Civic Intelligence

Allegan Credit Union

EIN 38-1465061 • 501(c)14 • Allegan, MI

Profile

Allegan Credit Union values people over profit, relationships over revenue, and community over credit score to share the future of the credit union for the good of the members because servicng them is why we are here.

755 Grand StreetAllegan, MI 49010

www.allegancu.com

Siviq Scores

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

Liabilities / Assets

79th percentile

0.91x

Higher debt load relative to assets than 79% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2022

Liabilities / Revenue

85th percentile

22.98x

Higher debt load relative to revenue than 85% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2022

Net Margin

18th percentile

1.6%

Higher net margin than 18% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

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

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Balance Sheet
Liabilities / Assets79th percentile

Assets

$84,441,604

No earlier filing loaded for comparison.

Liabilities

$76,750,772

No earlier filing loaded for comparison.

Net Assets

$7,690,832

No earlier filing loaded for comparison.

Operations
Liabilities / Revenue85th percentileNet Margin18th percentile

Revenue

$3,340,217

No earlier filing loaded for comparison.

Expenses

$3,288,388

No earlier filing loaded for comparison.

Net Income

$51,829

No earlier filing loaded for comparison.

Trend Graphs

Balance Sheet Trend

Asset GrowthScore unavailable

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

$100M$50M$0Assets 2022: $84,441,604Liabilities 2022: $76,750,772Net Assets 2022: $7,690,8322022

Highlighted filing

2022

Assets$84,441,604
Liabilities$76,750,772
Net Assets$7,690,832
Open 2022 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$4.0M$3.0M$2.0M$1.0M$0Revenue 2022: $3,340,217Expenses 2022: $3,288,388Net Income 2022: $51,8292022

Highlighted filing

2022

Revenue$3,340,217
Expenses$3,288,388
Net Income$51,829
Open 2022 Filing

Filings

Most recent year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$84,441,604
Liabilities
$76,750,772
Net assets
$7,690,832
Revenue
$3,340,217
Expenses
$3,288,388
Net income
$51,829
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$84.4$76.8$7.69$3.34$3.29$0.05
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
May 1, 2022 to Dec 31, 2022
Signed
May 19, 2023
Return Version
2022v5.0
Gross Receipts
$3,340,217
Mission and Program Overview

Mission

Allegan Credit Union values people over profit, relationships over revenue, and community over credit score to share the future of the credit union for the good of the members because servicng them is why we are here.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net-$61,760,340-
Investments in Publicly Traded Securities-$10,862,957-
Rtn Earn Endowment Incm Other Fnds-$7,690,832-
Savings and Temporary Cash Investments-$6,433,955-
Investments Other Securities-$1,230,833-
Cash and Non-Interest-Bearing Accounts-$1,145,645-
Land, Buildings, and Equipment, Net-$1,075,805-
Accounts Receivable-$521,130-
Prepaid Expenses and Deferred Charges-$92,656-
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$0$84,441,604▲ $84,441,604
Other Assets Total-$1,318,283-
Liabilities
Other Liabilities-$73,621,756-
Accounts Payable and Accrued Expenses-$3,129,016-
Total Liabilities$0$76,750,772▲ $76,750,772
Net Assets / Fund Balance
Total Net Assets Fund Balance$0$7,690,832▲ $7,690,832
Total Liabilities and Net Assets / Fund Balance$0$84,441,604▲ $84,441,604

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$768,676$538,234$1,306,910
Other Land Buildings$137,085$758,571$895,656
Leasehold Improvements$66,657$147,137$213,794
Land$103,387-$103,387
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kristopher LewisCEOFT$144,022$16,738$160,760
Chris HarrisCFOFT$40,943-$40,943

Board Members and Trustees

NameTitle
Lori DrozdChair Person
Aaron HartmanVice Chair
Jacob AkertDirector
Lowell WinneDirector
Scot EllisDirector
Erica McCulleySecretary
Willard JenningsTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
PscuCard Processing560 Carillon Parkway, St Petersburg, FL 33716$210,842
CUAnswersCore Processor6000 28th St SE, Grand Rapids, MI 49546$161,243
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,071,252
Investment Income
$268,965
Other Revenue
$0
Change in Net Assets
$51,829

