Form 990 for tax year 2023
Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.
Totals
- Total revenue
- $15,764,672
- Total expenses
- $13,622,991
- Contributions and grants received
- $0
- Grants paid
- $7,500
- Program service revenue
- $14,774,068
- Investment income
- $957,531
- Other revenue
- $33,073
- Total assets, end of year
- $256,404,552
- Total liabilities, end of year
- $236,584,888
- Net assets or fund balances, end of year
- $19,819,664
- 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: INCOME ON LOANS
total $10,611,298 · related or exempt $10,611,298
-
2b · Program service revenue: FEES/CHARGES/OTHER
total $4,162,770 · related or exempt $4,162,770
-
3 · Investment income
total $957,531 · related or exempt $957,531
-
11a · Other revenue: FINANCE AND INSURANCE
total $33,073 · unrelated business $33,073
-
11e · Other revenue, total
$33,073
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $7,500
-
5 · Compensation of officers, directors and key employees
total $736,735
-
7 · Other salaries and wages
total $2,925,327
-
8 · Pension plan contributions
total $278,709
-
9 · Other employee benefits
total $454,178
-
10 · Payroll taxes
total $286,194
-
11g · Fees: other
total $816,951
-
12 · Advertising and promotion
total $94,082
-
13 · Office expenses
total $2,077,259
-
16 · Occupancy
total $441,664
-
17 · Travel
total $23,663
-
19 · Conferences, conventions and meetings
total $176,069
-
20 · Interest
total $2,342,401
-
21 · Payments to affiliates
total $29,509
-
22 · Depreciation, depletion and amortization
total $288,253
-
24a · Other expenses: LOAN SERVICING
total $1,583,356
-
24b · Other expenses: PROVISION FOR LOAN LOSS
total $807,184
-
24c · Other expenses: MISCELLANEOUS
total $108,416
-
24d · Other expenses: TRAINING/DEVELOPMENT/ED
total $87,127
-
24e · All other expenses
total $58,414
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $8,189,603 · end of year $23,107,396
-
4 · Accounts receivable
beginning of year $610,268 · end of year $703,047
-
5 · Loans and receivables from officers and key people
beginning of year $1,596,482 · end of year $1,629,848
-
7 · Other notes and loans receivable
beginning of year $168,771,110 · end of year $185,077,503
-
9 · Prepaid expenses and deferred charges
beginning of year $887,867 · end of year $964,639
-
10a · Land, buildings and equipment: cost or other basis
$4,457,553
-
10b · Land, buildings and equipment: accumulated depreciation
$565,428
-
10c · Land, buildings and equipment, net
beginning of year $4,152,418 · end of year $3,892,125
-
11 · Investments: publicly traded securities
beginning of year $45,739,900 · end of year $36,066,632
-
12 · Investments: other securities
beginning of year $433,000 · end of year $667,100
-
15 · Other assets
beginning of year $3,618,834 · end of year $4,296,262
-
17 · Accounts payable and accrued expenses
beginning of year $1,203,054 · end of year $1,507,128
-
23 · Secured mortgages and notes payable
end of year $13,500,000
-
25 · Other liabilities
beginning of year $215,143,835 · end of year $221,577,760
-
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 $17,652,593 · end of year $19,819,664
Mission and programs · 2023
Mission
THE MISSION OF ADVANTAGE ONE CREDIT UNION IS TO OPERATE IN A SAFE AND SOUND MANNER WHILE MEETING THE FINANCIAL NEEDS OF ITS MEMBERSHIP.
