Civic Intelligence

Credit Unions Chartered in the State of Michigan

990 • Fiscal year 2025 • EIN 38-1878763

Jan 01, 2025 to Dec 31, 2025 • Filed on Apr 10, 2026

Organization Profilepreferredcu.org
3767 Sparks Drive SEGrand Rapids, MI 49546

(616) 942-9630

Siviq Scores

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

Liabilities / Assets

90th percentile

0.87x

Higher debt load relative to assets than 90% of similar nonprofits.

2025 filings • $250M-$1B nonprofits • Source year 2025

Liabilities / Revenue

96th percentile

13.26x

Higher debt load relative to revenue than 96% of similar nonprofits.

2025 filings • $250M-$1B nonprofits • Source year 2025

Net Margin

70th percentile

17%

Higher net margin than 70% of similar nonprofits.

2025 filings • $250M-$1B nonprofits • Source year 2025

Top Officer Pay

28th percentile

$360,416

Higher top officer pay than 28% of similar nonprofits.

Top officer pay equals 1.8% of source-year revenue.

2025 filings • $250M-$1B nonprofits • Source year 2025

Asset Growth

52nd percentile

6.4%

Faster asset growth than 52% of similar nonprofits.

2025 filings • $250M-$1B nonprofits • Annualized from 2024 to 2025

Revenue Growth

51st percentile

9.0%

Faster revenue growth than 51% of similar nonprofits.

2025 filings • $250M-$1B nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets90th percentile

Assets

Up

$307,825,900

Up $18,411,357 (+6.4%) from 2024

Net Assets

Up

$40,735,773

Up $6,435,133 (+19%) from 2024

Liabilities

Up

$267,090,127

Up $11,976,224 (+4.7%) from 2024

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin70th percentile

Revenue

Up

$20,136,399

Up $1,660,741 (+9.0%) from 2024

Expenses

Up

$16,729,471

Up $1,051,035 (+6.7%) from 2024

Net Income

Up

$3,406,928

Up $609,706 (+22%) from 2024

Historical Trend

Balance Sheet Trend

Asset Growth52nd percentile

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

$400M$300M$200M$100M$0Assets 2010: $73,346,614Liabilities 2010: $49,275,219Net Assets 2010: $24,071,3952010Assets 2011: $79,298,659Liabilities 2011: $70,380,199Net Assets 2011: $8,918,4602011Assets 2012: $88,573,528Liabilities 2012: $78,460,572Net Assets 2012: $10,112,9562012Assets 2014: $153,958,913Liabilities 2014: $134,959,318Net Assets 2014: $18,999,5952014Assets 2015: $162,327,198Liabilities 2015: $141,628,774Net Assets 2015: $20,698,4242015Assets 2016: $162,194,518Liabilities 2016: $139,900,838Net Assets 2016: $22,293,6802016Assets 2017: $167,259,490Liabilities 2017: $143,550,758Net Assets 2017: $23,708,7322017Assets 2018: $169,072,057Liabilities 2018: $143,689,312Net Assets 2018: $25,382,7452018Assets 2019: $179,278,471Liabilities 2019: $150,679,996Net Assets 2019: $28,598,4752019Assets 2020: $221,706,455Liabilities 2020: $190,963,209Net Assets 2020: $30,743,2462020Assets 2021: $256,758,284Liabilities 2021: $225,581,197Net Assets 2021: $31,177,0872021Assets 2022: $259,754,679Liabilities 2022: $235,216,574Net Assets 2022: $24,538,1052022Assets 2023: $268,549,688Liabilities 2023: $238,530,802Net Assets 2023: $30,018,8862023Assets 2024: $289,414,543Liabilities 2024: $255,113,903Net Assets 2024: $34,300,6402024Assets 2025: $307,825,900Liabilities 2025: $267,090,127Net Assets 2025: $40,735,7732025

Highlighted filing

2025

Assets$307,825,900
Liabilities$267,090,127
Net Assets$40,735,773
Open 2025 Filing

Operations Trend

Revenue Growth51st percentile

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

$30M$20M$10M$0Expenses 2010: $5,120,5122010Expenses 2011: $4,673,5892011Expenses 2012: $4,298,9112012Revenue 2014: $8,651,641Expenses 2014: $7,299,923Net Income 2014: $1,351,7182014Revenue 2015: $9,314,896Expenses 2015: $7,556,372Net Income 2015: $1,758,5242015Revenue 2016: $9,637,218Expenses 2016: $7,701,556Net Income 2016: $1,935,6622016Revenue 2017: $10,201,615Expenses 2017: $8,866,385Net Income 2017: $1,335,2302017Revenue 2018: $11,044,848Expenses 2018: $9,018,605Net Income 2018: $2,026,2432018Revenue 2019: $11,868,278Expenses 2019: $9,595,139Net Income 2019: $2,273,1392019Revenue 2020: $11,490,837Expenses 2020: $10,278,993Net Income 2020: $1,211,8442020Revenue 2021: $12,104,204Expenses 2021: $9,832,169Net Income 2021: $2,272,0352021Revenue 2022: $13,405,718Expenses 2022: $10,625,196Net Income 2022: $2,780,5222022Revenue 2023: $15,755,243Expenses 2023: $12,971,096Net Income 2023: $2,784,1472023Revenue 2024: $18,475,658Expenses 2024: $15,678,436Net Income 2024: $2,797,2222024Revenue 2025: $20,136,399Expenses 2025: $16,729,471Net Income 2025: $3,406,9282025

