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Nonprofiteer
← CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN

Form 990 for tax year 2023

Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.

Totals

Total revenue
$24,864,783
Total expenses
$22,611,791
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$23,373,963
Investment income
$1,476,706
Other revenue
$14,114
Total assets, end of year
$405,800,769
Total liabilities, end of year
$357,952,994
Net assets or fund balances, end of year
$47,847,775
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 INCOME

    total $18,215,505 · related or exempt $18,215,505

  • 2b · Program service revenue: FEE INCOME

    total $5,158,458 · related or exempt $5,158,458

  • 3 · Investment income

    total $1,476,706 · excluded $1,476,706

  • 11a · Other revenue: FINANCE AND INSURANCE

    total $14,114 · unrelated business $14,114

  • 11e · Other revenue, total

    $14,114

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,627,323

  • 7 · Other salaries and wages

    total $5,404,892

  • 8 · Pension plan contributions

    total $529,892

  • 9 · Other employee benefits

    total $619,368

  • 10 · Payroll taxes

    total $520,330

  • 11b · Fees: legal

    total $44,876

  • 11c · Fees: accounting

    total $315,570

  • 11g · Fees: other

    total $2,016

  • 12 · Advertising and promotion

    total $715,194

  • 13 · Office expenses

    total $607,545

  • 14 · Information technology

    total $1,329,726

  • 16 · Occupancy

    total $800,919

  • 17 · Travel

    total $61,699

  • 19 · Conferences, conventions and meetings

    total $13,338

  • 20 · Interest

    total $5,159,698

  • 21 · Payments to affiliates

    total $62,574

  • 22 · Depreciation, depletion and amortization

    total $741,800

  • 23 · Insurance

    total -$137,264

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $1,353,000

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

    total $932,057

  • 24c · Other expenses: LOAN SERVICING EXPENSE

    total $922,833

  • 24d · Other expenses: MAINTENANCE

    total $367,415

  • 24e · All other expenses

    total $616,990

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,093,713 · end of year $2,535,553

  • 2 · Savings and temporary cash investments

    beginning of year $27,872,120 · end of year $24,502,823

  • 4 · Accounts receivable

    beginning of year $1,602,492 · end of year $2,565,099

  • 5 · Loans and receivables from officers and key people

    beginning of year $5,367,457 · end of year $5,467,290

  • 7 · Other notes and loans receivable

    beginning of year $343,552,025 · end of year $340,796,894

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,050,455 · end of year $1,208,733

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

    $21,931,458

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

    $11,115,773

  • 10c · Land, buildings and equipment, net

    beginning of year $10,645,573 · end of year $10,815,685

  • 11 · Investments: publicly traded securities

    beginning of year $145,574 · end of year $93,121

  • 12 · Investments: other securities

    beginning of year $9,418,121 · end of year $9,165,373

  • 15 · Other assets

    beginning of year $7,502,835 · end of year $8,650,198

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,000,871 · end of year $2,218,764

  • 23 · Secured mortgages and notes payable

    beginning of year $30,000,000 · end of year $42,000,000

  • 25 · Other liabilities

    beginning of year $328,317,411 · end of year $313,734,230

  • 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 $47,932,083 · end of year $47,847,775

Mission and programs · 2023

Mission

REVOLUTIONIZE THE SERVICE EXPERIENCE FULFILLING THE CHANGING NEEDS OF MEMBERS AND OUR COMMUNITIES.

Activities or mission (Part I)

WE ARE COMMITTED TO BEING A LEADING COMMUNITY-FOCUSED CREDIT UNION THAT IS THE CORNERSTONE TO HELPING MEMBERS ACHIEVE THEIR FINANCIAL GOALS.

  • SERVICE OVER $344 MILLION IN LOANS TO MEMBERS AS OF DECEMBER 31, 2023.

  • PROVIDE DEPOSIT SERVICES TO OVER 24,000 MEMBERS. MEMBER DEPOSITS APPROXIMATED $313 MILLION AS OF DECEMBER 31, 2023.

  • ESTABLISHED 1,575 NEW MEMBERSHIPS IN 2023.

As filed on the 2023 return.

