Civic Intelligence

Credit Unions Chartered in the State of Michigan

990 • Fiscal year 2016 • EIN 38-0703992

Jan 01, 2016 to Dec 31, 2016 • Filed on Oct 12, 2017

Organization ProfileWWW.ARBORFCU.ORG

View Organization Page

1551 South 9th StreetKalamazoo, MI 49009-9327

(269) 375-6702

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

73rd percentile

0.91x

Higher debt load relative to assets than 73% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Liabilities / Revenue

40th percentile

17.28x

Higher debt load relative to revenue than 40% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Net Margin

48th percentile

13%

Higher net margin than 48% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Top Officer Pay

55th percentile

$407,334

Higher top officer pay than 55% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2016

Asset Growth

89th percentile

12%

Faster asset growth than 89% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Revenue Growth

78th percentile

11%

Faster revenue growth than 78% of similar nonprofits.

2016 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets73rd percentile

Assets

Up

$479,181,965

Up $50,681,882 (+12%) from 2015

Net Assets

Up

$43,692,595

Up $2,973,539 (+7.3%) from 2015

Liabilities

Up

$435,489,370

Up $47,708,343 (+12%) from 2015

Revenue And Expenses
Liabilities / Revenue40th percentileNet Margin48th percentile

Revenue

Up

$25,203,596

Up $2,598,535 (+11%) from 2015

Expenses

Up

$22,035,832

Up $1,395,273 (+6.8%) from 2015

Net Income

Up

$3,167,764

Up $1,203,262 (+61%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth89th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.0B$500M$0Assets 2010: $341,207,840Liabilities 2010: $310,323,833Net Assets 2010: $30,884,0072010Assets 2011: $356,781,658Liabilities 2011: $323,361,421Net Assets 2011: $33,420,2372011Assets 2012: $381,686,946Liabilities 2012: $345,788,866Net Assets 2012: $35,898,0802012Assets 2013: $399,969,340Liabilities 2013: $363,357,219Net Assets 2013: $36,612,1212013Assets 2014: $409,914,994Liabilities 2014: $370,538,237Net Assets 2014: $39,376,7572014Assets 2015: $428,500,083Liabilities 2015: $387,781,027Net Assets 2015: $40,719,0562015Assets 2016: $479,181,965Liabilities 2016: $435,489,370Net Assets 2016: $43,692,5952016Assets 2017: $523,721,267Liabilities 2017: $475,642,572Net Assets 2017: $48,078,6952017Assets 2018: $573,422,495Liabilities 2018: $519,302,424Net Assets 2018: $54,120,0712018Assets 2019: $655,512,242Liabilities 2019: $595,318,353Net Assets 2019: $60,193,8892019Assets 2020: $813,637,097Liabilities 2020: $748,514,447Net Assets 2020: $65,122,6502020Assets 2021: $829,123,274Liabilities 2021: $762,601,238Net Assets 2021: $66,522,0362021Assets 2022: $882,512,715Liabilities 2022: $826,775,679Net Assets 2022: $55,737,0362022Assets 2023: $969,394,713Liabilities 2023: $911,404,946Net Assets 2023: $57,989,7672023Assets 2024: $903,389,090Liabilities 2024: $837,826,457Net Assets 2024: $65,562,6332024

Highlighted filing

2016

Assets$479,181,965
Liabilities$435,489,370
Net Assets$43,692,595
Open 2016 Filing

