Credit Unions Chartered In The State Of Michigan
- Assets
- $122.4m
- Revenue
- $5.7m
- Investments
- $839.1k
- Employees
- 32
- Location
- Livonia, MI
- Founding
- Data as of
- 12/2023
- EIN
- 38-1490360
Organization Overview
Credit Unions Chartered In The State Of Michigan is located in Livonia, MI. As of 12/2023, Credit Unions Chartered In The State Of Michigan employed 32 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 $5.7m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $4.9m during the year ending 12/2023. While expenses have increased by 5.7% per year over the past 4 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
TO BE MICHIGAN'S LEADING CREDIT UNION, DEDICATED TO THE FINANCIAL SUCCESS OF EVERY MEMBER.
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 7,691
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 3,819
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Bagazinski CEO | OfficerTrustee | 50 | $208,587 |
Michael Scurto Vice President | Officer | 45 | $134,450 |
Emma Teller COO | Officer | 50 | $106,050 |
Joann Peurach Vice President | Officer | 50 | $103,629 |
Robert Marciniak CFO | Officer | 45 | $118,939 |
Eric Rothert Vice President | Officer | 45 | $97,954 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alkami Technology Online Banking | 12/30/23 | $168,229 |
Fis Debit/atm Hosting | 12/30/23 | $155,857 |
Member Driven Technologies Core Platform | 12/30/23 | $184,529 |
Blue Care Network Medical Insurance | 12/30/23 | $165,038 |
Pscu Credit Card Hosting | 12/30/23 | $141,998 |
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 | $4,926,260 |
| Investment income | $761,965 |
| 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 | $5,688,225 |
| 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. | $867,137 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $930,637 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $139,606 |
| Payroll taxes | $129,807 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,335 |
| 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 | $191,596 |
| Office expenses | $534,043 |
| Information technology | $471,603 |
| Royalties | $0 |
| Occupancy | $178,748 |
| Travel | $50,287 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $341,641 |
| Payments to affiliates | $12,653 |
| Depreciation, depletion, and amortization | $116,003 |
| Insurance | $78,687 |
| All other expenses | $45,888 |
| Total functional expenses | $4,925,491 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $967,853 |
| Savings and temporary cash investments | $15,831,002 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $556,061 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $81,291,020 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $238,630 |
| Net Land, buildings, and equipment | $3,307,613 |
| Investments—publicly traded securities | $17,683,439 |
| Investments—other securities | $839,066 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,677,212 |
| Total assets | $122,391,896 |
| Accounts payable and accrued expenses | $550,658 |
| 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 | $112,822,784 |
| Total liabilities | $113,373,442 |
| 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 | $9,018,454 |
| Total liabilities and net assets/fund balances | $122,391,896 |