Form 990 for tax year 2022
Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.
Totals
- Total revenue
- $86,734,421
- Total expenses
- $58,435,103
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $76,577,288
- Investment income
- $4,832,167
- Other revenue
- $5,324,966
- Total assets, end of year
- $1,416,776,548
- Total liabilities, end of year
- $1,256,537,450
- Net assets or fund balances, end of year
- $160,239,098
- 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: FEES AND CHARGES
total $11,935,877 · related or exempt $11,935,877
-
2b · Program service revenue: INTERCHANGE INCOME
total $11,854,609 · related or exempt $11,854,609
-
2c · Program service revenue: INTEREST ON LOANS
total $52,627,906 · related or exempt $52,627,906
-
2d · Program service revenue: GAIN ON SALE OF LOANS
total $158,896 · related or exempt $158,896
-
3 · Investment income
total $4,775,182 · related or exempt $4,775,182
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6b · Less rental expenses
real property $0
-
6c · Rental income or loss
real property $0 · personal property $0
-
6d · Net rental income or loss
total $0
-
7a · Gross sales of assets other than inventory
other assets $56,985
-
7c · Gain or loss
other assets $56,985
-
7d · Net gain or loss
total $56,985 · excluded $56,985
-
8a · Fundraising events: gross income
$0
-
8b · Fundraising events: direct expenses
$0
-
8c · Net income from fundraising events
total $0
-
9a · Gaming: gross income
$0
-
9b · Gaming: direct expenses
$0
-
9c · Net income from gaming
total $0
-
10a · Gross sales of inventory
$0
-
10b · Cost of goods sold
$0
-
10c · Net income from sales of inventory
total $0
-
11a · Other revenue: INSURANCE REIMBURSEMENTS
total $4,946,026 · related or exempt $4,946,026
-
11b · Other revenue: NON-MEMBER ATM FEES
total $378,940 · unrelated business $378,940
-
11e · Other revenue, total
$5,324,966
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 $1,634,124
-
6 · Compensation of disqualified persons
total $118,872
-
7 · Other salaries and wages
total $15,537,388
-
8 · Pension plan contributions
total $918,423
-
9 · Other employee benefits
total $3,169,755
-
10 · Payroll taxes
total $1,440,252
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $0
-
11c · Fees: accounting
total $48,271
-
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 $4,651,578
-
13 · Office expenses
total $5,150,878
-
14 · Information technology
total $2,294,883
-
15 · Royalties
total $0
-
16 · Occupancy
total $1,386,827
-
17 · Travel
total $290,921
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $6,699,064
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $1,993,763
-
23 · Insurance
total $189,458
-
24a · Other expenses: ATM EXPENSE
total $3,855,835
-
24b · Other expenses: ALLOWANCE FOR LOAN LOSSES
total $6,083,301
-
24c · Other expenses: LOAN SERVICING EXPENSES
total $1,977,154
-
24d · Other expenses: PROFESSIONAL SERVICES
total $994,356
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $20,868,472 · end of year $17,195,806
-
2 · Savings and temporary cash investments
beginning of year $106,815,797 · end of year $32,293,425
-
3 · Pledges and grants receivable
beginning of year $0 · end of year $0
-
4 · Accounts receivable
beginning of year $0 · end of year $0
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $15,599,250
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
7 · Other notes and loans receivable
beginning of year $849,409,546 · end of year $1,093,548,626
-
8 · Inventories for sale or use
beginning of year $0 · end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $1,398,453 · end of year $1,778,168
-
10a · Land, buildings and equipment: cost or other basis
$56,198,807
-
10b · Land, buildings and equipment: accumulated depreciation
$22,171,485
-
10c · Land, buildings and equipment, net
beginning of year $30,039,957 · end of year $34,027,322
-
11 · Investments: publicly traded securities
beginning of year $201,684,943 · end of year $191,255,451
-
12 · Investments: other securities
beginning of year $10,707,190 · end of year $11,402,771
-
13 · Investments: program-related
beginning of year $0 · end of year $0
-
14 · Intangible assets
beginning of year $0 · end of year $0
-
15 · Other assets
beginning of year $15,951,610 · end of year $19,675,729
-
17 · Accounts payable and accrued expenses
beginning of year $11,533,789 · end of year $13,876,100
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $0 · end of year $0
-
20 · Tax-exempt bond liabilities
beginning of year $0 · end of year $0
-
21 · Escrow or custodial account liability
beginning of year $0 · end of year $0
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $0 · end of year $0
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $1,075,653,253 · end of year $1,242,661,350
-
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 $149,688,926 · end of year $160,239,098
Mission and programs · 2022
Mission
PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS.
