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Nonprofiteer
← CREDIT UNION CHARTERED IN THE STATE OF MICHIGAN

Form 990 for tax year 2024

Filed by CREDIT UNION CHARTERED IN THE STATE OF MICHIGAN.

Totals

Total revenue
$4,161,984
Total expenses
$3,810,256
Contributions and grants received
$0
Grants paid
$1,860
Program service revenue
$3,598,638
Investment income
$563,346
Other revenue
$0
Total assets, end of year
$71,470,962
Total liabilities, end of year
$63,399,530
Net assets or fund balances, end of year
$8,071,432
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 INCOME

    total $2,463,239 · related or exempt $2,463,239

  • 2b · Program service revenue: FEE AND OTHER INCOME

    total $1,108,754 · related or exempt $1,108,754

  • 2c · Program service revenue: FINANCE AND INSURANCE

    total $26,645 · unrelated business $26,645

  • 3 · Investment income

    total $563,346 · excluded $563,346

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,860

  • 5 · Compensation of officers, directors and key employees

    total $284,562

  • 7 · Other salaries and wages

    total $838,171

  • 8 · Pension plan contributions

    total $62,795

  • 9 · Other employee benefits

    total $156,848

  • 10 · Payroll taxes

    total $91,928

  • 11b · Fees: legal

    total $15,008

  • 11c · Fees: accounting

    total $66,740

  • 11g · Fees: other

    total $19,304

  • 12 · Advertising and promotion

    total $46,513

  • 13 · Office expenses

    total $486,066

  • 14 · Information technology

    total $184,473

  • 16 · Occupancy

    total $139,915

  • 19 · Conferences, conventions and meetings

    total $22,026

  • 20 · Interest

    total $781,095

  • 22 · Depreciation, depletion and amortization

    total $148,310

  • 23 · Insurance

    total $27,607

  • 24a · Other expenses: LOAN SERVICING

    total $203,456

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $189,442

  • 24c · Other expenses: MISCELLANEOUS EXPENSE

    total $22,528

  • 24d · Other expenses: EXAMINATION FEES

    total $12,982

  • 24e · All other expenses

    total $8,627

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $442,541 · end of year $679,146

  • 2 · Savings and temporary cash investments

    beginning of year $4,810,000 · end of year $4,471,000

  • 4 · Accounts receivable

    beginning of year $8,887 · end of year $81,484

  • 7 · Other notes and loans receivable

    beginning of year $42,603,651 · end of year $43,427,970

  • 9 · Prepaid expenses and deferred charges

    beginning of year $56,625 · end of year $53,475

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

    $4,612,313

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

    $659,904

  • 10c · Land, buildings and equipment, net

    beginning of year $4,091,879 · end of year $3,952,409

  • 12 · Investments: other securities

    beginning of year $14,179,269 · end of year $10,872,045

  • 13 · Investments: program-related

    beginning of year $4,942,007 · end of year $6,943,219

  • 15 · Other assets

    beginning of year $1,052,918 · end of year $990,214

  • 17 · Accounts payable and accrued expenses

    beginning of year $457,853 · end of year $699,800

  • 25 · Other liabilities

    beginning of year $64,064,173 · end of year $62,699,730

  • 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 $7,665,751 · end of year $8,071,432

Mission and programs · 2024

Mission

TO EXCEED EXPECTATIONS IN EVERY INTERACTION AND INSPIRE OUR NEIGHBORS TO ACHIEVE FINANCIAL STABILITY AND SUCCESS.

Activities or mission (Part I)

TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND.

  • PROVIDE 5,051 MEMBERS WITH SAVINGS, SHARE DRAFT, HIGH YIELD SHARES, VACATION AND CHRISTMAS CLUB, BUSINESS AND FIDUCIARY ACCOUNTS, CERTIFICATES OF DEPOSIT, IRAS AND MONEY MARKET ACCOUNTS WITH AGGREGATE BALANCES THAT APPROXIMATED $62,700,000 AS OF DECEMBER 31, 2024.

  • PROVIDE 3,141 LOANS INCLUDING HOME EQUITY, SHARE SECURED, FIRST MORTGAGE, CREDIT CARD, UNSECURED, NEW AND USED VEHICLE, RECREATIONAL VEHICLES, AND LINE OF CREDIT. TOTAL LOAN BALANCES APPROXIMATED $43,700,000 AS OF DECEMBER 31, 2024.

  • OFFER ATM AND DEBIT CARDS, SHARED BRANCHING, MONEY ORDERS, BILL PAY, CHECK CASHING, WIRE TRANSFERS, BILINGUAL SERVICES AND INSURANCE PRODUCTS.

As filed on the 2024 return.

Listed in Part VII

  • Jon Denhof

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Elizabeth Winninger

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Vicki Seidl

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Kristian Daniel

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Daniel Kent

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Esteban Camargo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Al Jano

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Daniel Kendall

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kristen Plichta

    PRESIDENT/CEO

    Total calculated
    $171,211
    From this org
    $141,597
    From related orgs
    $0
    Other
    $29,614
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $129,097
    Bonus
    $12,500
    Other
    $0
    Deferred
    $8,832
    Nontaxable benefits
    $20,782
    Filer's total
    $171,211

  • Tracy Elmorabeti

    VP OF ACCOUNTING

    Total calculated
    $113,351
    From this org
    $91,193
    From related orgs
    $0
    Other
    $22,158
    Hours/week
    45

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

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
11 November 2025
IRS schema version
2024v5.2
Source object
202523159349302882

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