Operations Trend

Revenue Growth78th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0Expenses 2010: $19,125,8412010Expenses 2011: $18,671,3402011Expenses 2012: $19,372,6312012Revenue 2013: $20,751,000Expenses 2013: $19,064,257Net Income 2013: $1,686,7432013Revenue 2014: $22,123,436Expenses 2014: $20,036,727Net Income 2014: $2,086,7092014Revenue 2015: $22,605,061Expenses 2015: $20,640,559Net Income 2015: $1,964,5022015Revenue 2016: $25,203,596Expenses 2016: $22,035,832Net Income 2016: $3,167,7642016Revenue 2017: $27,746,122Expenses 2017: $23,405,127Net Income 2017: $4,340,9952017Revenue 2018: $32,620,125Expenses 2018: $26,784,115Net Income 2018: $5,836,0102018Revenue 2019: $40,476,172Expenses 2019: $34,727,324Net Income 2019: $5,748,8482019Revenue 2020: $43,485,334Expenses 2020: $38,767,838Net Income 2020: $4,717,4962020Revenue 2021: $44,270,339Expenses 2021: $39,623,634Net Income 2021: $4,646,7052021Revenue 2022: $42,599,576Expenses 2022: $36,827,505Net Income 2022: $5,772,0712022Revenue 2023: $50,193,452Expenses 2023: $45,206,444Net Income 2023: $4,987,0082023Revenue 2024: $57,858,397Expenses 2024: $51,507,065Net Income 2024: $6,351,3322024

Highlighted filing

2016

Revenue$25,203,596
Expenses$22,035,832
Net Income$3,167,764
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Oct 12, 2017
Return Version
2016v3.0
Gross Receipts
$25,565,301
Mission and Program Overview

Mission

The credit union's operations include holding deposits for and making loans to individuals who work or reside in the state of michigan.

The credit union's operations include holding deposits for and making loans to individuals who work or reside within a specific area and group in the state of michigan.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$329,796,697$360,506,687▲ $30,709,990
Savings and Temporary Cash Investments$26,819,820$44,892,062▲ $18,072,242
Rtn Earn Endowment Incm Other Fnds$40,719,056$43,692,595▲ $2,973,539
Investments in Publicly Traded Securities$38,609,706$26,774,978▼ $11,834,728
Land, Buildings, and Equipment, Net$15,259,297$14,620,765▼ $638,532
Receivables From Officers Etc-$3,872,047-
Cash and Non-Interest-Bearing Accounts$3,752,719$3,608,682▼ $144,037
Investments Other Securities$1,830,200$3,222,300▲ $1,392,100
Prepaid Expenses and Deferred Charges$263,881$474,291▲ $210,410
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$428,500,083$479,181,965▲ $50,681,882
Other Assets Total$12,167,763$21,210,153▲ $9,042,390
Liabilities
Other Liabilities$341,743,929$381,948,534▲ $40,204,605
Mortgage Notes Payable Secured by Investment Property$39,287,149$45,750,000▲ $6,462,851
Accounts Payable and Accrued Expenses$5,493,953$6,036,456▲ $542,503
Escrow Account Liability$1,255,996$1,754,380▲ $498,384
Total Liabilities$387,781,027$435,489,370▲ $47,708,343
Net Assets / Fund Balance
Total Net Assets Fund Balance$40,719,056$43,692,595▲ $2,973,539
Total Liabilities and Net Assets / Fund Balance$428,500,083$479,181,965▲ $50,681,882

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,600,476$2,271,281$11,871,757
Equipment$2,155,971$3,114,646$5,270,617
Land$2,861,433-$2,861,433
Leasehold Improvements$2,885$133,981$136,866
Compensation and Service Providers
Top Officer Pay55th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Julie BlitchokPresident/CEOFT$272,711$134,623$407,334
Kenneth LeonardVP Commercial LendingFT$123,529$120,145$243,674
Earle Shelner IiVP FinanceFT$136,532$74,699$211,231
Ryan ReffittCommercial Loan OfficerFT$75,000$133,248$208,248
Tamara PhelpsVP OperationsFT$129,776$71,831$201,607
Jeffrey DeshaneVP LendingFT$113,811$65,477$179,288
Arlene HortonVP Human ResourcesFT$118,866$59,107$177,973
Laurie BrooksMortgage Loan OfficerFT$33,875$126,819$160,694

