Civic Intelligence

Credit Unions Chartered in the State of Michigan

990 • Fiscal year 2020 • EIN 38-1384940

Jan 01, 2020 to Dec 31, 2020 • Filed on Apr 23, 2021

Organization Profilewww.wolverinescu.com
1381 N Bagley StAlpena, MI 49707

(989) 356-1880

Siviq Scores

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

Liabilities / Assets

47th percentile

0.90x

Higher debt load relative to assets than 47% of similar nonprofits.

2020 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2020

Liabilities / Revenue

64th percentile

21.82x

Higher debt load relative to revenue than 64% of similar nonprofits.

2020 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2020

Net Margin

43rd percentile

8.8%

Higher net margin than 43% of similar nonprofits.

2020 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2020

Top Officer Pay

24th percentile

$161,330

Higher top officer pay than 24% of similar nonprofits.

Top officer pay equals 3.2% of source-year revenue.

2020 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2020

Asset Growth

63rd percentile

19%

Faster asset growth than 63% of similar nonprofits.

2020 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2019 to 2020

Revenue Growth

48th percentile

-2.3%

Faster revenue growth than 48% of similar nonprofits.

2020 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets47th percentile

Assets

Up

$122,996,267

Up $19,368,775 (+19%) from 2019

Net Assets

Up

$12,796,489

Up $824,450 (+6.9%) from 2019

Liabilities

Up

$110,199,778

Up $18,544,325 (+20%) from 2019

Revenue And Expenses
Liabilities / Revenue64th percentileNet Margin43rd percentile

Revenue

Down

$5,050,480

Down $119,385 (-2.3%) from 2019

Expenses

Down

$4,606,768

Down $125,509 (-2.7%) from 2019

Net Income

Up

$443,712

Up $6,124 (+1.4%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth63rd percentile

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

$200M$150M$100M$50M$0Assets 2010: $56,750,234Liabilities 2010: $51,490,785Net Assets 2010: $5,259,4492010Assets 2011: $59,698,035Liabilities 2011: $54,271,740Net Assets 2011: $5,426,2952011Assets 2012: $63,462,088Liabilities 2012: $57,416,752Net Assets 2012: $6,045,3362012Assets 2013: $63,623,707Liabilities 2013: $57,709,114Net Assets 2013: $5,914,5932013Assets 2014: $65,296,704Liabilities 2014: $58,780,397Net Assets 2014: $6,516,3072014Assets 2015: $67,936,470Liabilities 2015: $60,935,218Net Assets 2015: $7,001,2522015Assets 2016: $70,671,128Liabilities 2016: $63,481,553Net Assets 2016: $7,189,5752016Assets 2017: $98,337,840Liabilities 2017: $87,893,492Net Assets 2017: $10,444,3482017Assets 2018: $102,471,911Liabilities 2018: $91,692,714Net Assets 2018: $10,779,1972018Assets 2019: $103,627,492Liabilities 2019: $91,655,453Net Assets 2019: $11,972,0392019Assets 2020: $122,996,267Liabilities 2020: $110,199,778Net Assets 2020: $12,796,4892020Assets 2021: $141,555,173Liabilities 2021: $128,777,179Net Assets 2021: $12,777,9942021Assets 2022: $143,548,355Liabilities 2022: $132,734,495Net Assets 2022: $10,813,8602022Assets 2023: $140,518,712Liabilities 2023: $127,778,274Net Assets 2023: $12,740,4382023Assets 2024: $158,152,334Liabilities 2024: $143,646,480Net Assets 2024: $14,505,8542024

Highlighted filing

2020

Assets$122,996,267
Liabilities$110,199,778
Net Assets$12,796,489
Open 2020 Filing

Operations Trend

Revenue Growth48th percentile

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

$10M$5.0M$0Expenses 2010: $2,747,6542010Expenses 2011: $2,456,8762011Expenses 2012: $2,274,5042012Revenue 2013: $2,513,588Expenses 2013: $2,182,264Net Income 2013: $331,3242013Revenue 2014: $2,518,393Expenses 2014: $2,231,113Net Income 2014: $287,2802014Revenue 2015: $2,610,080Expenses 2015: $2,161,157Net Income 2015: $448,9232015Revenue 2016: $2,858,085Expenses 2016: $2,389,927Net Income 2016: $468,1582016Revenue 2017: $4,330,231Expenses 2017: $3,539,524Net Income 2017: $790,7072017Revenue 2018: $4,646,344Expenses 2018: $3,810,377Net Income 2018: $835,9672018Revenue 2019: $5,169,865Expenses 2019: $4,732,277Net Income 2019: $437,5882019Revenue 2020: $5,050,480Expenses 2020: $4,606,768Net Income 2020: $443,7122020Revenue 2021: $5,526,889Expenses 2021: $5,003,667Net Income 2021: $523,2222021Revenue 2022: $6,150,132Expenses 2022: $5,594,253Net Income 2022: $555,8792022Revenue 2023: $7,259,412Expenses 2023: $6,216,925Net Income 2023: $1,042,4872023Revenue 2024: $8,498,738Expenses 2024: $7,517,019Net Income 2024: $981,7192024

Highlighted filing

2020

Revenue$5,050,480
Expenses$4,606,768
Net Income$443,712
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Apr 23, 2021
Return Version
2020v4.0
Gross Receipts
$5,050,480
Mission and Program Overview

Mission

To be michigan's leading credit union, dedicated to the financial success of every member.

