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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
$200,960,128
Total expenses
$114,302,483
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$144,503,940
Investment income
$16,129,763
Other revenue
$40,326,425
Total assets, end of year
$4,472,149,817
Total liabilities, end of year
$3,898,910,102
Net assets or fund balances, end of year
$573,239,715
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 $126,721,922 · related or exempt $126,721,922 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Fee Income

    total $17,782,018 · related or exempt $17,624,049 · unrelated business $157,969 · excluded $0

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $15,765,320 · related or exempt $15,765,320 · 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 $56,186

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

    securities -$308,257 · other assets $0

  • 7c · Gain or loss

    securities $308,257 · other assets $56,186

  • 7d · Net gain or loss

    total $364,443 · related or exempt $364,443 · unrelated business $0 · excluded $0

  • 11a · Other revenue: Other Revenue

    total $40,326,425 · related or exempt $40,146,737 · unrelated business $179,688 · excluded $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $40,326,425

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $4,975,194

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $27,476,823

  • 8 · Pension plan contributions

    total $1,534,263

  • 9 · Other employee benefits

    total $3,848,658

  • 10 · Payroll taxes

    total $2,688,624

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $162,754

  • 11c · Fees: accounting

    total $65,154

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $13,312

  • 11g · Fees: other

    total $280,016

  • 12 · Advertising and promotion

    total $4,265,330

  • 13 · Office expenses

    total $14,549,902

  • 14 · Information technology

    total $1,722,172

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $3,483,435

  • 17 · Travel

    total $129,768

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $122,683

  • 20 · Interest

    total $20,401,520

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $2,332,581

  • 23 · Insurance

    total $122,732

  • 24a · Other expenses: Loan Losses

    total $14,510,638

  • 24b · Other expenses: Loan Servicing Expense

    total $10,890,996

  • 24c · Other expenses: State Operating Fee

    total $415,999

  • 24d · Other expenses: Miscellaneous Expense

    total $309,929

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $18,263,006 · end of year $18,384,340

  • 2 · Savings and temporary cash investments

    beginning of year $249,057,920 · end of year $125,439,318

  • 3 · Pledges and grants receivable

    beginning of year $0

  • 4 · Accounts receivable

    beginning of year $58,581,647 · end of year $54,195,622

  • 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 $2,545,340,205 · end of year $3,218,481,038

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,314,188 · end of year $2,236,559

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

    $90,730,044

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

    $40,669,063

  • 10c · Land, buildings and equipment, net

    beginning of year $50,210,939 · end of year $50,060,981

  • 11 · Investments: publicly traded securities

    beginning of year $1,022,801,226 · end of year $896,147,612

  • 12 · Investments: other securities

    beginning of year $12,540,210 · end of year $22,661,931

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $2 · end of year $0

  • 15 · Other assets

    beginning of year $66,422,135 · end of year $76,692,416

  • 17 · Accounts payable and accrued expenses

    beginning of year $34,922,602 · end of year $47,682,005

  • 18 · Grants payable

    end of year $0

  • 19 · Deferred revenue

    end of year $0

  • 20 · Tax-exempt bond liabilities

    end of year $0

  • 23 · Secured mortgages and notes payable

    end of year $170,000,000

  • 25 · Other liabilities

    beginning of year $3,394,108,567 · end of year $3,681,228,097

  • 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 $604,350,309 · end of year $573,239,715

Mission and programs · 2022

Mission

To promote thrift to 236,924 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 257,736 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 236,924 credit union members during 2020. 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 2022 return.

Listed in Part VII

  • Jacqueline Buchanan

    President CEO

    Total calculated
    $2,464,342
    From this org
    $2,431,420
    From related orgs
    $0
    Other
    $32,922
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $1,248,391
    Bonus
    $1,150,000
    Other
    $33,029
    Deferred
    $24,400
    Nontaxable benefits
    $8,522
    Filer's total
    $2,464,342

  • Nathan Davidson

    Chief Financial Officer

    Total calculated
    $434,346
    From this org
    $369,634
    From related orgs
    $0
    Other
    $64,712
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $275,144
    Bonus
    $81,577
    Other
    $12,912
    Deferred
    $47,445
    Nontaxable benefits
    $17,267
    Filer's total
    $434,345

  • Donald White

    Mortgage officer

    Total calculated
    $405,440
    From this org
    $371,504
    From related orgs
    $0
    Other
    $33,936
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $22,770
    Bonus
    $348,134
    Other
    $600
    Deferred
    $22,212
    Nontaxable benefits
    $11,723
    Filer's total
    $405,439

  • Allen Mitchell

    Business Loan

    Total calculated
    $359,793
    From this org
    $333,704
    From related orgs
    $0
    Other
    $26,089
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $85,387
    Bonus
    $242,960
    Other
    $5,357
    Deferred
    $23,184
    Nontaxable benefits
    $2,905
    Filer's total
    $359,793

