Form 990 for tax year 2025

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $197,236,117 · related or exempt $197,236,117

• 2b · Program service revenue: FEES, CHARGES AND OTHER

  total $22,536,636 · related or exempt $22,536,636

• 2c · Program service revenue: FINANCE & INSURANCE

  total $147,808 · unrelated business $147,808

• 3 · Investment income

  total $10,700,934 · related or exempt $9,802,932 · excluded $898,002

• 7a · Gross sales of assets other than inventory

  securities $10,632,716 · other assets $36,815,473

• 7b · Less cost or other basis and sales expenses

  securities $10,632,779 · other assets $36,118,265

• 7c · Gain or loss

  securities -$63 · other assets $697,208

• 7d · Net gain or loss

  total $697,145 · related or exempt $697,145

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $28,000

• 2 · Grants to domestic individuals

  total $159,600

• 5 · Compensation of officers, directors and key employees

  total $952,255

• 7 · Other salaries and wages

  total $36,761,150

• 8 · Pension plan contributions

  total $3,025,377

• 9 · Other employee benefits

  total $7,707,348

• 10 · Payroll taxes

  total $2,757,816

• 11c · Fees: accounting

  total $236,848

• 11g · Fees: other

  total $3,375,356

• 12 · Advertising and promotion

  total $4,140,240

• 13 · Office expenses

  total $3,556,751

• 16 · Occupancy

  total $3,821,486

• 17 · Travel

  total $131,390

• 19 · Conferences, conventions and meetings

  total $121,548

• 20 · Interest

  total $93,849,287

• 21 · Payments to affiliates

  total $122,338

• 22 · Depreciation, depletion and amortization

  total $3,545,616

• 23 · Insurance

  total $368,079

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $13,100,000

• 24b · Other expenses: LOAN SERVICING EXPENSE

  total $5,432,052

• 24c · Other expenses: DEBIT/CREDIT CARD EXPEN

  total $4,624,371

• 24d · Other expenses: SOFTWARE LICENSING AND

  total $3,301,944

• 24e · All other expenses

  total $4,566,903

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $11,254,713 · end of year $13,593,763

• 2 · Savings and temporary cash investments

  beginning of year $44,842,335 · end of year $48,179,582

• 4 · Accounts receivable

  beginning of year $3,102,939 · end of year $5,708,813

• 5 · Loans and receivables from officers and key people

  beginning of year $15,140,624 · end of year $15,338,852

• 7 · Other notes and loans receivable

  beginning of year $3,337,509,476 · end of year $3,640,805,272

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,864,727 · end of year $3,500,848

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

  $113,244,982

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

  $31,175,574

• 10c · Land, buildings and equipment, net

  beginning of year $74,677,158 · end of year $82,069,408

• 11 · Investments: publicly traded securities

  beginning of year $317,820,742 · end of year $351,241,517

• 12 · Investments: other securities

  beginning of year $18,981,531 · end of year $28,212,553

• 14 · Intangible assets

  end of year $1,740,247

• 15 · Other assets

  beginning of year $69,389,935 · end of year $95,678,745

• 17 · Accounts payable and accrued expenses

  beginning of year $23,250,471 · end of year $24,595,816

• 19 · Deferred revenue

  beginning of year $3,862,040 · end of year $3,718,258

• 21 · Escrow or custodial account liability

  beginning of year $4,934,786 · end of year $5,346,952

• 23 · Secured mortgages and notes payable

  beginning of year $175,000,000 · end of year $192,500,000

• 25 · Other liabilities

  beginning of year $3,224,076,486 · end of year $3,537,498,608

• 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 $464,460,397 · end of year $522,409,966

The filer's explanations (Part III)

PART I, LINE 4B

CERTAIN KEY EXECUTIVES PARTICIPATE IN A COLLATERAL ASSIGNED SPLIT DOLLAR ARRANGEMENT (SEE SCHEDULE L).

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• 20595 LIVONIA LLC

  HOLDING COMPANY FOR LAND · MI · income $0 · assets $741,007

  Directly controlled by MICHIGAN SCHOOLS AND GOVERNMENT CREDIT UNION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• SOC REAL ESTATE INC

  C · REAL ESTATE · MI · 100% owned · share of income -$144,378 · share of assets $11,866,903 · controlled entity

  Directly controlled by MICHIGAN SCHOOLS AND GOVERNMENT CREDIT UNION