Form 990 for tax year 2024
Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.
Totals
- Total revenue
- $18,583,911
- Total expenses
- $17,078,451
- Contributions and grants received
- $0
- Grants paid
- $4,000
- Program service revenue
- $16,298,814
- Investment income
- $2,253,286
- Other revenue
- $31,811
- Total assets, end of year
- $327,543,553
- Total liabilities, end of year
- $300,447,324
- Net assets or fund balances, end of year
- $27,096,229
- 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: LOANS RECEIVABLE
total $12,037,690 · related or exempt $12,037,690
-
2b · Program service revenue: FEES, CHARGES, OTHER
total $4,261,124 · related or exempt $4,261,124
-
3 · Investment income
total $2,253,286 · related or exempt $2,253,286
-
11a · Other revenue: FINANCE AND INSURANCE
total $31,811 · unrelated business $31,811
-
11e · Other revenue, total
$31,811
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $4,000
-
5 · Compensation of officers, directors and key employees
total $824,560
-
7 · Other salaries and wages
total $4,059,266
-
8 · Pension plan contributions
total $186,331
-
9 · Other employee benefits
total $668,873
-
10 · Payroll taxes
total $382,112
-
11b · Fees: legal
total $41,586
-
11c · Fees: accounting
total $94,479
-
11g · Fees: other
total $47,637
-
12 · Advertising and promotion
total $592,362
-
13 · Office expenses
total $513,776
-
14 · Information technology
total $924,561
-
16 · Occupancy
total $304,414
-
17 · Travel
total $142,202
-
19 · Conferences, conventions and meetings
total $52,093
-
20 · Interest
total $3,886,260
-
21 · Payments to affiliates
total $22,474
-
22 · Depreciation, depletion and amortization
total $753,763
-
23 · Insurance
total $89,197
-
24a · Other expenses: UNRELATED BUSINESS INCO
total $1,800
-
24b · Other expenses: DEBIT/CREDIT/ATM EXPENS
total $1,296,697
-
24c · Other expenses: PROVISION FOR LOAN LOSS
total $932,514
-
24d · Other expenses: LOAN SERVICING
total $528,921
-
24e · All other expenses
total $728,573
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $2,532,410 · end of year $3,504,282
-
2 · Savings and temporary cash investments
beginning of year $13,751,635 · end of year $27,111,759
-
7 · Other notes and loans receivable
beginning of year $209,818,606 · end of year $213,053,721
-
9 · Prepaid expenses and deferred charges
beginning of year $315,729 · end of year $320,928
-
10a · Land, buildings and equipment: cost or other basis
$18,515,929
-
10b · Land, buildings and equipment: accumulated depreciation
$6,288,519
-
10c · Land, buildings and equipment, net
beginning of year $12,409,488 · end of year $12,227,410
-
11 · Investments: publicly traded securities
beginning of year $65,431,954 · end of year $57,590,110
-
12 · Investments: other securities
beginning of year $6,843,000 · end of year $3,697,900
-
14 · Intangible assets
beginning of year $228,082 · end of year $805,346
-
15 · Other assets
beginning of year $7,362,819 · end of year $9,232,097
-
17 · Accounts payable and accrued expenses
beginning of year $4,367,813 · end of year $4,219,232
-
21 · Escrow or custodial account liability
beginning of year $390,833 · end of year $505,709
-
23 · Secured mortgages and notes payable
beginning of year $5,000,000 · end of year $5,000,000
-
25 · Other liabilities
beginning of year $284,726,972 · end of year $290,722,383
-
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 $24,208,105 · end of year $27,096,229
Mission and programs · 2024
Mission
TO POSITIVELY IMPACT THE LIVES OF OUR MEMBERS, TEAM MEMBERS, AND COMMUNITY THROUGH MEANINGFUL CONNECTIONS AND PROGRESSIVE FINANCIAL SOLUTIONS.
Activities or mission (Part I)
TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND.
-
PROMOTED THRIFT TO APPROXIMATELY 22,300 MEMBERS BY OFFERING LOANS, DEPOSITS, AND OTHER FINANCIAL INSTRUMENTS.
