Civic Intelligence

Adventure Credit Union

EIN 38-0855535 • 501(c)14 • Grand Rapids, MI

Profile

To provide financial services while treating members with dignity and respect, acting as a good steward of our members' assets, valuing our employees and volunteers, maintaining high levels of integrity in everything we do, and being a leader in community outreach and building community relationships.

630 32nd Street SEGrand Rapids, MI 49548

www.adventurecu.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

14th percentile

0.86x

Higher debt load relative to assets than 14% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

35th percentile

14.20x

Higher debt load relative to revenue than 35% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Source year 2024

Net Margin

32nd percentile

6.1%

Higher net margin than 32% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

34th percentile

$305,421

Higher top officer pay than 34% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

$250M-$1B nonprofits • Source year 2022

Asset Growth

52nd percentile

2.9%

Faster asset growth than 52% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

23rd percentile

8.3%

Faster revenue growth than 23% of similar nonprofits.

501(c)14 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Assets

Up

$447,657,099

Up $12,766,015 (+2.9%) from 2023

Liabilities

Up

$384,901,722

Up $8,706,095 (+2.3%) from 2023

Net Assets

Up

$62,755,377

Up $4,059,920 (+6.9%) from 2023

Revenue

Up

$27,097,467

Up $2,085,753 (+8.3%) from 2023

Expenses

Up

$25,444,419

Up $2,929,772 (+13%) from 2023

Net Income

Down

$1,653,048

Down $844,019 (-34%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$600M$400M$200M$0Assets 2010: $261,058,654Liabilities 2010: $223,901,649Net Assets 2010: $37,157,0052010Assets 2011: $266,763,062Liabilities 2011: $228,678,079Net Assets 2011: $38,084,9832011Assets 2012: $266,470,798Liabilities 2012: $227,226,483Net Assets 2012: $39,244,3152012Assets 2013: $268,937,148Liabilities 2013: $227,796,031Net Assets 2013: $41,141,1172013Assets 2014: $276,044,059Liabilities 2014: $232,313,152Net Assets 2014: $43,730,9072014Assets 2015: $290,045,949Liabilities 2015: $245,180,022Net Assets 2015: $44,865,9272015Assets 2016: $346,278,129Liabilities 2016: $300,864,088Net Assets 2016: $45,414,0412016Assets 2017: $385,710,905Liabilities 2017: $340,226,713Net Assets 2017: $45,484,1922017Assets 2018: $373,557,111Liabilities 2018: $327,189,367Net Assets 2018: $46,367,7442018Assets 2019: $357,563,327Liabilities 2019: $308,307,345Net Assets 2019: $49,255,9822019Assets 2020: $415,888,601Liabilities 2020: $363,887,264Net Assets 2020: $52,001,3372020Assets 2021: $438,784,059Liabilities 2021: $384,355,790Net Assets 2021: $54,428,2692021Assets 2022: $437,120,346Liabilities 2022: $382,921,688Net Assets 2022: $54,198,6582022Assets 2023: $434,891,084Liabilities 2023: $376,195,627Net Assets 2023: $58,695,4572023Assets 2024: $447,657,099Liabilities 2024: $384,901,722Net Assets 2024: $62,755,3772024

Highlighted filing

2024

Assets$447,657,099
Liabilities$384,901,722
Net Assets$62,755,377

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$30M$20M$10M$0Expenses 2010: $15,579,5022010Expenses 2011: $14,840,1232011Expenses 2012: $14,234,6052012Revenue 2013: $15,496,078Expenses 2013: $13,672,456Net Income 2013: $1,823,6222013Revenue 2014: $15,562,051Expenses 2014: $13,421,699Net Income 2014: $2,140,3522014Revenue 2015: $15,657,683Expenses 2015: $13,819,750Net Income 2015: $1,837,9332015Revenue 2016: $17,724,359Expenses 2016: $17,491,105Net Income 2016: $233,2542016Revenue 2017: $19,341,957Expenses 2017: $19,127,778Net Income 2017: $214,1792017Revenue 2018: $20,014,989Expenses 2018: $19,148,402Net Income 2018: $866,5872018Revenue 2019: $20,373,514Expenses 2019: $17,812,756Net Income 2019: $2,560,7582019Revenue 2020: $20,672,643Expenses 2020: $17,450,796Net Income 2020: $3,221,8472020Revenue 2021: $20,782,924Expenses 2021: $17,839,648Net Income 2021: $2,943,2762021Revenue 2022: $22,480,279Expenses 2022: $20,093,597Net Income 2022: $2,386,6822022Revenue 2023: $25,011,714Expenses 2023: $22,514,647Net Income 2023: $2,497,0672023Revenue 2024: $27,097,467Expenses 2024: $25,444,419Net Income 2024: $1,653,0482024

