Credit Unions Chartered In The State Of Michigan

Organization Overview

Credit Unions Chartered In The State Of Michigan, operating under the name Lenco Credit Union, is located in Adrian, 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, Lenco Credit Union employed 25 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Lenco 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 12/2021, Lenco Credit Union generated $3.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $2.8m 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

LENCO CREDIT UNION IS A MEMBER-OWNED FINANCIAL COOPERATIVE. IT IS OUR MISSION TO PROVIDE MEMBER-OWNERS WITH THE HIGHEST QUALITY FINANCIAL SERVICES ALLOWED WITHIN THE REALM OF SAFE AND SOUND BUSINESS PRACTICES; TO ENCOURAGE THRIFT, SAVINGS, AND THE WISE USE OF CREDIT; TO PROMOTE THE COOPERATIVE IDEALS OF THE CREDIT UNION PHILOSOPHY; AND TO PROMOTE AND SUPPORT THE PEOPLE, AGENCIES, AND ORGANIZATIONS OF LENAWEE COUNTY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

CREDIT UNION PROGRAMS: STATE-CHARTERED NOT-FOR-PROFIT FINANCIAL INSTITUTION (CREDIT UNION) SERVING 7756 MEMBER-OWNERS IN LENAWEE COUNTY, MICHIGAN.


Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.

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$3,273,905
Investment income $303,981
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 $3,577,886

Create an account to unlock the data you need.

or