  • Michelle Mattson

    SVP Remote Delivery Channels

    Total calculated
    $303,511
    From this org
    $248,338
    From related orgs
    $0
    Other
    $55,173
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,808
    Bonus
    $53,648
    Other
    $8,882
    Deferred
    $41,064
    Nontaxable benefits
    $14,109
    Filer's total
    $303,511

  • Lynn Dillon

    Mortgage Consultant

    Total calculated
    $302,579
    From this org
    $272,149
    From related orgs
    $0
    Other
    $30,430
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $21,597
    Bonus
    $250,552
    Other
    $0
    Deferred
    $15,863
    Nontaxable benefits
    $14,567
    Filer's total
    $302,579

  • Andria George

    VP Human Resources

    Total calculated
    $301,429
    From this org
    $277,803
    From related orgs
    $0
    Other
    $23,626
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $196,350
    Bonus
    $57,592
    Other
    $23,861
    Deferred
    $15,856
    Nontaxable benefits
    $7,770
    Filer's total
    $301,429

  • James Fagan

    VP Real Estate Lending

    Total calculated
    $291,258
    From this org
    $267,503
    From related orgs
    $0
    Other
    $23,755
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $201,076
    Bonus
    $60,000
    Other
    $6,427
    Deferred
    $15,976
    Nontaxable benefits
    $7,779
    Filer's total
    $291,258

  • Matt Chapman

    VP of IT

    Total calculated
    $275,948
    From this org
    $244,126
    From related orgs
    $0
    Other
    $31,822
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $182,935
    Bonus
    $52,491
    Other
    $8,700
    Deferred
    $14,896
    Nontaxable benefits
    $16,926
    Filer's total
    $275,948

  • Jessica Buck

    VP of Lending

    Total calculated
    $265,989
    From this org
    $243,177
    From related orgs
    $0
    Other
    $22,812
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $184,501
    Bonus
    $54,035
    Other
    $4,641
    Deferred
    $14,876
    Nontaxable benefits
    $7,936
    Filer's total
    $265,989

  • Heather Pizzala

    VP of Marketing

    Total calculated
    $240,634
    From this org
    $222,649
    From related orgs
    $0
    Other
    $17,985
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $172,135
    Bonus
    $41,843
    Other
    $8,671
    Deferred
    $13,823
    Nontaxable benefits
    $4,162
    Filer's total
    $240,634

  • Frank Klimczak

    Information Security Manager

    Total calculated
    $231,588
    From this org
    $201,150
    From related orgs
    $0
    Other
    $30,438
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,493
    Bonus
    $24,609
    Other
    $8,048
    Deferred
    $13,629
    Nontaxable benefits
    $16,808
    Filer's total
    $231,587

  • Brian Dowgiallo

    VP Risk Management

    Total calculated
    $209,940
    From this org
    $181,768
    From related orgs
    $0
    Other
    $28,172
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,974
    Bonus
    $33,460
    Other
    $6,334
    Deferred
    $11,590
    Nontaxable benefits
    $16,582
    Filer's total
    $209,940

  • Jerry McIlrath

    SVP Sales and Service

    Total calculated
    $203,408
    From this org
    $180,167
    From related orgs
    $0
    Other
    $23,241
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $123,919
    Bonus
    $46,522
    Other
    $9,726
    Deferred
    $9,601
    Nontaxable benefits
    $13,640
    Filer's total
    $203,408

  • Sharon Nichols

    VP Sales and Service

    Total calculated
    $194,329
    From this org
    $169,407
    From related orgs
    $0
    Other
    $24,922
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,768
    Bonus
    $21,934
    Other
    $6,705
    Deferred
    $11,507
    Nontaxable benefits
    $13,415
    Filer's total
    $194,329

  • Brian Zabowski

    Board Member

    Total calculated
    $0
    Hours/week
    7

  • David Stolk

    Supervisory Committee Member

    Total calculated
    $0
    Hours/week
    7

  • Mark Churay

    Board Secretary

    Total calculated
    $0
    Hours/week
    7

  • John Schulte

    Board Member

    Total calculated
    $0
    Hours/week
    7

  • Peter Devita

    Board Treasurer

    Total calculated
    $0
    Hours/week
    7

  • Barbara Pasciolla

    Supervisory Committee Member

    Total calculated
    $0
    Hours/week
    7

  • James Campbell

    Board Member

    Total calculated
    $0
    Hours/week
    7

  • Kim Turner

    Board Vice Chairperson

    Total calculated
    $0
    Hours/week
    7

  • Greg Melega

    Board Member

    Total calculated
    $0
    Hours/week
    7

  • Thomas Healy

    Board Chairperson

    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
2022
Filed
15 May 2023
IRS schema version
2022v5.0
Source object
202341359349306174

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