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← CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN

Form 990 for tax year 2023

Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.

Totals

Total revenue
$6,376,544
Total expenses
$5,579,569
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$5,930,559
Investment income
$445,985
Other revenue
$0
Total assets, end of year
$93,280,679
Total liabilities, end of year
$85,004,120
Net assets or fund balances, end of year
$8,276,559
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: FEES AND OTHER INCOME

    total $2,304,388 · related or exempt $2,271,568 · unrelated business $32,820

  • 2b · Program service revenue: INTEREST ON LOANS

    total $3,614,857 · related or exempt $3,614,857

  • 2c · Program service revenue: NON-MEMBER ATM SERVICES

    total $4,914 · unrelated business $4,914

  • 2d · Program service revenue: WARRANTY INCOME

    total $6,400 · unrelated business $6,400

  • 3 · Investment income

    total $445,985 · related or exempt $445,985

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6d · Net rental income or loss

    total $0

  • 7d · Net gain or loss

    total $0

  • 8c · Net income from fundraising events

    total $0

  • 9c · Net income from gaming

    total $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $617,267

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $1,368,557

  • 8 · Pension plan contributions

    total $53,598

  • 9 · Other employee benefits

    total $427,647

  • 10 · Payroll taxes

    total $160,579

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $55,443

  • 13 · Office expenses

    total $1,021,297

  • 14 · Information technology

    total $330,231

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $117,378

  • 17 · Travel

    total $35,063

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $616,703

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $55,529

  • 23 · Insurance

    total $37,488

  • 24a · Other expenses: LOAN SERVICING EXPENSE

    total $336,394

  • 24b · Other expenses: CREDIT LOSS EXPENSE

    total $105,002

  • 24c · Other expenses: PRO SERVICES

    total $103,894

  • 24d · Other expenses: MISC

    total $80,770

  • 24e · All other expenses

    total $56,729

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $601,029 · end of year $393,545

  • 2 · Savings and temporary cash investments

    beginning of year $10,511,185 · end of year $13,856,860

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $50,617 · end of year $0

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $51,590,088 · end of year $63,696,821

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $101,463 · end of year $81,691

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

    $2,473,041

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

    $1,547,000

  • 10c · Land, buildings and equipment, net

    beginning of year $941,946 · end of year $926,041

  • 11 · Investments: publicly traded securities

    beginning of year $16,696,424 · end of year $10,044,024

  • 12 · Investments: other securities

    beginning of year $4,207,596 · end of year $3,035,062

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    beginning of year $1,241,686 · end of year $1,246,635

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,135,155 · end of year $1,201,194

  • 25 · Other liabilities

    beginning of year $78,173,345 · end of year $83,802,926

  • 31 · Retained earnings, endowment or other funds

    beginning of year $6,633,534 · end of year $8,276,559

Mission and programs · 2023

Mission

PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS.

  • THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES AND OTHER. THE TOTAL NUMBER OF MEMBERS AT 12/31/2023 WAS 14,343

  • THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREDIT CARD, VEHICLE AND OTHER. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/2023 WAS 5,981.

  • OFFER AUTOMATED TELLER MACHINES, SAFE DEPOSIT BOXES, DEBIT CARD, TAVELERS CHECKS, MONEY ORDERS, OVERDRAFT PRIVILEGE, BILL PAY, FINANCIAL EDUCATION & COUNSELING, IN-SCHOOL BRANCHES AND VARIOUS INSURANCE PROGRAMS TO ALL ELIGIBLE MEMBERS.

As filed on the 2023 return.

Listed in Part VII

  • Matthew Yanoschik

    President & CEO

    Total calculated
    $211,881
    From this org
    $169,713
    From related orgs
    $0
    Other
    $42,168
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,853
    Bonus
    $17,380
    Other
    $480
    Deferred
    $28,492
    Nontaxable benefits
    $13,676
    Filer's total
    $211,881

  • Sandy Siedlecki

    COO

    Total calculated
    $146,487
    From this org
    $126,650
    From related orgs
    $0
    Other
    $19,837
    Hours/week
    40

  • Angela Patterson

    Vice President

    Total calculated
    $134,025
    From this org
    $120,179
    From related orgs
    $0
    Other
    $13,846
    Hours/week
    40

  • Jordan Kowalkowski

    CFO

    Total calculated
    $124,874
    From this org
    $111,938
    From related orgs
    $0
    Other
    $12,936
    Hours/week
    40

  • Tom Riddle

    Chairman

    Total calculated
    $0
    Hours/week
    1

  • Sheila Marshall

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Jenn Abramowski

    Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Jackie Adams

    Director

    Total calculated
    $0
    Hours/week
    1

  • Philip Keibler

    Director

    Total calculated
    $0
    Hours/week
    1

  • Bryan Richards

    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. 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

None.

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
2023
Filed
28 May 2024
IRS schema version
2023v5.0
Source object
202441499349301124

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