercard Plastic Card Network | 12/30/21 | $619,715 |
Jha Card Processing Solutions Plastic Card Proc. | 12/30/21 | $755,431 |
Small Business Assc Of Mi Group Health Insr | 12/30/21 | $721,880 |
Fsc | 12/30/21 | $161,957 |
Member Driven Technologies Data Processing | 12/30/21 | $972,846 |
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 | $16,920,534 |
Investment income | $2,129,536 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $85,449 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $19,135,519 |
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. | $1,367,910 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $5,237,803 |
Pension plan accruals and contributions | $329,089 |
Other employee benefits | $751,395 |
Payroll taxes | $474,485 |
Fees for services: Management | $0 |
Fees for services: Legal | $118,568 |
Fees for services: Accounting | $44,968 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $478,957 |
Advertising and promotion | $328,836 |
Office expenses | $1,166,813 |
Information technology | $591,463 |
Royalties | $0 |
Occupancy | $754,568 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $208,763 |
Interest | $814,165 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $1,143,354 |
Insurance | $95,547 |
All other expenses | -$655,220 |
Total functional expenses | $16,204,713 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $4,565,516 |
Savings and temporary cash investments | $12,096,169 |
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 | $254,229,453 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $550,376 |
Net Land, buildings, and equipment | $13,025,879 |
Investments—publicly traded securities | $160,729,819 |
Investments—other securities | $34,614,702 |
Investments—program-related | $0 |
Intangible assets | $4,104,349 |
Other assets | $7,811,794 |
Total assets | $491,728,057 |
Accounts payable and accrued expenses | $6,532,688 |
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 | $427,514,333 |
Total liabilities | $434,047,021 |
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 | $57,681,036 |
Total liabilities and net assets/fund balances | $491,728,057 |
Organization Name | Assets | Revenue |
---|---|---|
Credit Unions Chartered In The State Of Michigan Frankenmuth, MI | $1,071,337,170 | $67,769,311 |
Credit Unions Chartered In The State Of Michigan Grand Blanc, MI | $1,236,875,968 | $71,459,461 |
Credit Unions Chartered In The State Of Michigan Midland, MI | $2,159,950,542 | $56,115,396 |
42 Kemba Credit Union Inc West Chester, OH | $1,395,836,820 | $59,675,729 |
Credit Unions Chartered In The State Of Michigan Traverse City, MI | $896,646,295 | $51,854,069 |
Beacon Credit Union Wabash, IN | $1,514,735,601 | $47,143,377 |
Credit Unions Chartered In The State Of Michigan Ann Arbor, MI | $1,323,805,807 | $50,830,621 |
Credit Unions Chartered In The State Of Michigan Kalamazoo, MI | $829,123,274 | $44,270,339 |
Indiana University Credit Union Bloomington, IN | $1,349,340,515 | $48,794,263 |
Credit Unions Chartered In The State Of Michigan Saginaw, MI | $1,097,457,613 | $44,555,752 |
Financial Center First Credit Union Indianapolis, IN | $817,315,000 | $38,154,429 |
Credit Unions Chartered In The State Of Michigan Midland, MI | $736,881,404 | $38,250,460 |