Form 990 for tax year 2024
Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.
Totals
- Total revenue
- $2,136,846
- Total expenses
- $1,217,113
- Contributions and grants received
- $786,961
- Grants paid
- $0
- Program service revenue
- $954,296
- Investment income
- $388,213
- Other revenue
- $7,376
- Total assets, end of year
- $32,565,733
- Total liabilities, end of year
- $28,657,785
- Net assets or fund balances, end of year
- $3,907,948
- Program services expenses (Part IX)
- $1,217,113
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- not reported
Program services were 100.0% 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.
-
1e · Government grants (contributions)
$786,961
-
2a · Program service revenue: INTEREST ON LOANS
total $718,842 · related or exempt $718,842
-
2b · Program service revenue: ATM INCOME
total $82,720 · related or exempt $82,720
-
2c · Program service revenue: FEES & CHARGES
total $56,060 · related or exempt $56,060
-
2d · Program service revenue: OTHER PROGRAM REVENUE
total $52,735 · related or exempt $52,735
-
2e · Program service revenue: VISA INTERCHANGE
total $39,732 · related or exempt $39,732
-
2f · All other program service revenue
total $4,207 · related or exempt $4,207
-
3 · Investment income
total $388,213 · related or exempt $388,213
-
11a · Other revenue: INSURANCE 990-T PORTION
total $4,189 · unrelated business $4,189
-
11b · Other revenue: NON-MEMBER ATM FEES 990-T
total $2,793 · unrelated business $2,793
-
11c · Other revenue: MISC INCOME 990-T
total $220 · unrelated business $220
-
11d · All other revenue
total $174 · unrelated business $174
-
11e · Other revenue, total
$7,376
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $115,741 · program services $115,741
-
7 · Other salaries and wages
total $315,779 · program services $315,779
-
8 · Pension plan contributions
total $23,744 · program services $23,744
-
9 · Other employee benefits
total $47,036 · program services $47,036
-
10 · Payroll taxes
total $36,364 · program services $36,364
-
11c · Fees: accounting
total $15,325 · program services $15,325
-
11g · Fees: other
total $18,111 · program services $18,111
-
12 · Advertising and promotion
total $41,139 · program services $41,139
-
13 · Office expenses
total $124,254 · program services $124,254
-
14 · Information technology
total $49,490 · program services $49,490
-
16 · Occupancy
total $40,234 · program services $40,234
-
17 · Travel
total $959 · program services $959
-
19 · Conferences, conventions and meetings
total $8,935 · program services $8,935
-
20 · Interest
total $98,208 · program services $98,208
-
22 · Depreciation, depletion and amortization
total $48,632 · program services $48,632
-
23 · Insurance
total $17,362 · program services $17,362
-
24a · Other expenses: LOAN SERVICING
total $110,571 · program services $110,571
-
24b · Other expenses: ATM EXPENSE
total $76,137 · program services $76,137
-
24c · Other expenses: LOSSES ON CHECKING/ATM
total $21,808 · program services $21,808
-
24d · Other expenses: EXAM FEES
total $8,178 · program services $8,178
-
24e · All other expenses
total -$894 · program services -$894
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $349,988 · end of year $423,445
-
2 · Savings and temporary cash investments
beginning of year $512,594 · end of year $1,179,597
-
7 · Other notes and loans receivable
beginning of year $13,714,920 · end of year $14,953,890
-
9 · Prepaid expenses and deferred charges
beginning of year $50,130 · end of year $35,328
-
10a · Land, buildings and equipment: cost or other basis
$945,947
-
10b · Land, buildings and equipment: accumulated depreciation
$650,433
-
10c · Land, buildings and equipment, net
beginning of year $219,784 · end of year $295,514
-
11 · Investments: publicly traded securities
beginning of year $8,482,107 · end of year $8,005,268
-
12 · Investments: other securities
beginning of year $7,803,451 · end of year $7,157,451
-
15 · Other assets
beginning of year $482,973 · end of year $515,240
-
17 · Accounts payable and accrued expenses
beginning of year $1,094,794 · end of year $573,923
-
25 · Other liabilities
beginning of year $27,964,100 · end of year $28,083,862
-
31 · Retained earnings, endowment or other funds
beginning of year $2,557,053 · end of year $3,907,948
Mission and programs · 2024
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 12/31/2024 WAS 2,307.
-
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 12/31/2023 WAS 1,175.
-
N/A
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
ANN D BOYK
CEO/MANAGER
- Total calculated
- $115,741
- From this org
- $115,741
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
JON BENSON
DIRECTOR
- Total calculated
- $0
-
CRISTIE VAN MASSENHOVE
VICE CHAIR
- Total calculated
- $0
-
JORDAN REYNOLDS
DIRECTOR
- Total calculated
- $0
-
GRIFFIN SADDLER
DIRECTOR
- Total calculated
- $0
-
RYAN SUSZEK
CHAIRMAN
- Total calculated
- $0
-
CHARLES WIESEN
SECRETARY
- Total calculated
- $0
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.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 22 May 2025
- IRS schema version
- 2024v5.0
- Source object
- 202511559349300506
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
The source document this was parsed from is served over the API, which is where bulk and document access live.