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Nonprofiteer
← CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN

Form 990 for tax year 2022

Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.

Totals

Total revenue
$27,618,251
Total expenses
$19,570,980
Contributions and grants received
$0
Grants paid
$131,203
Program service revenue
$21,767,103
Investment income
$5,847,334
Other revenue
$3,814
Total assets, end of year
$686,921,237
Total liabilities, end of year
$624,812,253
Net assets or fund balances, end of year
$62,108,984
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Listed in Part VII

  • MARK SPOHR

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • CHRIS LANE

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • TROY BEVIER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • RICHARD EGLI

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • JOE MURPHY

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • MARK BRUGGEMAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MEREDITH FRANCIS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JEFF BREHMER

    EVP-CFO

    Total calculated
    $258,616
    From this org
    $208,611
    From related orgs
    $0
    Other
    $50,005
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,095
    Bonus
    $0
    Other
    $516
    Deferred
    $26,400
    Nontaxable benefits
    $23,605
    Filer's total
    $258,616

  • RANDALL SMITH

    CEO

    Total calculated
    $455,206
    From this org
    $384,640
    From related orgs
    $0
    Other
    $70,566
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $383,848
    Bonus
    $0
    Other
    $792
    Deferred
    $38,526
    Nontaxable benefits
    $32,040
    Filer's total
    $455,206

  • MICHAEL ZARNECKI

    SVP-OPERATIONS

    Total calculated
    $138,318
    From this org
    $112,926
    From related orgs
    $0
    Other
    $25,392
    Hours/week
    40

  • PAUL CORAZZOL

    SVP IT

    Total calculated
    $191,008
    From this org
    $148,305
    From related orgs
    $0
    Other
    $42,703
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,789
    Bonus
    $0
    Other
    $516
    Deferred
    $19,200
    Nontaxable benefits
    $23,503
    Filer's total
    $191,008

  • LORIE EASTON

    SVP CONSUMER LENDING

    Total calculated
    $166,521
    From this org
    $148,095
    From related orgs
    $0
    Other
    $18,426
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,803
    Bonus
    $0
    Other
    $2,292
    Deferred
    $17,715
    Nontaxable benefits
    $711
    Filer's total
    $166,521

  • ALYCIA NICHOLS

    EVP OPERATIONS & LENDING

    Total calculated
    $187,605
    From this org
    $145,597
    From related orgs
    $0
    Other
    $42,008
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,477
    Bonus
    $0
    Other
    $120
    Deferred
    $19,469
    Nontaxable benefits
    $22,539
    Filer's total
    $187,605

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 · 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 MAINTAINS A CREDIT UNION OWNED LIFE INSURANCE PLAN FOR THE CEO, RANDALL SMITH. THE CASH SURRENDER VALUE OF THIS PLAN AS OF DECEMBER 31, 2022, WAS $1,354,460. AS THE OWNER OF THE POLICY, THE CREDIT UNION IS THE BENEFICIARY OF THE CORRESPONDING FUTURE DEATH BENEFIT. THE CREDIT UNION ALSO CONTRIBUTES TO A POST RETIREMENT BENEFIT PLAN FOR THE CEO. THE BENEFIT LIABILITY AS OF DECEMBER 31, 2022, WAS $225,897. DURING 2022, THE CREDIT UNION PURCHASED CREDIT UNION OWNED LIFE INSURANCE PLANS FOR THE BELOW-LISTED EMPLOYEES. AS THE OWNER OF THE POLICIES, THE CREDIT UNION IS THE BENEFICIARY OF THE CORRESPONDING FUTURE DEATH BENEFITS. THE CASH SURRENDER VALUE OF EACH POLICY IS ALSO PROVIDED. JEFF BREHMER - $4,081,607 ALYCIA NICHOLS - $4,076,957 PAUL CORAZZOL - $4,081,240 MICHAEL ZARNECKI - $4,077,324

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

Provenance

Return type
form_990
Tax year
2022
Filed
28 August 2023
IRS schema version
2022v5.0
Source object
202312869349302256

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