Credit Unions Chartered In The State Of Michigan

Organization Overview

Credit Unions Chartered In The State Of Michigan is located in Adrian, 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 159 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 $27.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $19.6m during the year ending 12/2022. While expenses have increased by 6.3% per year over the past 8 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

PROVIDE 54,698 MEMBERS WITH SAVINGS, SHARE DRAFTS, CLUB, MONEY MARKET, BUSINESS, INDIVIDUAL RETIREMENT, AND CERTIFICATES OF DEPOSIT ACCOUNTS TOTALING 99,864.


PROVIDE 15,009 NEW AND USED AUTO, UNSECURED, OVERDRAFT, COMMERCIAL, REAL ESTATE, HOME EQUITY, STUDENT AND CREDIT CARD LOANS.


OFFER ATM, ON-LINE BANKING, AUDIO RESPONSE, ACH, SAFE DEPOSIT BOXES, OVERDRAFT PROTECTION, CHECK CASHING, TRAVEL CARDS, MOBILE BANKING, MOBILE DEPOSIT CAPTURE AND VARIOUS INSURANCE PROGRAMS TO ALL ELIGIBLE MEMBERS.


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Board, Officers & Key Employees

Name (title)Compensation
Mark Spohr
Chairperson
$0
Chris Lane
Secretary
$0
Troy Bevier
Director
$0
Richard Egli
Vice Chairperson
$0
Joe Murphy
Treasurer
$0
Mark Bruggeman
Director
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Jack Henry & Associates Inc
Computer Services
$1,212,803
Doxim Inc
Document Processing
$293,689
Arca Tech Inc
Banking Machines
$184,081
Insight
Computer Software And Peripherals
$137,046
Adrian Mechanical Services Co
Hvac, Plumbing, Mechanical Services & Re
$134,437
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$21,767,103
Investment income $5,830,361
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $3,814
Net Gain/Loss on Asset Sales $16,973
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $27,618,251

Grants Awarded

Over the last fiscal year, Credit Unions Chartered In The State Of Michigan has awarded $20,000 in support to 2 organizations.

Grant RecipientAmount

VILLAGE OF CLINTON MICHIGAN

PURPOSE: CHARITABLE CONTRIBUTION FOR COMMUNITY DEVELOPMENT

$10,000

TOWNSHIP OF DUNDEE MICHIGAN

PURPOSE: CHARITABLE CONTRIBUTION FOR COMMUNITY DEVELOPMENT

$10,000
View Grant Profile

Peer Organizations

Organization NameAssets
Beacon Credit Union
Wabash, IN
$52,771,406
Indiana University Credit Union
Bloomington, IN
$56,693,244
Credit Unions Chartered In The State Of Michigan
Midland, MI
$44,711,143
Financial Center First Credit Union
Indianapolis, IN
$42,966,700
Credit Unions Chartered In The State Of Michigan
Sterling Heights, MI
$43,516,428
Credit Unions Chartered In The State Of Michigan
Kalamazoo, MI
$42,599,576
Credit Unions Chartered In The State Of Michigan
Jackson, MI
$45,719,796
1307 Day Air Credit Union Inc
Kettering, OH
$45,000,531
Hoosier Hills Credit Union
Bedford, IN
$38,853,089
Credit Unions Chartered In The State Of Michigan
Saginaw, MI
$30,548,902
Credit Unions Chartered In The State Of Michigan
Holly, MI
$35,342,586
Credit Unions Chartered In The State Of Michigan
Plymouth, MI
$34,646,685
Credit Unions Chartered In The State Of Michigan
Livonia, MI
$44,218,975
Credit Unions Chartered In The State Of Michigan
Battle Creek, MI
$37,118,137
Credit Unions Chartered In The State Of Michigan
Romulus, MI
$30,634,389
Tech Credit Union
Crown Point, IN
$33,400,748
1244 Pathways Financial Cui
Columbus, OH
$30,849,752
0197 Universal 1 Credit Union Inc
Dayton, OH
$26,354,343
People Driven Credit Union
Southfield, MI
$29,393,305
Credit Unions Chartered In The State Of Michigan
Lansing, MI
$23,816,392
Credit Unions Chartered In The State Of Michigan
Marquette, MI
$25,332,798
Credit Unions Chartered In The State Of Michigan
Grand Rapids, MI
$25,011,714
Credit Unions Chartered In The State Of Michigan
Farmington Hills, MI
$23,179,127
Oucu Financial Credit Union Inc
Athens, OH
$22,921,961
Credit Unions Chartered In The State Of Michigan
Detroit, MI
$22,003,363

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