Highlighted filing

2024

Revenue$27,097,467
Expenses$25,444,419
Net Income$1,653,048

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$448$385$62.8$27.1$25.4$1.65
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$435$376$58.7$25.0$22.5$2.50
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$437$383$54.2$22.5$20.1$2.39
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$439$384$54.4$20.8$17.8$2.94
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$416$364$52.0$20.7$17.5$3.22
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$358$308$49.3$20.4$17.8$2.56
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$374$327$46.4$20.0$19.1$0.87
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$386$340$45.5$19.3$19.1$0.21
2016Summary only. Only limited summary data is available for this year.$346$301$45.4$17.7$17.5$0.23
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$290$245$44.9$15.7$13.8$1.84
2014Detailed filing. Detailed filing data is available for this year.$276$232$43.7$15.6$13.4$2.14
2013XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$269$228$41.1$15.5$13.7$1.82
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$266$227$39.2$14.2
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$267$229$38.1$14.8
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$261$224$37.2$15.6
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 13, 2025
Return Version
2024v5.2
Gross Receipts
$27,097,467
Mission and Program Overview

Mission

To provide financial services while treating members with dignity and respect, acting as a good steward of our members' assets, valuing our employees and volunteers, maintaining high levels of integrity in everything we do, and being a leader in community outreach and building community relationships.

Adventure credit union's primary exempt purpose is to provide a variety of financial services to its members. Its members include individuals who live or work in the state of michigan.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$295,548,178$300,393,150▲ $4,844,972
Rtn Earn Endowment Incm Other Fnds$58,695,457$62,755,377▲ $4,059,920
Savings and Temporary Cash Investments$54,085,875$57,393,440▲ $3,307,565
Investments in Publicly Traded Securities$48,517,430$49,763,665▲ $1,246,235
Land, Buildings, and Equipment, Net$8,944,471$10,529,669▲ $1,585,198
Cash and Non-Interest-Bearing Accounts$3,335,334$3,599,994▲ $264,660
Prepaid Expenses and Deferred Charges$1,267,990$1,525,242▲ $257,252
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$434,891,084$447,657,099▲ $12,766,015
Other Assets Total$23,191,806$24,451,939▲ $1,260,133
Liabilities
Other Liabilities$370,673,077$380,692,613▲ $10,019,536
Accounts Payable and Accrued Expenses$3,843,920$2,391,893▼ $1,452,027
Escrow Account Liability$1,678,630$1,817,216▲ $138,586
Total Liabilities$376,195,627$384,901,722▲ $8,706,095
Net Assets / Fund Balance
Total Net Assets Fund Balance$58,695,457$62,755,377▲ $4,059,920
Total Liabilities and Net Assets / Fund Balance$434,891,084$447,657,099▲ $12,766,015

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$7,269,936$3,604,449$10,874,385
Equipment$1,498,853$8,846,420$10,345,273
Land$1,760,880-$1,760,880
Leasehold Improvements$0$1,360,773$1,360,773
Other Assets Org$5,998,068--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Amanda GarabedianChief Executive OfficerFT$285,352$74,794$360,146
Jerome MaueChief Financial OfficerFT$204,283$39,754$244,037
James BirdAris Financial ManagerFT$88,747$149,220$237,967
Lisa PosthumusChief Lending OfficerFT$189,456$40,886$230,342
Timothy LoganSVP of ItFT$124,298$36,694$160,992
Megan AnthonySVP of HrFT$123,267$32,997$156,264
Shanna SchneiderVP of OperationsFT$138,082$7,592$145,674
Veronica HosfordVP of LendingFT$119,476$16,905$136,381

Board Members and Trustees

NameTitle
Pete WinningerBoard Chairman
Anthony ArizolaBoard Vice Chairman
Charlie BrenemanBoard Member
Dave FergusonBoard Member
Dave KiddBoard Member
Patricia AndrewsBoard Member
Shari WaldvogelSecretary
Michael KutasTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Mcgraw Construction INCGeneral Contractor1111 GODFREY AVE SW SUITE N200, Grand Rapids, MI 49503$1,807,432
Engage Fi LLCBanking Consultants5550 W EXECUTIVE DR SUITE 540, Tampa, FL 33609$1,070,250
Jack Henry And Associates INCCore And Ancillary SoftwarePO BOX 609, Monett, MO 65708$399,789
Qsi INCAtm/itm Experts107 SCHULER DR, Bardstown, KY 40004$391,662
Business Data INCStatement And E Statement MailingPO BOX 6081, Inglewood, CA 90312$238,676
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$23,416,001
Investment Income
$3,681,466
Other Revenue
$0
Change in Net Assets
$1,653,048

