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← TRUE COMMUNITY CREDIT UNION

Form 990 for tax year 2024

Filed by TRUE COMMUNITY CREDIT UNION.

Totals

Total revenue
$67,574,993
Total expenses
$64,395,175
Contributions and grants received
$5,000
Grants paid
$429,402
Program service revenue
$64,116,283
Investment income
$3,450,171
Other revenue
$3,539
Total assets, end of year
$880,536,100
Total liabilities, end of year
$790,015,237
Net assets or fund balances, end of year
$90,520,863
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.

  • 1f · All other contributions, gifts and grants

    $5,000

  • 2a · Program service revenue: LOAN INCOME

    total $42,904,420 · related or exempt $42,904,420

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

    total $20,968,299 · related or exempt $20,968,299

  • 2c · Program service revenue: FINANCE AND INSURANCE

    total $243,564 · unrelated business $243,564

  • 3 · Investment income

    total $5,476,150 · excluded $5,476,150

  • 6a · Gross rents

    real property $4,800

  • 6b · Less rental expenses

    real property $1,261

  • 6c · Rental income or loss

    real property $3,539

  • 6d · Net rental income or loss

    total $3,539 · related or exempt $3,539

  • 7a · Gross sales of assets other than inventory

    securities $11,755,648 · other assets $149,795

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

    securities $13,781,781 · other assets $149,641

  • 7c · Gain or loss

    securities -$2,026,133 · other assets $154

  • 7d · Net gain or loss

    total -$2,025,979 · related or exempt -$2,025,979

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $419,402

  • 2 · Grants to domestic individuals

    total $10,000

  • 5 · Compensation of officers, directors and key employees

    total $2,523,368

  • 7 · Other salaries and wages

    total $16,188,119

  • 8 · Pension plan contributions

    total $1,636,971

  • 9 · Other employee benefits

    total $2,234,129

  • 10 · Payroll taxes

    total $1,351,216

  • 11b · Fees: legal

    total $238,015

  • 11c · Fees: accounting

    total $490,970

  • 11g · Fees: other

    total $2,007,699

  • 12 · Advertising and promotion

    total $1,569,132

  • 13 · Office expenses

    total $3,337,358

  • 16 · Occupancy

    total $1,393,512

  • 17 · Travel

    total $159,947

  • 19 · Conferences, conventions and meetings

    total $509,116

  • 20 · Interest

    total $7,510,340

  • 21 · Payments to affiliates

    total $35,498

  • 22 · Depreciation, depletion and amortization

    total $2,308,068

  • 23 · Insurance

    total $365,800

  • 24a · Other expenses: PLL

    total $9,343,543

  • 24b · Other expenses: ATM EXPENSE

    total $3,879,726

  • 24c · Other expenses: LOAN SERVICING

    total $2,644,865

  • 24d · Other expenses: MISCELLANEOUS

    total $1,157,902

  • 24e · All other expenses

    total $3,080,479

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,823,260 · end of year $12,148,495

  • 2 · Savings and temporary cash investments

    beginning of year $20,733,733 · end of year $49,389,311

  • 4 · Accounts receivable

    beginning of year $1,768,078 · end of year $11,435,980

  • 5 · Loans and receivables from officers and key people

    beginning of year $3,229,034 · end of year $5,266,694

  • 7 · Other notes and loans receivable

    beginning of year $571,124,251 · end of year $680,874,042

  • 9 · Prepaid expenses and deferred charges

    beginning of year $14,721,095 · end of year $18,058,015

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

    $34,124,842

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

    $19,869,372

  • 10c · Land, buildings and equipment, net

    beginning of year $10,088,799 · end of year $14,255,470

  • 11 · Investments: publicly traded securities

    beginning of year $61,847,289 · end of year $68,245,530

  • 12 · Investments: other securities

    beginning of year $3,491,551 · end of year $3,261,106

  • 14 · Intangible assets

    beginning of year $178,300 · end of year $4,654,557

  • 15 · Other assets

    beginning of year $10,068,336 · end of year $12,946,900

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,539,523 · end of year $10,242,342

  • 23 · Secured mortgages and notes payable

    beginning of year $20,000,000 · end of year $20,000,000

  • 25 · Other liabilities

    beginning of year $608,852,193 · end of year $759,772,895

  • 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 $68,682,010 · end of year $90,520,863

Mission and programs · 2024

Mission

TO CULTIVATE LEGACY-DEFINING MOMENTS FOR THE PEOPLE AND PLACES WE SERVE FOR GENERATIONS TO COME.

