Credit Unions Chartered In The State Of Michigan
- Assets
- $1.2b
- Revenue
- $70.6m
- Investments
- $3.1m
- Employees
- 481
- Location
- Frankenmuth, MI
- Founding
- 10/1956
- Data as of
- 12/2022
- EIN
- 38-1796409
Organization Overview
Credit Unions Chartered In The State Of Michigan is located in Frankenmuth, 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 12/2022, Credit Unions Chartered In The State Of Michigan employed 481 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 12/2022, Credit Unions Chartered In The State Of Michigan generated $70.6m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $56.9m during the year ending 12/2022. While expenses have increased by 13.6% per year over the past 8 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.
Since 2021, Credit Unions Chartered In The State Of Michigan has awarded 20 individual grants totaling $354,007. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE 65,513 MEMBERS WITH SHARES, CHECKING, BUSINESS SAVINGS, BUSINESS CHECKING, MONEY MARKET, VACATION CLUB, CHRISTMAS CLUB, HEALTH SAVINGS, IRA AND CERTIFICATE OF DEPOSIT ACCOUNTS TOTALING $1,069,100,683.
PROVIDE 52,082 SHARE SECURED, STUDENT, SIGNATURE, BUSINESS, CONSTRUCTION, REAL ESTATE, HOME EQUITY, LINE OF CREDIT, NEW AND USED VEHICLE, RECREATIONAL VEHICLE, LEASE LOANS, HOME IMPROVEMENT AND CREDIT CARD LOANS.
OFFER AUTOMATED TELLER MACHINES, INTERACTIVE TELLER MACHINES, DEBIT CARDS, CREDIT CARDS, SHARED BRANCHING, MONEY ORDERS, COURTESY PAY, WIRE TRANSFERS, BILL PAY, INVESTMENTS SERVICES AND VARIOUS INSURANCE PROGRAMS TO ALL ELIGIBLE MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy Hildner Chairperson | OfficerTrustee | 2.46 | $0 |
Jill Catterfeld Vice Chairperson | OfficerTrustee | 1.35 | $0 |
Brian Dixon Treasurer | OfficerTrustee | 1.35 | $0 |
Richard Reif Secretary | OfficerTrustee | 1.35 | $0 |
Michael Fassezee Director | Trustee | 2.04 | $0 |
Dan Lemke Director | Trustee | 1.35 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cuanswers Data Processing | 12/30/22 | $1,858,597 |
Perrin Construction Co Construction, Building | 12/30/22 | $1,438,346 |
Tssf Architects Inc Construction, Building | 12/30/22 | $382,139 |
Kasasa Ltd Relationship Checking/loan Offerings & M | 12/30/22 | $337,759 |
Serenus Johnson Construction Construction, Building | 12/30/22 | $348,312 |
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 | $69,382,846 |
| Investment income | $1,050,118 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$177,173 |
| Net Gain/Loss on Asset Sales | $106,479 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $70,580,613 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $477,019 |
| Grants and other assistance to domestic individuals. | $34,488 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,248,598 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $22,397,610 |
| Pension plan accruals and contributions | $974,638 |
| Other employee benefits | $2,727,369 |
| Payroll taxes | $1,865,564 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $129,930 |
| Fees for services: Accounting | $176,295 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $377,972 |
| Office expenses | $4,237,335 |
| Information technology | $930,919 |
| Royalties | $0 |
| Occupancy | $1,891,598 |
| Travel | $274,958 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,428 |
| Interest | $3,898,547 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,596,118 |
| Insurance | $285,870 |
| All other expenses | $2,929,967 |
| Total functional expenses | $56,921,620 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $28,484,013 |
| Savings and temporary cash investments | $87,991,196 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,365,717 |
| Loans from Officers, Directors, or Controlling Persons | $2,907,171 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $928,734,028 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,399,300 |
| Net Land, buildings, and equipment | $66,247,423 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,073,088 |
| Investments—program-related | $24,750,000 |
| Intangible assets | $8,051,169 |
| Other assets | $37,112,123 |
| Total assets | $1,198,115,228 |
| Accounts payable and accrued expenses | $8,587,949 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $5,702,453 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $3,174,477 |
| Unsecured mortgages and notes payable | $401,900 |
| Other liabilities | $1,065,182,776 |
| Total liabilities | $1,083,049,555 |
| 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 | $115,065,673 |
| Total liabilities and net assets/fund balances | $1,198,115,228 |
Grants Awarded
Over the last fiscal year, Credit Unions Chartered In The State Of Michigan has awarded $45,504 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
MILLINGTON YOUTH WRESTLING PURPOSE: WRESTLING EQUIPMENT FOR NEW FACILITY | $8,500 |
KINGSTON FIRE DEPARTMENT PURPOSE: JAWS OF LIFE EQUIPMENT | $19,900 |
REESE PUBLIC SCHOOL PURPOSE: T-SHIRT CAMPAIGN FOR STUDENTS & STAFF | $8,000 |
LAKEVILLE WRESTLING PURPOSE: NEW WRESTLING MATS FOR K-12 | $9,104 |