Audited Revenue Reconciliation

Revenue per Audited Statements
$27,097,467
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$2,406,872
Total Revenue per Audited Statements
$29,504,339
Total Revenue per Form 990
$27,097,467
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$16,465,230
Salaries, Compensation, and Employee Benefits$8,979,189
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$6,457,339
Information Technology---$1,906,009
Other Expenses---$1,340,978
Other Employee Benefits---$978,928
All Other Expenses---$968,760
Occupancy---$876,954
Current Officers, Directors, Trustees, and Key Employees---$834,525
Payroll Taxes---$551,170
Depreciation Depletion---$490,428
Advertising---$359,056
Office Expenses---$316,967
Conferences and Meetings---$265,417
Fees for Services Accounting---$231,135
Pension Plan Contributions---$157,227
Fees for Services Legal---$115,110
Travel---$65,419
Insurance---$59,528
Fees for Service Investment Mgmnt Fees---$9,619
Total Functional Expenses$0$0$0$25,444,419

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$25,444,419
Total Expenses per Audited Statements$25,444,419
Total Expenses per Form 990$25,444,419
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
MEMBERS' SHARES AND SAVINGS$380,692,613
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 35% controlled entity
No
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

The credit union currently has 30,660 members.

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

The members of the credit union are responsible for electing the board of directors.

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

The members of the credit union must approve mergers into another credit union. All other decisions may be made by the board of directors.

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

The ceo and cfo of the credit union review the 990 draft before filing. Additionally, an electronic copy of the 990 is available to the board of directors for their review. All of the board members are given the opportunity to contact the credit union's management with any questions or concerns they had regarding the 990 return.

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

On an annual basis, all directors, officers, and employees of the credit union complete a conflict of interest policy questionnaire. The conflict of interest questionnaires are then reviewed by shannon van malsen, compliance officer, for potential conflicts. If an actual conflict of interest is identified, the director will abstain from voting on the issue at hand.

Form 990, Part VI, Section B, Line 15

Salaries for the ceo, officers, and key employees are compared to those reported in various publications for similar organizations in the industry and may be adjusted for an employee's performance. Compensation for the ceo, officers, and key employees are then determined, reviewed by an independent party, and approved by the board of directors. This process was last undertaken in 2024.

Form 990, Part VI, Section C, Line 19

The monthly financial statements of the credit union are posted in the lobby of each branch. Other information such as the governing documents and conflict of interest policy are available upon request.

Filing and Contact Details

Filer

Filer Name
Adventure Credit Union
EIN
38-0855535
Phone
6162430125
Address
630 32ND STREET SE, GRAND RAPIDS, MI 49548

Signing Officer

Name
Jerry Maue
Title
CFO
Phone
6162430125
Signed
2025-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jerome Maue
Formed
1936
Legal Domicile
Mi
Voting Board Members
8
Independent Board Members
8
Employees
121
Volunteers
9

Preparer

Firm
Plante & Moran Pllc
Address
750 TRADE CENTRE WAY STE 300, PORTAGE, MI 49002
Preparer
Joshua Nitz CPA
Phone
2695674500
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Unrealized gain on postretirement and pension benefits 332,683. Change in value of credit union-owned life insurance 698,087.

FORM 990, PART XII, LINE 2C:

The board of directors has established the audit committee, which is responsible for the oversight of all examinations and audits and selection of an independent auditor. The audit committee approves an independent auditor(s) each year and meets to review examination reports and auditor's reports.

FORM 990, PART X, LINE 5 AND SCHEDULE L:

Schedule l is not required for loans receivable balances on form 990, part x, line 5 if the loans are made by the credit union to the directors, officers, and key employees on the same terms offered to other members of the credit union. Therefore, the credit union has included $1,139,188 and $1,234,341 of receivables from current officers, directors, trustees, key employees, and highest compensated employees for 2024 and 2023, respectively, within form 990, part x, line 7.

Financial Statement Notes

PART IV, LINE 2B:

The credit union holds amounts in escrow accounts for real estate taxes and home insurance related to home mortgage loans.

PART X, LINE 2:

The credit union is exempt, by statute, from federal and state income taxes. However, the credit union may be subject to unrelated business income tax. Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the credit union and recognize a tax liability if the credit union has taken an uncertain position that more likely than not would not be sustained upon examination by the irs or other applicable taxing authorities. Management has analyzed the tax positions taken by the credit union and has concluded that, as of december 31, 2024 and 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The credit union is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Change in value of credit union-owned life insurance 332,683. Unrealized gain on postretirement and pension benefits 698,087.

Raw XML AppendixShowing 400 of 624 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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