Board Members and Trustees

NameTitle
David AubryChairman
Richard CahowVice-chairman
Jeff PowlessDirector
Kimberly RohrDirector
Robert GoodwinDirector
Barbara WinterSecretary
Arthur ParkerTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
FiservCore System Processor75 REMITTANCE DRIVE DEPT 1649, Chicago, IL 60675$1,563,732
FisCredit Card ProcessorPO BOX 4535, Carol Stream, IL 60197$1,014,706
VantivDebit Card Processor8500 GOVERNORS HILL DR, Symmes Township, OH 45249$789,878
Glory Global Solutions INCAtm ProviderPO BOX 71252, Chicago, IL 60694$143,380
Signart INCSigns5757 EAST CORK ST, Kalamazoo, MI 49048$138,910
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$23,699,578
Investment Income
$754,955
Other Revenue
$749,063
Change in Net Assets
$3,167,764

Audited Revenue Reconciliation

Revenue per Audited Statements
$25,253,352
Revenue Not Reported on Financial Statements
$-49,756
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$-49,756
Total Revenue per Audited Statements
$25,253,352
Total Revenue per Form 990
$25,203,596
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$12,041,494
Salaries, Compensation, and Employee Benefits$9,970,338
Grants and Similar Amounts Paid$24,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$5,838,714
Other Employee Benefits---$2,165,650
Interest---$1,784,504
Information Technology---$1,313,336
Office Expenses---$1,257,194
All Other Expenses---$1,144,828
Depreciation Depletion---$839,899
Current Officers, Directors, Trustees, and Key Employees---$820,172
Occupancy---$728,622
Advertising---$609,998
Pension Plan Contributions---$596,858
Other Expenses---$577,059
Payroll Taxes---$548,944
Conferences and Meetings---$286,147
Insurance---$178,159
Fees for Services Management---$165,866
Fees for Services Accounting---$79,736
Fees for Services Legal---$61,572
Payments to Affiliates---$45,926
Grants to Domestic Individuals---$24,000
Travel---$19,629
Total Functional Expenses$0$0$0$22,035,832

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$22,085,588
Expenses per Audited Statements$22,035,832
Total Expenses per Form 990$22,035,832
Expenses Not Reported on Form 990$49,756
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees-$3,872,047-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares and Savings Accounts$381,948,534
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“Every individual that has an account with the credit union is considered a member.”

Form 990, Part VI, Section A, Line 7A

“As a credit union, we have a membership that has the authority to vote for the board of directors on an annual basis. We are required to hold an annual meeting, where the membership can vote for the board of directors up for nomination.”

Form 990, Part VI, Section A, Line 7B

“The decisions are approved at the annual meeting. They also can review the monthly and year to date financial statements that are required to be posted in the lobby. As for day to day decisions, they do not oversee or approve actions.”

Form 990, Part VI, Section B, Line 11B

“A copy will be provided for the board of directors to review at a regular scheduled board meeting. Individual copies will not be handed out to each board member.”

Form 990, Part VI, Section B, Line 12C

“All directors and employees are required to sign a policy statement annually and to submit changes during the year.”

Form 990, Part VI, Section B, Line 15

“We utilize an outside consultant, as well as industry publications to set the ranges of all individuals paid at the credit union. All salary ranges for all employees are approved by the board of directors at a regularly scheduled meeting.”

Form 990, Part VI, Section C, Line 19

“The credit union's governing documents, conflict of interest policy and financial statements are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Arbor Financial Credit Union
EIN
38-0703992
Phone
2693756702
Address
1551 SOUTH 9TH STREET, KALAMAZOO, MI 49009-9327

Signing Officer

Name
Earle Shelner Ii
Title
VP - Finance
Phone
2695443471
Signed
2017-10-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Julie Blitchok
Formed
1935
Legal Domicile
Mi
Voting Board Members
7
Independent Board Members
7
Employees
176
Volunteers
10

Preparer

Firm
Doeren Mayhew
Address
305 WEST BIG BEAVER ROAD, TROY, MI 48084
Preparer
Robert Parks CPA
Phone
2482443000
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

“Fraud expenses 477,980. Debit and credit expenses 422,607. Miscellaneous expense 244,241.”

Form 990, Part XII, Line 2C

“There was no change in the oversight process or selection process during the tax year.”

