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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
$16,668,733
Total expenses
$13,354,706
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$14,135,100
Investment income
$2,533,633
Other revenue
$0
Total assets, end of year
$290,614,498
Total liabilities, end of year
$258,723,919
Net assets or fund balances, end of year
$31,890,579
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: LOAN INTEREST

    total $9,996,909 · related or exempt $9,996,909

  • 2b · Program service revenue: FEES AND CHARGES

    total $3,852,340 · related or exempt $3,471,019 · unrelated business $381,321

  • 2c · Program service revenue: OTHER PROGRAM SERVICES

    total $285,851 · related or exempt $285,851

  • 3 · Investment income

    total $2,532,583 · excluded $2,532,583

  • 7a · Gross sales of assets other than inventory

    other assets $1,050

  • 7c · Gain or loss

    other assets $1,050

  • 7d · Net gain or loss

    total $1,050 · excluded $1,050

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $338,775

  • 7 · Other salaries and wages

    total $3,663,279

  • 8 · Pension plan contributions

    total $393,010

  • 9 · Other employee benefits

    total $475,477

  • 10 · Payroll taxes

    total $301,335

  • 11b · Fees: legal

    total $18,910

  • 11c · Fees: accounting

    total $42,652

  • 11g · Fees: other

    total $110,330

  • 12 · Advertising and promotion

    total $290,026

  • 13 · Office expenses

    total $865,110

  • 14 · Information technology

    total $671,508

  • 16 · Occupancy

    total $356,682

  • 17 · Travel

    total $20,219

  • 19 · Conferences, conventions and meetings

    total $108,182

  • 20 · Interest

    total $2,813,972

  • 22 · Depreciation, depletion and amortization

    total $208,739

  • 23 · Insurance

    total $79,346

  • 24a · Other expenses: ATM EXPENSE

    total $883,868

  • 24b · Other expenses: VISA EXPENSE

    total $617,977

  • 24c · Other expenses: LOAN SERVICING FEES

    total $561,911

  • 24d · Other expenses: PROVISION FOR LOAN LOSSES

    total $290,927

  • 24e · All other expenses

    total $242,471

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $14,522,522 · end of year $47,632,160

  • 5 · Loans and receivables from officers and key people

    beginning of year $2,185,738 · end of year $2,185,738

  • 7 · Other notes and loans receivable

    beginning of year $165,850,240 · end of year $169,117,723

  • 9 · Prepaid expenses and deferred charges

    beginning of year $422,229 · end of year $529,757

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

    $9,254,639

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

    $4,694,840

  • 10c · Land, buildings and equipment, net

    beginning of year $4,711,128 · end of year $4,559,799

  • 11 · Investments: publicly traded securities

    beginning of year $64,561,546 · end of year $59,197,754

  • 12 · Investments: other securities

    beginning of year $566,250 · end of year $566,250

  • 15 · Other assets

    beginning of year $6,322,263 · end of year $6,825,317

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,639,154 · end of year $1,610,990

  • 21 · Escrow or custodial account liability

    beginning of year $56,561 · end of year $58,864

  • 25 · Other liabilities

    beginning of year $229,933,222 · end of year $257,054,065

  • 31 · Retained earnings, endowment or other funds

    beginning of year $27,512,979 · end of year $31,890,579

Mission and programs · 2024

Mission

TO BECOME THE MEMBERS' PRIMARY FINANCIAL INSTITUTION BY PROVIDING RELIABLE, COMPREHENSIVE, COURTEOUS, AND PROMPT SERVICES THAT ARE COMPETITIVE WITH THE MARKET AND IN TUNE WITH MEMBERS' NEEDS.

  • THE ORGANIZATION PROVIDES MANY SERVICES TO ITS MEMBERS INCLUDING SAVINGS PLANS, SHARE DRAFT PRIVILEGES, LOANS FOR REAL ESTATE, CARS, BOATS, VACATIONS, EMERGENCIES, AND BUSINESS. THE ORGANIZATION ALSO PROVIDES INVESTMENT SERVICES THROUGH A FULLY LICENSED BROKER AND INSURANCE PRODUCTS THROUGH THIRD PARTY RELATIONSHIPS.

As filed on the 2024 return.

Listed in Part VII

  • Lynda Ellis

    PRESIDENT/CE

    Total calculated
    $135,496
    From this org
    $124,294
    From related orgs
    $0
    Other
    $11,202
    Hours/week
    40

  • Melissa McClendon

    VICE PRESIDE

    Total calculated
    $95,280
    From this org
    $89,672
    From related orgs
    $0
    Other
    $5,608
    Hours/week
    40

  • Joy Hill

    CHIEF FINANC

    Total calculated
    $90,305
    From this org
    $82,187
    From related orgs
    $0
    Other
    $8,118
    Hours/week
    40

  • Steven Rogers

    DIRECTOR & E

    Total calculated
    $17,694
    From this org
    $17,341
    From related orgs
    $0
    Other
    $353
    Hours/week
    8

  • Edwin Cook

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Monica Hoolsema

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Lori Langendorf

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Jo Anne Lussier

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Tyler Martin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jim Rose

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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.

Grants on this return

No itemized grants to organizations on this return.

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.

  • SCCU SERVICES LLC

    INSURANCE · MI · income $240,292 · assets $11,672

    Directly controlled by SOO CO-OP

Provenance

Return type
form_990
Tax year
2024
Filed
13 November 2025
IRS schema version
2024v5.0
Source object
202513219349305821

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