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Nonprofiteer
← CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN

Form 990 for tax year 2025

Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.

Totals

Total revenue
$17,793,412
Total expenses
$16,562,439
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$16,570,373
Investment income
$1,223,039
Other revenue
$0
Total assets, end of year
$297,016,927
Total liabilities, end of year
$275,289,568
Net assets or fund balances, end of year
$21,727,359
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

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 INCOME

    total $13,492,184 · related or exempt $13,492,184

  • 2b · Program service revenue: FEES AND CHARGES

    total $3,058,323 · related or exempt $3,040,720 · unrelated business $17,603

  • 2c · Program service revenue: GAIN ON SALE OF MORTGAGES AND LOA

    total $19,866 · related or exempt $19,866

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $1,209,363 · excluded $1,209,363

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    other assets $177,543

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

    other assets $163,867

  • 7c · Gain or loss

    securities $0 · other assets $13,676

  • 7d · Net gain or loss

    total $13,676 · excluded $13,676

  • 8c · Net income from fundraising events

    total $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $618,746

  • 7 · Other salaries and wages

    total $4,509,367

  • 8 · Pension plan contributions

    total $358,859

  • 9 · Other employee benefits

    total $1,013,809

  • 10 · Payroll taxes

    total $390,201

  • 11b · Fees: legal

    total $99,103

  • 11c · Fees: accounting

    total $211,964

  • 11g · Fees: other

    total $99,099

  • 12 · Advertising and promotion

    total $365,641

  • 13 · Office expenses

    total $519,440

  • 14 · Information technology

    total $640,727

  • 16 · Occupancy

    total $374,701

  • 17 · Travel

    total $26,554

  • 19 · Conferences, conventions and meetings

    total $227,415

  • 20 · Interest

    total $12

  • 22 · Depreciation, depletion and amortization

    total $617,851

  • 23 · Insurance

    total $122,158

  • 24a · Other expenses: DIVIDENDS PAID ON MEMBER

    total $3,120,494

  • 24b · Other expenses: CREDIT CARD AND ACCOUNT

    total $965,948

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $753,287

  • 24d · Other expenses: OVER & SHORT ATM COLLEC

    total $563,069

  • 24e · All other expenses

    total $963,994

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,830,476 · end of year $2,937,100

  • 2 · Savings and temporary cash investments

    beginning of year $16,038,810 · end of year $16,288,418

  • 4 · Accounts receivable

    beginning of year $70,317 · end of year $228,172

  • 5 · Loans and receivables from officers and key people

    beginning of year $4,504,762 · end of year $4,646,212

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $229,310,133 · end of year $242,649,974

  • 9 · Prepaid expenses and deferred charges

    beginning of year $660,350 · end of year $955,138

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

    $17,560,447

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

    $8,213,861

  • 10c · Land, buildings and equipment, net

    beginning of year $8,795,399 · end of year $9,346,586

  • 12 · Investments: other securities

    beginning of year $15,132,492 · end of year $12,942,672

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $6,791,843 · end of year $7,022,655

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,330,481 · end of year $1,707,204

  • 21 · Escrow or custodial account liability

    beginning of year $557,806 · end of year $579,273

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $261,074,598 · end of year $273,003,091

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $20,171,697 · end of year $21,727,359

Mission and programs · 2025

Mission

PROVIDING OUR MEMBERS THE RESOURCES TO DEVELOP STRONG FINANCIAL ROOTS.

Activities or mission (Part I)

PROVIDE SERVICE TO OUR MEMBERS

  • SERVED APPROXIMATELY 18,870 MEMBERS BY OFFERING LOANS, DEPOSITS, AND VARIOUS OTHER FINANCIAL SOLUTIONS TO ENSURE FINANCIAL SUCCESS TO OUR MEMBERSHIP.

As filed on the 2025 return.

Listed in Part VII

  • Christine Houle

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Dennis Geno

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Donald Goulet

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Kelly Johnson

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Dave Ventorne

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Davene Ivey

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Louie Roth

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Diane Abbonizio

    CEO

    Total calculated
    $373,344
    From this org
    $311,585
    From related orgs
    $0
    Other
    $61,759
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $299,085
    Bonus
    $12,500
    Other
    $0
    Deferred
    $41,483
    Nontaxable benefits
    $20,276
    Filer's total
    $373,344

  • Doug Kelley

    CFO

    Total calculated
    $245,402
    From this org
    $184,318
    From related orgs
    $0
    Other
    $61,084
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $179,318
    Bonus
    $5,000
    Other
    $0
    Deferred
    $35,957
    Nontaxable benefits
    $25,127
    Filer's total
    $245,402

  • Leslie Webb

    SVP PEOPLE & STRATEGY

    Total calculated
    $181,394
    From this org
    $138,322
    From related orgs
    $0
    Other
    $43,072
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $133,322
    Bonus
    $5,000
    Other
    $0
    Deferred
    $17,961
    Nontaxable benefits
    $25,111
    Filer's total
    $181,394

  • Tanner Layle

    SVP INNOVATION & TECHNOLOGY

    Total calculated
    $165,453
    From this org
    $119,937
    From related orgs
    $0
    Other
    $45,516
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $114,937
    Bonus
    $5,000
    Other
    $0
    Deferred
    $20,389
    Nontaxable benefits
    $25,127
    Filer's total
    $165,453

  • Terry Luptowski

    VP LENDING

    Total calculated
    $144,926
    From this org
    $110,769
    From related orgs
    $0
    Other
    $34,157
    Hours/week
    60

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

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

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
2025
Filed
27 July 2026
IRS schema version
2025v4.2
Source object
202602089349300135

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