Civic Intelligence

Credit Unions Chartered in the State of Michigan

EIN 38-1562639 • 501(c)14 • Muskegon, MI

Profile

The purpose of the credit union is to encourage thrift and savings by creating a source of credit at fair and reasonabe rates and promote savings at a reasonable rate of interest.

1888 East Sherman BlvdMuskegon, MI 49444

www.bestfcu.org

Siviq Scores

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

Liabilities / Assets

14th percentile

0.84x

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

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

Liabilities / Revenue

20th percentile

12.25x

Higher debt load relative to revenue than 20% of similar nonprofits.

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

Net Margin

13th percentile

1.8%

Higher net margin than 13% of similar nonprofits.

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

Top Officer Pay

54th percentile

$239,809

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 2.5% of source-year revenue.

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

Asset Growth

24th percentile

-0.2%

Faster asset growth than 24% of similar nonprofits.

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

Revenue Growth

55th percentile

14%

Faster revenue growth than 55% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets14th percentile

Assets

Down

$138,748,886

Down $286,652 (-0.2%) from 2023

Liabilities

Down

$116,004,802

Down $624,689 (-0.5%) from 2023

Net Assets

Up

$22,744,084

Up $338,037 (+1.5%) from 2023

Operations
Liabilities / Revenue20th percentileNet Margin13th percentile

Revenue

Up

$9,471,857

Up $1,187,639 (+14%) from 2023

Expenses

Up

$9,301,322

Up $1,314,844 (+16%) from 2023

Net Income

Down

$170,535

Down $127,205 (-43%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth24th percentile

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

$150M$100M$50M$0Assets 2010: $60,057,150Liabilities 2010: $48,239,840Net Assets 2010: $11,817,3102010Assets 2011: $63,509,403Liabilities 2011: $50,765,517Net Assets 2011: $12,743,8862011Assets 2012: $67,724,899Liabilities 2012: $53,851,311Net Assets 2012: $13,873,5882012Assets 2014: $77,262,900Liabilities 2014: $61,550,753Net Assets 2014: $15,712,1472014Assets 2015: $79,000,905Liabilities 2015: $62,152,648Net Assets 2015: $16,848,2572015Assets 2016: $82,115,265Liabilities 2016: $64,969,592Net Assets 2016: $17,145,6732016Assets 2017: $86,638,847Liabilities 2017: $68,661,511Net Assets 2017: $17,977,3362017Assets 2018: $89,173,892Liabilities 2018: $70,445,699Net Assets 2018: $18,728,1932018Assets 2019: $93,240,872Liabilities 2019: $73,667,094Net Assets 2019: $19,573,7782019Assets 2020: $116,774,846Liabilities 2020: $96,325,829Net Assets 2020: $20,449,0172020Assets 2021: $124,604,613Liabilities 2021: $103,233,596Net Assets 2021: $21,371,0172021Assets 2022: $137,728,390Liabilities 2022: $115,734,069Net Assets 2022: $21,994,3212022Assets 2023: $139,035,538Liabilities 2023: $116,629,491Net Assets 2023: $22,406,0472023Assets 2024: $138,748,886Liabilities 2024: $116,004,802Net Assets 2024: $22,744,0842024

Highlighted filing

2024

Assets$138,748,886
Liabilities$116,004,802
Net Assets$22,744,084
Open 2024 Filing

Operations Trend

Revenue Growth55th percentile

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

$10M$5.0M$0Expenses 2010: $2,913,3842010Expenses 2011: $3,010,9282011Expenses 2012: $3,062,4002012Revenue 2014: $4,261,692Expenses 2014: $3,319,312Net Income 2014: $942,3802014Revenue 2015: $4,083,350Expenses 2015: $3,329,489Net Income 2015: $753,8612015Revenue 2016: $4,251,852Expenses 2016: $3,718,492Net Income 2016: $533,3602016Revenue 2017: $4,566,251Expenses 2017: $3,734,588Net Income 2017: $831,6632017Revenue 2018: $5,196,288Expenses 2018: $4,445,431Net Income 2018: $750,8572018Revenue 2019: $5,807,647Expenses 2019: $4,962,062Net Income 2019: $845,5852019Revenue 2020: $5,881,103Expenses 2020: $5,005,864Net Income 2020: $875,2392020Revenue 2021: $6,644,465Expenses 2021: $5,722,465Net Income 2021: $922,0002021Revenue 2022: $7,151,929Expenses 2022: $6,370,309Net Income 2022: $781,6202022Revenue 2023: $8,284,218Expenses 2023: $7,986,478Net Income 2023: $297,7402023Revenue 2024: $9,471,857Expenses 2024: $9,301,322Net Income 2024: $170,5352024

