Form 990 for tax year 2024
Filed by CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN.
Totals
- Total revenue
- $89,479,393
- Total expenses
- $68,108,376
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $72,100,070
- Investment income
- $16,583,882
- Other revenue
- $795,441
- Total assets, end of year
- $1,353,392,856
- Total liabilities, end of year
- $1,213,065,076
- Net assets or fund balances, end of year
- $140,327,780
- 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 $57,751,948 · related or exempt $57,751,948
-
2b · Program service revenue: FEE AND OTHER INCOME
total $14,348,122 · related or exempt $14,348,122
-
3 · Investment income
total $4,377,438 · excluded $4,377,438
-
6a · Gross rents
real property $77,289
-
6b · Less rental expenses
real property $7,500
-
6c · Rental income or loss
real property $69,789
-
6d · Net rental income or loss
total $69,789 · related or exempt $69,789
-
7a · Gross sales of assets other than inventory
other assets $12,210,393
-
7b · Less cost or other basis and sales expenses
other assets $3,949
-
7c · Gain or loss
other assets $12,206,444
-
7d · Net gain or loss
total $12,206,444 · related or exempt $12,206,444
-
11a · Other revenue: NON-OPERATING INCOME
total $659,997 · related or exempt $659,997
-
11b · Other revenue: FINANCE AND INSURANCE
total $65,655 · unrelated business $65,655
-
11e · Other revenue, total
$725,652
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $3,279,209
-
7 · Other salaries and wages
total $14,889,876
-
9 · Other employee benefits
total $4,352,577
-
10 · Payroll taxes
total $1,242,213
-
11c · Fees: accounting
total $215,816
-
11g · Fees: other
total $908,408
-
12 · Advertising and promotion
total $4,731,994
-
13 · Office expenses
total $1,198,511
-
14 · Information technology
total $1,881,506
-
16 · Occupancy
total $1,964,969
-
17 · Travel
total $71,221
-
19 · Conferences, conventions and meetings
total $670,178
-
20 · Interest
total $11,931,143
-
22 · Depreciation, depletion and amortization
total $3,103,677
-
23 · Insurance
total $208,905
-
24a · Other expenses: PROVISION FOR LOAN LOSS
total $5,673,362
-
24b · Other expenses: VISA EXPENSE
total $4,033,260
-
24c · Other expenses: LOAN SERVICING
total $2,384,990
-
24d · Other expenses: MAINTENANCE
total $2,065,037
-
24e · All other expenses
total $3,301,524
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $12,016,951 · end of year $9,538,682
-
2 · Savings and temporary cash investments
beginning of year $74,742,333 · end of year $118,989,456
-
4 · Accounts receivable
beginning of year $5,961,834 · end of year $5,479,258
-
7 · Other notes and loans receivable
beginning of year $1,057,369,132 · end of year $1,030,269,822
-
9 · Prepaid expenses and deferred charges
beginning of year $2,507,124 · end of year $2,530,927
-
10a · Land, buildings and equipment: cost or other basis
$85,436,716
-
10b · Land, buildings and equipment: accumulated depreciation
$20,502,506
-
10c · Land, buildings and equipment, net
beginning of year $50,589,551 · end of year $64,934,210
-
11 · Investments: publicly traded securities
beginning of year $115,034,084 · end of year $86,915,432
-
12 · Investments: other securities
beginning of year $7,627,449 · end of year $7,869,247
-
15 · Other assets
beginning of year $32,033,715 · end of year $26,865,822
-
17 · Accounts payable and accrued expenses
beginning of year $23,316,292 · end of year $18,955,702
-
23 · Secured mortgages and notes payable
beginning of year $152,806,824 · end of year $152,806,824
-
25 · Other liabilities
beginning of year $1,066,095,222 · end of year $1,041,302,550
-
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 $115,663,835 · end of year $140,327,780
Mission and programs · 2024
Mission
FINANCIAL SERVICES. THE UNIVERSITY OF MICHIGAN CREDIT UNION IS A FINANCIAL INSTITUTION CHARTERED IN THE STATE OF MICHIGAN. THE CREDIT UNION PROVIDES A WIDE RANGE OF FINANCIAL SERVICES TO THE MEMBER/OWNERS AT A REASONABLE COST.
Activities or mission (Part I)
TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND.
-
PROVIDE 119,095 MEMBERS WITH REGULAR SHARES, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, IRA, CLUB, AND BUSINESS ACCOUNTS WITH AN AGGREGATE BALANCE THAT APPROXIMATED $1,041,303,000 AS OF DECEMBER 31, 2024.
-
PROVIDE 79,678 LOANS INCLUDING VEHICLE, CREDIT CARD, UNSECURED, STUDENT, INDIRECT, RECREATIONAL VEHICLE, MORTGAGE, BUSINESS, OVERDRAFT LINES OF CREDIT, AND CREDIT BUILDER.
-
OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, CHECK CASHING, BILL PAY, OVERDRAFT PROTECTION/COURTESY PAY, VARIOUS INSURANCE AND INVESTMENT PRODUCTS TO ALL ELIGIBLE MEMBERS.
As filed on the 2024 return.
