Form 990 for tax year 2022
Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.
Totals
- Total revenue
- $12,123,686
- Total expenses
- $8,405,776
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $9,052,872
- Investment income
- $3,070,814
- Other revenue
- $0
- Total assets, end of year
- $450,298,600
- Total liabilities, end of year
- $426,809,000
- Net assets or fund balances, end of year
- $23,489,600
- 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: INTEREST ON LOANS
total $5,182,638 · related or exempt $5,182,638
-
2b · Program service revenue: FEES/CHARGES/OTHER
total $3,860,841 · related or exempt $3,860,841
-
2c · Program service revenue: FINANCE AND INSURANCE
total $9,393 · unrelated business $9,393
-
3 · Investment income
total $3,090,256 · related or exempt $3,090,256
-
7a · Gross sales of assets other than inventory
securities $5,875,729
-
7b · Less cost or other basis and sales expenses
securities $5,895,171
-
7c · Gain or loss
securities -$19,442
-
7d · Net gain or loss
total -$19,442 · related or exempt -$19,442
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $505,976
-
7 · Other salaries and wages
total $2,632,227
-
8 · Pension plan contributions
total $103,684
-
9 · Other employee benefits
total $759,423
-
10 · Payroll taxes
total $205,097
-
11b · Fees: legal
total $15,751
-
11c · Fees: accounting
total $78,506
-
11g · Fees: other
total $396,268
-
12 · Advertising and promotion
total $153,000
-
13 · Office expenses
total $765,146
-
14 · Information technology
total $519,551
-
16 · Occupancy
total $243,185
-
17 · Travel
total $32,582
-
20 · Interest
total $242,189
-
21 · Payments to affiliates
total $17,463
-
22 · Depreciation, depletion and amortization
total $151,203
-
23 · Insurance
total $76,336
-
24a · Other expenses: ATM EXPENSES
total $431,480
-
24b · Other expenses: DEBIT/CREDIT CARD EXPEN
total $371,834
-
24c · Other expenses: LOAN SERVICING
total $268,638
-
24d · Other expenses: MAINTENANCE
total $167,083
-
24e · All other expenses
total $269,154
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,158,144 · end of year $3,008,365
-
2 · Savings and temporary cash investments
beginning of year $9,668,646 · end of year $8,230,759
-
4 · Accounts receivable
beginning of year $52,105 · end of year $1,941,578
-
5 · Loans and receivables from officers and key people
beginning of year $1,588,805 · end of year $7,248,184
-
7 · Other notes and loans receivable
beginning of year $43,965,632 · end of year $227,569,832
-
9 · Prepaid expenses and deferred charges
beginning of year $427,964 · end of year $5,829,399
-
10a · Land, buildings and equipment: cost or other basis
$7,806,299
-
10b · Land, buildings and equipment: accumulated depreciation
$1,220,035
-
10c · Land, buildings and equipment, net
beginning of year $289,428 · end of year $6,586,264
-
11 · Investments: publicly traded securities
beginning of year $77,677,900 · end of year $163,465,640
-
12 · Investments: other securities
beginning of year $413,200 · end of year $13,243,094
-
14 · Intangible assets
end of year $5,455,957
-
15 · Other assets
beginning of year $2,737,175 · end of year $7,719,528
-
17 · Accounts payable and accrued expenses
beginning of year $499,897 · end of year $5,325,312
-
25 · Other liabilities
beginning of year $125,047,297 · end of year $421,483,688
-
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 $12,431,805 · end of year $23,489,600
Mission and programs · 2022
Mission
WE OFFER A COMMITTMENT TO OUR MEMBERS TO PROVIDE QUALITY FINANCIAL SERVICES IN A FRIENDLY MANNER WITH SOUND PROFESSIONAL LEADERSHIP.
Activities or mission (Part I)
TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS
-
PROVIDE 28,694 MEMBERS WITH REGULAR SHARE, SHARE DRAFT, MONEY MARKET, IRA, AND CERTIFICATE OF DEPOSIT ACCOUNTS TOTALING $421,483,688
-
PROVIDE 16,343 LOANS INCLUDING VEHICLE, MORTGAGES, HOME EQUITY, COMMERCIAL/BUSINESS, UNSECURED, AND CREDIT CARDS TOTALING $234,558,318.