Highlighted filing

2024

Revenue$9,471,857
Expenses$9,301,322
Net Income$170,535
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$138,748,886
Liabilities
$116,004,802
Net assets
$22,744,084
Revenue
$9,471,857
Expenses
$9,301,322
Net income
$170,535
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$139$116$22.7$9.47$9.30$0.17
2023Detailed filing. Detailed filing data is available for this year.$139$117$22.4$8.28$7.99$0.30
2022Detailed filing. Detailed filing data is available for this year.$138$116$22.0$7.15$6.37$0.78
2021Detailed filing. Detailed filing data is available for this year.$125$103$21.4$6.64$5.72$0.92
2020Detailed filing. Detailed filing data is available for this year.$117$96.3$20.4$5.88$5.01$0.88
2019Detailed filing. Detailed filing data is available for this year.$93.2$73.7$19.6$5.81$4.96$0.85
2018Detailed filing. Detailed filing data is available for this year.$89.2$70.4$18.7$5.20$4.45$0.75
2017Detailed filing. Detailed filing data is available for this year.$86.6$68.7$18.0$4.57$3.73$0.83
2016Detailed filing. Detailed filing data is available for this year.$82.1$65.0$17.1$4.25$3.72$0.53
2015Detailed filing. Detailed filing data is available for this year.$79.0$62.2$16.8$4.08$3.33$0.75
2014Detailed filing. Detailed filing data is available for this year.$77.3$61.6$15.7$4.26$3.32$0.94
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$67.7$53.9$13.9$3.06
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$63.5$50.8$12.7$3.01
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$60.1$48.2$11.8$2.91
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 17, 2025
Return Version
2024v5.2
Gross Receipts
$9,531,251
Mission and Program Overview

Mission

The purpose of the credit union is to encourage thrift and savings by creating a source of credit at fair and reasonable rates and promote savings at a reasonable rate of interest.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$99,090,313$103,055,542▲ $3,965,229
Rtn Earn Endowment Incm Other Fnds$22,406,047$22,744,084▲ $338,037
Investments in Publicly Traded Securities$22,157,041--
Investments Other Securities$3,164,568$19,093,514▲ $15,928,946
Savings and Temporary Cash Investments$4,522,671$5,294,274▲ $771,603
Land, Buildings, and Equipment, Net$2,202,529$2,502,854▲ $300,325
Cash and Non-Interest-Bearing Accounts$1,265,157$1,887,494▲ $622,337
Investments Program Related-$541,400-
Prepaid Expenses and Deferred Charges$302,696$348,444▲ $45,748
Accounts Receivable$49,282$42,680▼ $6,602
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$139,035,538$138,748,886▼ $286,652
Other Assets Total$6,281,281$5,982,684▼ $298,597
Liabilities
Other Liabilities$116,017,837$115,114,780▼ $903,057
Accounts Payable and Accrued Expenses$611,654$890,022▲ $278,368
Total Liabilities$116,629,491$116,004,802▼ $624,689
Net Assets / Fund Balance
Total Net Assets Fund Balance$22,406,047$22,744,084▲ $338,037
Total Liabilities and Net Assets / Fund Balance$139,035,538$138,748,886▼ $286,652

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,232,120$1,830,233$3,062,353
Equipment$340,145$1,010,195$1,350,340
Other Land Buildings$447,040-$447,040
Leasehold Improvements$133,028$221,816$354,844
Land$350,521-$350,521
Other Securities$11,808,000--
Compensation and Service Providers
Top Officer Pay54th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Morgan RescorlaPresident/CEOFT$215,470$24,339$239,809
Michael VerstraeteCFOFT$131,861-$131,861
Charles RitterAgency PrincipalFT$126,854-$126,854
Randi ShefferCOOFT$122,693-$122,693

Board Members and Trustees

NameTitle
Shontaye WitcherChairperson
David MierasVice-chairperson
John HendricksBoard Member
Taylor AdamsBoard Member
Tracey BankheadBoard Member
Paul HoppaSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Co-op Financial ServicesProcessing9692 HAVEN AVE, Rancho Cucamonga, CA 91730$627,435
Share One New SolutionsProcessing1790 KIRBY PKWY STE, Memphis, TN 38138$333,394
Kasasa LtdRewards ProgramPO BOX 527, Lubbock, TX 79408$163,944
IheartmediaRadio-marketing3964 COLLECTIONS DR, Chicago, IL 60693$163,271
Redrock Information SecurityIt Services1101 40TH ST SE, Grand Rapids, MI 49508$148,174
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$6,986,844
Investment Income
$790,544
Other Revenue
$1,694,469
Change in Net Assets
$170,535
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,319,975
Salaries, Compensation, and Employee Benefits$3,096,564
Grants and Similar Amounts Paid$47,796
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$2,041,997
Benefits to Members---$1,836,987
Office Expenses---$1,180,782
Fees for Services Other---$883,369
Current Officers, Directors, Trustees, and Key Employees---$494,363
Advertising---$466,978
Other Employee Benefits---$458,661
Depreciation Depletion---$253,898
Occupancy---$228,057
Pension Plan Contributions---$91,301
Fees for Services Legal---$79,258
Travel---$74,823
Grants to Domestic Orgs---$47,796
Fees for Services Accounting---$43,504
Other Expenses---$16,118
Payroll Taxes---$10,242
Interest---$632
Total Functional Expenses$0$0$0$9,301,322
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Oakridge Public SchoolsMuskegon, MI-Charitable Contribtution$9,147
Muskegon Public SchoolsMuskegon, MI-Charitable Contribtution$8,623
Orchard View Public SchoolsMuskegon, MI-Charitable Contribtution$6,856
Muskegon Heights Public SchoolsMuskegon, MI-Charitable Contribtution$5,836
Reeths Puffer SchoolsMuskegon, MI-Charitable Contribtution$5,797
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
Member Shares$115,114,780
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

