Form 990 for tax year 2023
Filed by CREDIT UNIONS CHARTERED IN THE ST OF MICHIGAN DBA UP ST CREDIT UNION.
Totals
- Total revenue
- $7,471,309
- Total expenses
- $5,480,516
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $5,578,562
- Investment income
- $1,892,747
- Other revenue
- $0
- Total assets, end of year
- $134,704,286
- Total liabilities, end of year
- $121,313,110
- Net assets or fund balances, end of year
- $13,391,176
- 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: FEES & OTHER INCOME
total $1,395,032 · related or exempt $1,384,683 · unrelated business $10,349
-
2b · Program service revenue: INSURANCE INCOME
total $11,796 · unrelated business $11,796
-
2c · Program service revenue: INTEREST ON LOANS
total $4,162,124 · related or exempt $4,162,124
-
2d · Program service revenue: SHARED BRANCHING
total $9,610 · unrelated business $9,610
-
3 · Investment income
total $1,892,747 · related or exempt $1,892,747
-
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 $530,966
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $1,536,435
-
8 · Pension plan contributions
total $152,412
-
9 · Other employee benefits
total $207,484
-
10 · Payroll taxes
total $156,078
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $0
-
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 $157,509
-
13 · Office expenses
total $634,077
-
14 · Information technology
total $596,625
-
15 · Royalties
total $0
-
16 · Occupancy
total $158,551
-
17 · Travel
total $63,004
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $274,986
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $187,631
-
23 · Insurance
total $59,820
-
24a · Other expenses: LOAN SERVICING EXPENSE
total $548,501
-
24b · Other expenses: CREDIT LOSS EXPENSE
total $103,964
-
24c · Other expenses: MISC
total $65,045
-
24d · Other expenses: OPERATING FEES
total $47,428
-
24e · All other expenses
total $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,607,921 · end of year $1,879,796
-
2 · Savings and temporary cash investments
beginning of year $11,202,269 · end of year $18,810,547
-
3 · Pledges and grants receivable
end of year $0
-
4 · Accounts receivable
end of year $0
-
5 · Loans and receivables from officers and key people
end of year $0
-
6 · Loans and receivables from disqualified persons
end of year $0
-
7 · Other notes and loans receivable
beginning of year $69,292,679 · end of year $80,158,770
-
8 · Inventories for sale or use
end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $93,626 · end of year $177,356
-
10a · Land, buildings and equipment: cost or other basis
$5,569,880
-
10b · Land, buildings and equipment: accumulated depreciation
$1,450,083
-
10c · Land, buildings and equipment, net
beginning of year $3,406,101 · end of year $4,119,797
-
11 · Investments: publicly traded securities
end of year $0
-
12 · Investments: other securities
beginning of year $56,393,261 · end of year $26,949,658
-
13 · Investments: program-related
end of year $0
-
14 · Intangible assets
beginning of year $300,724 · end of year $261,921
-
15 · Other assets
beginning of year $2,531,262 · end of year $2,346,441
-
17 · Accounts payable and accrued expenses
beginning of year $1,243,308 · end of year $1,500,285
-
25 · Other liabilities
beginning of year $132,202,055 · end of year $119,812,825
-
31 · Retained earnings, endowment or other funds
beginning of year $11,382,480 · end of year $13,391,176
Mission and programs · 2023
Mission
U.P. STATE CREDIT UNION IS COMMITTED TO EXCELLANCE IN PROVIDING PROGRESSIVE FINANCIAL SERVICES TO ITS MEMBERSHIP, MEMBER-OWNED, MEMBER-DRIVEN, WE WILL BE TRUSTED AND CHOSEN AS THE PREFERRED FINANCIAL INSTITUTION.
-
THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES AND OTHER. THE TOTAL NUMBER OF MEMBERS AT 12/31/2023 WAS 10,900.
-
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 6,351.
As filed on the 2023 return.
Listed in Part VII
-
Raymond J TheoretRAYMOND J THEORET
CEO
- Total calculated
- $253,392
- From this org
- $204,260
- From related orgs
- $0
- Other
- $49,132
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $157,498
- Bonus
- $46,762
- Other
- not reported
- Deferred
- $18,848
- Nontaxable benefits
- $30,284
- Filer's total
- $253,392
-
Darcy McLeanDARCY MCLEAN
COO
- Total calculated
- $151,179
- From this org
- $125,726
- From related orgs
- $0
- Other
- $25,453
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $109,970
- Bonus
- $15,756
- Other
- not reported
- Deferred
- $11,777
- Nontaxable benefits
- $13,676
- Filer's total
- $151,179
-
Dan LitznerDAN LITZNER
Vice President
- Total calculated
- $126,395
- From this org
- $106,716
- From related orgs
- $0
- Other
- $19,679
- Hours/week
- 40
-
Howard HaulotteHOWARD HAULOTTE
Chairman
- Total calculated
- $0
- Hours/week
- 1
-
Michael LilliquistMICHAEL LILLIQUIST
Director
- Total calculated
- $0
- Hours/week
- 1
-
Bob ChapmanBOB CHAPMAN
Treasurer
- Total calculated
- $0
- Hours/week
- 1
-
Mary MillerMARY MILLER
Director
- Total calculated
- $0
- Hours/week
- 1
-
Gary TitusGARY TITUS
Director
- Total calculated
- $0
- Hours/week
- 1
-
Judy SchroederJUDY SCHROEDER
Director
- Total calculated
- $0
- Hours/week
- 1
-
Tamie CunninghamTAMIE CUNNINGHAM
Director
- Total calculated
- $0
- Hours/week
- 1
-
Cheryl BoucheCHERYL BOUCHE
Secretary
- Total calculated
- $0
- Hours/week
- 1
-
Donald CharlevoixDONALD CHARLEVOIX
Director
- 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
None.
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
- 29 August 2024
- IRS schema version
- 2023v5.1
- Source object
- 202412429349301606
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