Credit Unions Chartered In The State Of Michigan
- Assets
- $1.1b
- Revenue
- $72.3m
- Investments
- $164.7m
- Employees
- 387
- Location
- Traverse City, MI
- Founding
- 10/1956
- Data as of
- 12/2023
- EIN
- 38-1524350
Organization Overview
Credit Unions Chartered In The State Of Michigan, operating under the name 4 Front Credit Union, is located in Traverse City, 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, 4 Front Credit Union employed 387 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 4 Front 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 12/2023, 4 Front Credit Union generated $72.3m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 13.9% each year . All expenses for the organization totaled $68.2m during the year ending 12/2023. While expenses have increased by 14.0% per year over the past 9 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 PROVIDE FINANCIAL SERVICES TO MEMBERS WITH A COMMON BOND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS,CHECKING, CERTIFICATES OF DEPOSITS AND OTHERS. THE TOTAL NUMBER OF MEMBERS AT 12/31/23 WAS 105,332.
THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREDIT CARDS, VEHICLE AND OTHERS. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/23 WAS 59,602.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd Rohrback Chairman Of The Board | OfficerTrustee | 1 | $0 |
Bryan Lindfors Vice Chairman | OfficerTrustee | 1 | $0 |
Michael Skyler Fort Secretary | OfficerTrustee | 1 | $0 |
John Jack Hodge Treasurer | OfficerTrustee | 1 | $0 |
Charles Hague Director | Trustee | 1 | $0 |
Mike Slater Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cunningham-limp Development Development, Design, And Construction Ma | 12/30/23 | $2,297,395 |
Informa Business Systems Inc Itms, Service Agreements | 12/30/23 | $1,666,803 |
Dei Incorporated Itm | 12/30/23 | $1,524,833 |
Q2 Software Inc Online Banking | 12/30/23 | $1,478,004 |
City Of Traverse City Property Taxes | 12/30/23 | $781,209 |
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 | $67,571,354 |
| Investment income | $3,502,302 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$66,497 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $72,347,605 |
| 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 | $12,040,049 |
| Compensation of current officers, directors, key employees. | $1,040,960 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,964,327 |
| Pension plan accruals and contributions | $945,106 |
| Other employee benefits | $1,753,816 |
| Payroll taxes | $1,210,535 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $118,782 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,498,969 |
| Advertising and promotion | $1,522,200 |
| Office expenses | $13,130,095 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,214,375 |
| Travel | $121,891 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $607,861 |
| Interest | $1,422,172 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,075,756 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $68,221,104 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,285,611 |
| Savings and temporary cash investments | $21,683,850 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,842,965 |
| Loans from Officers, Directors, or Controlling Persons | $5,635,336 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $774,043,447 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,770,164 |
| Net Land, buildings, and equipment | $50,159,445 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $164,709,232 |
| Investments—program-related | $0 |
| Intangible assets | $19,657,700 |
| Other assets | $29,033,015 |
| Total assets | $1,086,820,765 |
| Accounts payable and accrued expenses | $4,669,832 |
| 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 | $3,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $996,520,275 |
| Total liabilities | $1,004,190,107 |
| 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 | $82,630,658 |
| Total liabilities and net assets/fund balances | $1,086,820,765 |