“Members of the credit union have the right to approve the governing body's election and removal of members of the governing body, as well as other matters that are subject to the approval of members of the credit union as they occur.”

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

“Members of the board of directors are elected at an annual business meeting.”

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

“Members of the credit union have the right to approve the governing body's election and removal of members of the governing body, as well as other matters that are subject to the approval of members of the credit union as they occur.”

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

“Form 990 is presented at board meeting and emailed to officers”

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

“Annual review and written confirmation of policy and disclosure statement is completed.”

Form 990, Part VI, Section B, Line 15

“Annual survey publication reviewed for market compensation standard. The process described here was last completed in 2024.”

Form 990, Part VI, Section C, Line 19

“The credit union's governing documents and conflict of interest policy have not been made readily available to the general public. The credit union's financial statements are posted in the lobby”

Filing and Contact Details

Filer

Filer Name
Best Financial Credit Union
EIN
38-1562639
Phone
2317331329
Address
1888 EAST SHERMAN BLVD, MUSKEGON, MI 49444

Signing Officer

Name
Morgan Rescorla
Title
President/CEO
Phone
2317331329
Signed
2025-11-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Morgan Rescorla
Formed
1955
Legal Domicile
Mi
Voting Board Members
6
Independent Board Members
6
Employees
52
Volunteers
13

Preparer

Firm
Cliftonlarsonallen Llp
Address
109 N MAIN STREET SUITE 200, AUSTIN, MN 55912
Preparer
Tanya Medgaarden
Phone
5074347000
Supplemental Narrative

Financial Statement Notes

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. The net unrelated business income is immaterial to the financial statements as a whole.”

Raw XML AppendixShowing 400 of 540 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.

Path#Value
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IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0THE PURPOSE OF THE CREDIT UNION IS TO ENCOURAGE THRIFT AND SAVINGS BY CREATING A SOURCE OF CREDIT AT FAIR AND REASONABLE RATES AND PROMOTE SAVINGS AT A REASONABLE RATE OF INTEREST.
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IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6PRESIDENT/CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt7CFO
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IRS990/Form990PartVIISectionAGrp/TitleTxt9AGENCY PRINCIPAL
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IRS990/OtherExpensesGrp/TotalAmt1349429
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IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd2C
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. HOWEVER, THE CREDIT UNION MAY BE SUBJECT TO UNRELATED BUSINESS INCOME TAX. THE NET UNRELATED BUSINESS INCOME IS IMMATERIAL TO THE FINANCIAL STATEMENTS AS A WHOLE.
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0CHARITABLE CONTRIBTUTION
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2CHARITABLE CONTRIBTUTION
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt3CHARITABLE CONTRIBTUTION
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt4CHARITABLE CONTRIBTUTION
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0OAKRIDGE PUBLIC SCHOOLS
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1MUSKEGON PUBLIC SCHOOLS
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt2ORCHARD VIEW PUBLIC SCHOOLS
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt3MUSKEGON HEIGHTS PUBLIC SCHOOLS
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt4REETHS PUFFER SCHOOLS
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IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0275 SOUTH WOLF LAKE ROAD
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1630 HARVEY STREET
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt235 SOUTH SHERIDAN
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt32441 SANFORD STREET
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt4991 W GILES ROAD
IRS990ScheduleI/RecipientTable/USAddress/CityNm0MUSKEGON
IRS990ScheduleI/RecipientTable/USAddress/CityNm1MUSKEGON
IRS990ScheduleI/RecipientTable/USAddress/CityNm2MUSKEGON
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IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0MI
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd1MI
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd2MI
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd3MI
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0CONTRIBUTIONS TO ORGANZIATIONS ARE CHARITABLE CONTRIBUTIONS, NOT GRANTS. THEREFORE, THERE IS NO SUBSEQUENT MONITORING BY THE CREDIT UNION.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 2:
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount024339
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00

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