Form 990 for tax year 2023
Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.
Totals
- Total revenue
- $13,825,729
- Total expenses
- $13,864,519
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $13,210,431
- Investment income
- $615,298
- Other revenue
- $0
- Total assets, end of year
- $274,268,607
- Total liabilities, end of year
- $254,481,177
- Net assets or fund balances, end of year
- $19,787,430
- 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 $10,372,482 · related or exempt $10,372,482
-
2b · Program service revenue: FEES AND CHARGES
total $2,821,348 · related or exempt $2,804,611 · unrelated business $16,737
-
2c · Program service revenue: GAIN ON SALE OF MORTGAGES AND LOA
total $16,601 · related or exempt $16,601
-
3 · Investment income
total $631,089 · excluded $631,089
-
7a · Gross sales of assets other than inventory
other assets $69,999
-
7b · Less cost or other basis and sales expenses
other assets $85,790
-
7c · Gain or loss
other assets -$15,791
-
7d · Net gain or loss
total -$15,791 · excluded -$15,791
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $508,045
-
7 · Other salaries and wages
total $4,102,896
-
8 · Pension plan contributions
total $365,706
-
9 · Other employee benefits
total $959,348
-
10 · Payroll taxes
total $368,089
-
11b · Fees: legal
total $84,372
-
11c · Fees: accounting
total $171,157
-
11g · Fees: other
total $56,872
-
12 · Advertising and promotion
total $329,639
-
13 · Office expenses
total $625,139
-
14 · Information technology
total $554,474
-
16 · Occupancy
total $342,354
-
17 · Travel
total $25,154
-
19 · Conferences, conventions and meetings
total $317,046
-
20 · Interest
total $125,034
-
22 · Depreciation, depletion and amortization
total $578,482
-
23 · Insurance
total $103,677
-
24a · Other expenses: DIVIDENDS PAID ON MEMBE
total $1,707,596
-
24b · Other expenses: CREDIT CARD AND ACCOUNT
total $912,510
-
24c · Other expenses: ATM EXPENSES
total $247,627
-
24d · Other expenses: REPAIRS AND MAINTENANCE
total $183,653
-
24e · All other expenses
total $1,195,649
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,820,006 · end of year $3,650,518
-
2 · Savings and temporary cash investments
beginning of year -$248,425 · end of year $9,639,981
-
4 · Accounts receivable
beginning of year $141,822 · end of year $88,817
-
5 · Loans and receivables from officers and key people
beginning of year $634,292 · end of year $1,367,249
-
7 · Other notes and loans receivable
beginning of year $234,494,125 · end of year $226,957,432
-
9 · Prepaid expenses and deferred charges
beginning of year $458,808 · end of year $602,242
-
10a · Land, buildings and equipment: cost or other basis
$15,948,192
-
10b · Land, buildings and equipment: accumulated depreciation
$6,975,142
-
10c · Land, buildings and equipment, net
beginning of year $8,905,846 · end of year $8,973,050
-
12 · Investments: other securities
beginning of year $23,568,460 · end of year $13,245,108
-
15 · Other assets
beginning of year $9,751,732 · end of year $9,744,210
-
17 · Accounts payable and accrued expenses
beginning of year $2,180,171 · end of year $1,168,212
-
21 · Escrow or custodial account liability
beginning of year $499,762 · end of year $473,719
-
25 · Other liabilities
beginning of year $259,031,393 · end of year $252,839,246
-
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 $19,815,340 · end of year $19,787,430
Mission and programs · 2023
Mission
PROVIDING OUR MEMBERS THE RESOURCES TO DEVELOP STRONG FINANCIAL ROOTS.
Activities or mission (Part I)
PROVIDE SERVICE TO OUR MEMBERS
-
SERVED APPROXIMATELY 18,500 MEMBERS BY OFFERING LOANS, DEPOSITS, AND VARIOUS OTHER FINANCIAL SOLUTIONS TO ENSURE FINANCIAL SUCCESS TO OUR MEMBERSHIP.
As filed on the 2023 return.
Listed in Part VII
-
Donald GouletDONALD GOULET
BOARD CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Christine HouleCHRISTINE HOULE
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Dennis GenoDENNIS GENO
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Kelly JohnsonKELLY JOHNSON
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Davene IveyDAVENE IVEY
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Louie RothLOUIE ROTH
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Renay SchmidtRENAY SCHMIDT
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Lizabeth HowardLIZABETH HOWARD
ASSOCIATE BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Mary BoscoMARY BOSCO
ASSOCIATE BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Nickie RossNICKIE ROSS
ASSOCIATE BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Diane AbbonizioDIANE ABBONIZIO
CEO
- Total calculated
- $310,494
- From this org
- $255,000
- From related orgs
- $0
- Other
- $55,494
- Hours/week
- 60
Schedule J breakdown matched by us
- Base
- $240,000
- Bonus
- $15,000
- Other
- $0
- Deferred
- $26,236
- Nontaxable benefits
- $29,258
- Filer's total
- $310,494
-
Doug KelleyDOUG KELLEY
CFO
- Total calculated
- $197,551
- From this org
- $152,523
- From related orgs
- $0
- Other
- $45,028
- Hours/week
- 60
Schedule J breakdown matched by us
- Base
- $146,523
- Bonus
- $6,000
- Other
- $0
- Deferred
- $15,679
- Nontaxable benefits
- $29,349
- Filer's total
- $197,551
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 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
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
- 2023
- Filed
- 26 August 2024
- IRS schema version
- 2023v5.1
- Source object
- 202442479349300139
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