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← CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN

Form 990 for tax year 2024

Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.

Totals

Total revenue
$8,498,738
Total expenses
$7,517,019
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$6,751,408
Investment income
$1,747,330
Other revenue
$0
Total assets, end of year
$158,152,334
Total liabilities, end of year
$143,646,480
Net assets or fund balances, end of year
$14,505,854
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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 ON LOANS

    total $5,220,717 · related or exempt $5,220,717

  • 2b · Program service revenue: INTERCHANGE INCOME

    total $731,893 · related or exempt $731,893

  • 2c · Program service revenue: FEES AND CHARGES

    total $685,278 · related or exempt $685,278

  • 2d · Program service revenue: MEMBER GAP SALES

    total $69,655 · related or exempt $69,655

  • 2e · Program service revenue: INSURANCE INCOME

    total $28,900 · unrelated business $28,900

  • 2f · All other program service revenue

    total $14,965 · unrelated business $14,965

  • 3 · Investment income

    total $1,778,722 · related or exempt $1,778,722

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

    securities $31,392

  • 7c · Gain or loss

    securities -$31,392

  • 7d · Net gain or loss

    total -$31,392 · related or exempt -$31,392

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $173,086

  • 6 · Compensation of disqualified persons

    total $1,991,033

  • 8 · Pension plan contributions

    total $127,847

  • 9 · Other employee benefits

    total $474,234

  • 10 · Payroll taxes

    total $172,203

  • 11b · Fees: legal

    total $6,655

  • 11c · Fees: accounting

    total $58,496

  • 11g · Fees: other

    total $630,913

  • 12 · Advertising and promotion

    total $228,579

  • 13 · Office expenses

    total $255,031

  • 14 · Information technology

    total $222,624

  • 16 · Occupancy

    total $140,686

  • 17 · Travel

    total $112,949

  • 20 · Interest

    total $1,591,709

  • 22 · Depreciation, depletion and amortization

    total $185,699

  • 23 · Insurance

    total $56,356

  • 24a · Other expenses: LOAN SERVICING

    total $667,840

  • 24b · Other expenses: PROVISION FOR LOAN LOSSES

    total $302,506

  • 24c · Other expenses: POSTAGE AND SHIPPING

    total $85,847

  • 24d · Other expenses: ORGANIZATIONAL DUES

    total $31,625

  • 24e · All other expenses

    total $1,101

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,248,918 · end of year $3,229,195

  • 2 · Savings and temporary cash investments

    beginning of year $47,967,026 · end of year $56,299,235

  • 7 · Other notes and loans receivable

    beginning of year $85,519,150 · end of year $93,495,634

  • 9 · Prepaid expenses and deferred charges

    beginning of year $104,037 · end of year $177,181

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

    $3,084,002

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

    $1,673,472

  • 10c · Land, buildings and equipment, net

    beginning of year $1,252,402 · end of year $1,410,530

  • 12 · Investments: other securities

    beginning of year $1,092,715 · end of year $1,092,715

  • 15 · Other assets

    beginning of year $2,334,464 · end of year $2,447,844

  • 17 · Accounts payable and accrued expenses

    beginning of year $823,194 · end of year $1,343,092

  • 25 · Other liabilities

    beginning of year $126,955,080 · end of year $142,303,388

  • 31 · Retained earnings, endowment or other funds

    beginning of year $12,740,438 · end of year $14,505,854

Mission and programs · 2024

Mission

TO BE MICHIGAN'S LEADING CREDIT UNION, DEDICATED TO THE FINANCIAL SUCCESS OF EVERY MEMBER.

  • THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES AND OTHER. THE TOTAL NUMBER OF MEMBERS AT 12/31/2024 WAS 10,307.

  • THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREIT CARD, VEHICLES AND OTHER. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/2024 WAS 7,826.

  • N/A

  • N/A

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Nicholas Montie

    MANAGER/CEO

    Total calculated
    $183,486
    From this org
    $173,086
    From related orgs
    $0
    Other
    $10,400
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,086
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $10,400
    Filer's total
    $183,486

  • Ruby J Haske

    COO

    Total calculated
    $110,386
    From this org
    $105,186
    From related orgs
    $0
    Other
    $5,200
    Hours/week
    40

  • Jerry E Peterson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Donald Bartosh

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • Randall T Boboltz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Patrick Richards

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Robert A Grochowski

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Chelsea McConnell

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Chelsea Wallace Koss

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

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

None.

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.

Provenance

Return type
form_990
Tax year
2024
Filed
14 November 2025
IRS schema version
2024v5.0
Source object
202513189349305026

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