Form 990 for tax year 2025
Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.
Totals
- Total revenue
- $24,550,652
- Total expenses
- $19,481,075
- Contributions and grants received
- $0
- Grants paid
- $326,281
- Program service revenue
- $21,191,951
- Investment income
- $3,358,701
- Other revenue
- $0
- Total assets, end of year
- $361,485,329
- Total liabilities, end of year
- $303,582,128
- Net assets or fund balances, end of year
- $57,903,201
- 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: LOAN INTEREST
total $15,735,604 · related or exempt $15,735,604
-
2b · Program service revenue: OTHER INCOME
total $5,456,347 · related or exempt $5,410,056 · unrelated business $46,291
-
3 · Investment income
total $3,505,633 · excluded $3,505,633
-
7a · Gross sales of assets other than inventory
securities $371,240
-
7b · Less cost or other basis and sales expenses
securities $518,172
-
7c · Gain or loss
securities -$146,932
-
7d · Net gain or loss
total -$146,932 · excluded -$146,932
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $326,281
-
5 · Compensation of officers, directors and key employees
total $1,151,231
-
7 · Other salaries and wages
total $3,935,452
-
8 · Pension plan contributions
total $231,769
-
9 · Other employee benefits
total $454,255
-
10 · Payroll taxes
total $361,582
-
11b · Fees: legal
total $205,895
-
11c · Fees: accounting
total $107,436
-
11g · Fees: other
total $1,284,509
-
12 · Advertising and promotion
total $448,832
-
13 · Office expenses
total $228,352
-
14 · Information technology
total $1,755,766
-
16 · Occupancy
total $376,316
-
19 · Conferences, conventions and meetings
total $182,463
-
20 · Interest
total $4,768,920
-
22 · Depreciation, depletion and amortization
total $288,985
-
23 · Insurance
total $81,603
-
24a · Other expenses: PROVISION FOR LOAN LOSS
total $1,130,896
-
24b · Other expenses: LOAN SERVICING
total $955,646
-
24c · Other expenses: SERVICE CHARGES AND ACC
total $874,700
-
24d · Other expenses: MISCELLANEOUS OPERATING
total $259,069
-
24e · All other expenses
total $71,117
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,402,719 · end of year $3,488,284
-
4 · Accounts receivable
beginning of year $17,752 · end of year $29,649
-
7 · Other notes and loans receivable
beginning of year $233,969,768 · end of year $235,053,880
-
9 · Prepaid expenses and deferred charges
beginning of year $107,863 · end of year $85,786
-
10a · Land, buildings and equipment: cost or other basis
$12,134,179
-
10b · Land, buildings and equipment: accumulated depreciation
$4,828,549
-
10c · Land, buildings and equipment, net
beginning of year $6,688,843 · end of year $7,305,630
-
12 · Investments: other securities
beginning of year $67,851,654 · end of year $95,026,472
-
13 · Investments: program-related
beginning of year $9,231,951 · end of year $10,721,945
-
15 · Other assets
beginning of year $9,411,836 · end of year $9,773,683
-
17 · Accounts payable and accrued expenses
beginning of year $4,405,115 · end of year $5,070,292
-
25 · Other liabilities
beginning of year $275,507,483 · end of year $298,511,836
-
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 $50,769,788 · end of year $57,903,201
Mission and programs · 2025
Mission
PARTNERING WITH MEMBERS FOR FINANCIAL SUCCESS THROUGH SERVICE, SOLUTIONS, AND EDUCATION.
Activities or mission (Part I)
TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND.
-
PROVIDE 16,296 MEMBERS WITH REGULAR SHARE, CLUB SAVINGS, SHARE DRAFT, YOUTH SAVINGS, HEALTH SAVINGS ACCOUNTS, MONEY MARKET, IRA, COMMERCIAL AND CERTIFICATE OF DEPOSIT ACCOUNTS TOTALING 18,537.
-
PROVIDE 8,321 LOANS INCLUDING VEHICLE, OTHER CONSUMER, UNSECURED, MORTGAGE, HOME EQUITY, COMMERCIAL, CREDIT CARD, YOUTH AND CONSTRUCTION LOANS. SERVICE 1,596 LOANS SOLD TO THE SECONDARY MARKET.
-
OFFER INSURANCE AND FINANCIAL ADVISORY SERVICES. INSURANCE OFFERED INCLUDES AD&D, GAP, CREDIT LIFE & DISABILITY, AND MECHANICAL BREAKDOWN COVERAGE. ALSO OFFER PROPERTY & CASUALTY AND ANCILLARY INSURANCE LINES VIA MCCU INSURANCE AGENCY, LLC. FINANCIAL ADVISORY SERVICES OFFERED VIA INDEPENDENT FINANCIAL ADVISORS.
