Civic Intelligence

Credit Unions Chartered in the State of Michigan My Personal Credit Union

990 • Fiscal year 2024 • EIN 38-1907619

Jan 01, 2024 to Dec 31, 2024 • Filed on Mar 06, 2025

Organization Profilebloomcu.org
401 Hall St SW 288Grand Rapids, MI 49503

(616) 452-2161

Siviq Scores

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

Liabilities / Assets

72nd percentile

0.91x

Higher debt load relative to assets than 72% of similar nonprofits.

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

Liabilities / Revenue

30th percentile

13.34x

Higher debt load relative to revenue than 30% of similar nonprofits.

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

Net Margin

26th percentile

5.6%

Higher net margin than 26% of similar nonprofits.

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

Top Officer Pay

50th percentile

$233,091

Higher top officer pay than 50% of similar nonprofits.

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

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

Asset Growth

44th percentile

1.8%

Faster asset growth than 44% of similar nonprofits.

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

Revenue Growth

11th percentile

4.1%

Faster revenue growth than 11% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets72nd percentile

Assets

Up

$193,974,507

Up $3,351,469 (+1.8%) from 2023

Net Assets

Up

$18,030,316

Up $918,875 (+5.4%) from 2023

Liabilities

Up

$175,944,191

Up $2,432,594 (+1.4%) from 2023

Revenue And Expenses
Liabilities / Revenue30th percentileNet Margin26th percentile

Revenue

Up

$13,190,825

Up $523,657 (+4.1%) from 2023

Expenses

Up

$12,452,257

Up $1,983,313 (+19%) from 2023

Net Income

Down

$738,568

Down $1,459,656 (-66%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth44th percentile

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

$200M$150M$100M$50M$0Assets 2010: $100,096,783Liabilities 2010: $91,887,392Net Assets 2010: $8,209,3912010Assets 2011: $101,498,515Liabilities 2011: $92,874,184Net Assets 2011: $8,624,3312011Assets 2012: $107,095,140Liabilities 2012: $97,543,994Net Assets 2012: $9,551,1462012Assets 2013: $109,534,232Liabilities 2013: $100,155,789Net Assets 2013: $9,378,4432013Assets 2014: $116,982,658Liabilities 2014: $106,841,680Net Assets 2014: $10,140,9782014Assets 2015: $121,488,520Liabilities 2015: $110,686,336Net Assets 2015: $10,802,1842015Assets 2016: $127,870,566Liabilities 2016: $116,590,429Net Assets 2016: $11,280,1372016Assets 2017: $132,998,684Liabilities 2017: $121,618,739Net Assets 2017: $11,379,9452017Assets 2018: $138,265,678Liabilities 2018: $126,051,575Net Assets 2018: $12,214,1032018Assets 2019: $143,837,700Liabilities 2019: $129,924,750Net Assets 2019: $13,912,9502019Assets 2020: $168,894,673Liabilities 2020: $153,982,467Net Assets 2020: $14,912,2062020Assets 2021: $189,326,662Liabilities 2021: $173,401,784Net Assets 2021: $15,924,8782021Assets 2022: $191,618,992Liabilities 2022: $177,557,999Net Assets 2022: $14,060,9932022Assets 2023: $190,623,038Liabilities 2023: $173,511,597Net Assets 2023: $17,111,4412023Assets 2024: $193,974,507Liabilities 2024: $175,944,191Net Assets 2024: $18,030,3162024

Highlighted filing

2024

Assets$193,974,507
Liabilities$175,944,191
Net Assets$18,030,316
Open 2024 Filing

