Form 990 for tax year 2023
Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.
This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.
What the amendment changed
Compared with the latest return for 2023 , filed 19 January 2026. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.
Those are the same on the two returns, so the amendment changed something else.
Totals
- Total revenue
- $7,259,412
- Total expenses
- $6,216,925
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $5,680,694
- Investment income
- $1,578,718
- Other revenue
- $0
- Total assets, end of year
- $140,518,712
- Total liabilities, end of year
- $127,778,274
- Net assets or fund balances, end of year
- $12,740,438
- 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: INTEREST ON LOANS
total $4,240,789 · related or exempt $4,240,789
-
2b · Program service revenue: INTERCHANGE INCOME
total $704,859 · related or exempt $704,859
-
2c · Program service revenue: FEES AND CHARGES
total $697,388 · related or exempt $697,388
-
2d · Program service revenue: INSURANCE INCOME
total $25,865 · unrelated business $25,865
-
2e · Program service revenue: NON-MEMBER ATM FEES
total $23,663 · unrelated business $23,663
-
2f · All other program service revenue
total -$11,870 · unrelated business -$11,870
-
3 · Investment income
total $1,578,718 · related or exempt $1,578,718
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $172,161
-
6 · Compensation of disqualified persons
total $1,807,948
-
8 · Pension plan contributions
total $106,985
-
9 · Other employee benefits
total $421,850
-
10 · Payroll taxes
total $166,672
-
11b · Fees: legal
total $8,001
-
11c · Fees: accounting
total $78,458
-
11g · Fees: other
total $472,653
-
12 · Advertising and promotion
total $223,002
-
13 · Office expenses
total $234,632
-
14 · Information technology
total $219,673
-
16 · Occupancy
total $147,708
-
17 · Travel
total $115,796
-
20 · Interest
total $673,852
-
22 · Depreciation, depletion and amortization
total $188,847
-
23 · Insurance
total $51,023
-
24a · Other expenses: LOAN SERVICING
total $609,062
-
24b · Other expenses: PROVISION FOR LOAN LOSSES
total $409,043
-
24c · Other expenses: POSTAGE AND SHIPPING
total $85,688
-
24d · Other expenses: ORGANIZATIONAL DUES
total $18,379
-
24e · All other expenses
total $5,492
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $2,667,052 · end of year $2,248,918
-
2 · Savings and temporary cash investments
beginning of year $23,425,127 · end of year $47,967,026
-
7 · Other notes and loans receivable
beginning of year $84,687,058 · end of year $85,519,150
-
9 · Prepaid expenses and deferred charges
beginning of year $100,088 · end of year $104,037
-
10a · Land, buildings and equipment: cost or other basis
$2,758,871
-
10b · Land, buildings and equipment: accumulated depreciation
$1,506,469
-
10c · Land, buildings and equipment, net
beginning of year $1,395,247 · end of year $1,252,402
-
11 · Investments: publicly traded securities
beginning of year $28,455,674
-
12 · Investments: other securities
beginning of year $837,000 · end of year $1,092,715
-
14 · Intangible assets
beginning of year $29,249
-
15 · Other assets
beginning of year $1,951,860 · end of year $2,334,464
-
17 · Accounts payable and accrued expenses
beginning of year $1,134,212 · end of year $823,194
-
25 · Other liabilities
beginning of year $131,600,283 · end of year $126,955,080
-
31 · Retained earnings, endowment or other funds
beginning of year $10,813,860 · end of year $12,740,438
Mission and programs · 2023
Mission
TO BE MICHIGAN'S LEADING CREDIT UNION, DEDICATED TO THE FINANCIAL SUCCESS OF EVERY MEMBER.
-
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 10,953.
-
THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREIT CARD, VEHICLES AND OTHER. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/2023 WAS 7,958.
-
N/A
-
N/A
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Nicholas MontieNICHOLAS MONTIE
MANAGER/CEO
- Total calculated
- $172,161
- From this org
- $161,811
- From related orgs
- $0
- Other
- $10,350
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $161,811
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- $10,350
- Filer's total
- $172,161
-
Ruby J HaskeRUBY J HASKE
COO
- Total calculated
- $98,664
- From this org
- $93,464
- From related orgs
- $0
- Other
- $5,200
- Hours/week
- 40
-
Donald BartoshDONALD BARTOSH
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 2
-
Randall T BoboltzRANDALL T BOBOLTZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Robert A GrochowskiROBERT A GROCHOWSKI
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 2
-
Chelsea Wallace KossCHELSEA WALLACE KOSS
SECRETARY
- Total calculated
- $0
- Hours/week
- 2
-
Chelsea McConnellCHELSEA MCCONNELL
TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
Jerry E PetersonJERRY E PETERSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Patrick RichardsPATRICK RICHARDS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
David WitkowskiDAVID WITKOWSKI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
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
- 14 November 2024
- IRS schema version
- 2023v5.0
- Source object
- 202433199349314173
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