Highlighted filing

2025

Revenue$20,136,399
Expenses$16,729,471
Net Income$3,406,928
Open 2025 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2025 to Dec 31, 2025
Signed
Apr 10, 2026
Return Version
2025v4.1
Gross Receipts
$20,136,399
Mission and Program Overview

Mission

Provide financial services and products to members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$149,777,722$156,974,432▲ $7,196,710
Investments in Publicly Traded Securities$78,818,100$74,294,005▼ $4,524,095
Savings and Temporary Cash Investments$41,172,965$54,739,360▲ $13,566,395
Rtn Earn Endowment Incm Other Fnds$34,300,640$40,735,773▲ $6,435,133
Investments Other Securities$10,765,379$11,316,233▲ $550,854
Cash and Non-Interest-Bearing Accounts$2,627,278$3,631,508▲ $1,004,230
Land, Buildings, and Equipment, Net$2,331,900$2,235,711▼ $96,189
Accounts Receivable$273,144$761,490▲ $488,346
Prepaid Expenses and Deferred Charges$233,563$196,067▼ $37,496
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$289,414,543$307,825,900▲ $18,411,357
Other Assets Total$3,414,492$3,677,094▲ $262,602
Liabilities
Other Liabilities$253,736,901$265,696,164▲ $11,959,263
Accounts Payable and Accrued Expenses$1,377,002$1,393,963▲ $16,961
Total Liabilities$255,113,903$267,090,127▲ $11,976,224
Net Assets / Fund Balance
Total Net Assets Fund Balance$34,300,640$40,735,773▲ $6,435,133
Total Liabilities and Net Assets / Fund Balance$289,414,543$307,825,900▲ $18,411,357

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$1,256,031$2,217,063$3,473,094
Buildings$566,213$1,234,701$1,800,914
Land$413,467-$413,467
Compensation and Service Providers
Top Officer Pay28th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
John YeomansCEOFT$291,216$69,200$360,416
Bev Vander WellCFOFT$149,676$49,150$198,826
Bryan KaylorCOOFT$133,930$53,743$187,673
Christine PrattVice PresidentFT$116,924$51,679$168,603
Dorothy LintonVice PresidentFT$111,869$42,666$154,535
Rhonda HarringtonVice PresidentFT$110,016$18,851$128,867

Board Members and Trustees

NameTitle
Russell HermanChairman
Cynthia Mc CombsDirector
Fred GradisherDirector
Keegan DanielDirector
Meredith AndersonDirector
Peter HermanDirector
Thomas PowersDirector
Vicki BrownDirector
Yvonne AllesDirector
Frederick BartlingSecretary
Gaylen DemarestTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
VeleraPayments Processor615 CHANNELSIDE DR STE 204, Tampa, FL 33602$990,158
CuanswersCore Processor6000 28TH ST SE, Grand Rapids, MI 49546$618,177
Blue Care NetworkHealth InsurancePO BOX 33608, Detroit, MI 48232-5608$499,961
RedRock Information SecurityIt Services1101 40th St SE, Grand Rapids, MI 49508$295,496
Haberfeld Accelerating GrowthConsulting & Advertising206 S 13TH ST SUITE 1500, Lincoln, NE 68508$275,088
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$15,794,132
Investment Income
$4,342,267
Other Revenue
$0
Change in Net Assets
$3,406,928
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$10,369,427
Salaries, Compensation, and Employee Benefits$6,360,044
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$3,629,243
Interest---$3,606,322
Office Expenses---$2,320,876
Current Officers, Directors, Trustees, and Key Employees---$1,198,920
Other Employee Benefits---$692,195
Information Technology---$684,184
Advertising---$491,184
Pension Plan Contributions---$479,841
Occupancy---$456,053
Payroll Taxes---$359,845
Depreciation Depletion---$227,066
Travel---$113,894
Other Expenses---$71,605
Insurance---$50,575
All Other Expenses---$40,800
Payments to Affiliates---$29,976
Total Functional Expenses$0$0$0$16,729,471
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
Shares$262,154,581
Other Liabilities$3,541,583
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
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, Section A, Line 4

“The number of directors was changed from 7 to 10, this required a bylaw change.”

