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Nonprofiteer
← 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
$28,282,702
Total expenses
$25,989,490
Contributions and grants received
$0
Grants paid
$10,000
Program service revenue
$26,481,092
Investment income
$1,786,505
Other revenue
$15,105
Total assets, end of year
$423,738,714
Total liabilities, end of year
$373,511,709
Net assets or fund balances, end of year
$50,227,005
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 INCOME

    total $20,990,681 · related or exempt $20,990,681

  • 2b · Program service revenue: FEE INCOME

    total $5,490,411 · related or exempt $5,490,411

  • 3 · Investment income

    total $1,786,505 · excluded $1,786,505

  • 11a · Other revenue: FINANCE AND INSURANCE

    total $15,105 · unrelated business $15,105

  • 11e · Other revenue, total

    $15,105

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $10,000

  • 5 · Compensation of officers, directors and key employees

    total $1,781,787

  • 7 · Other salaries and wages

    total $5,228,395

  • 8 · Pension plan contributions

    total $433,383

  • 9 · Other employee benefits

    total $720,450

  • 10 · Payroll taxes

    total $550,824

  • 11b · Fees: legal

    total $9,546

  • 11c · Fees: accounting

    total $122,351

  • 11g · Fees: other

    total $21,383

  • 12 · Advertising and promotion

    total $894,966

  • 13 · Office expenses

    total $606,654

  • 14 · Information technology

    total $1,379,581

  • 16 · Occupancy

    total $904,546

  • 17 · Travel

    total $36,728

  • 19 · Conferences, conventions and meetings

    total $15,810

  • 20 · Interest

    total $7,167,703

  • 21 · Payments to affiliates

    total $67,840

  • 22 · Depreciation, depletion and amortization

    total $1,001,046

  • 23 · Insurance

    total $156,712

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $2,065,700

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $996,960

  • 24c · Other expenses: DEBIT/CREDIT CARD EXPEN

    total $685,724

  • 24d · Other expenses: MAINTENANCE

    total $439,741

  • 24e · All other expenses

    total $691,660

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,535,553 · end of year $2,743,729

  • 2 · Savings and temporary cash investments

    beginning of year $24,502,823 · end of year $26,262,785

  • 4 · Accounts receivable

    beginning of year $2,565,099 · end of year $819,593

  • 5 · Loans and receivables from officers and key people

    beginning of year $5,467,290 · end of year $5,312,982

  • 7 · Other notes and loans receivable

    beginning of year $340,796,894 · end of year $358,444,962

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,208,733 · end of year $1,027,688

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

    $25,764,110

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

    $12,153,664

  • 10c · Land, buildings and equipment, net

    beginning of year $10,815,685 · end of year $13,610,446

  • 11 · Investments: publicly traded securities

    beginning of year $6,653,194 · end of year $5,915,101

  • 12 · Investments: other securities

    beginning of year $2,605,300 · end of year $2,830,300

  • 15 · Other assets

    beginning of year $8,650,198 · end of year $6,771,128

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,218,764 · end of year $3,414,880

  • 23 · Secured mortgages and notes payable

    beginning of year $42,000,000 · end of year $47,000,000

  • 25 · Other liabilities

    beginning of year $313,734,230 · end of year $323,096,829

  • 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 $47,847,775 · end of year $50,227,005

Mission and programs · 2024

Mission

REVOLUTIONIZE THE SERVICE EXPERIENCE FULFILLING THE CHANGING NEEDS OF MEMBERS AND OUR COMMUNITIES.

Activities or mission (Part I)

WE ARE COMMITTED TO BEING A LEADING COMMUNITY-FOCUSED CREDIT UNION THAT IS THE CORNERSTONE TO HELPING MEMBERS ACHIEVE THEIR FINANCIAL GOALS.

  • SERVICE OVER $367 MILLION IN LOANS TO MEMBERS AS OF DECEMBER 31, 2024.

  • PROVIDE DEPOSIT SERVICES TO OVER 25,000 MEMBERS. MEMBERS DEPOSITS APPROXIMATED $323 MILLION AS OF DECEMBER 31, 2024.

  • ESTABLISHED 3,100 NEW MEMBERSHIPS IN 2024.

As filed on the 2024 return.

