Credit Unions Chartered In the State of Michigan
501(c)(14)
Only null% goes to programs Strong reserves Growing revenue
Credit Unions Chartered In the State of Michigan is a 501(c)(14) organization based in Lathrup Vlg, Michigan, registered in 1956, with $123,630,180 in FY2023 revenue. CharityIndex grades it A.
27000 Evergreen Rd, Lathrup Vlg, MI, 48076 EIN 38-0481580 Since 1956
Revenue (FY2023)
$123.6M
▲ 13.9% vs prior year
Expenses (FY2023)
$106.2M
Net assets
$179.9M
Employees
633
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A
—Program efficiency40% of the ratingNo expense breakdown in filings
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. Not scored for Credit Unions Chartered In the State of Michigan— this filing type doesn't report it, and the rating simply skips it (never counts it against the organization). See the exact thresholds →
AFinancial health25% of the rating20 mo reserves · +14% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Credit Unions Chartered In the State of Michigan: 20 mo reserves · +14% margin earns a A on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Credit Unions Chartered In the State of Michigan: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
ATransparency10% of the rating4 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Credit Unions Chartered In the State of Michigan: 4 of 5 disclosure signals earns a A on this criterion. See the exact thresholds →
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Mission
To be the only financial institution for our members.
What they do
Served nearly 168,000 members with aggregate deposit accounts that approximated $1.1 billion as of december 31, 2023.
Originated $157 million in mortgage loans during 2023.
Contact & location
- Address
- 27000 Evergreen Rd, Lathrup Vlg, MI, 48076
- City
- Lathrup Vlg
- State
- Michigan
- Category
- —
- Subcategory
- —
- Phone
- …
- Website
- …
Financial trends
Revenue grew from $52.2M (FY2013) to $123.6M (FY2023) across 10 reported years.
Financial snapshot
Financial health & position (FY2023)
Liabilities $1.3BNet assets $179.9M
Operating margin
14.1%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$1.5B
Total liabilities
$1.3B
Net assets
$179.9M
Salaries & benefits
$44.2M
42% of expenses
Board members
9
9 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2023 | $123,630,180▲13.9% | $106,203,052▲14.4% | $179,887,313▲13.3% | $1,510,727,460▲2.0% | 990 |
| 2022 | $108,549,762▲4.7% | $92,866,847▲14.8% | $158,810,881▼7.5% | $1,481,564,249▼0.1% | 990 |
| 2021 | $103,646,862▲12.1% | $80,887,338▼1.1% | $171,698,413▲11.8% | $1,483,110,437▲11.6% | 990 |
| 2020 | $92,452,995▲15.1% | $81,796,863▲11.6% | $153,612,039▲20.6% | $1,328,820,354▲43.1% | 990 |
| 2018 | $80,303,977▲17.2% | $73,305,551▲14.4% | $127,389,516▲4.9% | $928,918,039▲7.1% | 990 |
| 2017 | $68,512,727▲1.8% | $64,069,003▲7.2% | $121,462,331▲6.1% | $867,109,061▲10.3% | 990 |
| 2016 | $67,296,023▲15.8% | $59,765,968▲11.8% | $114,517,216▲6.1% | $786,349,261▲3.0% | 990 |
| 2015 | $58,096,736▲10.4% | $53,452,611▲16.5% | $107,957,148▲5.6% | $763,789,784▲9.6% | 990 |
| 2014 | $52,626,463▲0.8% | $45,887,863▲7.2% | $102,255,699▲18.0% | $696,856,773▲3.3% | 990 |
| 2013 | $52,212,361 | $42,825,329▼4.3% | $86,621,769▼6.5% | $674,476,530▲4.7% | 990 |
| 2012 | — | $44,737,975▲0.5% | $92,620,002▲6.5% | $644,135,984▲7.6% | 990 |
| 2011 | — | $44,495,650▲4.6% | $86,983,712▲8.9% | $598,531,338▲5.5% | 990 |
| 2010 | — | $42,528,398 | $79,851,474 | $567,355,438 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2023)
Highest-paid: Jennifer Borowy — $606,632 (0.57% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Jennifer Borowy | Chief Executive Officer | 50 | $606,632 |
| Patricia Jones | Chief Human Resources Officer | 50 | $602,948 |
| Daniel Sugg | Chief Mortgage Officer | 50 | $471,393 |
| Matthew West | Mortgage Loan Officer | 40 | $410,750 |
| Gerald Bettens | Chief Information Officer | 50 | $336,615 |
| Susan Postemski | Chief Data Analytics Officer | 50 | $304,906 |
| Jeffrey Fitrzyk | Chief Lending Officer | 50 | $302,244 |
| Jennifer Glenfield | Chief Marketing Officer | 50 | $290,303 |
| Janet Barden | Chief Financial Officer | 50 | $281,471 |
| Brian Mccown | Avp, Mortgage Operations | 45 | $247,818 |
| Delonaka Edwards | Chief Operations Officer | 50 | $245,777 |
| Larry Rice | Director of It Service Del | 45 | $231,432 |
| Diego Arteaga Arcila | Mortgage Loan Officer | 40 | $194,395 |
| Dongchan Vu | Software Engineering Manag | 45 | $185,305 |
| Andrew Towne | Mortgage Branch Manager | 45 | $183,094 |
| Clifford Murray | Avp, Payment Solutions | 45 | $158,994 |
| Mary Alfaro | Director of Risk Management | 45 | $151,176 |
| Dandridge Floyd | Director | 1 | — |
| Deirdre Scott | Vice Chairperson | 1 | — |
| Donna Vandervries | Director | 1 | — |
Top vendors & contractors (FY2023)
| Contractor | Services | Paid |
|---|---|---|
| Trace3 | Phone & Netowrk Support and Licensing | $4,220,822 |
| Etkin | Bldg Maintenance/ Property Management | $2,248,698 |
| Alimar Security Inc | Security Guards At Branches | $1,616,269 |
| Diebold Nixdorf Inc | Atm Machines | $1,190,950 |
| Allied Solutions LLC | Vsi Premiums, 2nd Mtg & Heloc | $1,070,783 |
Grants made · $123K in FY2023
1 grant totaling $123K in FY2023. All grants made by Credit Unions Chartered In the State of Michigan →
| Recipient | Purpose | Amount |
|---|---|---|
| Michigan First Foundation Inc | To assist the foundation in supporting community agencies and organizations and to provide scholarships to students | $123,000 |
Frequently asked questions
- Is Credit Unions Chartered In the State of Michigan a legitimate nonprofit?
- Yes. Credit Unions Chartered In the State of Michigan is a 501(c)(14) organization registered with the U.S. Internal Revenue Service under EIN 38-0481580, based in Lathrup Vlg, Michigan.
- What is Credit Unions Chartered In the State of Michigan's EIN?
- Credit Unions Chartered In the State of Michigan's Employer Identification Number (EIN) is 38-0481580.
- How much revenue does Credit Unions Chartered In the State of Michigan report?
- Credit Unions Chartered In the State of Michigan reported $123,630,180 in total revenue on its fiscal year 2023 IRS Form 990 filing.
- What financial grade does Credit Unions Chartered In the State of Michigan have?
- CharityIndex grades Credit Unions Chartered In the State of Michigan A, based on financial health (reserves and operating margin).
- How much does Credit Unions Chartered In the State of Michigan's highest-paid employee make?
- The highest reported compensation on Credit Unions Chartered In the State of Michigan's latest Form 990 is $606,632, paid to Jennifer Borowy (Chief Executive Officer).
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Data for Credit Unions Chartered In the State of Michigan (EIN 38-0481580) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.