Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: MEMBER LOANS

  total $51,819,587 · related or exempt $51,819,587

• 2b · Program service revenue: FEES, CHARGES, AND OTHER

  total $24,913,891 · related or exempt $24,913,891

• 3 · Investment income

  total $4,524,052 · related or exempt $4,524,052

• 6a · Gross rents

  real property $545,301

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $545,301

• 6d · Net rental income or loss

  total $545,301 · related or exempt $545,301

• 7a · Gross sales of assets other than inventory

  securities $1,001,280 · other assets $571,212

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

  securities $996,847 · other assets $434,732

• 7c · Gain or loss

  securities $4,433 · other assets $136,480

• 7d · Net gain or loss

  total $140,913 · related or exempt $140,913

• 11a · Other revenue: GAIN FROM CUSO

  total $1,174,476 · related or exempt $1,174,476

• 11b · Other revenue: FINANCE AND INSURANCE

  total $1,019,173 · unrelated business $1,019,173

• 11e · Other revenue, total

  $2,193,649

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $100,000

• 5 · Compensation of officers, directors and key employees

  total $4,494,141

• 7 · Other salaries and wages

  total $23,784,867

• 8 · Pension plan contributions

  total $924,872

• 9 · Other employee benefits

  total $2,794,581

• 10 · Payroll taxes

  total $2,139,992

• 11a · Fees: management

  total $1,061,659

• 11b · Fees: legal

  total $202,921

• 11c · Fees: accounting

  total $78,400

• 12 · Advertising and promotion

  total $2,517,588

• 13 · Office expenses

  total $4,572,655

• 14 · Information technology

  total $1,563,132

• 16 · Occupancy

  total $1,063,504

• 17 · Travel

  total $206,442

• 20 · Interest

  total $3,761,440

• 21 · Payments to affiliates

  total $102,242

• 22 · Depreciation, depletion and amortization

  total $2,502,159

• 23 · Insurance

  total $288,411

• 24a · Other expenses: DEBIT/CREDIT EXPENSES

  total $5,554,525

• 24b · Other expenses: MAINTENANCE

  total $3,467,883

• 24c · Other expenses: LOAN SERVICING

  total $3,276,385

• 24d · Other expenses: PROVISION FOR LOAN LOSS

  total $2,093,107

• 24e · All other expenses

  total $4,282,568

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $21,257,831 · end of year $19,700,746

• 2 · Savings and temporary cash investments

  beginning of year $96,930,583 · end of year $15,306,527

• 4 · Accounts receivable

  beginning of year $11,232,472 · end of year $21,140,420

• 5 · Loans and receivables from officers and key people

  beginning of year $13,598,755 · end of year $13,952,247

• 7 · Other notes and loans receivable

  beginning of year $1,077,128,783 · end of year $1,291,006,548

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,923,157 · end of year $2,299,893

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

  $58,506,480

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

  $18,340,772

• 10c · Land, buildings and equipment, net

  beginning of year $39,004,365 · end of year $40,165,708

• 11 · Investments: publicly traded securities

  beginning of year $289,903,540 · end of year $266,099,260

• 12 · Investments: other securities

  beginning of year $19,231,316 · end of year $13,157,778

• 14 · Intangible assets

  beginning of year $740,075 · end of year $432,835

• 15 · Other assets

  beginning of year $57,927,839 · end of year $66,807,067

• 17 · Accounts payable and accrued expenses

  beginning of year $19,611,198 · end of year $23,825,662

• 23 · Secured mortgages and notes payable

  end of year $68,493,054

• 25 · Other liabilities

  beginning of year $1,462,594,609 · end of year $1,520,238,085

• 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 $146,672,909 · end of year $137,512,228

Itemized on Schedule J with no Part VII listing of the same name on this return:

The filer's explanations (Part III)

PART I, LINES 4A-B

SUSAN SETERA: $145,500 DAN MUNRO, COO/EVP PARTICIPATES IN A 457F PLAN. THE ACCRUED BENEFIT LIABILITY AS OF DECEMBER 31, 2022 APPROXIMATED $173,000. THE BELOW LISTED OFFICERS PARTICIPATE IN A NON-QUALIFIED 457B PLAN. THE AMOUNTS REPORTED REPRESENT THE BALANCE OF THE BENEFIT PAYABLE TO EACH PARTICIPANT AS OF DECEMBER 31, 2022. ROBERT BAVA, CEO: $161,856 KELLI WISNER-FRANK, CFO: $52,903 DANIEL MUNRO, COO/EVP: $188,973 DONNA SIEJUTT, CHRO: $6,264 TERESA MAYER, CLO: $18,545 THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, ROBERT BAVA, THE CHRO, DONNA SIEJUTT, AND THE CFO, KELLI WISNER-FRANK, 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 PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• 3099 BIDDLE LLC

  PROPERTY MANAGEMENT · MI · income $445,800 · assets $7,033,706

  Directly controlled by COMMUNITY CHOICE CREDIT UNION

• 20773 13 MILE RD ROSEVILLE LLC

  PROPERTY MANAGEMENT · MI · income $216,000 · assets $3,125,559

  Directly controlled by COMMUNITY CHOICE CREDIT UNION