Form 990 for tax year 2022
Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.
Totals
- Total revenue
- $22,003,363
- Total expenses
- $20,349,378
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $12,868,862
- Investment income
- $4,458,285
- Other revenue
- $4,676,216
- Total assets, end of year
- $485,865,565
- Total liabilities, end of year
- $414,205,521
- Net assets or fund balances, end of year
- $71,660,044
- Program services expenses (Part IX)
- $20,349,378
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- not reported
Program services were 100.0% 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: INTEREST ON LOANS
total $12,868,862 · related or exempt $12,868,862
-
3 · Investment income
total $4,458,285 · related or exempt $4,458,285
-
11a · Other revenue: FEES & OTHER
total $4,676,216 · related or exempt $4,676,216
-
11e · Other revenue, total
$4,676,216
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $759,504 · program services $759,504
-
7 · Other salaries and wages
total $5,679,713 · program services $5,679,713
-
8 · Pension plan contributions
total -$169,175 · program services -$169,175
-
9 · Other employee benefits
total $1,245,867 · program services $1,245,867
-
10 · Payroll taxes
total $482,173 · program services $482,173
-
11a · Fees: management
total $54,196 · program services $54,196
-
11b · Fees: legal
total $45,998 · program services $45,998
-
11c · Fees: accounting
total $238,759 · program services $238,759
-
11f · Fees: investment management
total $20,836 · program services $20,836
-
11g · Fees: other
total $1,129,713 · program services $1,129,713
-
12 · Advertising and promotion
total $1,237,304 · program services $1,237,304
-
13 · Office expenses
total $464,505 · program services $464,505
-
16 · Occupancy
total $549,233 · program services $549,233
-
17 · Travel
total $493,910 · program services $493,910
-
20 · Interest
total $2,391,998 · program services $2,391,998
-
22 · Depreciation, depletion and amortization
total $587,085 · program services $587,085
-
23 · Insurance
total $83,197 · program services $83,197
-
24a · Other expenses: ALL OTHER EXPENSES
total $2,497,957 · program services $2,497,957
-
24b · Other expenses: SVC CTR, ATM & SH DRAFTS
total $1,298,429 · program services $1,298,429
-
24c · Other expenses: PROV FOR LOAN LOSSES
total $689,500 · program services $689,500
-
24d · Other expenses: BUSINESS LOAN SERVICING
total $568,676 · program services $568,676
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,887,522 · end of year $4,178,661
-
2 · Savings and temporary cash investments
beginning of year $38,626,339 · end of year $4,388,681
-
5 · Loans and receivables from officers and key people
beginning of year $1,250,870 · end of year $1,743,926
-
7 · Other notes and loans receivable
beginning of year $244,196,926 · end of year $295,700,515
-
8 · Inventories for sale or use
beginning of year $7,680,498 · end of year $1,935,792
-
9 · Prepaid expenses and deferred charges
beginning of year $8,705,676 · end of year $5,818,204
-
10a · Land, buildings and equipment: cost or other basis
$14,274,098
-
10b · Land, buildings and equipment: accumulated depreciation
$7,360,708
-
10c · Land, buildings and equipment, net
beginning of year $7,350,605 · end of year $6,913,390
-
11 · Investments: publicly traded securities
beginning of year $195,900,397 · end of year $153,154,159
-
12 · Investments: other securities
beginning of year $503,163 · end of year $495,378
-
15 · Other assets
beginning of year $8,456,140 · end of year $11,536,859
-
17 · Accounts payable and accrued expenses
beginning of year $3,995,537 · end of year $5,159,965
-
25 · Other liabilities
beginning of year $426,656,222 · end of year $409,045,556
-
31 · Retained earnings, endowment or other funds
beginning of year $85,906,377 · end of year $71,660,044
Mission and programs · 2022
Mission
TO PROVIDE FRIENDLY, PERSONAL, FINANCIAL SERVICES IN A PROFESSIONAL ATMOSPHERE TO ALL MEMBERS.
-
TO PROVIDE FRIENDLY, PERSONAL, FINANCIAL SERVICES IN A PROFESSIONAL ATMOSPHERE TO ALL MEMBERS.
-
TO PROVIDE FRIENDLY, PERSONAL, FINANCIAL SERVICES IN A PROFESSIONAL ATMOSPHERE TO ALL MEMBERS.
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Kathie TrembathKATHIE TREMBATH
CEO
- Total calculated
- $351,807
- From this org
- $351,807
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $351,807
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- $351,807
-
Kevin O'ConnorKEVIN O'CONNOR
CFO
- Total calculated
- $222,990
- From this org
- $222,990
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $222,990
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- $222,990
-
Sati SmithSATI SMITH
COO
- Total calculated
- $184,707
- From this org
- $184,707
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $184,707
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- $184,707
-
Janisse GreenJANISSE GREEN
DIRECTOR
- Total calculated
- $0
-
David Brooks IIIDAVID BROOKS III
VICE CHAIR
- Total calculated
- $0
-
Carl JarboeCARL JARBOE
DIRECTOR
- Total calculated
- $0
-
Darren JohnsonDARREN JOHNSON
DIRECTOR
- Total calculated
- $0
-
Albert Patrick JrALBERT PATRICK JR
DIRECTOR
- Total calculated
- $0
-
Anthony LameratoANTHONY LAMERATO
DIRECTOR
- Total calculated
- $0
-
Jerome PokorskiJEROME POKORSKI
SECRETARY
- Total calculated
- $0
-
Andrew PollackANDREW POLLACK
TREASURER
- Total calculated
- $0
-
Pamela ScalesPAMELA SCALES
CHAIRPERSON
- 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. 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 · 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
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 27 April 2023
- IRS schema version
- 2022v5.0
- Source object
- 202331289349303853
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
The source document this was parsed from is served over the API, which is where bulk and document access live.