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,340,217
Total Revenue per Audited Statements
$3,340,217
Total Revenue per Form 990
$3,340,217
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,066,127
Salaries, Compensation, and Employee Benefits$1,222,261
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$805,947
Fees for Services Other---$294,006
Current Officers, Directors, Trustees, and Key Employees---$201,703
Information Technology---$179,837
Depreciation Depletion---$139,456
Occupancy---$106,394
Interest---$100,478
Other Employee Benefits---$97,417
Other Expenses---$85,529
Payroll Taxes---$78,465
Advertising---$73,256
Office Expenses---$44,139
Pension Plan Contributions---$38,729
Travel---$30,285
All Other Expenses---$18,935
Insurance---$18,784
Total Functional Expenses$0$0$0$3,288,388

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,288,388
Total Expenses per Audited Statements$3,288,388
Total Expenses per Form 990$3,288,388
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Owner on BoardIT ServicesNo$49,907

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
Shares and Share Equivalents$73,621,756
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
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

“Section 501c(14) Credit Union is composed of members.”

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

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

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

“Mergers and changes in the field of membership are voted on by entire membership.”

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

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

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

“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, Section B, Line 15B

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

Form 990, Part VI, Section C, Line 19

“Credit union bylaws and conflict of interest 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
Allegan Credit Union
EIN
38-1465061
Phone
2696735465
Address
755 Grand Street, Allegan, MI 49010

Signing Officer

Name
Chris Harris
Title
CFO
Signed
2023-05-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kristopher Lewis
Formed
2022
Legal Domicile
Mi
Voting Board Members
9
Independent Board Members
9
Employees
40
Volunteers
12

Preparer

Firm
Financial Standards Group Inc
Address
6447 W HIGHWAY 146, CRESTWOOD, KY 40014
Preparer
Patrick Haughey
Phone
8005225820
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“ion's Undivided Earnings = $8085573”

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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/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt178064
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2424770
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt31884178
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0552466
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt192951
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2424770
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt31884178
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt4116887
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt013527
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt114887
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt2116887
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 12/31/2022 was 4,439.
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt051829
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt07690832
IRS990/SavingsAndTempCashInvstGrp/EOYAmt06433955
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt0768676
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0538234
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt01306910
IRS990ScheduleD/ExpensesSubtotalAmt03288388
IRS990ScheduleD/LandGrp/BookValueAmt0103387
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0103387
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt066657
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0147137
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0213794
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0137085
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0758571
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0895656
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt073621756
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Shares and Share Equivalents
IRS990ScheduleD/RevenueSubtotalAmt03340217
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01075805
IRS990ScheduleD/TotalExpensesPerForm990Amt03288388
IRS990ScheduleD/TotalLiabilityAmt073621756
IRS990ScheduleD/TotalRevenuePerForm990Amt03340217
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03340217
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03288388
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompensationSurveyInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0144022
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt010720
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt01218
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt04800
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Kristopher Lewis
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0160760
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990ScheduleJ/WrittenEmploymentContractInd0X
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt0IT Pinnapple
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0Owner on Board
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt049907
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0IT Services
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Section 501c(14) Credit Union is composed of members.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Members vote on bylaw and charter changes. Members vote and elect Board members at annual meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Mergers and changes in the field of membership are voted on by entire membership.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Management reviews tax returns and forwards US Form 8879-TE to tax preparer. Board reviews filed tax returns at next scheduled meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Employee loans are Management approved. Management loans are Board approved. Loans to Board members are approved by the Board minus the lendee.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Executive and employee salaries are Board reviewed and approved. Board of directors are not compensated.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Credit union bylaws and conflict of interest 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/ExplanationTxt7ion's Undivided Earnings = $8085573
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, Line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section A, Line 7b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section B, Line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part XI, Line 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsEOYAmt084441604
IRS990/TotalAssetsGrp/BOYAmt00
IRS990/TotalAssetsGrp/EOYAmt084441604
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt040
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt03288388
IRS990/TotalGrossUBIAmt0145301
IRS990/TotalLiabilitiesEOYAmt076750772
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt076750772
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt07690832
IRS990/TotalOtherCompensationAmt011938
IRS990/TotalProgramServiceRevenueAmt03071252
IRS990/TotalReportableCompFromOrgAmt0189765
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt03194916
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03340217
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt0145301
IRS990/TotalVolunteersCnt012
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt084441604
IRS990/TravelGrp/TotalAmt030285
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0true
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0755 Grand Street
IRS990/USAddress/CityNm0Allegan
IRS990/USAddress/StateAbbreviationCd0MI
IRS990/USAddress/ZIPCd049010
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0https://www.allegancu.com/
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/FederatedAssuranceLevelCd0FAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd00
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Chris Harris

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