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Nonprofiteer
← CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN

Form 990 for tax year 2024

Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.

Totals

Total revenue
$123,097,040
Total expenses
$95,636,518
Contributions and grants received
$2,478,839
Grants paid
$644,126
Program service revenue
$111,674,326
Investment income
$8,943,875
Other revenue
$0
Total assets, end of year
$1,552,368,811
Total liabilities, end of year
$1,335,223,604
Net assets or fund balances, end of year
$217,145,207
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $2,478,839

  • 2a · Program service revenue: INTEREST ON LOANS

    total $79,686,998 · related or exempt $79,686,998

  • 2b · Program service revenue: FEES, CHARGES, AND OTHER

    total $18,728,391 · related or exempt $18,728,391

  • 2c · Program service revenue: INTERCHANGE INCOME

    total $12,932,672 · related or exempt $12,932,672

  • 2d · Program service revenue: FINANCE AND INSURANCE

    total $326,265 · unrelated business $326,265

  • 3 · Investment income

    total $8,834,976 · related or exempt $8,834,976

  • 7a · Gross sales of assets other than inventory

    other assets $272,865

  • 7b · Less cost or other basis and sales expenses

    other assets $163,966

  • 7c · Gain or loss

    other assets $108,899

  • 7d · Net gain or loss

    total $108,899 · related or exempt $108,899

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $644,126

  • 5 · Compensation of officers, directors and key employees

    total $2,459,359

  • 7 · Other salaries and wages

    total $17,344,220

  • 8 · Pension plan contributions

    total $1,301,479

  • 9 · Other employee benefits

    total $3,567,523

  • 10 · Payroll taxes

    total $1,693,159

  • 11b · Fees: legal

    total $145,259

  • 11c · Fees: accounting

    total $156,247

  • 11g · Fees: other

    total $1,905,381

  • 12 · Advertising and promotion

    total $5,906,628

  • 13 · Office expenses

    total $5,806,771

  • 14 · Information technology

    total $3,470,425

  • 16 · Occupancy

    total $2,231,695

  • 17 · Travel

    total $434,436

  • 20 · Interest

    total $22,439,047

  • 22 · Depreciation, depletion and amortization

    total $1,901,820

  • 23 · Insurance

    total $255,835

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $16,425,064

  • 24b · Other expenses: ATM EXPENSE

    total $4,938,492

  • 24c · Other expenses: LOAN SERVICING EXPENSES

    total $2,609,552

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $13,249,750 · end of year $22,753,725

  • 2 · Savings and temporary cash investments

    beginning of year $59,743,125 · end of year $142,174,917

  • 5 · Loans and receivables from officers and key people

    beginning of year $15,933,074 · end of year $16,795,042

  • 7 · Other notes and loans receivable

    beginning of year $1,190,298,352 · end of year $1,156,916,782

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,351,590 · end of year $2,811,170

  • 10a · Land, buildings and equipment: cost or other basis

    $56,053,592

  • 10b · Land, buildings and equipment: accumulated depreciation

    $26,128,982

  • 10c · Land, buildings and equipment, net

    beginning of year $31,637,498 · end of year $29,924,610

  • 11 · Investments: publicly traded securities

    beginning of year $158,754,769 · end of year $157,470,295

  • 12 · Investments: other securities

    beginning of year $2,147,800 · end of year $2,230,800

  • 15 · Other assets

    beginning of year $23,752,319 · end of year $21,291,470

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,374,904 · end of year $11,337,183

  • 23 · Secured mortgages and notes payable

    beginning of year $34,000,000 · end of year $10,000,000

  • 24 · Unsecured notes and loans payable

    beginning of year $173,000,000 · end of year $173,000,000

  • 25 · Other liabilities

    beginning of year $1,087,664,538 · end of year $1,140,886,421

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $187,828,835 · end of year $217,145,207

Mission and programs · 2024

Mission

PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS.

  • 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 DECEMBER 31, 2024 WAS 93,022.

  • THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES, AND OTHER. THE TOTAL NUMBER OF MEMBERS AT DECEMBER 31, 2024 WAS 98,766.

As filed on the 2024 return.

