Form 990 for tax year 2023
Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.
Totals
- Total revenue
- $64,543,625
- Total expenses
- $57,206,143
- Contributions and grants received
- $0
- Grants paid
- $147,792
- Program service revenue
- $58,196,329
- Investment income
- $4,719,582
- Other revenue
- $1,627,714
- Total assets, end of year
- $1,029,416,440
- Total liabilities, end of year
- $924,112,202
- Net assets or fund balances, end of year
- $105,304,238
- 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 $43,194,768 · related or exempt $43,194,768
-
2b · Program service revenue: FEES, CHARGES, OTHER
total $15,001,561 · related or exempt $15,001,561
-
3 · Investment income
total $4,719,582 · excluded $4,719,582
-
11a · Other revenue: EQUITY IN EARNINGS OF CUSO'S
total $990,987 · related or exempt $990,987
-
11b · Other revenue: FINANCE & INSURANCE
total $636,727 · unrelated business $636,727
-
11e · Other revenue, total
$1,627,714
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $127,792
-
2 · Grants to domestic individuals
total $20,000
-
5 · Compensation of officers, directors and key employees
total $1,341,422
-
7 · Other salaries and wages
total $11,523,432
-
8 · Pension plan contributions
total $2,139,416
-
9 · Other employee benefits
total $2,328,573
-
10 · Payroll taxes
total $946,524
-
11b · Fees: legal
total $33,431
-
11c · Fees: accounting
total $228,545
-
11g · Fees: other
total $411,364
-
12 · Advertising and promotion
total $2,070,205
-
13 · Office expenses
total $2,601,316
-
14 · Information technology
total $3,104,326
-
16 · Occupancy
total $459,252
-
17 · Travel
total $230,359
-
19 · Conferences, conventions and meetings
total $1,277
-
20 · Interest
total $11,011,455
-
21 · Payments to affiliates
total $89,375
-
22 · Depreciation, depletion and amortization
total $1,453,731
-
23 · Insurance
total $181,109
-
24a · Other expenses: PROVISION FOR LOAN LOSS
total $7,442,413
-
24b · Other expenses: DEBIT AND CREDIT CARD E
total $3,612,984
-
24c · Other expenses: MAINTENANCE
total $2,736,153
-
24d · Other expenses: LOAN SERVICING EXPENSE
total $1,880,510
-
24e · All other expenses
total $1,231,179
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $26,593,131 · end of year $21,584,929
-
2 · Savings and temporary cash investments
beginning of year $8,068,746 · end of year $42,371,411
-
4 · Accounts receivable
beginning of year $164,838 · end of year -$1,130,867
-
7 · Other notes and loans receivable
beginning of year $783,592,129 · end of year $801,348,312
-
9 · Prepaid expenses and deferred charges
beginning of year $1,958,693 · end of year $2,087,193
-
10a · Land, buildings and equipment: cost or other basis
$39,108,301
-
10b · Land, buildings and equipment: accumulated depreciation
$18,161,903
-
10c · Land, buildings and equipment, net
beginning of year $22,319,248 · end of year $20,946,398
-
11 · Investments: publicly traded securities
beginning of year $96,642,012 · end of year $87,999,799
-
12 · Investments: other securities
beginning of year $16,820,617 · end of year $18,649,174
-
15 · Other assets
beginning of year $30,102,962 · end of year $35,560,091
-
17 · Accounts payable and accrued expenses
beginning of year $55,942,367 · end of year $42,709,952
-
25 · Other liabilities
beginning of year $827,887,832 · end of year $881,402,250
-
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 $102,432,177 · end of year $105,304,238
Mission and programs · 2023
Mission
WHILE PROMOTING THE CREDIT UNION PHILOSOPHY, WE ARE COMMITTED TO PROVIDING FINANCIAL SERVICES FOR THE CHANGING NEEDS OF OUR MEMBERS AND HELPING THEM OBTAIN PERSONAL FINANCIAL SECURITY.
Activities or mission (Part I)
COOPERATIVE FINANCIAL INSTITUTION - CREDIT UNION PROVIDING LOANS AND SAVINGS PRODUCTS AND SERVICES TO MEMBERS.
-
SAVINGS PRODUCTS - PRIMARY MEMBER SERVICE STAFF/50% BRANCH OPERATIONS/CONTACT CENTER
-
LENDING PRODUCTS - LOAN STAFFING AND SUPPORT SERVICES, COLLECTION STAFFING.
-
CASH OPERATIONS - 50% BRANCH OPERATIONS, SUPPORT SERVICES - ACCOUNTING.
As filed on the 2023 return.
