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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
$255,140,144
Total expenses
$173,568,778
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$192,428,821
Investment income
$20,516,072
Other revenue
$42,195,251
Total assets, end of year
$4,852,563,944
Total liabilities, end of year
$4,177,293,250
Net assets or fund balances, end of year
$675,270,694
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

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 Income on loans

    total $172,688,685 · related or exempt $172,688,685 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Fee income

    total $19,740,136 · related or exempt $19,588,647 · unrelated business $151,489 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $20,384,908 · related or exempt $20,384,908 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $131,164

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $131,164

  • 7d · Net gain or loss

    total $131,164 · related or exempt $131,164 · unrelated business $0 · excluded $0

  • 11a · Other revenue: Other Revenue

    total $42,195,251 · related or exempt $42,011,136 · unrelated business $184,115 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $42,195,251

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $5,709,109

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $29,117,534

  • 8 · Pension plan contributions

    total $1,515,137

  • 9 · Other employee benefits

    total $3,747,731

  • 10 · Payroll taxes

    total $2,979,723

  • 11b · Fees: legal

    total $170,089

  • 11c · Fees: accounting

    total $70,599

  • 11f · Fees: investment management

    total $15,872

  • 11g · Fees: other

    total $312,418

  • 12 · Advertising and promotion

    total $4,449,917

  • 13 · Office expenses

    total $16,158,278

  • 14 · Information technology

    total $1,510,861

  • 16 · Occupancy

    total $3,726,453

  • 17 · Travel

    total $163,256

  • 19 · Conferences, conventions and meetings

    total $116,625

  • 20 · Interest

    total $68,636,360

  • 22 · Depreciation, depletion and amortization

    total $2,083,454

  • 23 · Insurance

    total $166,205

  • 24a · Other expenses: Loan losses

    total $17,872,275

  • 24b · Other expenses: Loan servicing

    total $14,696,341

  • 24c · Other expenses: State Operating fee

    total $212,901

  • 24d · Other expenses: Miscellaneous expenses

    total $23,193

  • 24e · All other expenses

    total $114,447

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $18,384,340 · end of year $18,372,052

  • 2 · Savings and temporary cash investments

    beginning of year $125,439,318 · end of year $227,607,982

  • 4 · Accounts receivable

    beginning of year $54,195,622 · end of year $46,850,959

  • 5 · Loans and receivables from officers and key people

    beginning of year $7,850,000 · end of year $7,850,000

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $3,218,481,038 · end of year $3,547,250,832

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,236,559 · end of year $2,416,429

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

    $99,658,479

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

    $42,090,752

  • 10c · Land, buildings and equipment, net

    beginning of year $50,060,981 · end of year $57,567,727

  • 11 · Investments: publicly traded securities

    beginning of year $896,147,612 · end of year $843,816,764

  • 12 · Investments: other securities

    beginning of year $22,661,931 · end of year $15,529,219

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $76,692,416 · end of year $85,301,980

  • 17 · Accounts payable and accrued expenses

    beginning of year $47,682,005 · end of year $59,639,520

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $170,000,000 · end of year $135,000,000

  • 25 · Other liabilities

    beginning of year $3,681,228,097 · end of year $3,982,653,730

  • 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 $573,239,715 · end of year $675,270,694

Mission and programs · 2023

Mission

To promote thrift to 272,934 credit union members by providing financial services including various loan products, deposit accounts, such as checking, savings, IRAs and certificates of deposit; electronic services including mobile banking, online banking, e-statements, ATM and debit cards; and financial education programs and services

Activities or mission (Part I)

Served 272,934 credit union members by providing financial services including various loan products as well as deposit products such as checking, savings, IRA and certificates.

  • Provided financial services to 272,934 credit union members during 2023. These included various loan products, deposit account products, electronic services, including mobile and online banking, e-statements, ATM, debit and credit cards and financial education programs and services

As filed on the 2023 return.

Listed in Part VII

  • Jacqueline Buchanan

    President CEO

    Total calculated
    $2,952,313
    From this org
    $2,917,472
    From related orgs
    $0
    Other
    $34,841
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $1,448,303
    Bonus
    $1,432,500
    Other
    $36,669
    Deferred
    $26,400
    Nontaxable benefits
    $8,441
    Filer's total
    $2,952,313

  • Nathan Davidson

    Chief Financial Officer

    Total calculated
    $490,939
    From this org
    $424,488
    From related orgs
    $0
    Other
    $66,451
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $297,772
    Bonus
    $120,077
    Other
    $6,639
    Deferred
    $29,248
    Nontaxable benefits
    $17,203
    Filer's total
    $470,939

  • Allen Mitchell

    Business Loan

    Total calculated
    $432,384
    From this org
    $404,310
    From related orgs
    $0
    Other
    $28,074
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $85,359
    Bonus
    $314,492
    Other
    $4,459
    Deferred
    $25,154
    Nontaxable benefits
    $2,919
    Filer's total
    $432,383

  • Donald White

    Mortgage officer

    Total calculated
    $330,747
    From this org
    $297,249
    From related orgs
    $0
    Other
    $33,498
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $20,865
    Bonus
    $275,830
    Other
    $554
    Deferred
    $21,833
    Nontaxable benefits
    $11,666
    Filer's total
    $330,748

  • Michelle Mattson

    SVP Remote Delivery Channels

    Total calculated
    $320,355
    From this org
    $264,195
    From related orgs
    $0
    Other
    $56,160
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $198,775
    Bonus
    $60,925
    Other
    $4,494
    Deferred
    $42,028
    Nontaxable benefits
    $14,132
    Filer's total
    $320,354

