Credit Unions Chartered In The State Of Michigan is located in Ada, 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 38 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 $4.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $3.9m during the year ending 12/2021. While expenses have increased by 0.8% 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 10,094.
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 4,966.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Janelle Franke CEO And Tres | OfficerTrustee | 40 | $156,785 |
Ted Courter Director | Trustee | 2 | $0 |
Judy Beal Secretary | Trustee | 2 | $0 |
Danielle Caliendo Director | Trustee | 2 | $0 |
Barbara Cooper Director | Trustee | 2 | $0 |
Kurt Hansen Chairperson | Trustee | 2 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Vantiv Holding Llc Electr Paymnts Proc | 12/30/21 | $472,430 |
Cu Answers Data Processing | 12/30/21 | $316,508 |
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 | $4,335,510 |
Investment income | $613,464 |
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 | $4,948,974 |
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. | $168,917 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $1,257,795 |
Pension plan accruals and contributions | $87,631 |
Other employee benefits | $274,413 |
Payroll taxes | $102,411 |
Fees for services: Management | $0 |
Fees for services: Legal | $40,463 |
Fees for services: Accounting | $12,817 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $74,955 |
Advertising and promotion | $59,249 |
Office expenses | $221,677 |
Information technology | $362,775 |
Royalties | $0 |
Occupancy | $123,759 |
Travel | $26,523 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $174,424 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $115,254 |
Insurance | $52,782 |
All other expenses | $23,488 |
Total functional expenses | $3,851,956 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $1,181,837 |
Savings and temporary cash investments | $31,880,054 |
Pledges and grants receivable | $0 |
Accounts receivable, net | -$91,758 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $56,461,943 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $107,280 |
Net Land, buildings, and equipment | $2,411,404 |
Investments—publicly traded securities | $14,770 |
Investments—other securities | $29,806,260 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $4,309,664 |
Total assets | $126,081,454 |
Accounts payable and accrued expenses | $1,038,043 |
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 | $115,708,428 |
Total liabilities | $116,746,471 |
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 | $9,334,983 |
Total liabilities and net assets/fund balances | $126,081,454 |
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 |