Form 990, Part VI, Section A, Line 6

“Section 501c14 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 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 15A

“A survey of industry standards is done of comparable sized CU's. Individual level of experience is also a consideration. BOARD OF DIRECTORS ARE NOT COMPENSATED”

Form 990, Part VI, Section B, Line 15B

“A survey of industry standards is done of comparable sized CU's. Individual level of experience is also a consideration.”

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
Preferred Credit Union
EIN
38-1878763
Phone
6169429630
Address
3767 SPARKS DRIVE SE, GRAND RAPIDS, MI 49546

Signing Officer

Name
John Yeomans
Title
CEO
Signed
2026-04-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Yeomans
Formed
1968
Legal Domicile
Mi
Voting Board Members
10
Independent Board Members
10
Employees
97
Volunteers
10

Preparer

Firm
Financial Standards Group Inc
Address
6447 W HIGHWAY 146, CRESTWOOD, KY 40014
Preparer
Thomas Cvinar
Phone
8005225820
Raw XML AppendixShowing 400 of 534 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/PersonNm13MEREDITH ANDERSON
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IRS990/Form990PartVIISectionAGrp/PersonNm15PETER HERMAN
IRS990/Form990PartVIISectionAGrp/PersonNm16CYNTHIA MC COMBS
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IRS990/Form990PartVIISectionAGrp/TitleTxt4Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt5Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt6Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt9Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Director
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IRS990/GamingActivitiesInd0false
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IRS990/GrantsToOrganizationsInd0false
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IRS990/IndoorTanningServicesInd0false
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InformationTechnologyGrp/TotalAmt0684184
IRS990/InsuranceGrp/TotalAmt050575
IRS990/IntangibleAssetsGrp/EOYAmt00
IRS990/InterestGrp/TotalAmt03606322
IRS990/InventoriesForSaleOrUseGrp/EOYAmt00
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IRS990/InvestmentsPubTradedSecGrp/EOYAmt074294005
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IRS990/LandBldgEquipCostOrOtherBssAmt05687475
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IRS990/LocalChaptersInd0true
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0true
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS.
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/NetUnrlzdGainsLossesInvstAmt03028205
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IRS990/OccupancyGrp/TotalAmt0456053
IRS990/OfficeExpensesGrp/TotalAmt02320876
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt03414492
IRS990/OtherAssetsTotalGrp/EOYAmt03677094
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0692195
IRS990/OtherExpensesGrp/Desc0LOAN SERVICING EXPENSE
IRS990/OtherExpensesGrp/Desc1PROVISION FOR CREDIT LOSS
IRS990/OtherExpensesGrp/Desc2PRO SERVICES
IRS990/OtherExpensesGrp/Desc3MISC
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IRS990/OtherExpensesGrp/TotalAmt1641287
IRS990/OtherExpensesGrp/TotalAmt2338280
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IRS990/OtherRevenueTotalAmt00
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IRS990/PoliticalCampaignActyInd0false
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IRS990/PrincipalOfficerNm0JOHN YEOMANS
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1262154581
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0OTHER LIABILITIES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1SHARES
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IRS990ScheduleD/TotalLiabilityAmt0265696164

Document Assets

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Filings

Displayed year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$307,825,900
Liabilities
$267,090,127
Net assets
$40,735,773
Revenue
$20,136,399
Expenses
$16,729,471
Net income
$3,406,928
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$308$267$40.7$20.1$16.7$3.41
2024Detailed filing. Detailed filing data is available for this year.$289$255$34.3$18.5$15.7$2.80
2023Detailed filing. Detailed filing data is available for this year.$269$239$30.0$15.8$13.0$2.78
2022Detailed filing. Detailed filing data is available for this year.$260$235$24.5$13.4$10.6$2.78
2021Detailed filing. Detailed filing data is available for this year.$257$226$31.2$12.1$9.83$2.27
2020Detailed filing. Detailed filing data is available for this year.$222$191$30.7$11.5$10.3$1.21
2019Detailed filing. Detailed filing data is available for this year.$179$151$28.6$11.9$9.60$2.27
2018Detailed filing. Detailed filing data is available for this year.$169$144$25.4$11.0$9.02$2.03
2017Detailed filing. Detailed filing data is available for this year.$167$144$23.7$10.2$8.87$1.34
2016Detailed filing. Detailed filing data is available for this year.$162$140$22.3$9.64$7.70$1.94
2015Detailed filing. Detailed filing data is available for this year.$162$142$20.7$9.31$7.56$1.76
2014Detailed filing. Detailed filing data is available for this year.$154$135$19.0$8.65$7.30$1.35
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$88.6$78.5$10.1$4.30
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$79.3$70.4$8.92$4.67
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$73.3$49.3$24.1$5.12