  • TRUE COMMUNITY CREDIT UNION PROVIDES A SPECTRUM OF DEPOSIT AND LOAN PRODUCTS FOR OUR MEMBERS AND PROVIDES FINANCIAL EDUCATION FOR THE COMMUNITY TO CULTIVATE THE LEGACY-DEFINING MOMENTS FOR THOSE WE SERVE.

As filed on the 2024 return.

Listed in Part VII

  • Joshua Burgett

    BOARD CHAIRPERSON

    Total calculated
    $2,021
    From this org
    $2,021
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Chelsea Page

    BOARD VICECHAIRPERSON

    Total calculated
    $1,382
    From this org
    $1,382
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Timothy Denton

    BOARD TREASURER

    Total calculated
    $2,430
    From this org
    $2,430
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Regina Pinney

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Karen Richard

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Tom Butman

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jacob Inocencio

    BOARD DIRECTOR

    Total calculated
    $865
    From this org
    $865
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Britgittee Fawaz-Anouti

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Doris Graham

    BOARD DIRECTOR

    Total calculated
    $3,692
    From this org
    $3,692
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Michael Rawson

    BOARD DIRECTOR

    Total calculated
    $1,174
    From this org
    $1,174
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • William Sackett

    BOARD DIRECTOR

    Total calculated
    $2,631
    From this org
    $2,631
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Richard Pokerwinski

    BOARD DIRECTOR/EMERITUS

    Total calculated
    $0
    Hours/week
    1

  • Stu Kail

    BOARD DIRECTOR/ASSOCIATE

    Total calculated
    $0
    Hours/week
    1

  • Chelsea Eisele

    BOARD DIRECTOR/ASSOCIATE

    Total calculated
    $0
    Hours/week
    1

  • Yvette Wilkie

    BOARD DIRECTOR/ASSOCIATE

    Total calculated
    $0
    Hours/week
    1

  • Christina Siders

    PRESIDENT/CEO

    Total calculated
    $572,610
    From this org
    $541,110
    From related orgs
    $0
    Other
    $31,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $479,460
    Bonus
    $49,380
    Other
    $12,270
    Deferred
    $12,102
    Nontaxable benefits
    $19,398
    Filer's total
    $572,610

  • Lance Schnitkey

    CHIEF FINANCIAL OFFICER

    Total calculated
    $266,073
    From this org
    $246,915
    From related orgs
    $0
    Other
    $19,158
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $206,722
    Bonus
    $23,115
    Other
    $17,078
    Deferred
    $17,880
    Nontaxable benefits
    $1,278
    Filer's total
    $266,073

  • Janet Thompson

    EVP/CHIEF INTEGRATION OFFICER

    Total calculated
    $348,248
    From this org
    $311,615
    From related orgs
    $0
    Other
    $36,633
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $310,361
    Bonus
    $35
    Other
    $1,219
    Deferred
    $29,706
    Nontaxable benefits
    $6,927
    Filer's total
    $348,248

  • Jason Matley

    EVP/CHIEF STRATEGY OFFICER

    Total calculated
    $306,914
    From this org
    $286,227
    From related orgs
    $0
    Other
    $20,687
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $243,798
    Bonus
    $30,341
    Other
    $12,088
    Deferred
    $13,946
    Nontaxable benefits
    $6,741
    Filer's total
    $306,914

  • Valerie Moskal

    CHIEF GROWTH & LENDING OFFICER

    Total calculated
    $317,016
    From this org
    $279,553
    From related orgs
    $0
    Other
    $37,463
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $243,355
    Bonus
    $29,904
    Other
    $6,294
    Deferred
    $19,796
    Nontaxable benefits
    $17,667
    Filer's total
    $317,016

  • Sarah Ermatinger

    CHIEF COMMUNITY IMPACT OFFICER

    Total calculated
    $245,863
    From this org
    $222,601
    From related orgs
    $0
    Other
    $23,262
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,241
    Bonus
    $24,883
    Other
    $7,477
    Deferred
    $21,998
    Nontaxable benefits
    $1,264
    Filer's total
    $245,863

  • Heather Harback

    CHIEF PEOPLE OFFICER

    Total calculated
    $234,704
    From this org
    $203,107
    From related orgs
    $0
    Other
    $31,597
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,677
    Bonus
    $20,503
    Other
    $8,927
    Deferred
    $12,760
    Nontaxable benefits
    $18,837
    Filer's total
    $234,704