Operations Trend

Revenue Growth11th percentile

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

$15M$10M$5.0M$0Expenses 2010: $6,844,5722010Expenses 2011: $5,568,2562011Expenses 2012: $4,759,7282012Revenue 2013: $5,494,681Expenses 2013: $4,929,618Net Income 2013: $565,0632013Revenue 2014: $5,581,789Expenses 2014: $5,143,330Net Income 2014: $438,4592014Revenue 2015: $5,898,777Expenses 2015: $5,284,868Net Income 2015: $613,9092015Revenue 2016: $5,985,903Expenses 2016: $5,540,546Net Income 2016: $445,3572016Revenue 2017: $6,160,014Expenses 2017: $5,847,220Net Income 2017: $312,7942017Revenue 2018: $7,006,049Expenses 2018: $6,034,540Net Income 2018: $971,5092018Revenue 2019: $7,893,901Expenses 2019: $6,794,831Net Income 2019: $1,099,0702019Revenue 2020: $7,960,128Expenses 2020: $7,120,828Net Income 2020: $839,3002020Revenue 2021: $8,391,564Expenses 2021: $7,139,831Net Income 2021: $1,251,7332021Revenue 2022: $10,150,900Expenses 2022: $8,699,422Net Income 2022: $1,451,4782022Revenue 2023: $12,667,168Expenses 2023: $10,468,944Net Income 2023: $2,198,2242023Revenue 2024: $13,190,825Expenses 2024: $12,452,257Net Income 2024: $738,5682024

Highlighted filing

2024

Revenue$13,190,825
Expenses$12,452,257
Net Income$738,568
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Mar 6, 2025
Return Version
2024v5.0
Gross Receipts
$13,190,825
Mission and Program Overview

Mission

Provide financial services and products to members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$124,641,173$124,571,999▼ $69,174
Savings and Temporary Cash Investments$22,806,934$32,940,696▲ $10,133,762
Investments in Publicly Traded Securities$32,842,542$23,416,691▼ $9,425,851
Rtn Earn Endowment Incm Other Fnds$17,111,441$18,030,316▲ $918,875
Land, Buildings, and Equipment, Net$4,465,900$5,432,391▲ $966,491
Investments Other Securities$1,180,830$2,258,256▲ $1,077,426
Cash and Non-Interest-Bearing Accounts$1,562,559$1,499,533▼ $63,026
Prepaid Expenses and Deferred Charges$561,798$624,266▲ $62,468
Accounts Receivable$227,586$619,197▲ $391,611
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$190,623,038$193,974,507▲ $3,351,469
Other Assets Total$2,333,716$2,611,478▲ $277,762
Liabilities
Other Liabilities$173,267,347$175,223,814▲ $1,956,467
Accounts Payable and Accrued Expenses$244,250$720,377▲ $476,127
Total Liabilities$173,511,597$175,944,191▲ $2,432,594
Net Assets / Fund Balance
Total Net Assets Fund Balance$17,111,441$18,030,316▲ $918,875
Total Liabilities and Net Assets / Fund Balance$190,623,038$193,974,507▲ $3,351,469

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,143,903$1,345,786$3,489,689
Other Land Buildings$1,203,358$845,317$2,048,675
Land$1,295,278-$1,295,278
Equipment$474,766$759,183$1,233,949
Leasehold Improvements$315,086$54,238$369,324
Compensation and Service Providers
Top Officer Pay50th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joseph HeintskillCEOFT$204,262$37,226$233,091
Robert DraegerCFOFT$140,721$16,791$175,683
Bill SeniuraVice PresidentFT$142,860$21,827$163,387
Lori HornshawVice PresidentFT$111,954$50,763$154,243
Roxanne SpeckChairman-$5,764-$5,764
Dennis BrownTreasurer-$1,306-$1,306

