CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN

As filed

Subsection

14

Classification

1000

Street

23670 TELEGRAPH RD

These codes are the IRS's own and are shown exactly as filed. What each one means is in the Business Master File documentation (opens in a new tab).

Group exemption

A subordinate covered by the group exemption of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN (EIN 38-6092097). matched by us

The IRS lists each organization's group exemption number; we match a subordinate to its central organization by that number and the affiliation code the IRS assigns.

Mission and programs · 2023

• LOANS - TOTAL LOANS GREW $17.2 MILLION, OR 10.15% IN 2023. GROWTH DOLLARS WERE DRIVEN BY INDIRECT LOANS WHICH GREW $8.5 MILLION (21.46%) AND CLOSED END HOME EQUITY LOANS WHICH GREW $4.2 MILLION (41.72%). CREDIT CARD LOANS GREW $1.7 MILLION (14.78%) AND UNSECURED PARTICIPATION LOANS GREW $1.5 MILLION (22.28%). LOAN GROWTH WAS STRONG EARLY IN THE YEAR AND INTENTIONALLY THROTTLED LATER IN THE YEAR BY LIQUIDITY CONSTRAINTS FELT BY THE INDUSTRY AS A WHOLE. NOT INCLUDING WAGES AND BENEFITS, 2023 LOAN EXPENSES TOTALED $1.6 MILLION.

• DEBIT CARDS - AS OF 12/31/2023, ADVANTAGE ONE CREDIT UNION HAD 11,327 DEBIT CARDS (UP FROM 10,999 LAST YEAR) REPRESENTING 63% OF THE NUMBER OF TOTAL MEMBERS. THE ASSOCIATED EXPENSE WITH THE PROGRAM IN 2023, WAS $747,000, EXCLUDING WAGES AND BENEFITS.

• HOME BANKING AND BILL PAY - ADVANTAGE ONE CREDIT UNION HAS 2,096 ONLINE BANKING USERS AND 982 BILL PAY USERS REPRESENTING 67.42% AND 5.47% OF TOTAL MEMBERS, RESPECTIVELY. THE NUMBER OF BILL PAY USERS INCREASED BY 32.17% IN 2023. NOT INCLUDING WAGES AND BENEFITS, ASSOCIATED PROGRAM EXPENSES TOTALED $369,000 IN 2023.

As filed on the 2023 return.

Officers and directors · 2023

As listed in Part VII of the 2023 return, in the order the filer printed them. Each return names its own; this is not a roster the organization keeps with us.

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. Earlier years are each on their own filing page.

Filings

• 2023

  Revenue

  $15,764,672

  Expenses

  $13,622,991

  Contributions

  $0

  Grants paid

  $7,500

• 2022

  Revenue

  $12,777,127

  Expenses

  $10,152,686

  Contributions

  $0

  Grants paid

  $7,500

The four totals the IRS asks for on Part I of the Form 990, as filed. A dash means the figure was not present on the return — not that it was zero.

Other returns filed

• 2021 · 990

  Revenue

  $11,495,994

  Expenses

  $9,420,423

  Assets (EOY)

  $211,773,207

• 2020 · 990

  Revenue

  $10,999,420

  Expenses

  $9,700,671

  Assets (EOY)

  $187,198,159

• 2019 · 990

  Revenue

  $10,909,963

  Expenses

  $9,499,431

  Assets (EOY)

  $149,585,346

• 2018 · 990

  Revenue

  $9,740,241

  Expenses

  $9,270,889

  Assets (EOY)

  $143,351,571

• 2017 · 990

  Revenue

  $8,900,824

  Expenses

  $8,546,782

  Assets (EOY)

  $139,551,969

• 2016 · 990

  Revenue

  $4,173,908

  Expenses

  $3,793,294

  Assets (EOY)

  $135,759,202

Nonprofiteer parses Forms 990, 990-EZ and 990-PF, in a window of recent tax years. These returns are recorded from the IRS e-file index, so their figures were extracted by that index rather than read from the return here — treat them as a different source from the filings above, not as more of the same record. A dash means the index carries no figure; Form 990-T listings carry none at all.

Grants made

No itemized grants to organizations. Schedule I is filed only by organizations that granted more than $5,000 to a recipient, so most filers have none.

Grants received

• MICHIGAN CREDIT UNION FOUNDATION

  $14,000

  2022 · COMMUNITY ENRICHMENT GRANTS

Other IRS files