Financial Statement Notes

PART X, LINE 2:

“The credit union is exempt, by statute, from federal taxes on income related to the exempt purpose of the credit union. The credit union is a state-chartered credit union described in internal revenue code ("irc") section 501(c)(14). As such, the credit union is exempt from federal taxation of income derived from the performance of activities that are in furtherance of its exempt purposes. However, irc section 511 imposes a tax on the unrelated business income (as defined in section 512) derived by state-chartered credit unions. Many states have similar laws. The specific application of section 512 to the various activities conducted by state-chartered credit unions has been an issue for many years. In 2007, the internal revenue service ("irs") issued a series of technical advice memoranda ("tam") to a number of state-chartered credit unions located throughout the country. In these tams, the irs ruled certain products and services to be subject to taxation as unrelated business income. In light of the tams, the credit union has assessed its activities and any potential federal or state income tax liability. In the opinion of management, any liability arising from federal or state taxation of activities deemed to be unrelated to its exempt purpose is not expected to have a material effect on the credit union's financial condition or results of operations. The credit union's income tax filings are subject to audit by various taxing authorities and open tax periods include 2012 - 2015.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Loss on sale of assets -49,756.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Loss on sale of assets 49,756.”

Raw XML AppendixShowing 400 of 654 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0THE CREDIT UNION'S OPERATIONS INCLUDE HOLDING DEPOSITS FOR AND MAKING LOANS TO INDIVIDUALS WHO WORK OR RESIDE WITHIN A SPECIFIC AREA AND GROUP IN THE STATE OF MICHIGAN.
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1320503
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1447469
IRS990/Form990PartVIISectionAGrp/PersonNm0DAVID AUBRY
IRS990/Form990PartVIISectionAGrp/PersonNm1RICHARD CAHOW
IRS990/Form990PartVIISectionAGrp/PersonNm2BARBARA WINTER
IRS990/Form990PartVIISectionAGrp/PersonNm3ARTHUR PARKER
IRS990/Form990PartVIISectionAGrp/PersonNm4ROBERT GOODWIN
IRS990/Form990PartVIISectionAGrp/PersonNm5JEFF POWLESS
IRS990/Form990PartVIISectionAGrp/PersonNm6KIMBERLY ROHR
IRS990/Form990PartVIISectionAGrp/PersonNm7EARLE SHELNER II
IRS990/Form990PartVIISectionAGrp/PersonNm8JULIE BLITCHOK
IRS990/Form990PartVIISectionAGrp/PersonNm9TAMARA PHELPS
IRS990/Form990PartVIISectionAGrp/PersonNm10ARLENE HORTON
IRS990/Form990PartVIISectionAGrp/PersonNm11JEFFREY DESHANE
IRS990/Form990PartVIISectionAGrp/PersonNm12KENNETH LEONARD
IRS990/Form990PartVIISectionAGrp/PersonNm13LAURIE BROOKS
IRS990/Form990PartVIISectionAGrp/PersonNm14RYAN REFFITT
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt7164133
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt8350024
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt9153048
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10143949
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt11136536
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt12195473
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt13140191
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt14160779
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt130
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt140
IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE-CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7VP FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt8PRESIDENT/CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt9VP OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt10VP HUMAN RESOURCES
IRS990/Form990PartVIISectionAGrp/TitleTxt11VP LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt12VP COMMERCIAL LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt13MORTGAGE LOAN OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt14COMMERCIAL LOAN OFFICER
IRS990/Form990ProvidedToGvrnBodyInd00
IRS990/Form990TFiledInd01
IRS990/FormationYr01935
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GainOrLossGrp/OtherAmt0-49756
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt07
IRS990/GrantsToDomesticIndividualsGrp/TotalAmt024000
IRS990/GrantsToIndividualsInd01
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
IRS990/GrossAmountSalesAssetsGrp/OtherAmt0311949
IRS990/GrossReceiptsAmt025565301
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt07
