Form 990 for tax year 2024
Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.
Totals
- Total revenue
- $50,013,838
- Total expenses
- $39,278,359
- Contributions and grants received
- $0
- Grants paid
- $25,000
- Program service revenue
- $35,878,227
- Investment income
- $13,947,077
- Other revenue
- $188,534
- Total assets, end of year
- $861,392,444
- Total liabilities, end of year
- $762,946,717
- Net assets or fund balances, end of year
- $98,445,727
- 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: LOAN INTEREST
total $28,177,869 · related or exempt $28,177,869
-
2b · Program service revenue: FEE AND OTHER INCOME
total $7,652,070 · related or exempt $7,652,070
-
2c · Program service revenue: FINANCE & INSURANCE
total $48,288 · unrelated business $48,288
-
3 · Investment income
total $13,999,511 · related or exempt $13,999,511
-
7a · Gross sales of assets other than inventory
other assets $218,426
-
7b · Less cost or other basis and sales expenses
other assets $270,860
-
7c · Gain or loss
other assets -$52,434
-
7d · Net gain or loss
total -$52,434 · related or exempt -$52,434
-
11a · Other revenue: CUSO INCOME
total $188,534 · related or exempt $188,534
-
11e · Other revenue, total
$188,534
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $25,000
-
5 · Compensation of officers, directors and key employees
total $982,580
-
7 · Other salaries and wages
total $7,082,123
-
8 · Pension plan contributions
total $847,708
-
9 · Other employee benefits
total $1,730,137
-
10 · Payroll taxes
total $654,004
-
11b · Fees: legal
total $26,635
-
11c · Fees: accounting
total $61,760
-
11g · Fees: other
total $503,479
-
12 · Advertising and promotion
total $1,311,982
-
13 · Office expenses
total $1,620,120
-
14 · Information technology
total $128,782
-
16 · Occupancy
total $376,899
-
17 · Travel
total $37,022
-
19 · Conferences, conventions and meetings
total $247,978
-
20 · Interest
total $14,613,168
-
21 · Payments to affiliates
total $32,529
-
22 · Depreciation, depletion and amortization
total $552,458
-
23 · Insurance
total $155,576
-
24a · Other expenses: PROVISION FOR LOAN LOSS
total $3,199,996
-
24b · Other expenses: LOAN SERVICING
total $2,851,553
-
24c · Other expenses: ATM EXPENSES
total $1,422,736
-
24d · Other expenses: DEBIT REWARDS PROGRAM
total $364,108
-
24e · All other expenses
total $450,026
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,531,913 · end of year $4,215,549
-
2 · Savings and temporary cash investments
beginning of year $36,035,803 · end of year $49,340,836
-
4 · Accounts receivable
beginning of year $20,221 · end of year $39,422
-
7 · Other notes and loans receivable
beginning of year $445,891,851 · end of year $506,304,689
-
9 · Prepaid expenses and deferred charges
beginning of year $317,804 · end of year $314,077
-
10a · Land, buildings and equipment: cost or other basis
$14,646,421
-
10b · Land, buildings and equipment: accumulated depreciation
$7,999,206
-
10c · Land, buildings and equipment, net
beginning of year $6,666,771 · end of year $6,647,215
-
12 · Investments: other securities
beginning of year $245,981,664 · end of year $255,672,964
-
13 · Investments: program-related
beginning of year $24,464,797 · end of year $24,488,545
-
14 · Intangible assets
beginning of year $2,559,843 · end of year $2,280,587
-
15 · Other assets
beginning of year $10,024,603 · end of year $12,088,560
-
17 · Accounts payable and accrued expenses
beginning of year $6,579,322 · end of year $7,535,450
-
25 · Other liabilities
beginning of year $681,267,156 · end of year $755,411,267
-
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 $87,648,792 · end of year $98,445,727
Mission and programs · 2024
Mission
TO BE YOUR MOST TRUSTED AND VALUED FINANCIAL PARTNER. MEMBER PROMISE: WE PROMISE TO SIMPLIFY YOUR LIFE, WORK IN YOUR BEST INTEREST, AND BE YOUR ADVOCATE TO HELP ACHIEVE YOUR FINANCIAL NEEDS.
Activities or mission (Part I)
TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND.
-
PROVIDE 47,873 MEMBERS WITH REGULAR SAVINGS, PREFERRED SAVINGS, MONEY MARKET, SHARE DRAFTS, CHRISTMAS CLUB, VACATION CLUB, IRA, CERTIFICATES OF DEPOSIT, HEALTH SAVINGS AND ESCROW ACCOUNTS WITH AGGREGATE DEPOSIT BALANCES THAT APPROXIMATED $755,411,000 AS OF DECEMBER 31, 2024.
-
PROVIDE 32,534 LOANS INCLUDING HOME EQUITY, MORTGAGE, VEHICLE, LINE OF CREDIT, OVERDRAFT PROTECTION, SIGNATURE, CREDIT CARD AND COMMERCIAL LOANS WITH AGGREGATE LOAN BALANCES THAT APPROXIMATED $511,818,000 AS OF DECEMBER 31, 2024.