  • Andria George

    VP Human Resources

    Total calculated
    $299,205
    From this org
    $275,493
    From related orgs
    $0
    Other
    $23,712
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $200,803
    Bonus
    $63,349
    Other
    $11,342
    Deferred
    $16,226
    Nontaxable benefits
    $7,486
    Filer's total
    $299,206

  • Matt Chapman

    Chief Information Officer

    Total calculated
    $294,024
    From this org
    $260,350
    From related orgs
    $0
    Other
    $33,674
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $205,689
    Bonus
    $50,253
    Other
    $4,408
    Deferred
    $16,683
    Nontaxable benefits
    $16,991
    Filer's total
    $294,024

  • Jessica Buck

    VP of Lending

    Total calculated
    $268,769
    From this org
    $245,197
    From related orgs
    $0
    Other
    $23,572
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $194,207
    Bonus
    $50,075
    Other
    $915
    Deferred
    $15,645
    Nontaxable benefits
    $7,927
    Filer's total
    $268,769

  • Heather Pizzala

    VP of Marketing

    Total calculated
    $253,965
    From this org
    $235,057
    From related orgs
    $0
    Other
    $18,908
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $182,771
    Bonus
    $46,706
    Other
    $5,581
    Deferred
    $14,668
    Nontaxable benefits
    $4,239
    Filer's total
    $253,965

  • Lynn Dillon

    Mortgage Consultant

    Total calculated
    $242,944
    From this org
    $212,465
    From related orgs
    $0
    Other
    $30,479
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $23,970
    Bonus
    $188,495
    Other
    $0
    Deferred
    $15,976
    Nontaxable benefits
    $14,503
    Filer's total
    $242,944

  • Sharon Nichols

    VP Sales and Service

    Total calculated
    $237,508
    From this org
    $209,906
    From related orgs
    $0
    Other
    $27,602
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,216
    Bonus
    $36,881
    Other
    $3,808
    Deferred
    $13,690
    Nontaxable benefits
    $13,913
    Filer's total
    $237,508

  • Frank Klimczak

    Information Security Manager

    Total calculated
    $234,238
    From this org
    $203,905
    From related orgs
    $0
    Other
    $30,333
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $177,788
    Bonus
    $22,092
    Other
    $4,025
    Deferred
    $14,330
    Nontaxable benefits
    $16,003
    Filer's total
    $234,238

  • Brian Dowgiallo

    VP Risk Management

    Total calculated
    $227,419
    From this org
    $197,866
    From related orgs
    $0
    Other
    $29,553
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,727
    Bonus
    $39,705
    Other
    $3,434
    Deferred
    $12,879
    Nontaxable benefits
    $16,674
    Filer's total
    $227,419

  • Lori Daniels

    Business Lending Manager

    Total calculated
    $193,680
    From this org
    $168,770
    From related orgs
    $0
    Other
    $24,910
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $139,062
    Bonus
    $23,027
    Other
    $6,681
    Deferred
    $11,199
    Nontaxable benefits
    $13,711
    Filer's total
    $193,680

  • Lance Smith

    VP of Real Estate Lending

    Total calculated
    $189,787
    From this org
    $174,140
    From related orgs
    $0
    Other
    $15,647
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,878
    Bonus
    $17,633
    Other
    $7,629
    Deferred
    $11,763
    Nontaxable benefits
    $3,884
    Filer's total
    $187,787

  • James Fagan

    VP Real Estate Lending

    Total calculated
    $176,825
    From this org
    $164,115
    From related orgs
    $0
    Other
    $12,710
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $110,775
    Bonus
    $51,268
    Other
    $2,072
    Deferred
    $8,809
    Nontaxable benefits
    $3,901
    Filer's total
    $176,825

  • Brian Zabowski

    Board Vice Chairperson

    Total calculated
    $0
    Hours/week
    7

  • David Stolk

    Supervisory Committee Member

    Total calculated
    $0
    Hours/week
    7

  • Mark Churay

    Board Member

    Total calculated
    $0
    Hours/week
    7

  • John Schulte

    Board Member

    Total calculated
    $0
    Hours/week
    7

  • Peter Devita

    Board Member

    Total calculated
    $0
    Hours/week
    7

  • Barbara Pasciolla

    Supervisory Committee Member

    Total calculated
    $0
    Hours/week
    7

  • James Campbell

    Board Treasurer

    Total calculated
    $0
    Hours/week
    7

  • Kim Turner

    Board Chairperson

    Total calculated
    $0
    Hours/week
    7

  • Greg Melega

    Board Secretary

    Total calculated
    $0
    Hours/week
    7

  • Thomas Healy

    Board Member

    Total calculated
    $0
    Hours/week
    7

  • Jennifer Rogers

    Supervisory Committee Member

    Total calculated
    $0
    Hours/week
    7

  • Kristie Bidlake

    Supervisory Committee Chairperson

    Total calculated
    $0
    Hours/week
    7

  • Lisa Christenson

    Supervisory Committee Member

    Total calculated
    $0
    Hours/week
    7

  • MiVida Burrus

    Supervisory Committee Member

    Total calculated
    $0
    Hours/week
    7

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

  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

Related corporations and trusts

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

  • MEMBERS ASSET PLANNING

    C · FINANCIAL PLANNING · MI · 100% owned

    Directly controlled by GENISYS CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
14 May 2024
IRS schema version
2023v5.0
Source object
202421369349302262

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