IRS990/IndivRcvdGreaterThan100KCnt08
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIXInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InformationTechnologyGrp/TotalAmt01313336
IRS990/InsuranceGrp/TotalAmt0178159
IRS990/InterestGrp/TotalAmt01784504
IRS990/InvestmentIncomeGrp/ExclusionAmt0804711
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0804711
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt01830200
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt03222300
IRS990/InvestmentsPubTradedSecGrp/BOYAmt038609706
IRS990/InvestmentsPubTradedSecGrp/EOYAmt026774978
IRS990/IRPDocumentCnt012702
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt05519908
IRS990/LandBldgEquipBasisNetGrp/BOYAmt015259297
IRS990/LandBldgEquipBasisNetGrp/EOYAmt014620765
IRS990/LandBldgEquipCostOrOtherBssAmt020140673
IRS990/LegalDomicileStateCd0MI
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt0361705
IRS990/LoanOutstandingInd01
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MiscellaneousRevenueGrp/TotalRevenueColumnAmt052189
IRS990/MiscellaneousRevenueGrp/UnrelatedBusinessRevenueAmt052189
IRS990/MissionDesc0THE CREDIT UNION'S OPERATIONS INCLUDE HOLDING DEPOSITS FOR AND MAKING LOANS TO INDIVIDUALS WHO WORK OR RESIDE WITHIN A SPECIFIC AREA AND GROUP IN THE STATE OF MICHIGAN.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt039287149
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt045750000
IRS990/NetAssetsOrFundBalancesBOYAmt040719056
IRS990/NetAssetsOrFundBalancesEOYAmt043692595
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0-49756
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-49756
IRS990/NetUnrelatedBusTxblIncmAmt0-21685
IRS990/NetUnrlzdGainsLossesInvstAmt0-194225
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt0728622
IRS990/OfficeExpensesGrp/TotalAmt01257194
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt012167763
IRS990/OtherAssetsTotalGrp/EOYAmt021210153
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt02165650
IRS990/OtherExpensesGrp/Desc0VISA AND MASTERCARD EXP
IRS990/OtherExpensesGrp/Desc1PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc2LOAN SERVICING EXPENSE
IRS990/OtherExpensesGrp/Desc3ATM EXPENSES
IRS990/OtherExpensesGrp/TotalAmt01159497
IRS990/OtherExpensesGrp/TotalAmt11086000
IRS990/OtherExpensesGrp/TotalAmt2703522
IRS990/OtherExpensesGrp/TotalAmt3577059
IRS990/OtherLiabilitiesGrp/BOYAmt0341743929
IRS990/OtherLiabilitiesGrp/EOYAmt0381948534
IRS990/OtherRevenueMiscGrp/BusinessCd0522100
IRS990/OtherRevenueMiscGrp/BusinessCd1523930
IRS990/OtherRevenueMiscGrp/BusinessCd2524298
IRS990/OtherRevenueMiscGrp/Desc0MISCELLANEOUS INCOME
IRS990/OtherRevenueMiscGrp/Desc1WEALTH MANAGEMENT INCOME
IRS990/OtherRevenueMiscGrp/Desc2WARRANTY SALES
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt0545800
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0545800
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt180104
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt270970
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt080104
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt170970
IRS990/OtherRevenueTotalAmt0749063
IRS990/OtherSalariesAndWagesGrp/TotalAmt05838714
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0329796697
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0360506687
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/TotalAmt045926
IRS990/PayrollTaxesGrp/TotalAmt0548944
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt0596858
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0263881
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0474291
IRS990/PrincipalOfficerNm0JULIE BLITCHOK
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/Desc0INCOME ON MEMBER LOANS
IRS990/ProgramServiceRevenueGrp/Desc1FEES AND CHARGES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt014974761
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt18724817
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt014974761
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt18724817
IRS990/ProgSrvcAccomActy2Grp/Desc0ALLOWING MEMBERS DIRECT ACCESS TO THEIR CHECKING ACCOUNT AT MERCHANTS THROUGH OUR DEBIT CARD PROGRAM.
IRS990/ProgSrvcAccomActy3Grp/Desc0ALLOWING MEMBERS ACCESS TO OVER 21,000 ATMS THORUGHOUT THE U.S. THROUGH OUR ATM NETWORKING PROGRAM.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt018000
IRS990/PYInvestmentIncomeAmt01858194
IRS990/PYOtherExpensesAmt010190241
IRS990/PYOtherRevenueAmt0167813
IRS990/PYProgramServiceRevenueAmt020579054
IRS990/PYRevenuesLessExpensesAmt01964502
IRS990/PYSalariesCompEmpBnftPaidAmt010432318