-
OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, SAFE DEPOSIT BOXES, MONEY ORDERS/CASHIER'S CHECKS, OVERDRAFT PRIVILEGE, ONLINE/MOBILE BANKING SERVICES INCLUDING BILL PAY AND REMOTE DEPOSIT, FINANCIAL COUNSELING, IN-SCHOOL BRANCHES AND VARIOUS INSURANCE PROGRAMS TO ALL ELIGIBLE MEMBERS.
As filed on the 2024 return.
Listed in Part VII
-
Charlie NegroCHARLIE NEGRO
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 2
-
Sheila PankninSHEILA PANKNIN
VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 2
-
Terry NelkieTERRY NELKIE
TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
Brian ShumakerBRIAN SHUMAKER
SECRETARY
- Total calculated
- $0
- Hours/week
- 2
-
Michelle CornishMICHELLE CORNISH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Ann MartinANN MARTIN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
James McNeilJAMES MCNEIL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Mark DeversMARK DEVERS
ASSOCIATE BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
James GormanJAMES GORMAN
ASSOCIATE BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Scott McLennanSCOTT MCLENNAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Anne WirgauANNE WIRGAU
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Donald J MillsDONALD J MILLS
PRESIDENT/CEO
- Total calculated
- $851,336
- From this org
- $548,662
- From related orgs
- $0
- Other
- $302,674
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $456,517
- Bonus
- $90,339
- Other
- $1,806
- Deferred
- $273,504
- Nontaxable benefits
- $29,170
- Filer's total
- $851,336
-
Jamie QuickJAMIE QUICK
DIRECTOR OF ACCOUNTING
- Total calculated
- $131,244
- From this org
- $114,194
- From related orgs
- $0
- Other
- $17,050
- Hours/week
- 40
-
Angela SzatkowskiANGELA SZATKOWSKI
COO
- Total calculated
- $237,681
- From this org
- $209,165
- From related orgs
- $0
- Other
- $28,516
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $176,958
- Bonus
- $31,665
- Other
- $542
- Deferred
- $23,525
- Nontaxable benefits
- $4,991
- Filer's total
- $237,681
-
Annah OrbanANNAH ORBAN
MORTGAGE ORIGINATOR
- Total calculated
- $244,032
- From this org
- $201,858
- From related orgs
- $0
- Other
- $42,174
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $47,401
- Bonus
- $154,386
- Other
- $71
- Deferred
- $23,487
- Nontaxable benefits
- $18,687
- Filer's total
- $244,032
-
Sheila LingSHEILA LING
MORTGAGE ORIGINATOR
- Total calculated
- $160,049
- From this org
- $137,517
- From related orgs
- $0
- Other
- $22,532
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $47,804
- Bonus
- $89,478
- Other
- $235
- Deferred
- $15,444
- Nontaxable benefits
- $7,088
- Filer's total
- $160,049
-
Barbara MillsBARBARA MILLS
CXO
- Total calculated
- $266,599
- From this org
- $236,207
- From related orgs
- $0
- Other
- $30,392
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $183,171
- Bonus
- $52,172
- Other
- $864
- Deferred
- $26,525
- Nontaxable benefits
- $3,867
- Filer's total
- $266,599
-
Jerome SchmidtJEROME SCHMIDT
COMMERCIAL LOAN OFFICER
- Total calculated
- $159,992
- From this org
- $137,087
- From related orgs
- $0
- Other
- $22,905
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $120,821
- Bonus
- $15,274
- Other
- $992
- Deferred
- $15,311
- Nontaxable benefits
- $7,594
- Filer's total
- $159,992
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 · Written employment contract
- 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
- THE PRESIDENT/CEO, DONALD J. MILLS, PARTICIPATES IN A 457(F) PLAN. PER THE AGREEMENT, HE IS ENTITLED TO RECEIVE PAYOUTS ON DATES SPECIFIED WITHIN THE AGREEMENT. THE PAYOUTS EQUATE A DESIGNATED PERCENTAGE OF THE EARNINGS ON THE CREDIT UNION'S ORIGINAL INVESTMENT IN THE PLAN. THE ORIGINAL INVESTMENT SHALL BE RETURNED TO THE CREDIT UNION UPON THE PRESIDENT/CEO'S FINAL PAYOUT. THERE WAS NO PAYOUT SCHEDULED DURING 2024. THE BENEFIT LIABILITY AS OF DECEMBER 31, 2024 APPROXIMATED 641,000. THE ACCRUED BENEFIT EXPENSE RECORDED FOR PRESIDENT/CEO'S FUTURE BENEFIT PAYOUT WAS $234,691 FOR THE YEAR ENDED DECEMBER 31, 2024. THE 2024 ACCRUED EXPENSE IS INCLUDED IN THE PRESIDENT/CEO'S DEFERRED COMPENSATION BENEFITS REPORTED IN PART II.
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.
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Related partnerships
Part III: related organizations taxable as a partnership, with the filer's share.
-
NEIGHBORHOOD INCOME SOLUTIONS
RELATED · HOLDING COMPANY · MI · 33.33% owned · share of income $644,788 · share of assets $15,750,049
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
CREDIT UNION TRUST
C · TRUST DEPOSIT SERVICES · MI · 12.5% owned · share of income -$103,691 · share of assets $612,209
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 11 November 2025
- IRS schema version
- 2024v5.2
- Source object
- 202513169349302366
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