Credit Unions Chartered In The State Of Michigan
- Assets
- $124.6m
- Revenue
- $6.6m
- Investments
- $18.8m
- Employees
- 46
- Location
- Muskegon, MI
- Founding
- 10/1956
- Data as of
- 12/2021
- EIN
- 38-1562639
Organization Overview
Credit Unions Chartered In The State Of Michigan, operating under the name Best Financial Credit Union, is located in Muskegon, 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, Best Financial Credit Union employed 46 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Best Financial 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 12/2021, Best Financial Credit Union generated $6.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.2% each year. All expenses for the organization totaled $5.7m during the year ending 12/2021. While expenses have increased by 8.0% 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
THE PURPOSE OF THE CREDIT UNION IS TO ENCOURAGE THRIFT AND SAVINGS BY CREATING A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES AND PROMOTE SAVINGS AT A REASONABLE RATE OF INTEREST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE THRIFT BY OFFERING FINANCIAL SERVICES TO THE COMMUNITY OF MEMBERS ELIGIBLE TO JOIN THE FINANCIAL CREDIT UNION. FINANCIAL SERVICES ARE ECONOMICALLY PRICED FOR LOANS, SERVICES, RETURN ON DEPOSITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Morgan Rescorla President/ceo | Officer | 50 | $203,197 |
Michael Verstraete VP Of Finance | Officer | 50 | $88,020 |
Jamie Stahl Board Member | Trustee | 1 | $0 |
Paul Hoppa Secretary | Trustee | 1 | $0 |
Shontaye Witcher Board Treasurer | Trustee | 1 | $0 |
David Mieras Vice Chairperson | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Co-op Financial Services Processing | 12/30/21 | $360,650 |
Share One Inc Processing | 12/30/21 | $351,123 |
Diebold Nixdorf Inc Equipment & Maintenance | 12/30/21 | $133,394 |
Kasasa Ltd Processing | 12/30/21 | $132,138 |
Iheartmedia Marketing | 12/30/21 | $124,977 |
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 | $5,997,775 |
| Investment income | $483,794 |
| 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 | $6,644,465 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $21,549 |
| Grants and other assistance to domestic individuals. | $3,300 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $330,076 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,445,811 |
| Pension plan accruals and contributions | $174,709 |
| Other employee benefits | $149,880 |
| Payroll taxes | $140,883 |
| Fees for services: Management | $82,737 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $31,877 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $14,863 |
| Advertising and promotion | $241,827 |
| Office expenses | $690,003 |
| Information technology | $336,902 |
| Royalties | $0 |
| Occupancy | $123,060 |
| Travel | $7,111 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $24,743 |
| Interest | $359,330 |
| Payments to affiliates | $16,046 |
| Depreciation, depletion, and amortization | $245,134 |
| Insurance | $31,614 |
| All other expenses | $318,935 |
| Total functional expenses | $5,722,465 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,575,754 |
| Savings and temporary cash investments | $10,638,374 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,444 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $81,680,742 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $296,278 |
| Net Land, buildings, and equipment | $1,908,842 |
| Investments—publicly traded securities | $4,000,000 |
| Investments—other securities | $18,838,023 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,636,156 |
| Total assets | $124,604,613 |
| Accounts payable and accrued expenses | $404,358 |
| 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 | $102,829,238 |
| Total liabilities | $103,233,596 |
| 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 | $21,371,017 |
| Total liabilities and net assets/fund balances | $124,604,613 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Credit Unions Chartered In The State Of Michigan has recieved totaling $7,000.
| Awarding Organization | Amount |
|---|---|
Michigan Credit Union Foundation Plymouth, MI PURPOSE: FINANCIAL EDUCATION AND COUNSELING PROGRAM | $7,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Credit Unions Chartered In The State Of Michigan Romulus, MI | $367,474,498 | $22,316,776 |
Credit Unions Chartered In The State Of Michigan Adrian, MI | $694,874,887 | $25,132,877 |
Credit Unions Chartered In The State Of Michigan Grand Rapids, MI | $438,784,059 | $20,782,924 |
Credit Unions Chartered In The State Of Michigan Lansing, MI | $383,174,122 | $20,620,547 |
Credit Unions Chartered In The State Of Michigan Detroit, MI | $516,558,136 | $18,643,457 |
Heritage Credit Union Deforest, WI | $461,320,772 | $20,193,229 |
Credit Unions Chartered In The State Of Michigan Marquette, MI | $491,728,057 | $19,135,519 |
Oucu Financial Credit Union Inc Athens, OH | $474,537,170 | $21,539,633 |
0197 Universal 1 Credit Union Inc Dayton, OH | $475,826,892 | $18,974,323 |
River Valley Credit Union Inc Miamisburg, OH | $417,823,521 | $18,188,326 |
Credit Unions Chartered In The State Of Michigan Saginaw, MI | $415,190,693 | $18,275,533 |
Credit Unions Chartered In The State Of Michigan Alpena, MI | $535,801,476 | $22,122,560 |