-
OFFER DEBIT CARDS, DIGITAL BANKING, AUTOMATED TELLER MACHINES, WIRE TRANSFERS, VARIOUS INSURANCE PRODUCTS, AND WEALTH MANAGEMENT.
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Michael LasleyMICHAEL LASLEY
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Paul J Renko JrPAUL J RENKO JR
V. CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Paul HainPAUL HAIN
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Dale CounteganDALE COUNTEGAN
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Ann SchroederANN SCHROEDER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Betty RichardsBETTY RICHARDS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Charles LaceyCHARLES LACEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
David DrakeDAVID DRAKE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Domenic LauriaDOMENIC LAURIA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Michael ConnollyMICHAEL CONNOLLY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Natalie ClemonsNATALIE CLEMONS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Patrick MontiPATRICK MONTI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Paul WydendorfPAUL WYDENDORF
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Stephen P GrechSTEPHEN P GRECH
PRESIDENT/CEO
- Total calculated
- $148,700
- From this org
- $126,594
- From related orgs
- $0
- Other
- $22,106
- Hours/week
- 40
-
Jon ElliottJON ELLIOTT
SENIOR EVP
- Total calculated
- $250,390
- From this org
- $210,654
- From related orgs
- $0
- Other
- $39,736
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $184,124
- Bonus
- $13,963
- Other
- $12,567
- Deferred
- $10,345
- Nontaxable benefits
- $29,391
- Filer's total
- $250,390
-
Kari CiaramitaroKARI CIARAMITARO
EVP FINANCE
- Total calculated
- $106,886
- From this org
- $90,431
- From related orgs
- $0
- Other
- $16,455
- Hours/week
- 40
-
Christena KoesterCHRISTENA KOESTER
EVP OPERATIONS AND TECHNOLOGY
- Total calculated
- $172,258
- From this org
- $145,407
- From related orgs
- $0
- Other
- $26,851
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $130,213
- Bonus
- $5,563
- Other
- $9,631
- Deferred
- $7,258
- Nontaxable benefits
- $19,593
- Filer's total
- $172,258
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
- THE CREDIT UNION HAS SPLIT DOLLAR COLLATERAL ASSIGNMENT LOAN AGREEMENTS WITH JON ELLIOT AND CHRISTENA KOESTER, WHEREAS THE CREDIT UNION PAYS THE ANNUAL LIFE INSURANCE PREMIUMS DURING THE EXECUTIVES' YEARS OF SERVICE ON BEHALF OF THE EXECUTIVES. THE CREDIT UNION HAS DEPOSITED FUNDS INTO A PREMIUM DEPOSIT ACCOUNT TO PAY THE ANNUAL LIFE INSURANCE PREMIUMS ON BEHALF OF THE EXECUTIVES. THE EXECUTIVES ARE THE SOLE OWNERS OF THE POLICIES AND ASSIGNED THE LIFE INSURANCE POLICIES AND THE ASSOCIATED PREMIUM DEPOSIT ACCOUNTS AS COLLATERAL TO THE CREDIT UNION. THE SPLIT DOLLAR ARRANGEMENTS WERE GRANTED TO THE EXECUTIVES WITH FULL RECOURSE BY THE CREDIT UNION. THE LOANS ARE EXPECTED TO BE REPAID FROM THE DEATH BENEFIT OF THE POLICIES. AS A RESULT OF THE MERGER BETWEEN MEMBERFOCUS COMMUNITY CREDIT UNION AND LOC FEDERAL CREDIT UNION, THE MERGED ENTITY (LOC CREDIT UNION) REPORTED COLLATERAL ASSIGNED SPLIT DOLLAR LOANS TO STEPHEN P. GRECH, KARI CIARAMITARO AND JAMES DICKINSON. WHILE STEPHEN P. GRECH AND KARI CIARAMITARO ARE CURRENT OFFICERS OF THE MERGED ENTITY, LOC CREDIT UNION, JAMES DICKINSON WAS THE FORMER CEO OF THE FORMER ENTITY, LOC FEDERAL CREDIT UNION.
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
- 2022
- Filed
- 3 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202343109349300649
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