Form 990 for tax year 2024
Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.
Totals
- Total revenue
- $27,097,467
- Total expenses
- $25,444,419
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $23,416,001
- Investment income
- $3,681,466
- Other revenue
- $0
- Total assets, end of year
- $447,657,099
- Total liabilities, end of year
- $384,901,722
- Net assets or fund balances, end of year
- $62,755,377
- 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.
-
2a · Program service revenue: LOAN INTEREST INCOME
total $17,249,724 · related or exempt $17,249,724
-
2b · Program service revenue: FEES AND CHARGES
total $6,152,983 · related or exempt $6,138,301 · unrelated business $14,682
-
2c · Program service revenue: SALE OF MORTGAGES
total $8,824 · related or exempt $8,824
-
2d · Program service revenue: MORTGAGE SERVICING FEE
total $4,470 · related or exempt $4,470
-
3 · Investment income
total $3,681,466 · excluded $3,681,466
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $834,525
-
7 · Other salaries and wages
total $6,457,339
-
8 · Pension plan contributions
total $157,227
-
9 · Other employee benefits
total $978,928
-
10 · Payroll taxes
total $551,170
-
11b · Fees: legal
total $115,110
-
11c · Fees: accounting
total $231,135
-
11f · Fees: investment management
total $9,619
-
12 · Advertising and promotion
total $359,056
-
13 · Office expenses
total $316,967
-
14 · Information technology
total $1,906,009
-
16 · Occupancy
total $876,954
-
17 · Travel
total $65,419
-
19 · Conferences, conventions and meetings
total $265,417
-
22 · Depreciation, depletion and amortization
total $490,428
-
23 · Insurance
total $59,528
-
24a · Other expenses: INTEREST PAID ON MEMBER
total $5,562,709
-
24b · Other expenses: CREDIT AND DEBIT CARD F
total $2,457,281
-
24c · Other expenses: PROVISION FOR LOAN LOSS
total $1,439,860
-
24d · Other expenses: LOAN SERVICING EXPENSE
total $1,340,978
-
24e · All other expenses
total $968,760
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,335,334 · end of year $3,599,994
-
2 · Savings and temporary cash investments
beginning of year $54,085,875 · end of year $57,393,440
-
7 · Other notes and loans receivable
beginning of year $295,548,178 · end of year $300,393,150
-
9 · Prepaid expenses and deferred charges
beginning of year $1,267,990 · end of year $1,525,242
-
10a · Land, buildings and equipment: cost or other basis
$24,341,311
-
10b · Land, buildings and equipment: accumulated depreciation
$13,811,642
-
10c · Land, buildings and equipment, net
beginning of year $8,944,471 · end of year $10,529,669
-
11 · Investments: publicly traded securities
beginning of year $48,517,430 · end of year $49,763,665
-
15 · Other assets
beginning of year $23,191,806 · end of year $24,451,939
-
17 · Accounts payable and accrued expenses
beginning of year $3,843,920 · end of year $2,391,893
-
21 · Escrow or custodial account liability
beginning of year $1,678,630 · end of year $1,817,216
-
25 · Other liabilities
beginning of year $370,673,077 · end of year $380,692,613
-
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 $58,695,457 · end of year $62,755,377
Mission and programs · 2024
Mission
TO PROVIDE FINANCIAL SERVICES WHILE TREATING MEMBERS WITH DIGNITY AND RESPECT, ACTING AS A GOOD STEWARD OF OUR MEMBERS' ASSETS, VALUING OUR EMPLOYEES AND VOLUNTEERS, MAINTAINING HIGH LEVELS OF INTEGRITY IN EVERYTHING WE DO, AND BEING A LEADER IN COMMUNITY OUTREACH AND BUILDING COMMUNITY RELATIONSHIPS.
Activities or mission (Part I)
ADVENTURE CREDIT UNION'S PRIMARY EXEMPT PURPOSE IS TO PROVIDE A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS. ITS MEMBERS INCLUDE INDIVIDUALS WHO LIVE OR WORK IN THE STATE OF MICHIGAN.