Listed in Part VII
-
Harold FosterHAROLD FOSTER
BOD PRESIDENT(UNTIL FEBRUARY 2023)
- Total calculated
- $0
- Hours/week
- 3
-
Melvin PlaceMELVIN PLACE
BOD VICE-PRESIDENT
- Total calculated
- $0
- Hours/week
- 3
-
Tom MartinsonTOM MARTINSON
BOD TREASURER
- Total calculated
- $0
- Hours/week
- 3
-
Tom CulpepperTOM CULPEPPER
BOD SECRETARY
- Total calculated
- $0
- Hours/week
- 3
-
Jere AuvenshineJERE AUVENSHINE
BOD MEMBER
- Total calculated
- $0
- Hours/week
- 3
-
Paulette WarrenPAULETTE WARREN
BOD MEMBER
- Total calculated
- $0
- Hours/week
- 3
-
Randy FreemanRANDY FREEMAN
BOD PRESIDENT(EFFECTIVE MARCH 2023)
- Total calculated
- $0
- Hours/week
- 3
-
Melvin ColemanMELVIN COLEMAN
BOD MEMBER
- Total calculated
- $0
- Hours/week
- 3
-
Patrick SpykePATRICK SPYKE
CEO
- Total calculated
- $566,300
- From this org
- $473,374
- From related orgs
- $0
- Other
- $92,926
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $431,541
- Bonus
- $41,833
- Other
- $0
- Deferred
- $60,266
- Nontaxable benefits
- $32,660
- Filer's total
- $566,300
-
Leslie RorieLESLIE RORIE
CFO
- Total calculated
- $195,180
- From this org
- $164,654
- From related orgs
- $0
- Other
- $30,526
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $157,539
- Bonus
- $7,115
- Other
- $0
- Deferred
- $21,800
- Nontaxable benefits
- $8,726
- Filer's total
- $195,180
-
Kelli Ellsworth-EtchisonKELLI ELLSWORTH-ETCHISON
CHIEF MARKETING OFCR./CHIE
- Total calculated
- $312,568
- From this org
- $255,966
- From related orgs
- $0
- Other
- $56,602
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $235,412
- Bonus
- $20,144
- Other
- $410
- Deferred
- $35,930
- Nontaxable benefits
- $20,672
- Filer's total
- $312,568
-
Robyn HowellROBYN HOWELL
SVP/COO
- Total calculated
- $267,374
- From this org
- $211,273
- From related orgs
- $0
- Other
- $56,101
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $196,786
- Bonus
- $14,487
- Other
- $0
- Deferred
- $29,675
- Nontaxable benefits
- $26,426
- Filer's total
- $267,374
-
Emily JannerethEMILY JANNERETH
CHIEF TECHNOLOGY OFFICER
- Total calculated
- $216,501
- From this org
- $182,888
- From related orgs
- $0
- Other
- $33,613
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $167,590
- Bonus
- $15,298
- Other
- $0
- Deferred
- $24,887
- Nontaxable benefits
- $8,726
- Filer's total
- $216,501
-
Jason SmithJASON SMITH
CHIEF LENDING OFFICER
- Total calculated
- $228,673
- From this org
- $177,075
- From related orgs
- $0
- Other
- $51,598
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $161,615
- Bonus
- $15,310
- Other
- $150
- Deferred
- $25,172
- Nontaxable benefits
- $26,426
- Filer's total
- $228,673
-
Angela RuzinskyANGELA RUZINSKY
CHIEF MEMBERSHIP OFFICER
- Total calculated
- $214,542
- From this org
- $170,101
- From related orgs
- $0
- Other
- $44,441
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $155,171
- Bonus
- $14,780
- Other
- $150
- Deferred
- $23,769
- Nontaxable benefits
- $20,672
- Filer's total
- $214,542
-
Ahmed IssawiAHMED ISSAWI
IT MANAGER
- Total calculated
- $176,798
- From this org
- $153,408
- From related orgs
- $0
- Other
- $23,390
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $140,128
- Bonus
- $13,280
- Other
- $0
- Deferred
- $21,486
- Nontaxable benefits
- $1,904
- Filer's total
- $176,798
-
Kimberly AustinKIMBERLY AUSTIN
DIRECTOR OF COLLECTIONS
- Total calculated
- $161,327
- From this org
- $140,148
- From related orgs
- $0
- Other
- $21,179
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $127,944
- Bonus
- $11,804
- Other
- $400
- Deferred
- $19,088
- Nontaxable benefits
- $2,091
- Filer's total
- $161,327
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 committee
- 3 · Written employment contract
- 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
-
REO TOWN COMMERCIAL ASSOCIATION
$31,535
CHARITABLE CONTRIBUTION
-
$10,000
CHARITABLE CONTRIBUTION
-
CHARITABLE CONTRIBUTION
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 23 October 2024
- IRS schema version
- 2023v5.1
- Source object
- 202443039349301989
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