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Nonprofiteer
← 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
$15,957,635
Total expenses
$8,204,182
Contributions and grants received
$8,337,968
Grants paid
$10,000
Program service revenue
$6,836,037
Investment income
$709,016
Other revenue
$74,614
Total assets, end of year
$59,628,783
Total liabilities, end of year
$45,998,578
Net assets or fund balances, end of year
$13,630,205
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.

  • 1e · Government grants (contributions)

    $8,337,968

  • 2a · Program service revenue: FEE/OTHER INCOME

    total $3,754,301 · related or exempt $3,754,301

  • 2b · Program service revenue: LOAN INCOME

    total $3,081,736 · related or exempt $3,081,736

  • 3 · Investment income

    total $709,016 · related or exempt $709,016

  • 11a · Other revenue: FINANCE AND INSURANCE

    total $74,614 · unrelated business $74,614

  • 11e · Other revenue, total

    $74,614

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $10,000

  • 5 · Compensation of officers, directors and key employees

    total $416,497

  • 7 · Other salaries and wages

    total $2,524,896

  • 8 · Pension plan contributions

    total $72,673

  • 9 · Other employee benefits

    total $487,418

  • 10 · Payroll taxes

    total $251,552

  • 11b · Fees: legal

    total $313,244

  • 11c · Fees: accounting

    total $43,874

  • 11g · Fees: other

    total $123,958

  • 12 · Advertising and promotion

    total $135,748

  • 13 · Office expenses

    total $353,629

  • 14 · Information technology

    total $304,465

  • 16 · Occupancy

    total $327,201

  • 17 · Travel

    total $2,703

  • 19 · Conferences, conventions and meetings

    total $162,567

  • 20 · Interest

    total $144,440

  • 21 · Payments to affiliates

    total $9,347

  • 22 · Depreciation, depletion and amortization

    total $153,751

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $1,169,789

  • 24b · Other expenses: ATM/VISA/DEBIT

    total $486,894

  • 24c · Other expenses: MAINT. AND REPAIRS

    total $436,667

  • 24d · Other expenses: LOAN SERVICING

    total $117,971

  • 24e · All other expenses

    total $154,898

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,622,764 · end of year $1,515,009

  • 2 · Savings and temporary cash investments

    beginning of year $3,187,110 · end of year $5,475,718

  • 7 · Other notes and loans receivable

    beginning of year $30,156,962 · end of year $33,009,714

  • 9 · Prepaid expenses and deferred charges

    beginning of year $468,113 · end of year $370,431

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

    $2,287,550

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

    $1,621,128

  • 10c · Land, buildings and equipment, net

    beginning of year $665,642 · end of year $666,422

  • 12 · Investments: other securities

    beginning of year $16,560,631 · end of year $16,825,004

  • 15 · Other assets

    beginning of year $2,154,215 · end of year $1,766,485

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,062,599 · end of year $1,158,483

  • 23 · Secured mortgages and notes payable

    beginning of year $922,000 · end of year $922,000

  • 25 · Other liabilities

    beginning of year $47,147,510 · end of year $43,918,095

  • 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 $5,683,328 · end of year $13,630,205

Mission and programs · 2023

Mission

OUR MISSION IS TO IMPACT AND CHANGE LIVES. ONE DETROIT CREDIT UNION HELPS PEOPLE IN OUR COMMUNITY WHO HAVE BEEN OVERLOOKED BY THE MAINSTREAM BANKING SYSTEM BY PROVIDING THEM WITH CREDIBLE, FAIR, AND REASONABLY PRICED FINANCIAL PRODUCTS AND SERVICES.

Activities or mission (Part I)

THE MISSION OF ONE DETROIT CREDIT UNION IS TO HELP PEOPLE IN OUR COMMUNITY WHO HAVE BEEN OVERLOOKED BY THE MAINSTREAM BANKING SYSTEM BY PROVIDING THEM WITH CREDIBLE, FAIR, AND REASONABLY PRICED FINANCIAL PRODUCTS AND SERVICES.

  • LEND TO LOW TO MODERATE INCOME MEMBERS. THESE LOAN PROGRAMS ARE TARGETED TO OUR MEMBERS TO GIVE THEM ALTERNATIVES TO THE PAYDAY LENDERS AND HIGH INTEREST RATE CAR LOANS.

  • REDUCE MEMBER CAR LOAN INTEREST RATES.

  • OUR SAVE TO WIN CERTIFICATE PROGRAM GIVES THE MEMBER THE CHANCE TO WIN MONTHLY CASH PRIZES AND POSSIBLY THE GRAND PRIZE OF $10,000 WHILE BUILDING A BALANCE IN A CERTIFICATE.

As filed on the 2023 return.

Listed in Part VII

  • Kai Bowman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Patrick Heron

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Anne Zobel

    CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    1

  • Anthony Askew

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mikai Green

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Tiffany Vantino

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Joshua Roberson

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Regina Greear

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Joann Taylor

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Hank Hubbard

    PRESIDENT/CEO

    Total calculated
    $377,804
    From this org
    $332,135
    From related orgs
    $0
    Other
    $45,669
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $238,266
    Bonus
    $70,688
    Other
    $23,181
    Deferred
    $19,424
    Nontaxable benefits
    $26,245
    Filer's total
    $377,804

  • Charles Pruett

    CFO

    Total calculated
    $38,693
    From this org
    $38,693
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Shavone Gilstrap

    VP/HUMAN RESOURCES

    Total calculated
    $157,414
    From this org
    $119,338
    From related orgs
    $0
    Other
    $38,076
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,182
    Bonus
    $5,156
    Other
    $0
    Deferred
    $5,717
    Nontaxable benefits
    $32,359
    Filer's total
    $157,414

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

  • 1a · Discretionary spending account
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4B
HANK HUBBARD, CEO PARTICIPATES IN A NONQUALIFIED 457F PLAN. THE PLANS ACCRUED LIABILITY AS OF DECEMBER 31, 2023 WAS APPROXIMATELY $85,300.

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
31 October 2024
IRS schema version
2023v5.1
Source object
202423059349302572

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