Listed in Part VII

  • Harold Mott

    BOARD CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Joseph Boris

    BOARD VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Christopher Goetz

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Diana Currier

    BOARD TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Kevin Keane

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Roderick Slaughter

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Sheveze Anderson

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Ruthy Quarles

    SUPERVISORY COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Glenn Wilson

    SUPERVISORY COMMITTEE MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Terry Katzur

    CEO

    Total calculated
    $1,071,873
    From this org
    $1,033,087
    From related orgs
    $0
    Other
    $38,786
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $888,443
    Bonus
    $91,020
    Other
    $53,624
    Deferred
    $23,000
    Nontaxable benefits
    $15,786
    Filer's total
    $1,071,873

  • Bryan Randall

    CIO

    Total calculated
    $224,541
    From this org
    $185,753
    From related orgs
    $0
    Other
    $38,788
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,542
    Bonus
    $18,572
    Other
    $1,639
    Deferred
    $17,406
    Nontaxable benefits
    $21,382
    Filer's total
    $224,541

  • David Brandt

    EVP

    Total calculated
    $412,057
    From this org
    $365,771
    From related orgs
    $0
    Other
    $46,286
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $302,506
    Bonus
    $38,142
    Other
    $25,123
    Deferred
    $30,500
    Nontaxable benefits
    $15,786
    Filer's total
    $412,057

  • Kathleen Smith

    VP OF BRANCH EXPERIENCE

    Total calculated
    $263,920
    From this org
    $226,396
    From related orgs
    $0
    Other
    $37,524
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,465
    Bonus
    $28,867
    Other
    $5,064
    Deferred
    $19,937
    Nontaxable benefits
    $17,587
    Filer's total
    $263,920

  • Mallory Hazard

    VP OF CONSUMER LENDING

    Total calculated
    $226,887
    From this org
    $188,415
    From related orgs
    $0
    Other
    $38,472
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,641
    Bonus
    $34,742
    Other
    $4,032
    Deferred
    $16,119
    Nontaxable benefits
    $22,353
    Filer's total
    $226,887

  • Zachary Eychaner

    VP OF DIGITAL EXPERIENCE

    Total calculated
    $260,081
    From this org
    $232,913
    From related orgs
    $0
    Other
    $27,168
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,730
    Bonus
    $17,733
    Other
    $10,450
    Deferred
    $4,815
    Nontaxable benefits
    $22,353
    Filer's total
    $260,081

  • Rebecca Jones

    DIGITAL EXPERIENCE MANAGER

    Total calculated
    $162,410
    From this org
    $148,790
    From related orgs
    $0
    Other
    $13,620
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,297
    Bonus
    $13,849
    Other
    $4,644
    Deferred
    $13,504
    Nontaxable benefits
    $116
    Filer's total
    $162,410

  • Amy Zimmer

    DIRECTOR OF MORTGAGE LENDING

    Total calculated
    $179,438
    From this org
    $167,105
    From related orgs
    $0
    Other
    $12,333
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,288
    Bonus
    $24,012
    Other
    $4,805
    Deferred
    $0
    Nontaxable benefits
    $12,333
    Filer's total
    $179,438

  • Chadd O'Brien

    CORPORATE COUNSEL

    Total calculated
    $212,422
    From this org
    $187,925
    From related orgs
    $0
    Other
    $24,497
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,564
    Bonus
    $17,714
    Other
    $7,647
    Deferred
    $17,099
    Nontaxable benefits
    $7,398
    Filer's total
    $212,422

  • Douglas Champagne

    CREDIT SOLUTIONS MANAGER

    Total calculated
    $178,741
    From this org
    $150,784
    From related orgs
    $0
    Other
    $27,957
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,687
    Bonus
    $32,007
    Other
    $3,090
    Deferred
    $12,171
    Nontaxable benefits
    $15,786
    Filer's total
    $178,741

  • Robert Clontz

    BRANCH MANAGER

    Total calculated
    $184,411
    From this org
    $150,287
    From related orgs
    $0
    Other
    $34,124
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $109,488
    Bonus
    $36,842
    Other
    $3,957
    Deferred
    $11,771
    Nontaxable benefits
    $22,353
    Filer's total
    $184,411

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4B
THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS FOR THE CREDIT UNION'S CEO, TERRY KATZUR THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE PARTICIPANT'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME UP TO THE PREMIUMS PAID INTO THE POLICIES. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOAN ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • THE ELGA CREDIT UNION FOUNDATION

    $644,126

    ENDOWMENT CAMPAIGN TO GIVE TAX-DEDUCTIBLE RECEIPTS AND WRITE GRANT MATCHING DOLLARS. THERE ARE THREE PILLARS TO THE FOUNDATION: PHILANTHROPY, EDUCATION, AND BUSINESS-START UPS.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • MICHIGAN TRUSTED TITLE AGENCY LLC

    UNRELATED · TITLE AGENCY · MI · 8.19% owned · share of income $14,188 · share of assets $62,422

  • STORYFI LLC

    RELATED · MEDIA SOLUTIONS · MI · 16.66% owned · share of income -$72,921 · share of assets $218,718

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.2
Source object
202523219349312742

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