  • Brandi Cole

    CHIEF RISK OFFICER

    Total calculated
    $217,745
    From this org
    $185,691
    From related orgs
    $0
    Other
    $32,054
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,455
    Bonus
    $17,460
    Other
    $11,776
    Deferred
    $14,450
    Nontaxable benefits
    $17,604
    Filer's total
    $217,745

  • Terry French

    INVESTMENT ADVISOR

    Total calculated
    $272,905
    From this org
    $258,297
    From related orgs
    $0
    Other
    $14,608
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $240,935
    Bonus
    $13,038
    Other
    $4,324
    Deferred
    $14,221
    Nontaxable benefits
    $387
    Filer's total
    $272,905

  • Jonathan Beard

    VP OF DIGITAL TRANSFORMATI

    Total calculated
    $233,762
    From this org
    $205,555
    From related orgs
    $0
    Other
    $28,207
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $187,405
    Bonus
    $17,880
    Other
    $270
    Deferred
    $11,039
    Nontaxable benefits
    $17,168
    Filer's total
    $233,762

  • Canis Arbrouet

    VP OF FACILITIES

    Total calculated
    $226,554
    From this org
    $196,591
    From related orgs
    $0
    Other
    $29,963
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,658
    Bonus
    $20,469
    Other
    $464
    Deferred
    $10,326
    Nontaxable benefits
    $19,637
    Filer's total
    $226,554

  • Shawn Christie

    VP OF WEALTH MANAGEMENT

    Total calculated
    $212,746
    From this org
    $176,097
    From related orgs
    $0
    Other
    $36,649
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,916
    Bonus
    $18,228
    Other
    $1,953
    Deferred
    $19,043
    Nontaxable benefits
    $17,606
    Filer's total
    $212,746

  • Jeanine Mwhite

    SPECIAL PROJECT CONSULTANT

    Total calculated
    $135,856
    From this org
    $172,049
    From related orgs
    $0
    Other
    -$36,193
    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
  • 1a · Health or social club dues or initiation fees
  • 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
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINES 4A-B
JEANINE M WHITE: $40,401 THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, CHRISTINA SIDERS, THROUGH AN ARRANGEMENT REFERRED TO AS "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 PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUM PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS.

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

  • FOUND CHURCH

    $35,000

    BLACK EXCELLENCE AWARDS SPONSOR $15,000; ISAIAH'S HUB RENOVATION PROJECT $20,000

  • JACKSON SCHOOL OF THE ARTS

    $33,333

    YEAR 4 OF 4 OF MULTI-YEAR PLEDGE FOR CAPTITAL CAMPAIGN/BUILDING

  • JACKSON YMCA

    $26,000

    CHARITABLE CONTRIBUTION

  • JACKSON COLLEGE MULTICULTURAL AFFAIRS

    $20,000

    JUNETEENTH EVENT SPONSOR AND STUDENT SCHOLARSHIPS

  • NUESTRA COMUNIDAD

    $20,000

    PRESENTING SPONSOR FOR NUESTRA COMUNIDAD HISPANIC HERITAGE FESTIVAL.

  • SPRING ARBOR UNIVERSITY

    $20,000

    $5,000 SAU GOLF OPEN SPONSOR, $15,000 YEAR 5 OF 5 FOR MULTI-YEAR SPONSOR FOR TRADING CENTER

  • HENRY FORD JACKSON

    $18,500

    $10,000 TO PINK BALL SPONSORSHIP, $1,000 LIGHTS OF LOVE $7,500 FOR HOSPICE DONATION

  • NEW MOBILITY SOLUTIONS

    $18,123

    PURCHASED A HANDICAP ACCESSIBLE VAN FOR THE GARRETT FAMILY

  • MICHIGAN CREDIT UNION LEAGUE & AFFILIATES

    $15,000

    MCUL 2024 FOUNDATION CONTRIBUTION/ASFM SUPPORT

  • THE ENTERPRISE GROUP

    $15,000

    CHARITABLE CONTRIBUTION

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

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

  • CP FINANCIAL SERVICES

    PERFORM COMPLIANCE AUDITS AND TRAINING FOR OTHER CREDIT UNIONS · MI · income $670 · assets $244,623

    Directly controlled by TRUE COMMUNITY CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
13 November 2025
IRS schema version
2024v5.2
Source object
202503189349304665

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