MICHIGAN FIRST CREDIT UNION (EIN 380481580) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1926

Legal Domicile

Principal Officer

JENNIFER BOROWY

Phone

8006643828

Tax Period

2024-01-01 to 2024-12-31

MICHIGAN FIRST CREDIT UNION, founded in 1926, is a major nonprofit that reported $136.4M in total revenue in fiscal year 2024. Revenue grew 10% year-over-year, indicating healthy expansion. Expenses of $119.5M left a modest 12% surplus.

Mission

TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $4,017,957

Program Service Revenue $92,658,787

Investment Income $10,839,132

Other Revenue $28,914,024

TOTAL REVENUE $136,429,900

Expense Breakdown

Grants Paid $133,000

Salaries & Benefits $45,584,845

Fundraising Expenses $0

Other Expenses $73,812,801

TOTAL EXPENSES $119,530,646

Year-over-Year Comparison

	2024	2023	Change
Revenue	$136,429,900	$123,630,180	+0.1%
Expenses	$119,530,646	$106,203,052	+0.1%
Net Income	$16,899,254	$17,427,128	0.0%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

616

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,784,029

Total Directors

Key Employees

$3,230,724

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LINDA HEIGHT	CHAIRPERSON	1.00	Director	$0	$0	$0
DEIRDRE SCOTT	VICE CHAIRPERSON	1.00	Director	$0	$0	$0
DAVID TURNER	DIRECTOR	1.00	Director	$0	$0	$0
NADINE TIBBS-STALLWORTH	SECRETARY	1.00	Director	$0	$0	$0
DANDRIDGE FLOYD	TREASURER	1.00	Director	$0	$0	$0
DONNA VANDERVRIES	DIRECTOR	1.00	Director	$0	$0	$0
INES DE JESUS	DIRECTOR	1.00	Director	$0	$0	$0
JALEN JENNINGS	DIRECTOR	1.00	Director	$0	$0	$0
LARRY FREEMAN	DIRECTOR	1.00	Director	$0	$0	$0
JENNIFER BOROWY	CHIEF EXECUTIVE OFFICER	50.00	Officer	$673,330	$42,886	$716,216
JENNIFER GLENFIELD	CHIEF MARKETING OFFICER	50.00	Officer	$324,975	$52,498	$377,473
JANET BARDEN	CHIEF FINANCIAL OFFICER	50.00	Officer	$315,527	$69,981	$385,508
DELONAKA EDWARDS	CHIEF OPERATIONS OFFICER	50.00	Officer	$286,242	$18,590	$304,832
DANIEL SUGG	CHIEF MORTGAGE OFFICER	50.00	Key Emp	$493,512	$71,740	$565,252
GERALD BETTENS	CHIEF INFORMATION OFFICER	50.00	Key Emp	$360,949	$82,883	$443,832
PATRICIA JONES	CHIEF HUMAN RESOURCES OFFI	50.00	Key Emp	$356,647	$116,221	$472,868
SUSAN POSTEMSKI	CHIEF DATA ANALYTICS OFFIC	50.00	Key Emp	$695,412	$98,429	$793,841
JEFF FITRZYK	CHIEF LENDING OFFICER	50.00	Key Emp	$320,991	$79,628	$400,619
BRIAN MCCOWN	AVP, MORTGAGE OPERATIONS	45.00	Key Emp	$244,543	$33,619	$278,162
LARRY RICE	SR. DIRECTOR OF IT SERVICE DEL	45.00	Key Emp	$243,192	$32,958	$276,150
MATTHEW WEST	MORTGAGE LOAN OFFICER	40.00	Highest	$365,392	$32,827	$398,219
DIEGO ARTEAGA ARCILA	MORTGAGE LOAN OFFICER	40.00	Highest	$263,344	$40,615	$303,959
DONGCHAN VU	SR SOFTWARE ENGINEERING MANAGER	45.00	Highest	$192,776	$25,973	$218,749
ANDREW TOWNE	MORTGAGE LOAN OFFICER	45.00	Highest	$193,324	$33,790	$227,114
CLIFFORD MURRAY	AVP, PAYMENT SOLUTIONS	45.00	Highest	$165,083	$31,953	$197,036

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$136,429,900	$119,530,646	$1,471,891,427	$16,899,254
2023	$123,630,180	$106,203,052	$1,510,727,460	$17,427,128
2022	$108,549,762	$92,866,847	$1,481,564,249	$15,682,915
2021	$103,646,862	$80,887,338	$1,483,110,437	$22,759,524
2020	$92,452,995	$81,796,863	$1,328,820,354	$10,656,132
2018	$80,303,977	$73,305,551	$928,918,039	$6,998,426

MICHIGAN FIRST CREDIT UNION