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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
$30,634,389
Total expenses
$26,874,380
Contributions and grants received
$4,000,000
Grants paid
$10,000
Program service revenue
$24,272,162
Investment income
$2,362,227
Other revenue
$0
Total assets, end of year
$415,528,255
Total liabilities, end of year
$381,389,344
Net assets or fund balances, end of year
$34,138,911
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.

  • 1e · Government grants (contributions)

    $4,000,000

  • 2a · Program service revenue: LOAN INTEREST INCOME

    total $13,551,376 · related or exempt $13,551,376

  • 2b · Program service revenue: FEE AND OTHER INCOME

    total $9,320,940 · related or exempt $9,320,940

  • 2c · Program service revenue: FINANCE AND INSURANCE

    total $1,399,846 · unrelated business $1,399,846

  • 3 · Investment income

    total $2,359,955 · related or exempt $2,359,955

  • 7a · Gross sales of assets other than inventory

    other assets $35,000

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

    other assets $32,728

  • 7c · Gain or loss

    other assets $2,272

  • 7d · Net gain or loss

    total $2,272 · related or exempt $2,272

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $10,000

  • 5 · Compensation of officers, directors and key employees

    total $1,516,290

  • 7 · Other salaries and wages

    total $6,250,720

  • 8 · Pension plan contributions

    total $338,205

  • 9 · Other employee benefits

    total $1,562,932

  • 10 · Payroll taxes

    total $601,464

  • 11b · Fees: legal

    total $22,125

  • 11c · Fees: accounting

    total $118,988

  • 11g · Fees: other

    total $43,605

  • 12 · Advertising and promotion

    total $282,096

  • 13 · Office expenses

    total $3,586,428

  • 14 · Information technology

    total $861,599

  • 16 · Occupancy

    total $927,710

  • 17 · Travel

    total $74,982

  • 19 · Conferences, conventions and meetings

    total $372,586

  • 20 · Interest

    total $4,053,379

  • 22 · Depreciation, depletion and amortization

    total $735,836

  • 23 · Insurance

    total $95,803

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $4,355,306

  • 24b · Other expenses: LOAN SERVICING

    total $779,070

  • 24c · Other expenses: MISCELLANEOUS EXPENSES

    total $222,274

  • 24d · Other expenses: EXAM FEES

    total $62,982

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,849,136 · end of year $4,999,625

  • 2 · Savings and temporary cash investments

    beginning of year $5,970,149 · end of year $16,661,587

  • 4 · Accounts receivable

    beginning of year $6,645,876 · end of year $7,020,563

  • 5 · Loans and receivables from officers and key people

    beginning of year $5,389,389 · end of year $5,496,528

  • 7 · Other notes and loans receivable

    beginning of year $247,841,658 · end of year $257,305,682

  • 9 · Prepaid expenses and deferred charges

    beginning of year $721,819 · end of year $668,704

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

    $16,210,362

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

    $5,854,627

  • 10c · Land, buildings and equipment, net

    beginning of year $10,027,942 · end of year $10,355,735

  • 12 · Investments: other securities

    beginning of year $91,658,873 · end of year $92,111,313

  • 13 · Investments: program-related

    beginning of year $3,439,702 · end of year $6,232,794

  • 15 · Other assets

    beginning of year $13,984,581 · end of year $14,675,724

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,407,515 · end of year $5,233,732

  • 24 · Unsecured notes and loans payable

    beginning of year $10,425,210 · end of year $15,000,000

  • 25 · Other liabilities

    beginning of year $349,749,013 · end of year $361,155,612

  • 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 $27,947,387 · end of year $34,138,911

Mission and programs · 2023

Mission

TO HELP OUR MEMBERS REACH THEIR FINANCIAL GOALS. WE ARE COMMITTED TO PROVIDING EXCEPTIONAL SERVICES FROM KNOWLEDGABLE EMPLOYEES. AS A MEMBER OF THE PSCU FAMILY, EVERYONE WILL BE TREATED WITH DIGNITY AND RESPECT.

Activities or mission (Part I)

TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND.

  • PROVIDE MEMBERS WITH REGULAR SHARES, SHARE DRAFT, MONEY MARKET, IRA, CERTIFICATE OF DEPOSIT AND CLUB ACCOUNTS.