Listed in Part VII
-
Earl BellEARL BELL
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 3
-
Lukeland GentlesLUKELAND GENTLES
VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 3
-
Karen ParkerKAREN PARKER
SECRETARY
- Total calculated
- $0
- Hours/week
- 3
-
Victoria BennettVICTORIA BENNETT
TREASURER
- Total calculated
- $0
- Hours/week
- 3
-
Frank CianciolaFRANK CIANCIOLA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 3
-
Benjie JohnsonBENJIE JOHNSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 3
-
Mary KrasnyMARY KRASNY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 3
-
James MiddlemasJAMES MIDDLEMAS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 3
-
Quinta VreedeQUINTA VREEDE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 3
-
Tiffany FordTIFFANY FORD
PRESIDENT/CEO
- Total calculated
- $1,424,835
- From this org
- $1,404,508
- From related orgs
- $0
- Other
- $20,327
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $773,943
- Bonus
- $583,580
- Other
- $46,985
- Deferred
- $20,327
- Nontaxable benefits
- $0
- Filer's total
- $1,424,835
-
Deanne RamosDEANNE RAMOS
CHIEF FINANCIAL OFFICER
- Total calculated
- $355,780
- From this org
- $320,748
- From related orgs
- $0
- Other
- $35,032
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $282,558
- Bonus
- $37,500
- Other
- $690
- Deferred
- $29,320
- Nontaxable benefits
- $5,712
- Filer's total
- $355,780
-
Donna DolemanDONNA DOLEMAN
CHIEF MARKETING OFFICER
- Total calculated
- $377,819
- From this org
- $329,931
- From related orgs
- $0
- Other
- $47,888
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $291,141
- Bonus
- $37,500
- Other
- $1,290
- Deferred
- $30,999
- Nontaxable benefits
- $16,889
- Filer's total
- $377,819
-
Patricia KeenePATRICIA KEENE
CHIEF HUMAN RESOURCES OFFICER
- Total calculated
- $276,189
- From this org
- $254,231
- From related orgs
- $0
- Other
- $21,958
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $214,751
- Bonus
- $37,500
- Other
- $1,980
- Deferred
- $16,205
- Nontaxable benefits
- $5,753
- Filer's total
- $276,189
-
Xiang WuXIANG WU
CHIEF TECHNOLOGY OFFICER
- Total calculated
- $253,853
- From this org
- $225,739
- From related orgs
- $0
- Other
- $28,114
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $187,549
- Bonus
- $37,500
- Other
- $690
- Deferred
- $20,903
- Nontaxable benefits
- $7,211
- Filer's total
- $253,853
-
Tina HamiltonTINA HAMILTON
CHIEF LENDING OFFICER
- Total calculated
- $285,597
- From this org
- $261,227
- From related orgs
- $0
- Other
- $24,370
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $223,277
- Bonus
- $37,500
- Other
- $450
- Deferred
- $18,658
- Nontaxable benefits
- $5,712
- Filer's total
- $285,597
-
Marcus EnglishMARCUS ENGLISH
CHIEF OPERATIONS OFFICER
- Total calculated
- $305,136
- From this org
- $274,285
- From related orgs
- $0
- Other
- $30,851
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $236,115
- Bonus
- $37,900
- Other
- $270
- Deferred
- $25,139
- Nontaxable benefits
- $5,712
- Filer's total
- $305,136
-
Joseph Louis-FerdinandJOSEPH LOUIS-FERDINAND
NETWORK ADMIN MANAGER
- Total calculated
- $182,714
- From this org
- $154,902
- From related orgs
- $0
- Other
- $27,812
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $145,922
- Bonus
- $7,000
- Other
- $1,980
- Deferred
- $14,923
- Nontaxable benefits
- $12,889
- Filer's total
- $182,714
-
Minal KamatMINAL KAMAT
VP OF BRANCH OPERATIONS
- Total calculated
- $166,540
- From this org
- $137,039
- From related orgs
- $0
- Other
- $29,501
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $127,589
- Bonus
- $9,000
- Other
- $450
- Deferred
- $12,585
- Nontaxable benefits
- $16,916
- Filer's total
- $166,540
-
Robin CampbellROBIN CAMPBELL
ADMIN ASSISTANT
- Total calculated
- $177,639
- From this org
- $159,837
- From related orgs
- $0
- Other
- $17,802
- Hours/week
- 53
Schedule J breakdown matched by us
- Base
- $155,021
- Bonus
- $3,850
- Other
- $966
- Deferred
- $13,462
- Nontaxable benefits
- $4,340
- Filer's total
- $177,639
-
Erica BotkaERICA BOTKA
AVP OF HUMAN RESOURCES
- Total calculated
- $177,134
- From this org
- $160,390
- From related orgs
- $0
- Other
- $16,744
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $152,244
- Bonus
- $7,000
- Other
- $1,146
- Deferred
- $12,465
- Nontaxable benefits
- $4,279
- Filer's total
- $177,134
-
Mike WorkMIKE WORK
PROGRAMMING MANAGER
- Total calculated
- $155,077
- From this org
- $142,419
- From related orgs
- $0
- Other
- $12,658
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $138,894
- Bonus
- $1,750
- Other
- $1,775
- Deferred
- $12,658
- Nontaxable benefits
- $0
- Filer's total
- $155,077
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 · First-class or charter travel
- 1a · Travel for companions
- 1a · Health or social club dues or initiation fees
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Written employment contract
- 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
- 2024
- Filed
- 13 May 2025
- IRS schema version
- 2024v5.1
- Source object
- 202511339349305711
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