Civic Intelligence

The Local Credit Union

EIN 38-1406340 • 501(c)14 • Sterling Heights, MI

View Organization Page

Profile

To provide our members with an innovative and quality full service financial system.

39139 Mound RoadSterling Heights, MI 48310

www.thelocalcreditunion.com

Siviq Scores

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

Liabilities / Assets

22nd percentile

0.87x

Higher debt load relative to assets than 22% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Source year 2024

Liabilities / Revenue

51st percentile

15.75x

Higher debt load relative to revenue than 51% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Source year 2024

Net Margin

24th percentile

5.3%

Higher net margin than 24% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

17th percentile

-2.9%

Faster asset growth than 17% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Revenue Growth

25th percentile

8.1%

Faster revenue growth than 25% of similar nonprofits.

501(c)14 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets22nd percentile

Assets

Down

$102,891,778

Down $3,123,392 (-2.9%) from 2023

Liabilities

Down

$89,030,069

Down $4,392,593 (-4.7%) from 2023

Net Assets

Up

$13,861,709

Up $1,269,201 (+10%) from 2023

Operations
Liabilities / Revenue51st percentileNet Margin24th percentile

Revenue

Up

$5,651,272

Up $422,174 (+8.1%) from 2023

Expenses

Up

$5,350,420

Up $288,950 (+5.7%) from 2023

Net Income

Up

$300,852

Up $133,224 (+79%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth17th percentile

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

$150M$100M$50M$0Assets 2010: $99,035,342Liabilities 2010: $88,721,746Net Assets 2010: $10,313,5962010Assets 2011: $103,322,158Liabilities 2011: $92,047,030Net Assets 2011: $11,275,1282011Assets 2012: $105,828,963Liabilities 2012: $92,358,509Net Assets 2012: $13,470,4542012Assets 2013: $98,298,295Liabilities 2013: $86,437,589Net Assets 2013: $11,860,7062013Assets 2014: $94,746,103Liabilities 2014: $81,087,910Net Assets 2014: $13,658,1932014Assets 2015: $94,321,282Liabilities 2015: $80,876,818Net Assets 2015: $13,444,4642015Assets 2016: $92,898,410Liabilities 2016: $79,586,847Net Assets 2016: $13,311,5632016Assets 2017: $92,953,529Liabilities 2017: $79,239,420Net Assets 2017: $13,714,1092017Assets 2018: $90,749,164Liabilities 2018: $77,157,515Net Assets 2018: $13,591,6492018Assets 2019: $96,044,155Liabilities 2019: $81,244,287Net Assets 2019: $14,799,8682019Assets 2020: $108,248,779Liabilities 2020: $92,613,198Net Assets 2020: $15,635,5812020Assets 2021: $111,102,892Liabilities 2021: $96,179,949Net Assets 2021: $14,922,9432021Assets 2022: $107,543,903Liabilities 2022: $95,781,089Net Assets 2022: $11,762,8142022Assets 2023: $106,015,170Liabilities 2023: $93,422,662Net Assets 2023: $12,592,5082023Assets 2024: $102,891,778Liabilities 2024: $89,030,069Net Assets 2024: $13,861,7092024

Highlighted filing

2024

Assets$102,891,778
Liabilities$89,030,069
Net Assets$13,861,709
Open 2024 Filing

Operations Trend

Revenue Growth25th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $4,286,5492010Expenses 2011: $3,919,0792011Expenses 2012: $3,740,1072012Revenue 2013: $3,744,875Expenses 2013: $3,349,192Net Income 2013: $395,6832013Revenue 2014: $3,276,903Expenses 2014: $3,064,477Net Income 2014: $212,4262014Revenue 2015: $3,235,688Expenses 2015: $3,303,802Net Income 2015: -$68,1142015Revenue 2016: $3,522,059Expenses 2016: $3,459,187Net Income 2016: $62,8722016Revenue 2017: $4,326,376Expenses 2017: $4,005,724Net Income 2017: $320,6522017Revenue 2018: $4,604,765Expenses 2018: $4,333,298Net Income 2018: $271,4672018Revenue 2019: $4,809,238Expenses 2019: $4,466,724Net Income 2019: $342,5142019Revenue 2020: $4,603,095Expenses 2020: $4,402,458Net Income 2020: $200,6372020Revenue 2021: $4,726,169Expenses 2021: $4,435,369Net Income 2021: $290,8002021Revenue 2022: $4,896,131Expenses 2022: $4,552,199Net Income 2022: $343,9322022Revenue 2023: $5,229,098Expenses 2023: $5,061,470Net Income 2023: $167,6282023Revenue 2024: $5,651,272Expenses 2024: $5,350,420Net Income 2024: $300,8522024

