Credit Unions Chartered In The State Of Michigan is located in Wyoming, 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 61 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 $8.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $7.1m during the year ending 12/2021. While expenses have increased by 4.4% 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
PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS.
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 14,821.
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 8,426.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Joseph Heintskill CEO | Officer | 40 | $142,376 |
Daniel Baines Former CEO | 40 | $130,042 | |
Rebecca Baines VP Operations | Officer | 40 | $117,972 |
Robert Draeger CFO | Officer | 40 | $44,174 |
Roxanne Speck Chairperson | Trustee | 1 | $4,224 |
Dennis Brown Treasurer | Trustee | 1 | $414 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Blue Care Network Emp Health Insurance | 12/30/21 | $297,373 |
Fiserv Data Processing | 12/30/21 | $337,721 |
Coop Network Card Services | 12/30/21 | $343,447 |
Full Circle Marketing And Design Marketing | 12/30/21 | $279,538 |
Ncr Payment Solutions | 12/30/21 | $357,499 |
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 | $8,052,963 |
Investment income | $338,601 |
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 | $8,391,564 |
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. | $502,601 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $1,664,783 |
Pension plan accruals and contributions | $126,615 |
Other employee benefits | $388,618 |
Payroll taxes | $158,949 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $0 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $89,832 |
Advertising and promotion | $413,619 |
Office expenses | $1,775,951 |
Information technology | $215,722 |
Royalties | $0 |
Occupancy | $325,092 |
Travel | $85,804 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $326,544 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $295,475 |
Insurance | $64,161 |
All other expenses | -$27,652 |
Total functional expenses | $7,139,831 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $5,875,726 |
Savings and temporary cash investments | $55,167,608 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $1,043,883 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $106,268,149 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $440,854 |
Net Land, buildings, and equipment | $4,583,616 |
Investments—publicly traded securities | $13,365,337 |
Investments—other securities | $440,200 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $2,141,289 |
Total assets | $189,326,662 |
Accounts payable and accrued expenses | $142,151 |
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 | $173,259,633 |
Total liabilities | $173,401,784 |
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 | $15,924,878 |
Total liabilities and net assets/fund balances | $189,326,662 |
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 |