Delta County Credit Union
- Assets
- $0.0
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 46
- Location
- Escanaba, MI
- Founding
- 10/1956
- Data as of
- 12/2020
- EIN
- 38-1707412
Organization Overview
Delta County Credit Union is located in Escanaba, 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 12/2020, Delta County Credit Union employed 46 individuals. Delta County 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 12/2020, Delta County Credit Union generated $2.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (12.5%) each year. All expenses for the organization totaled $2.1m during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (13.6%) per year over the past 6 years. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO BE THE BEST FINANCIAL INSTITUTION OUR MEMBERS EVER EXPERIENCE.
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 05/15/2020 WAS 12,849.
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 05/15/2020 WAS 5,542.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brenda Lippen President & CEO | Officer | 40 | $62,810 |
Keith Lynch Board Treasurer | Trustee | 1 | $0 |
Randy Van Portfliet Vice Chair | Trustee | 1 | $0 |
Jody Jaeger Chairperson | Trustee | 1 | $0 |
Robert Lamarche Board Member | Trustee | 1 | $0 |
Jenny Heller Board 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 | $2,329,792 |
| Investment income | $271,016 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,100 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,598,708 |
| 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. | $62,810 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $541,731 |
| Pension plan accruals and contributions | $38,862 |
| Other employee benefits | $47,262 |
| Payroll taxes | $60,624 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,241 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $109,183 |
| Advertising and promotion | $93,209 |
| Office expenses | $98,299 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $63,550 |
| Travel | $12,113 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,108 |
| Interest | $333,282 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $51,225 |
| Insurance | $0 |
| All other expenses | $17,359 |
| Total functional expenses | $2,092,361 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,747,435 |
| Savings and temporary cash investments | $31,193,840 |
| 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 | $82,129,321 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,328,208 |
| Net Land, buildings, and equipment | $1,969,945 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | -$118,368,749 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $876,446 |
| 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 | -$876,446 |
| Total liabilities | $0 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $0 |
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