-
MISCELLANEOUS SERVICES: ATMS, MONEY ORDERS, WIRE TRANSFERS, SAFE DEPOSIT BOXES, NOTARY SERVICE, MEDALLION SIGNATURE GUARANTEES, BILL PAY, COIN COUNTERS, CU IN SCHOOL BRANCHES, MOBILE DEPOSIT, MERCHANT CARD PROCESSING, LAND CONTRACT SERVICING, FINANCIAL COUNSELING. THIS LIST IS NOT ALL-INCLUSIVE.
As filed on the 2025 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Mark GaravaliaMARK GARAVALIA
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Ashley IovienoASHLEY IOVIENO
VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Jerry BaremorJERRY BAREMOR
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Lisa DamronLISA DAMRON
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Paul WatsonPAUL WATSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Frank CabreraFRANK CABRERA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Lucy Blair HoughLUCY BLAIR HOUGH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
William ClaybornWILLIAM CLAYBORN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Vaughn FrentzVAUGHN FRENTZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Corrie RozellCORRIE ROZELL
CEO
- Total calculated
- $420,525
- From this org
- $380,334
- From related orgs
- $0
- Other
- $40,191
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $266,318
- Bonus
- $114,016
- Other
- $0
- Deferred
- $36,378
- Nontaxable benefits
- $3,813
- Filer's total
- $420,525
-
Julie ZinkJULIE ZINK
CFO
- Total calculated
- $182,981
- From this org
- $158,212
- From related orgs
- $0
- Other
- $24,769
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $142,618
- Bonus
- $15,594
- Other
- $0
- Deferred
- $19,818
- Nontaxable benefits
- $4,951
- Filer's total
- $182,981
-
Melissa SeavoltMELISSA SEAVOLT
COO
- Total calculated
- $196,435
- From this org
- $171,784
- From related orgs
- $0
- Other
- $24,651
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $154,983
- Bonus
- $16,801
- Other
- $0
- Deferred
- $21,357
- Nontaxable benefits
- $3,294
- Filer's total
- $196,435
-
John McKenzieJOHN MCKENZIE
VP OF INFO TECH AND SECURITY
- Total calculated
- $188,011
- From this org
- $159,800
- From related orgs
- $0
- Other
- $28,211
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $144,023
- Bonus
- $15,777
- Other
- $0
- Deferred
- $20,065
- Nontaxable benefits
- $8,146
- Filer's total
- $188,011
-
Steve ScottSTEVE SCOTT
VP OF IT BUSINESS SOLUTIONS
- Total calculated
- $163,281
- From this org
- $144,889
- From related orgs
- $0
- Other
- $18,392
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $131,108
- Bonus
- $13,781
- Other
- $0
- Deferred
- $7,860
- Nontaxable benefits
- $10,532
- Filer's total
- $163,281
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
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
Answered no
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- PART I, LINES 4A-B
- THE CREDIT UNION PURCHASED A LIFE INSURANCE POLICY AND SERP FOR HEATHER LUCIANI, FORMER CEO IN 2013 THIS WAS DISSOLVED IN 2019. IN 2019 THE CREDIT UNION ENTERED INTO A COLLATERAL ASSIGNMENT SPLIT DOLLAR LIFE INSURANCE AGREEMENT WITH HEATHER LUCIANI, FORMER CEO. THE OUTSTANDING LOAN BALANCE AS OF 12/31/25 WAS $3,716,000 THE CREDIT UNION HAS SECTION 457(F) SUPPLEMENTAL EMPLOYEE RETIREMENT PLANS. THE PLANS COVER CERTAIN CREDIT UNION EMPLOYEES. UNDER THE 457(F) PLANS, UPON RETIREMENT OR THE ACHIEVEMENT OF OTHER MILESTONES, PARTICIPANTS WILL RECEIVE CASH PAYMENTS. LIABILITIES ARE ACCRUED FOR FUTURE BENEFIT PAYMENTS OF APPROXIMATELY $266,000 AND $218,000 AT DECEMBER 31, 2025 AND 2024, RESPECTIVELY. SUCH AMOUNTS ARE INCLUDED IN ACCRUED INTEREST PAYABLE AND OTHER LIABILITIES ON THE ACCOMPANYING CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION.
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
-
$7,500
SCHOLARSHIPS FOR FURTHER EDUCATION
-
$7,500
SCHOLARSHIPS FOR FURTHER EDUCATION
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.
-
MCCU INSURANCE AGENCY
INSURANCE SERVICES · MI · income $13,047 · assets $55,980
Directly controlled by MARSHALL COMMUNITY CREDIT UNION
Provenance
- Return type
- form_990
- Tax year
- 2025
- Filed
- 8 May 2026
- IRS schema version
- 2025v4.1
- Source object
- 202601329349300630
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