IRS990/PYTotalExpensesAmt020640559
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt022605061
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt03872047
IRS990/ReconcilationRevenueExpnssAmt03167764
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt040719056
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt043692595
IRS990/SavingsAndTempCashInvstGrp/BOYAmt026819820
IRS990/SavingsAndTempCashInvstGrp/EOYAmt044892062
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/AgentTrusteeEtcInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt09600476
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02271281
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt011871757
IRS990ScheduleD/EquipmentGrp/BookValueAmt02155971
IRS990ScheduleD/EquipmentGrp/DepreciationAmt03114646
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt05270617
IRS990ScheduleD/ExpensesNotReportedAmt049756
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt022035832
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd00
IRS990ScheduleD/LandGrp/BookValueAmt02861433
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt02861433
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt02885
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0133981
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0136866
IRS990ScheduleD/OtherExpensesIncludedAmt049756
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0381948534
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER SHARES AND SAVINGS ACCOUNTS
IRS990ScheduleD/OtherRevenuesNotIncludedAmt0-49756
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt0-49756
IRS990ScheduleD/RevenueSubtotalAmt025253352
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE ("IRC") SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS HAS BEEN AN ISSUE FOR MANY YEARS. IN 2007, THE INTERNAL REVENUE SERVICE ("IRS") ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA ("TAM") TO A NUMBER OF STATE-CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. IN THESE TAMS, THE IRS RULED CERTAIN PRODUCTS AND SERVICES TO BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. IN LIGHT OF THE TAMS, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL CONDITION OR RESULTS OF OPERATIONS. THE CREDIT UNION'S INCOME TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES AND OPEN TAX PERIODS INCLUDE 2012 - 2015.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1LOSS ON SALE OF ASSETS -49,756.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2LOSS ON SALE OF ASSETS 49,756.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt014620765
IRS990ScheduleD/TotalExpensesPerForm990Amt022035832
IRS990ScheduleD/TotalLiabilityAmt0381948534
IRS990ScheduleD/TotalRevenuePerForm990Amt025203596
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt025253352
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt022085588
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt024000
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0SCHOLARSHIPS ARE AWARDED TO HIGH SCHOOL SENIORS WHO HAVE BEEN MEMBERS OF THE CREDIT UNION FOR AT LEAST ONE YEAR AND DEMONSTRATE ACADEMIC ACHIEVEMENT, COMMUNITY INVOLVEMENT AND FINANCIAL NEED.
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt021

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$479,181,965
Liabilities
$435,489,370
Net assets
$43,692,595
Revenue
$25,203,596
Expenses
$22,035,832
Net income
$3,167,764
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$903$838$65.6$57.9$51.5$6.35
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$969$911$58.0$50.2$45.2$4.99
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$883$827$55.7$42.6$36.8$5.77
2021Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$829$763$66.5$44.3$39.6$4.65
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$814$749$65.1$43.5$38.8$4.72
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$656$595$60.2$40.5$34.7$5.75
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$573$519$54.1$32.6$26.8$5.84
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$524$476$48.1$27.7$23.4$4.34
2016Detailed filing. Detailed filing data is available for this year.$479$435$43.7$25.2$22.0$3.17
2015Summary only. Only limited summary data is available for this year.$429$388$40.7$22.6$20.6$1.96
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$410$371$39.4$22.1$20.0$2.09
2013XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$400$363$36.6$20.8$19.1$1.69
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$382$346$35.9$19.4
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$357$323$33.4$18.7
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$341$310$30.9$19.1