Board Members and Trustees

NameTitle
Brian BorrDirector
Meghan KaterbergDirector
Thomas TruszkowskiDirector
Todd RemingaDirector
Jason MillerSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Digital First Holdings LLCDigital Online SupportPO Box 660367, Dallas, TX 75266-0367$508,653
Custer INCFurniture217 CESAR E CHAVEZ AVE SW, Grand Rapids, MI 49503$507,793
Co OpCard And Atm Service9692 HAVEN AVE, Rancho Cucamonga, CA 91730$490,219
Blue Care NetworkEmployee Health NetworkPO BOX 19166, Kalamazoo, MI 49019-0166$421,824
Newco Design Build LLCConstruction4131 Roger B Chaffee Mem Blvd SE, Grand Rapids, MI 49548$375,701
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$11,091,533
Investment Income
$2,099,292
Other Revenue
$0
Change in Net Assets
$738,568
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$8,586,242
Salaries, Compensation, and Employee Benefits$3,866,015
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$2,269,352
Interest---$1,939,671
Office Expenses---$1,230,815
Information Technology---$968,205
Current Officers, Directors, Trustees, and Key Employees---$733,474
Occupancy---$486,902
Other Employee Benefits---$477,117
Advertising---$317,890
Depreciation Depletion---$251,919
Payroll Taxes---$230,272
Travel---$175,663
Pension Plan Contributions---$155,800
Other Expenses---$75,140
Insurance---$72,580
Payments to Affiliates---$15,224
Total Functional Expenses$0$0$0$12,452,257
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$174,083,626
Other Liabilities$604,095
Leased Asset Liability$536,093
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 2

“Board chair, roxanne speck, is the daughter of director dennis brown.”

Form 990, Part VI, Section A, Line 6

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

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

“The board is elected by the membership for three year terms.”

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

“Mergers are voted on by the entire membership.”

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

“Management reviews tax returns and forwards us form 8879-te to tax preparer. A copy is made available to the board of directors for review.”

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

“Compliance with the conflict of interest policy is monitored by the human resources department on a regular basis, with updates to disclosures performed on an annual basis.”

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

“Compensation for the president/ceo and key employees is determined by the board of directors using cuna and mcul salary surveys to determine ranges and actual pay. The last review process was performed in 2024.”

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

“Compensation for the president/ceo and key employees is determined by the board of directors using cuna and mcul salary surveys to determine ranges and actual pay. The last review process was performed in 2024.”

Form 990, Part VI, Section C, Line 19

“Financial statements are posted monthly at our primary office located in grand rapids, michigan. Quarterly call reports are available at the ncua.gov website. All other documents are made available for review upon request.”

Filing and Contact Details

Filer

Filer Name
Bloom Credit Union
EIN
38-1907619
Phone
6164522161
Address
401 HALL ST SW 288, GRAND RAPIDS, MI 49503

Signing Officer

Name
Robert Draeger
Title
CFO
Signed
2025-03-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joe Heintskill
Formed
1951
Legal Domicile
Mi
Voting Board Members
7
Independent Board Members
7
Employees
59
Volunteers
7

Preparer

Firm
Financial Standards Group Inc
Address
6447 W HIGHWAY 146, CRESTWOOD, KY 40014
Preparer
Donald E Lingerfelt
Phone
8005225820
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Dissolution of cuso = $24055”

Raw XML AppendixShowing 400 of 530 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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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$193,974,507
Liabilities
$175,944,191
Net assets
$18,030,316
Revenue
$13,190,825
Expenses
$12,452,257
Net income
$738,568
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$194$176$18.0$13.2$12.5$0.74
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$191$174$17.1$12.7$10.5$2.20
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$192$178$14.1$10.2$8.70$1.45
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$189$173$15.9$8.39$7.14$1.25
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$169$154$14.9$7.96$7.12$0.84
2019Summary only. Only limited summary data is available for this year.$144$130$13.9$7.89$6.79$1.10
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$138$126$12.2$7.01$6.03$0.97
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$133$122$11.4$6.16$5.85$0.31
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$128$117$11.3$5.99$5.54$0.45
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$121$111$10.8$5.90$5.28$0.61
2014Detailed filing. Detailed filing data is available for this year.$117$107$10.1$5.58$5.14$0.44
2013Detailed filing. Detailed filing data is available for this year.$110$100$9.38$5.49$4.93$0.57
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$107$97.5$9.55$4.76
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$101$92.9$8.62$5.57
2010XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$100$91.9$8.21$6.84
Peer Organizations

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