As filed on the 2024 return.
Listed in Part VII
-
Raymond W White JrRAYMOND W WHITE JR
BOARD CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 2
-
Charles LarsenCHARLES LARSEN
BOARD VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 2
-
Catherine PatyiCATHERINE PATYI
BOARD TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
Jeffrey BrussJEFFREY BRUSS
BOARD SECRETARY
- Total calculated
- $0
- Hours/week
- 2
-
Marc AlexanderMARC ALEXANDER
BOARD DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Ashley CiamilloASHLEY CIAMILLO
BOARD DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Gail MazzoneGAIL MAZZONE
BOARD DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Brian EisbrennerBRIAN EISBRENNER
ASSOCIATE BOARD DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Drema IsaacDREMA ISAAC
PRESIDENT/CEO
- Total calculated
- $568,176
- From this org
- $401,463
- From related orgs
- $0
- Other
- $166,713
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $357,115
- Bonus
- $43,244
- Other
- $1,104
- Deferred
- $144,000
- Nontaxable benefits
- $22,713
- Filer's total
- $568,176
-
Abigail WardABIGAIL WARD
CFO
- Total calculated
- $50,626
- From this org
- $44,301
- From related orgs
- $0
- Other
- $6,325
- Hours/week
- 40
-
Jennifer MartinesJENNIFER MARTINES
CHIEF GROWTH OFFICER
- Total calculated
- $205,758
- From this org
- $195,456
- From related orgs
- $0
- Other
- $10,302
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $187,616
- Bonus
- $7,600
- Other
- $240
- Deferred
- $10,302
- Nontaxable benefits
- $0
- Filer's total
- $205,758
-
Timothy StrenkTIMOTHY STRENK
CHIEF INFORMATION OFFICER
- Total calculated
- $192,899
- From this org
- $163,431
- From related orgs
- $0
- Other
- $29,468
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $157,652
- Bonus
- $5,466
- Other
- $313
- Deferred
- $9,049
- Nontaxable benefits
- $20,419
- Filer's total
- $192,899
-
Anne LesterANNE LESTER
VP BRANCH OPERATIONS
- Total calculated
- $153,574
- From this org
- $138,840
- From related orgs
- $0
- Other
- $14,734
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $133,570
- Bonus
- $4,993
- Other
- $277
- Deferred
- $8,268
- Nontaxable benefits
- $6,466
- Filer's total
- $153,574
-
Victoria McIntoshVICTORIA MCINTOSH
VP OF COMMUITY AFFAIRS
- Total calculated
- $128,747
- From this org
- $115,579
- From related orgs
- $0
- Other
- $13,168
- Hours/week
- 40
-
Beverly MurrellBEVERLY MURRELL
AVP OF REPAYMENT SOLUTIONS
- Total calculated
- $128,511
- From this org
- $101,602
- From related orgs
- $0
- Other
- $26,909
- 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
- 1a · Health or social club dues or initiation fees
- 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 PARTICIPATES IN A NON-QUALIFIED 457(F) DEFERRED COMPENSATION PLAN. THE ESTIMATED LIABILITY IS BEING ACCRUED OVER THE REMAINING YEARS OF THE AGREEMENT AND APPROXIMATED $1,281,900 AS OF DECEMBER 31, 2024. DURING 2024 THE ACCRUED EXPENSE RECORDED TO THE DEFERRED COMPENSATION PLAN WAS $144,000.
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.
-
501(C)(3) · COMMUNITY CHARITY AND FINANCIAL SERVICES · MI · controlled entity
Directly controlled by FREESTAR CREDIT UNION
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.
Disregarded entities
Part I: entities that legally are the filer and file no return of their own.
-
MIT CUSO LLC
IT SERVICES · MI · income $0 · assets $48,700
Directly controlled by FREESTAR CREDIT UNION
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 12 November 2025
- IRS schema version
- 2024v5.2
- Source object
- 202523189349315467
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
The source document this was parsed from is served over the API, which is where bulk and document access live.