  • PROVIDE LOANS INCLUDING VEHICLE, MORTGAGE, HOME EQUITY, COMMERCIAL AND PERSONAL LOANS.

  • OFFER AUTOMATED TELLER MACHINES, COURTESY PAY, WIRE TRANSFERS, GIFT CARDS, MONEY ORDERS AND VARIOUS INSURANCE PROGRAMS.

As filed on the 2023 return.

Listed in Part VII

  • FREDERICK MORGAN

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • CHARLIE LOWLER

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • EDWARD CAREY

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • NORA SHARPLEY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • DALE REAUME

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • DEAN J TRUDEAU

    PRESIDENT/CEO, BOARD TREASURER

    Total calculated
    $459,780
    From this org
    $437,322
    From related orgs
    $0
    Other
    $22,458
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $360,067
    Bonus
    $69,960
    Other
    $7,295
    Deferred
    $0
    Nontaxable benefits
    $22,458
    Filer's total
    $459,780

  • MELISSA ESPINOZA

    CFO/SVP OF SUPPORT

    Total calculated
    $231,132
    From this org
    $221,791
    From related orgs
    $0
    Other
    $9,341
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $201,489
    Bonus
    $18,206
    Other
    $2,096
    Deferred
    $8,777
    Nontaxable benefits
    $564
    Filer's total
    $231,132

  • DONNA FOLLBAUM

    COO/EVP OF BRANCH SERVICES

    Total calculated
    $247,736
    From this org
    $202,481
    From related orgs
    $0
    Other
    $45,255
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $182,990
    Bonus
    $17,544
    Other
    $1,947
    Deferred
    $12,186
    Nontaxable benefits
    $33,069
    Filer's total
    $247,736

  • ROBERT MERCIER

    CLO/SVP OF SALES & LENDING

    Total calculated
    $248,258
    From this org
    $192,672
    From related orgs
    $0
    Other
    $55,586
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,474
    Bonus
    $17,497
    Other
    $8,701
    Deferred
    $42,764
    Nontaxable benefits
    $12,822
    Filer's total
    $248,258

  • ANGELO FANARAS

    CIO/SVP OF ELECTRONIC SERVICES

    Total calculated
    $329,384
    From this org
    $194,228
    From related orgs
    $0
    Other
    $135,156
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $174,687
    Bonus
    $17,725
    Other
    $1,816
    Deferred
    $109,448
    Nontaxable benefits
    $25,708
    Filer's total
    $329,384

  • ASHLEY CARR

    VP HR/SD

    Total calculated
    $168,899
    From this org
    $123,275
    From related orgs
    $0
    Other
    $45,624
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $112,882
    Bonus
    $8,930
    Other
    $1,463
    Deferred
    $20,059
    Nontaxable benefits
    $25,565
    Filer's total
    $168,899

  • TANIS CAMPBELL

    VP RISK

    Total calculated
    $179,657
    From this org
    $122,530
    From related orgs
    $0
    Other
    $57,127
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $112,383
    Bonus
    $8,930
    Other
    $1,217
    Deferred
    $32,746
    Nontaxable benefits
    $24,381
    Filer's total
    $179,657

  • BRIAN BUCZEK

    COMMERCIAL RELATIONSHIP MANAGER

    Total calculated
    $140,783
    From this org
    $124,707
    From related orgs
    $0
    Other
    $16,076
    Hours/week
    40

  • DAMIKA CLARK

    AVP BRANCH OPERATIONS

    Total calculated
    $169,312
    From this org
    $110,100
    From related orgs
    $0
    Other
    $59,212
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $104,588
    Bonus
    $4,351
    Other
    $1,161
    Deferred
    $33,669
    Nontaxable benefits
    $25,543
    Filer's total
    $169,312

  • DANETTE KRAHN

    AVP BRANCH ADMINISTRATION

    Total calculated
    $139,574
    From this org
    $112,845
    From related orgs
    $0
    Other
    $26,729
    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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 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
ADDITIONALLY, THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO ROBERT MERCIER, DONNA FOLLBAUM, AND ANGELO FANARAS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANTS 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 PREMIUMS 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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
12 August 2024
IRS schema version
2023v5.1
Source object
202402259349302600

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