Credit Unions Chartered In The State Of Michigan

Organization Overview

Credit Unions Chartered In The State Of Michigan 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 12/2021, Credit Unions Chartered In The State Of Michigan employed 71 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 $12.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $8.3m during the year ending 12/2021. While expenses have increased by 4.6% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. TO SERVE THE COMMUNITY AND BUILD TRUSTED RELATIONSHIP.

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 18,161.


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 11,804.


OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, MONEY ORDERS, SAFE DEPOSIT BOXES, BILL PAYMENT, TRAVELERS CHECKS, DIGITAL WALLET-APPLE, GOOGLE PAY, SAMSUNG PAY AND VARIOUS INSURANCE PROGRAMS.


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Board, Officers & Key Employees

Name (title)Compensation
Karen Browne
CEO
$226,680
Robin Wybenga
CFO
$120,938
David Seman
Board Member
$0
Dan Brady
Chairperson
$0
Robert Witkop
Board Member
$0
Charles Hamlyn
Treasurer
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Cuanswers
Data Processing
$447,164
Fis
Debit Card Expense
$304,847
Blue Care
Health Insurance
$443,434
City Of Traverse City
Property Taxes
$164,670
Neighborhood Mortgage Solutions
Mortgage Services
$117,372
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$10,797,028
Investment income $1,153,926
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $8,875
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $11,959,829

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