Highlighted filing

2024

Revenue$5,651,272
Expenses$5,350,420
Net Income$300,852
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$102,891,778
Liabilities
$89,030,069
Net assets
$13,861,709
Revenue
$5,651,272
Expenses
$5,350,420
Net income
$300,852
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$103$89.0$13.9$5.65$5.35$0.30
2023Detailed filing. Detailed filing data is available for this year.$106$93.4$12.6$5.23$5.06$0.17
2022Detailed filing. Detailed filing data is available for this year.$108$95.8$11.8$4.90$4.55$0.34
2021Detailed filing. Detailed filing data is available for this year.$111$96.2$14.9$4.73$4.44$0.29
2020Detailed filing. Detailed filing data is available for this year.$108$92.6$15.6$4.60$4.40$0.20
2019Detailed filing. Detailed filing data is available for this year.$96.0$81.2$14.8$4.81$4.47$0.34
2018Detailed filing. Detailed filing data is available for this year.$90.7$77.2$13.6$4.60$4.33$0.27
2017Detailed filing. Detailed filing data is available for this year.$93.0$79.2$13.7$4.33$4.01$0.32
2016Detailed filing. Detailed filing data is available for this year.$92.9$79.6$13.3$3.52$3.46$0.06
2015Detailed filing. Detailed filing data is available for this year.$94.3$80.9$13.4$3.24$3.30$0.07
2014Detailed filing. Detailed filing data is available for this year.$94.7$81.1$13.7$3.28$3.06$0.21
2013Detailed filing. Detailed filing data is available for this year.$98.3$86.4$11.9$3.74$3.35$0.40
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$106$92.4$13.5$3.74
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$103$92.0$11.3$3.92
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$99.0$88.7$10.3$4.29
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 14, 2025
Return Version
2024v5.1
Gross Receipts
$5,673,595
Mission and Program Overview

Mission

To provide our members with an innovative and quality full service financial system.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$47,127,205$45,141,757▼ $1,985,448
Investments in Publicly Traded Securities$38,284,701$40,800,645▲ $2,515,944
Rtn Earn Endowment Incm Other Fnds$12,592,508$13,861,709▲ $1,269,201
Savings and Temporary Cash Investments$11,250,099$8,015,532▼ $3,234,567
Land, Buildings, and Equipment, Net$2,595,166$2,461,508▼ $133,658
Receivables From Officers Etc$1,499,250$1,493,276▼ $5,974
Cash and Non-Interest-Bearing Accounts$1,002,305$821,782▼ $180,523
Investments Other Securities$712,500$712,500→ $0
Prepaid Expenses and Deferred Charges$206,845$213,328▲ $6,483
Accounts Receivable$206,129$77,114▼ $129,015
Total Assets$106,015,170$102,891,778▼ $3,123,392
Other Assets Total$3,130,970$3,154,336▲ $23,366
Liabilities
Other Liabilities$91,947,333$88,176,500▼ $3,770,833
Accounts Payable and Accrued Expenses$1,475,329$853,569▼ $621,760
Total Liabilities$93,422,662$89,030,069▼ $4,392,593
Net Assets / Fund Balance
Total Net Assets Fund Balance$12,592,508$13,861,709▲ $1,269,201
Total Liabilities and Net Assets / Fund Balance$106,015,170$102,891,778▼ $3,123,392

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,270,600$398,042$2,668,642
Equipment$171,297$638,061$809,358
Land$19,611-$19,611
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joe HallmanPresidentceoFT$214,426$45,942$260,368
Sherry LawfieldVP Retail OperationsFT$110,074$20,876$130,950
Roy MacdonaldLending ManagerFT$96,033$19,148$115,181
H Frank VoelkerAccounting ManagerFT$86,363$18,286$104,649