Listed in Part VII

  • Leo Moses

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    10

  • Chris Baker

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Timothy McGlinchey

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    5

  • Timothy Green

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • John Else II

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • David Woodward

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Lori Ozdowy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Jackie Macon

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Heidi Kassab

    PRESIDENT/CEO

    Total calculated
    $507,091
    From this org
    $458,728
    From related orgs
    $0
    Other
    $48,363
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $366,135
    Bonus
    $92,593
    Other
    $0
    Deferred
    $26,400
    Nontaxable benefits
    $21,963
    Filer's total
    $507,091

  • Jennifer Dickey

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $246,495
    From this org
    $213,327
    From related orgs
    $0
    Other
    $33,168
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $184,793
    Bonus
    $28,534
    Other
    $0
    Deferred
    $32,651
    Nontaxable benefits
    $517
    Filer's total
    $246,495

  • Christopher Mangeno

    CHIEF LENDING OFFICER

    Total calculated
    $245,387
    From this org
    $188,437
    From related orgs
    $0
    Other
    $56,950
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,303
    Bonus
    $22,134
    Other
    $0
    Deferred
    $35,350
    Nontaxable benefits
    $21,600
    Filer's total
    $245,387

  • Mark Evenson

    CFO

    Total calculated
    $209,538
    From this org
    $163,666
    From related orgs
    $0
    Other
    $45,872
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,437
    Bonus
    $28,229
    Other
    $0
    Deferred
    $28,133
    Nontaxable benefits
    $17,739
    Filer's total
    $209,538

  • Robert Stier

    CFO

    Total calculated
    $23,962
    From this org
    $23,962
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Suzanne Martin

    VP OF RETAIL SALES

    Total calculated
    $185,549
    From this org
    $163,987
    From related orgs
    $0
    Other
    $21,562
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,956
    Bonus
    $8,031
    Other
    $0
    Deferred
    $12,537
    Nontaxable benefits
    $9,025
    Filer's total
    $185,549

  • David Shosey

    VP OF IT

    Total calculated
    $209,301
    From this org
    $156,979
    From related orgs
    $0
    Other
    $52,322
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,466
    Bonus
    $17,513
    Other
    $0
    Deferred
    $30,359
    Nontaxable benefits
    $21,963
    Filer's total
    $209,301

  • Steve Flores

    VP OF OPERATIONS

    Total calculated
    $192,822
    From this org
    $145,325
    From related orgs
    $0
    Other
    $47,497
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,183
    Bonus
    $17,142
    Other
    $0
    Deferred
    $27,931
    Nontaxable benefits
    $19,566
    Filer's total
    $192,822

  • Autumn Nanasi

    VP OF CULTURE AND TALENT

    Total calculated
    $169,938
    From this org
    $140,134
    From related orgs
    $0
    Other
    $29,804
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,211
    Bonus
    $6,923
    Other
    $0
    Deferred
    $27,407
    Nontaxable benefits
    $2,397
    Filer's total
    $169,938

  • Andrea Cornell

    HR BUSINESS PARTNER

    Total calculated
    $122,773
    From this org
    $105,151
    From related orgs
    $0
    Other
    $17,622
    Hours/week
    40

  • Heather Hermes

    LOAN SERVICING MANAGER

    Total calculated
    $121,689
    From this org
    $104,732
    From related orgs
    $0
    Other
    $16,957
    Hours/week
    40

  • Christopher Degen

    LENDING MANAGER

    Total calculated
    $111,305
    From this org
    $103,662
    From related orgs
    $0
    Other
    $7,643
    Hours/week
    40

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

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4B
THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, HEIDI KASSAB THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANT. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. THE CREDIT UNION HAS ESTABLISHED A 457(F) NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR CERTAIN MEMBERS OF MANAGEMENT. DURING 2023, THE CREDIT UNION RECOGNIZED AN ACCRUED EXPENSE FOR THE FOLLOWING EMPLOYEES TOWARD THEIR FUTURE EXPECTED BENEFIT PAYOUT: JENNIFER DICKEY: $23,264 CHRISTOPHER MANGENO: $21,337 DAVID SHOSEY: $18,491 STEVE FLORES: $18,203 AUTUMN NANASI: $16,685

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 September 2024
IRS schema version
2023v5.1
Source object
202422759349301202

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