Listed in Part VII

  • Leo Moses

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    10

  • Chris Baker

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Timothy McGlinchey

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    5

  • Timothy Green

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • John Else II

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • David Woodward

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Lori Ozdowy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Jackie Macon

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Brian Beaumont

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • Heidi Kassab

    PRESIDENT/CEO

    Total calculated
    $478,650
    From this org
    $437,257
    From related orgs
    $0
    Other
    $41,393
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $382,518
    Bonus
    $54,739
    Other
    $0
    Deferred
    $18,257
    Nontaxable benefits
    $23,136
    Filer's total
    $478,650

  • Jennifer Dickey

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $253,496
    From this org
    $213,135
    From related orgs
    $0
    Other
    $40,361
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $198,610
    Bonus
    $14,525
    Other
    $0
    Deferred
    $39,828
    Nontaxable benefits
    $533
    Filer's total
    $253,496

  • Christopher Mangeno

    CHIEF LENDING OFFICER

    Total calculated
    $261,565
    From this org
    $197,203
    From related orgs
    $0
    Other
    $64,362
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,040
    Bonus
    $14,163
    Other
    $0
    Deferred
    $41,589
    Nontaxable benefits
    $22,773
    Filer's total
    $261,565

  • Robert Stier

    CFO

    Total calculated
    $190,403
    From this org
    $156,837
    From related orgs
    $0
    Other
    $33,566
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,837
    Bonus
    $0
    Other
    $0
    Deferred
    $10,669
    Nontaxable benefits
    $22,897
    Filer's total
    $190,403

  • Steve Flores

    CHIEF INNOVATION OFFICER

    Total calculated
    $212,909
    From this org
    $153,563
    From related orgs
    $0
    Other
    $59,346
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,263
    Bonus
    $8,300
    Other
    $0
    Deferred
    $38,673
    Nontaxable benefits
    $20,673
    Filer's total
    $212,909

  • Suzanne Martin

    VP OF RETAIL SALES

    Total calculated
    $200,264
    From this org
    $176,183
    From related orgs
    $0
    Other
    $24,081
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,944
    Bonus
    $9,239
    Other
    $0
    Deferred
    $13,379
    Nontaxable benefits
    $10,702
    Filer's total
    $200,264

  • Autumn Nanasi

    VP OF CULTURE AND TALENT

    Total calculated
    $184,500
    From this org
    $152,523
    From related orgs
    $0
    Other
    $31,977
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,294
    Bonus
    $8,229
    Other
    $0
    Deferred
    $29,513
    Nontaxable benefits
    $2,464
    Filer's total
    $184,500

  • David Shosey

    VP OF IT

    Total calculated
    $195,825
    From this org
    $139,938
    From related orgs
    $0
    Other
    $55,887
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,788
    Bonus
    $150
    Other
    $0
    Deferred
    $32,751
    Nontaxable benefits
    $23,136
    Filer's total
    $195,825

  • Gabrielle Champine

    VP OF BRAND & GROWTH

    Total calculated
    $126,842
    From this org
    $122,550
    From related orgs
    $0
    Other
    $4,292
    Hours/week
    40

  • Heather Hermes

    DIRECTOR OF LENDING & COLLECTIONS

    Total calculated
    $132,055
    From this org
    $113,564
    From related orgs
    $0
    Other
    $18,491
    Hours/week
    40

  • Christopher Degen

    LENDING MANAGER

    Total calculated
    $117,205
    From this org
    $108,824
    From related orgs
    $0
    Other
    $8,381
    Hours/week
    40

  • Alexandra Wolf Garshott

    DIRECTOR OF RETAIL

    Total calculated
    $119,152
    From this org
    $102,997
    From related orgs
    $0
    Other
    $16,155
    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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 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 PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, HEIDI KASSAB THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANT. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. THE CREDIT UNION HAS ESTABLISHED A 457(F) NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR CERTAIN MEMBERS OF MANAGEMENT. DURING 2024, THE CREDIT UNION RECOGNIZED AN ACCRUED EXPENSE FOR THE FOLLOWING EMPLOYEES TOWARD THEIR FUTURE EXPECTED BENEFIT PAYOUT: JENNIFER DICKEY: $25,546 CHRISTOPHER MANGENO: $26,198 DAVID SHOSEY: $20,817 STEVE FLORES: $26,404 AUTUMN NANASI: $17,853

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
2 October 2025
IRS schema version
2024v5.2
Source object
202542779349300804

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