Board Members and Trustees

NameTitle
Joseph CusenzaChairperson
Jimmie ColeVice Chairperson
David BryantDirector
John LissDirector
Michael WagnerDirector
Robert GowatchDirector
Nicole DidaTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Co-op Financial Services INCAtm And Shared Bra9692 HAVEN AVENUE, Rancho Cucamonga, CA 91730-5891$309,940
Corelation INCCore Software2305 HISTORIC DECATUR ROAD STE 300, San Diego, CA 92106-6073$229,509
Kasasa LtdConsulting Service6504 BRIDGE POINT PARKWAY STE 500, Austin, TX 78730$161,767
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,310,243
Investment Income
$1,341,029
Other Revenue
$0
Change in Net Assets
$300,852
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,335,748
Salaries, Compensation, and Employee Benefits$2,014,672
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$889,780--$889,780
Interest$748,607--$748,607
Information Technology$646,495--$646,495
Current Officers, Directors, Trustees, and Key Employees$506,896--$506,896
Other Employee Benefits$407,803--$407,803
All Other Expenses$375,850--$375,850
Office Expenses$321,051--$321,051
Other Expenses$199,380--$199,380
Depreciation Depletion$158,300--$158,300
Advertising$130,430--$130,430
Payroll Taxes$118,367--$118,367
Fees for Services Other$106,883--$106,883
Pension Plan Contributions$91,826--$91,826
Fees for Service Investment Mgmnt Fees$47,329--$47,329
Occupancy$43,900--$43,900
Insurance$30,949--$30,949
Travel$29,700--$29,700
Total Functional Expenses$5,350,420$0$0$5,350,420
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$1,499,250$1,493,276▼ $5,974
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares$88,176,500
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Members or stockholder classes and rights Part VI line 6

“The credit union has a single class of members with equal rights of ownership, governance, and voting.”

Member election for additional members Part VI line 7A

“The board of directors are nominated or elected by membership vote when there are additional candidates. Each board member is elected for a three year term.”

Governing body decisions Part VI line 7B

“Credit union decisions that are subject to membership approval are those dictated by the michigan credit union act and bylaws.”

Form 990 governing body review Part VI line 11

“A review is conducted by the president/ceo, accounting manager, and the board of directors prior to submission to the irs.”

Conflict of interest policy compliance Part VI line 12C

“Employees, board of directors, and supervisory committee members are required annually to review the policy and sign a conflict of interest acknowledgement form.”

CEO executive director top management comp Part VI line 15A

“Compensation survfeys are used for management merit increases and these are approved by the board of directors. Salary increases are determined based on performance. The last compensation review was performed in 2024.”

Other officer or key employee compensation Part VI line 15B

“Compensation survfeys are used for management merit increases and these are approved by the board of directors. Salary increases are determined based on performance. The last compensation review was performed in 2024.”

Governing documents etc available to public Part VI line 19

“Financial statements are posted in the credit union lobby. Other documents and policies are available for review uplon request.”

Filing and Contact Details

Filer

Filer Name
The Local Credit Union
EIN
38-1406340
In Care Of
% JOSEPH HALLMAN
Phone
5862641212
Address
39139 MOUND ROAD, Sterling Heights, MI 48310

Signing Officer

Name
Joseph Hallman
Title
Presidentceo
Phone
5862641212
Signed
2025-05-14
Discuss with paid preparer
Yes

Organization Details

Formed
1949
Legal Domicile
Mi
Voting Board Members
7
Independent Board Members
7
Employees
27
Volunteers
10

Preparer

Firm
William Arvo CPA Pllc
Address
41250 GLOCA MORA, Harrison Township, MI 48045
Preparer
William Arvo CPA
Phone
2484674879
Raw XML AppendixShowing 400 of 516 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/Form990PartVIISectionAGrp/TitleTxt3ACCOUNTING MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt4CHAIRPERSON
IRS990/Form990PartVIISectionAGrp/TitleTxt5VICE CHAIRPERSON
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IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
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IRS990/ProgSrvcAccomActy2Grp/Desc0OFFER AUTOMATEED TELLER MACHINES, DEBIT CARDS, CHECK CASHING, BILL PAYMENTS, WIRE TRANSFERS AND VARIOUS INSURANCE PROGRAMS TO OUR MEMBERS.
IRS990/ProgSrvcAccomActy3Grp/Desc0PROVIDE 3,664 LOANS INCLUDING VEHICLE, SIGNATURE, CREDIT CARD, MORTGAGE, HOME EQUITY, OVERDRAFT PROTECTION AND RECREATIONAL VEHICLE. TOTAL OUTSTANDING LOANS APPROXIMATED $45,617,000 AS OF DECEMBER 31, 2024
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JOE HALLMAN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENTCEO
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt435000
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0JOSEPH HALLMAN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1JOSEPH HALLMAN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm2JOSEPH HALLMAN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm3JOSEPH HALLMAN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm4SHERRY LAWFIELD
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm5H FRANK VOELKER III
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt3PRESIDENTCEO
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt4VICE PRESIDENT RETAI

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