-
LOANS - TOTAL LOANS GREW $17.2 MILLION, OR 10.15% IN 2023. GROWTH DOLLARS WERE DRIVEN BY INDIRECT LOANS WHICH GREW $8.5 MILLION (21.46%) AND CLOSED END HOME EQUITY LOANS WHICH GREW $4.2 MILLION (41.72%). CREDIT CARD LOANS GREW $1.7 MILLION (14.78%) AND UNSECURED PARTICIPATION LOANS GREW $1.5 MILLION (22.28%). LOAN GROWTH WAS STRONG EARLY IN THE YEAR AND INTENTIONALLY THROTTLED LATER IN THE YEAR BY LIQUIDITY CONSTRAINTS FELT BY THE INDUSTRY AS A WHOLE. NOT INCLUDING WAGES AND BENEFITS, 2023 LOAN EXPENSES TOTALED $1.6 MILLION.
-
DEBIT CARDS - AS OF 12/31/2023, ADVANTAGE ONE CREDIT UNION HAD 11,327 DEBIT CARDS (UP FROM 10,999 LAST YEAR) REPRESENTING 63% OF THE NUMBER OF TOTAL MEMBERS. THE ASSOCIATED EXPENSE WITH THE PROGRAM IN 2023, WAS $747,000, EXCLUDING WAGES AND BENEFITS.
-
HOME BANKING AND BILL PAY - ADVANTAGE ONE CREDIT UNION HAS 2,096 ONLINE BANKING USERS AND 982 BILL PAY USERS REPRESENTING 67.42% AND 5.47% OF TOTAL MEMBERS, RESPECTIVELY. THE NUMBER OF BILL PAY USERS INCREASED BY 32.17% IN 2023. NOT INCLUDING WAGES AND BENEFITS, ASSOCIATED PROGRAM EXPENSES TOTALED $369,000 IN 2023.
As filed on the 2023 return.
Listed in Part VII
-
Richard E LindemannRICHARD E LINDEMANN
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Mark RagsdaleMARK RAGSDALE
VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Mart BerteraMART BERTERA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Anthony PascarellaANTHONY PASCARELLA
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Robert J MatternROBERT J MATTERN
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Sue TrusselSUE TRUSSEL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Bob WaltersBOB WALTERS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Christopher CorkeryCHRISTOPHER CORKERY
CEO
- Total calculated
- $382,050
- From this org
- $334,230
- From related orgs
- $0
- Other
- $47,820
- Hours/week
- 55
Schedule J breakdown matched by us
- Base
- $292,509
- Bonus
- $30,515
- Other
- $11,206
- Deferred
- $26,400
- Nontaxable benefits
- $21,420
- Filer's total
- $382,050
-
Scott KreinbringSCOTT KREINBRING
CFO
- Total calculated
- $172,075
- From this org
- $152,131
- From related orgs
- $0
- Other
- $19,944
- Hours/week
- 55
Schedule J breakdown matched by us
- Base
- $143,131
- Bonus
- $9,000
- Other
- $0
- Deferred
- $12,170
- Nontaxable benefits
- $7,774
- Filer's total
- $172,075
-
Nicholas SchmitterNICHOLAS SCHMITTER
CLO
- Total calculated
- $182,610
- From this org
- $161,885
- From related orgs
- $0
- Other
- $20,725
- Hours/week
- 55
Schedule J breakdown matched by us
- Base
- $152,452
- Bonus
- $9,433
- Other
- $0
- Deferred
- $12,951
- Nontaxable benefits
- $7,774
- Filer's total
- $182,610
-
Jessica SawyerJESSICA SAWYER
VP OF MEMBER EXPERIENCE
- Total calculated
- $143,660
- From this org
- $117,584
- From related orgs
- $0
- Other
- $26,076
- Hours/week
- 45
-
Alan FreyALAN FREY
CIO
- Total calculated
- $145,644
- From this org
- $128,757
- From related orgs
- $0
- Other
- $16,887
- Hours/week
- 45
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 · First-class or charter travel
- 1a · Travel for companions
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 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 CEO, CHRISTOPHER CORKERY PARTICIPATES IN A COLLATERAL ASSIGNED SPLIT DOLLAR 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
- 28 June 2024
- IRS schema version
- 2023v5.1
- Source object
- 202441809349300239
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