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Nonprofiteer
← CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN

Form 990 for tax year 2025

Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.

Totals

Total revenue
$6,981,375
Total expenses
$6,057,525
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$5,934,455
Investment income
$1,046,920
Other revenue
$0
Total assets, end of year
$119,768,283
Total liabilities, end of year
$105,165,418
Net assets or fund balances, end of year
$14,602,865
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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.

  • 2a · Program service revenue: INCOME FROM LOANS

    total $4,216,624 · related or exempt $4,216,624

  • 2b · Program service revenue: NON-MEMBER ATM SERVICES

    total $1,764 · unrelated business $1,764

  • 2c · Program service revenue: OTHER OPERATING INCOME

    total $1,716,067 · related or exempt $1,698,049 · unrelated business $18,018

  • 3 · Investment income

    total $1,046,920 · related or exempt $1,046,920

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6d · Net rental income or loss

    total $0

  • 7d · Net gain or loss

    total $0

  • 8c · Net income from fundraising events

    total $0

  • 9c · Net income from gaming

    total $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $682,322

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $1,191,145

  • 8 · Pension plan contributions

    total $87,100

  • 9 · Other employee benefits

    total $226,774

  • 10 · Payroll taxes

    total $134,208

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $35,986

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $155,434

  • 13 · Office expenses

    total $1,271,729

  • 14 · Information technology

    total $440,641

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $166,384

  • 17 · Travel

    total $37,903

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $973,778

  • 21 · Payments to affiliates

    total $22,437

  • 22 · Depreciation, depletion and amortization

    total $107,015

  • 23 · Insurance

    total $54,983

  • 24a · Other expenses: PROVISION FOR CREDIT LOSSES

    total $200,200

  • 24b · Other expenses: PROF & OUTSIDE SERVICES

    total $138,214

  • 24c · Other expenses: MISC EXPENSE

    total $69,829

  • 24d · Other expenses: LOAN SERVICING

    total $39,570

  • 24e · All other expenses

    total $21,873

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $887,811 · end of year $1,279,241

  • 2 · Savings and temporary cash investments

    beginning of year $18,301,626 · end of year $23,674,776

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $142,255 · end of year $224,974

  • 5 · Loans and receivables from officers and key people

    end of year $2,408,462

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $74,877,097 · end of year $72,375,677

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $164,562 · end of year $217,057

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

    $3,639,133

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

    $1,351,810

  • 10c · Land, buildings and equipment, net

    beginning of year $2,277,181 · end of year $2,287,323

  • 11 · Investments: publicly traded securities

    beginning of year $7,437,000 · end of year $6,172,000

  • 12 · Investments: other securities

    beginning of year $10,080,586 · end of year $8,401,101

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    beginning of year $4,693,073 · end of year $2,727,672

  • 17 · Accounts payable and accrued expenses

    beginning of year $898,684 · end of year $997,087

  • 25 · Other liabilities

    beginning of year $104,283,492 · end of year $104,168,331

  • 31 · Retained earnings, endowment or other funds

    beginning of year $13,679,015 · end of year $14,602,865

Mission and programs · 2025

Mission

PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS.

  • THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES AND OTHER. THE TOTAL NUMBER OF MEMBERS AT 12/31/2025 WAS 9324.

  • 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 12/31/2025 WAS 5,167.

As filed on the 2025 return.

Listed in Part VII

  • Janelle Franke

    CEO

    Total calculated
    $255,613
    From this org
    $217,782
    From related orgs
    $0
    Other
    $37,831
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,878
    Bonus
    $20,012
    Other
    $5,892
    Deferred
    $16,951
    Nontaxable benefits
    $20,880
    Filer's total
    $255,613

  • Krista Huver

    Vice President

    Total calculated
    $185,820
    From this org
    $152,862
    From related orgs
    $0
    Other
    $32,958
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,662
    Bonus
    $14,317
    Other
    $1,883
    Deferred
    $12,078
    Nontaxable benefits
    $20,880
    Filer's total
    $185,820

  • Eric Cutter Phillips

    Vice President

    Total calculated
    $147,085
    From this org
    $116,682
    From related orgs
    $0
    Other
    $30,403
    Hours/week
    40

  • Marilyn Kasper

    Vice President

    Total calculated
    $93,804
    From this org
    $74,844
    From related orgs
    $0
    Other
    $18,960
    Hours/week
    40

  • Teresa Cummings

    VICE PRESIDENT

    Total calculated
    $44,081
    From this org
    $37,788
    From related orgs
    $0
    Other
    $6,293
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $37,788
    Bonus
    not reported
    Other
    not reported
    Deferred
    $3,163
    Nontaxable benefits
    $3,130
    Filer's total
    $44,081

  • Ted Courter

    Director

    Total calculated
    $0
    Hours/week
    1

  • Judy Beal

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Danielle Caliendo

    Director

    Total calculated
    $0
    Hours/week
    1

  • Timothy Hile

    Director

    Total calculated
    $0
    Hours/week
    1

  • James Detrick

    Director

    Total calculated
    $0
    Hours/week
    1

  • Scott Boles

    Director

    Total calculated
    $0
    Hours/week
    1

  • Kurt Hansen

    Chairman

    Total calculated
    $0
    Hours/week
    1

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 · 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

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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2025
Filed
4 March 2026
IRS schema version
2025v4.0
Source object
202630639349300643

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