Member owned financial family dedicated to friendly, quality, efficient financial services for its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$61,881,566$67,726,198▲ $5,844,632
Savings and Temporary Cash Investments$8,000,493$27,645,378▲ $19,644,885
Investments in Publicly Traded Securities$21,524,918$18,710,544▼ $2,814,374
Rtn Earn Endowment Incm Other Fnds$11,972,039$12,796,489▲ $824,450
Investments Other Securities$7,585,933$3,101,000▼ $4,484,933
Cash and Non-Interest-Bearing Accounts$1,476,628$2,174,023▲ $697,395
Land, Buildings, and Equipment, Net$1,426,699$1,546,693▲ $119,994
Accounts Receivable$205,028$204,891▼ $137
Prepaid Expenses and Deferred Charges$144,851$125,792▼ $19,059
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$103,627,492$122,996,267▲ $19,368,775
Other Assets Total$1,381,376$1,761,748▲ $380,372
Liabilities
Other Liabilities$90,943,202$109,589,431▲ $18,646,229
Accounts Payable and Accrued Expenses$712,251$610,347▼ $101,904
Total Liabilities$91,655,453$110,199,778▲ $18,544,325
Net Assets / Fund Balance
Total Net Assets Fund Balance$11,972,039$12,796,489▲ $824,450
Total Liabilities and Net Assets / Fund Balance$103,627,492$122,996,267▲ $19,368,775

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$741,691$643,012$1,384,703
Other Land Buildings$303,828$260,626$564,454
Land$487,601-$487,601
Leasehold Improvements$13,573$86,874$100,447
Compensation and Service Providers
Top Officer Pay24th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Nicholas MontieManager/CEOFT$135,771$25,559$161,330

Board Members and Trustees

NameTitle
Jerry E PetersonChairperson
Donald BartoshVice Chair
David WitkowskiDirector
James MaciejewskiDirector
Mollie AllenDirector
Patrick BowenDirector
Patrick RichardDirector
Robert A GrochowskiDirector
Andrew LappanSecretary
Randall T BoboltzTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
CUAnswersCard Processing6000 28th St SE 100, Grand Rapids, MI 49546$366,878
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,252,358
Investment Income
$798,122
Other Revenue
$0
Change in Net Assets
$443,712
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,454,782
Salaries, Compensation, and Employee Benefits$2,151,986
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$1,414,972
Information Technology---$371,001
Other Employee Benefits---$333,518
Interest---$266,860
Office Expenses---$234,335
All Other Expenses---$231,092
Current Officers, Directors, Trustees, and Key Employees---$161,330
Depreciation Depletion---$139,271
Advertising---$134,388
Occupancy---$132,405
Payroll Taxes---$131,224
Pension Plan Contributions---$110,942
Other Expenses---$74,332
Fees for Services Other---$55,413
Travel---$42,036
Insurance---$26,232
Fees for Services Accounting---$18,317
Fees for Services Legal---$14,476
Total Functional Expenses$0$0$0$4,606,768
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 Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Other Liabilities$109,589,431
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
Yes
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, Line 4: Description of Significant Changes to Organizational Documents

“Effective October 1, 2017, Article First of the certificate of organiation of the credit union amended to read as 'Wolverine State Credit Union' (formerly 'Besser Credit Union').”

Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder

“Credit Union is composed of members.”

Form 990, Part VI, Line 7A: How Members or Shareholders Elect Governing Body

“Members vote on bylaw and charter changes. Members vote and elect Board members at annual meeting.”

Form 990, Part VI, Line 7B: Describe Decisions of Governing Body Approval by Members or Shareholders

“Mergers are voted on by entire membership.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Management reviews tax returns and forwards US Form 8879-EO to tax preparer. Board reviews filed tax returns at next scheduled meeting.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Employee loans are Management approved. Management loans are Board approved. Loans to Board members are approved by the Board minus the lendee.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“Executive and employee salaries are Board reviewed and approved. Board of directors are not compensated.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Credit union bylaws, conflict of interest policy, and whistleblower policy are available upon request at the credit union's main office. Quarterly financial statements are displayed in the lobby which is accessible to the general public. Quarterly financial performance (Call) reports are also available at www.ncua.gov for all federally insured credit unions.”