-
ADVENTURE CREDIT UNION SERVED AND CONTINUES TO SERVE THE FINANCIAL NEEDS OF 30,660 MEMBERS BY OFFERING LOANS, DEPOSITS AND VARIOUS OTHER FINANCIAL PRODUCTS.
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Pete WinningerPETE WINNINGER
BOARD CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Anthony ArizolaANTHONY ARIZOLA
BOARD VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Michael KutasMICHAEL KUTAS
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Shari WaldvogelSHARI WALDVOGEL
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Dave FergusonDAVE FERGUSON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Dave KiddDAVE KIDD
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Patricia AndrewsPATRICIA ANDREWS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Charlie BrenemanCHARLIE BRENEMAN
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Amanda GarabedianAMANDA GARABEDIAN
CHIEF EXECUTIVE OFFICER
- Total calculated
- $360,146
- From this org
- $331,920
- From related orgs
- $0
- Other
- $28,226
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $285,352
- Bonus
- $33,936
- Other
- $12,632
- Deferred
- $6,958
- Nontaxable benefits
- $21,268
- Filer's total
- $360,146
-
Jerome MaueJEROME MAUE
CHIEF FINANCIAL OFFICER
- Total calculated
- $244,037
- From this org
- $228,408
- From related orgs
- $0
- Other
- $15,629
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $204,283
- Bonus
- $23,385
- Other
- $740
- Deferred
- $0
- Nontaxable benefits
- $15,629
- Filer's total
- $244,037
-
Lisa PosthumusLISA POSTHUMUS
CHIEF LENDING OFFICER
- Total calculated
- $230,342
- From this org
- $209,033
- From related orgs
- $0
- Other
- $21,309
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $189,456
- Bonus
- $19,577
- Other
- $0
- Deferred
- $5,855
- Nontaxable benefits
- $15,454
- Filer's total
- $230,342
-
Timothy LoganTIMOTHY LOGAN
SVP OF IT
- Total calculated
- $160,992
- From this org
- $138,295
- From related orgs
- $0
- Other
- $22,697
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $124,298
- Bonus
- $13,997
- Other
- $0
- Deferred
- $4,083
- Nontaxable benefits
- $18,614
- Filer's total
- $160,992
-
Megan AnthonyMEGAN ANTHONY
SVP OF HR
- Total calculated
- $156,264
- From this org
- $137,264
- From related orgs
- $0
- Other
- $19,000
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $123,267
- Bonus
- $13,997
- Other
- $0
- Deferred
- $4,110
- Nontaxable benefits
- $14,890
- Filer's total
- $156,264
-
Shanna SchneiderSHANNA SCHNEIDER
VP OF OPERATIONS
- Total calculated
- $145,674
- From this org
- $138,082
- From related orgs
- $0
- Other
- $7,592
- Hours/week
- 40
-
Veronica HosfordVERONICA HOSFORD
VP OF LENDING
- Total calculated
- $136,381
- From this org
- $119,476
- From related orgs
- $0
- Other
- $16,905
- Hours/week
- 40
-
James BirdJAMES BIRD
ARIS FINANCIAL MANAGER
- Total calculated
- $237,967
- From this org
- $227,179
- From related orgs
- $0
- Other
- $10,788
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $88,747
- Bonus
- $13,083
- Other
- $125,349
- Deferred
- $6,464
- Nontaxable benefits
- $4,324
- Filer's total
- $237,967
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
- 2 · Substantiation required before reimbursing expenses
- 3 · Independent compensation consultant
- 3 · Written employment contract
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- PART I, LINE 3
- THE CREDIT UNION UTILIZES AN INDEPENDENT COMPENSATION CONSULTANT IN DETERMINING WAGES FOR ALL OF THE POSITIONS WITHIN THE ORGANIZATION. THE INFORMATION PROVIDED BY THE CONSULTANT IS USED TO ESTABLISH PAY RANGES FOR NEW POSITIONS AS WELL AS ADJUST ESTABLISHED PAY RANGES FOR CHANGES IN THE MARKET.
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
- 2024
- Filed
- 13 November 2025
- IRS schema version
- 2024v5.2
- Source object
- 202513179349309451
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