-
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 12/31/22 WAS 78,515.
-
THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES, AND OTHER. THE TOTAL NUMBER OF MEMBERS AT 12/31/22 WAS 90,097.
As filed on the 2022 return.
Listed in Part VII
-
Terry KatzurTERRY KATZUR
CEO
- Total calculated
- $812,953
- From this org
- $776,587
- From related orgs
- $0
- Other
- $36,366
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $633,534
- Bonus
- $126,444
- Other
- $16,609
- Deferred
- $20,500
- Nontaxable benefits
- $15,866
- Filer's total
- $812,953
-
David BrandtDAVID BRANDT
CFO
- Total calculated
- $346,088
- From this org
- $304,358
- From related orgs
- $0
- Other
- $41,730
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $246,478
- Bonus
- $51,015
- Other
- $6,865
- Deferred
- $25,864
- Nontaxable benefits
- $15,866
- Filer's total
- $346,088
-
Karen ChurchKAREN CHURCH
CEO-RETIRED 2/22
- Total calculated
- $261,933
- From this org
- $245,966
- From related orgs
- $0
- Other
- $15,967
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $92,290
- Bonus
- $130,386
- Other
- $23,290
- Deferred
- $11,674
- Nontaxable benefits
- $4,293
- Filer's total
- $261,933
-
Kathleen SmithKATHLEEN SMITH
VP BRANCH OPERATIONS
- Total calculated
- $250,280
- From this org
- $216,547
- From related orgs
- $0
- Other
- $33,733
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $158,158
- Bonus
- $53,483
- Other
- $4,906
- Deferred
- $16,563
- Nontaxable benefits
- $17,170
- Filer's total
- $250,280
-
Mallory HazardMALLORY HAZARD
VP OF CONSUMER LENDING
- Total calculated
- $226,753
- From this org
- $191,843
- From related orgs
- $0
- Other
- $34,910
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $119,990
- Bonus
- $68,531
- Other
- $3,322
- Deferred
- $13,038
- Nontaxable benefits
- $21,872
- Filer's total
- $226,753
-
Bryan RandallBRYAN RANDALL
CIO
- Total calculated
- $213,149
- From this org
- $189,714
- From related orgs
- $0
- Other
- $23,435
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $154,391
- Bonus
- $34,289
- Other
- $1,034
- Deferred
- $15,824
- Nontaxable benefits
- $7,611
- Filer's total
- $213,149
-
Robert Clontz IIIROBERT CLONTZ III
BRANCH MANAGER
- Total calculated
- $197,032
- From this org
- $164,960
- From related orgs
- $0
- Other
- $32,072
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $94,844
- Bonus
- $67,771
- Other
- $2,345
- Deferred
- $10,146
- Nontaxable benefits
- $21,926
- Filer's total
- $197,032
-
Chadd ObrienCHADD OBRIEN
GENERAL COUNSEL
- Total calculated
- $190,753
- From this org
- $169,462
- From related orgs
- $0
- Other
- $21,291
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $136,265
- Bonus
- $29,634
- Other
- $3,563
- Deferred
- $14,040
- Nontaxable benefits
- $7,251
- Filer's total
- $190,753
-
Amy ZimmerAMY ZIMMER
DIRECTOR OF MORTGAGE OPS
- Total calculated
- $175,043
- From this org
- $152,575
- From related orgs
- $0
- Other
- $22,468
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $115,944
- Bonus
- $35,566
- Other
- $1,065
- Deferred
- $10,146
- Nontaxable benefits
- $12,322
- Filer's total
- $175,043
-
Matthew SmithMATTHEW SMITH
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Joseph BorisJOSEPH BORIS
VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Harold MottHAROLD MOTT
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
David HutchinsDAVID HUTCHINS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Diana CurrierDIANA CURRIER
BOARD SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Sheveze AndersonSHEVEZE ANDERSON
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1
-
Roderick SlaughterRODERICK SLAUGHTER
BOARD MEMBER
- 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
- 3 · Compensation committee
- 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
The filer's explanations (Part III)
- PART III, ADDITIONAL INFORMATION
- ALL EMPLOYEES, INCLUDING SENIOR MANAGEMENT, ARE INCLUDED IN EFFICIENCY GAIN PAYOUTS. PAYOUTS ARE BASED ON EFFICIENTY RATIO IMPROVEMENT OVER PRIOR 2-YEAR AVERAGE.
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
- 2022
- Filed
- 15 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202322859349301562
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