Form 990 for tax year 2023
Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.
Totals
- Total revenue
- $1,335,568
- Total expenses
- $1,052,705
- Contributions and grants received
- $173,305
- Grants paid
- $0
- Program service revenue
- $830,504
- Investment income
- $323,521
- Other revenue
- $8,238
- Total assets, end of year
- $31,615,947
- Total liabilities, end of year
- $29,058,894
- Net assets or fund balances, end of year
- $2,557,053
- 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.
-
1e · Government grants (contributions)
$173,305
-
2a · Program service revenue: INTEREST ON LOANS
total $548,793 · related or exempt $548,793
-
2b · Program service revenue: FEES & CHARGES
total $122,303 · related or exempt $122,303
-
2c · Program service revenue: ATM INCOME
total $80,315 · related or exempt $80,315
-
2d · Program service revenue: VISA INTERCHANGE
total $39,912 · related or exempt $39,912
-
2e · Program service revenue: OTHER PROGRAM REVENUE
total $36,506 · related or exempt $36,506
-
2f · All other program service revenue
total $2,675 · related or exempt $2,675
-
3 · Investment income
total $323,521 · related or exempt $323,521
-
11a · Other revenue: INSURANCE 990-T PORTION
total $4,060 · unrelated business $4,060
-
11b · Other revenue: NON-MEMBER ATM FEES 990-T
total $3,225 · unrelated business $3,225
-
11c · Other revenue: MAIN STREET CHECKS 990-T
total $521 · unrelated business $521
-
11d · All other revenue
total $432 · unrelated business $432
-
11e · Other revenue, total
$8,238
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $100,056
-
7 · Other salaries and wages
total $249,639
-
8 · Pension plan contributions
total $23,818
-
9 · Other employee benefits
total $45,720
-
10 · Payroll taxes
total $32,369
-
11c · Fees: accounting
total $14,891
-
11g · Fees: other
total $17,647
-
12 · Advertising and promotion
total $25,852
-
13 · Office expenses
total $111,574
-
14 · Information technology
total $60,322
-
16 · Occupancy
total $35,727
-
17 · Travel
total $669
-
19 · Conferences, conventions and meetings
total $5,488
-
20 · Interest
total $65,177
-
22 · Depreciation, depletion and amortization
total $33,255
-
23 · Insurance
total $17,670
-
24a · Other expenses: LOAN SERVICING
total $86,360
-
24b · Other expenses: ATM EXPENSE
total $70,583
-
24c · Other expenses: PROVISION FOR LOSSES
total $30,205
-
24d · Other expenses: LEAGUE DUES
total $6,463
-
24e · All other expenses
total $19,220
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $303,169 · end of year $349,988
-
2 · Savings and temporary cash investments
beginning of year $543,005 · end of year $512,594
-
7 · Other notes and loans receivable
beginning of year $12,364,805 · end of year $13,714,920
-
9 · Prepaid expenses and deferred charges
beginning of year $66,008 · end of year $50,130
-
10a · Land, buildings and equipment: cost or other basis
$873,198
-
10b · Land, buildings and equipment: accumulated depreciation
$653,414
-
10c · Land, buildings and equipment, net
beginning of year $224,713 · end of year $219,784
-
11 · Investments: publicly traded securities
beginning of year $8,660,149 · end of year $8,482,107
-
12 · Investments: other securities
beginning of year $7,755,100 · end of year $7,803,451
-
15 · Other assets
beginning of year $453,040 · end of year $482,973
-
17 · Accounts payable and accrued expenses
beginning of year $341,981 · end of year $1,094,794
-
25 · Other liabilities
beginning of year $28,330,744 · end of year $27,964,100
-
31 · Retained earnings, endowment or other funds
beginning of year $1,697,264 · end of year $2,557,053
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 2,330.
-
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 1,154.
-
N/A
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Jon BensonJON BENSON
DIRECTOR
- Total calculated
- $0
-
Cristie Van MassenhoveCRISTIE VAN MASSENHOVE
VICE CHAIR
- Total calculated
- $0
-
Jason RensberryJASON RENSBERRY
DIRECTOR
- Total calculated
- $0
-
Jordan ReynoldsJORDAN REYNOLDS
DIRECTOR
- Total calculated
- $0
-
Ryan SuszekRYAN SUSZEK
CHAIRMAN
- Total calculated
- $0
-
Charles WiesenCHARLES WIESEN
SECRETARY
- Total calculated
- $0
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.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 21 June 2024
- IRS schema version
- 2023v5.0
- Source object
- 202421849349300027
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