Filing and Contact Details

Filer

Filer Name
Wolverine State Credit Union
EIN
38-1384940
Phone
9893561880
Address
1381 N Bagley St, Alpena, MI 49707

Signing Officer

Name
Nicholas Montie
Title
Manager/CEO
Signed
2021-04-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nicholas Montie
Formed
1950
Legal Domicile
Mi
Voting Board Members
10
Independent Board Members
10
Employees
59
Volunteers
13

Preparer

Firm
Financial Standards Group Inc
Address
6447 W HIGHWAY 146, CRESTWOOD, KY 40014
Preparer
Patrick Haughey
Phone
8005225820
Raw XML AppendixShowing 400 of 446 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/MissionDesc0Member owned financial family dedicated to friendly, quality, efficient financial services for its members.
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IRS990/OtherAssetsTotalGrp/EOYAmt01761748
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0333518
IRS990/OtherExpensesGrp/Desc0Loan Servicing
IRS990/OtherExpensesGrp/Desc1ATM / Debit Card Expense
IRS990/OtherExpensesGrp/Desc2Provision for Loan Losses
IRS990/OtherExpensesGrp/Desc3Postage and Shipping
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IRS990/OtherExpensesGrp/TotalAmt1215056
IRS990/OtherExpensesGrp/TotalAmt2175925
IRS990/OtherExpensesGrp/TotalAmt374332
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IRS990/OtherRevenueMiscGrp/Desc1Non-Member ATM Fees
IRS990/OtherRevenueMiscGrp/Desc2Shared Branching Income
IRS990/OtherRevenueTotalAmt00
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt067726198
IRS990/PartialLiquidationInd0false
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IRS990/PayrollTaxesGrp/TotalAmt0131224
IRS990/PensionPlanContributionsGrp/TotalAmt0110942
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliciesReferenceChaptersInd0true
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0144851
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0125792
IRS990/PrincipalOfficerNm0Nicholas Montie
IRS990/ProfessionalFundraisingInd0false
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IRS990/ProgramServiceRevenueGrp/Desc0Fees and Charges
IRS990/ProgramServiceRevenueGrp/Desc1Insurance Income
IRS990/ProgramServiceRevenueGrp/Desc2Interchange Income
IRS990/ProgramServiceRevenueGrp/Desc3Interest on Loans
IRS990/ProgramServiceRevenueGrp/Desc4Non-Member ATM Fees
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt33077622
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt127487
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt33077622
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt419962
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt019962
IRS990/ProgSrvcAccomActy2Grp/Desc0The Credit Union provides a variety of loans to members including real estate, credit card, vehicle and other. The total number of loans outstanding at 12/31/2020 was 8,892.
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IRS990/PYTotalRevenueAmt05169865
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IRS990/ReconcilationRevenueExpnssAmt0443712
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt011972039
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IRS990ScheduleD/LandGrp/BookValueAmt0487601
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IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt013573
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IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0564454
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0109589431
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Other Liabilities
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IRS990ScheduleD/TotalLiabilityAmt0109589431
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IRS990/ScheduleJRequiredInd0true
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt013619
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Nicholas Montie
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Manager/CEO
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Effective October 1, 2017, Article First of the certificate of organiation of the credit union amended to read as 'Wolverine State Credit Union' (formerly 'Besser Credit Union').
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Credit Union is composed of members.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Members vote on bylaw and charter changes. Members vote and elect Board members at annual meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Mergers are voted on by entire membership.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Management reviews tax returns and forwards US Form 8879-EO to tax preparer. Board reviews filed tax returns at next scheduled meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Employee loans are Management approved. Management loans are Board approved. Loans to Board members are approved by the Board minus the lendee.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Executive and employee salaries are Board reviewed and approved. Board of directors are not compensated.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7Credit union bylaws, conflict of interest policy, and whistleblower policy are available upon request at the credit union's main office. Quarterly financial statements are displayed in the lobby which is accessible to the general public. Quarterly financial performance (Call) reports are also available at www.ncua.gov for all federally insured credit unions.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 4: Description of Significant Changes to Organizational Documents
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt010149
IRS990/TotalVolunteersCnt013

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$122,996,267
Liabilities
$110,199,778
Net assets
$12,796,489
Revenue
$5,050,480
Expenses
$4,606,768
Net income
$443,712
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$158$144$14.5$8.50$7.52$0.98
2023Detailed filing. Detailed filing data is available for this year.$141$128$12.7$7.26$6.22$1.04
2022Detailed filing. Detailed filing data is available for this year.$144$133$10.8$6.15$5.59$0.56
2021Detailed filing. Detailed filing data is available for this year.$142$129$12.8$5.53$5.00$0.52
2020Detailed filing. Detailed filing data is available for this year.$123$110$12.8$5.05$4.61$0.44
2019Detailed filing. Detailed filing data is available for this year.$104$91.7$12.0$5.17$4.73$0.44
2018Detailed filing. Detailed filing data is available for this year.$102$91.7$10.8$4.65$3.81$0.84
2017Summary only. Only limited summary data is available for this year.$98.3$87.9$10.4$4.33$3.54$0.79
2016Detailed filing. Detailed filing data is available for this year.$70.7$63.5$7.19$2.86$2.39$0.47
2015Detailed filing. Detailed filing data is available for this year.$67.9$60.9$7.00$2.61$2.16$0.45
2014Detailed filing. Detailed filing data is available for this year.$65.3$58.8$6.52$2.52$2.23$0.29
2013Detailed filing. Detailed filing data is available for this year.$63.6$57.7$5.91$2.51$2.18$0.33
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$63.5$57.4$6.05$2.27
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$59.7$54.3$5.43$2.46
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$56.8$51.5$5.26$2.75