Upper Michigan Community Credit Union
- Assets
- $37.2m
- Revenue
- $1.7m
- Investments
- $5.4m
- Employees
- 17
- Location
- Munising, MI
- Founding
- Data as of
- 12/2018
- EIN
- 38-1611851
Organization Overview
Upper Michigan Community Credit Union is located in Munising, MI. As of 12/2018, Upper Michigan Community Credit Union employed 17 individuals. Upper Michigan Community 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 12/2018, Upper Michigan Community Credit Union generated $1.7m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $1.4m during the year ending 12/2018. 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
2018
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HIGH QUALITY FINANCIAL SERVICES TO THE MEMBERS, EDUCATE MEMBERS ABOUT THESE SERVICES, AND PROMOTE THE CREDIT UNION PHILOSOPHY OF "PEOPLE HELPING PEOPLE".
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 12/31/2018 WAS 4,398.
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 12/31/2018 WAS 2,849.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Gatiss CEO | Officer | 40 | $75,320 |
Deane Pokela Chairperson | Trustee | 1 | $0 |
Richard Chaltry Vice Chair | Trustee | 0 | $0 |
James Seaberg Director | Trustee | 1 | $0 |
Michael Mikulich Treasurer | Trustee | 1 | $0 |
Kathy Salow Secretary | Trustee | 1 | $0 |
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 | $1,353,790 |
| Investment income | $159,325 |
| 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 | $1,737,462 |
| 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. | $81,170 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $357,651 |
| Pension plan accruals and contributions | $26,119 |
| Other employee benefits | $46,457 |
| Payroll taxes | $34,892 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2 |
| Fees for services: Accounting | $7,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $47,446 |
| Advertising and promotion | $36,801 |
| Office expenses | $196,509 |
| Information technology | $145,785 |
| Royalties | $0 |
| Occupancy | $65,497 |
| Travel | $432 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,173 |
| Interest | $39,790 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,852 |
| Insurance | $25,783 |
| All other expenses | $21,366 |
| Total functional expenses | $1,406,582 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $476,095 |
| Savings and temporary cash investments | $3,724,839 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $25,036,544 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $50,495 |
| Net Land, buildings, and equipment | $692,116 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,364,500 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,809,352 |
| Total assets | $37,153,941 |
| Accounts payable and accrued expenses | $435,304 |
| 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 | $33,414,743 |
| Total liabilities | $33,850,047 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $3,303,894 |
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