Michigan Legacy Credit Union (EIN 381295875) - 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

1946

Legal Domicile

Phone

7342850600

Tax Period

2024-01-01 to 2024-12-31

Michigan Legacy Credit Union, founded in 1946, is a mid-sized nonprofit that reported $12.7M in total revenue in fiscal year 2024. Revenue grew 11% year-over-year, indicating healthy expansion. Expenses of $11.4M left a modest 10% surplus.

Mission

MICHIGAN LEGACY CREDIT UNION IS A FINANCIAL INSTITUTION COOPERATIVE ORGANIZED TO PROVIDE LOAN AND DEPOSIT PRODUCTS AND SERVICES TO ITS MEMBER OWNERS.

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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 $0

Program Service Revenue $11,862,927

Investment Income $806,646

Other Revenue $0

TOTAL REVENUE $12,669,573

Expense Breakdown

Grants Paid $0

Salaries & Benefits $4,853,431

Fundraising Expenses $0

Program Expenses $0

Other Expenses $6,584,437

TOTAL EXPENSES $11,437,868

Year-over-Year Comparison

	2024	2023	Change
Revenue	$12,669,573	$11,452,400	+0.1%
Expenses	$11,437,868	$10,734,317	+0.1%
Net Income	$1,231,705	$718,083	+0.7%

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

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

$905,231

Total Directors

$444,168

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Bruce Crossman	Director	1.0	Officer Director	$0	$0	$0
Gary Leach	COO	40.0	Officer Director	$430,639	$13,529	$444,168
Jeanette McComb	Director	1.0	Officer Director	$0	$0	$0
Kevin Golden	Director	1.0	Officer Director	$0	$0	$0
Ronald Grobbel	Director	1.0	Officer Director	$0	$0	$0
Dennis David	Director	1.0	Director	$0	$0	$0
Ellen Samyn	Director	1.0	Director	$0	$0	$0
John Wist	Director	1.0	Director	$0	$0	$0
Jonathan Barroso	Director	1.0	Director	$0	$0	$0
Carma Peters	CEO	40.0	Officer	$446,923	$14,140	$461,063
Chad Rich	VP of Data Analytics	40.0	Highest	$110,191	$7,013	$117,204
Christina Hudzinski	VP of HR and Training	40.0	Highest	$121,202	$7,464	$128,666
Pat Esper	VP of Asset Recovery	40.0	Highest	$111,695	$7,012	$118,707

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	$12,669,573	$11,437,868	$209,486,103	$1,231,705
2023	$11,452,400	$10,734,317	$215,992,394	$718,083
2022	$11,520,985	$9,582,262	$249,545,728	$1,938,723
2021	$11,435,528	$10,106,410	$268,092,054	$1,329,118
2020	$10,630,810	$10,000,242	$260,969,578	$630,568
2019	$11,459,603	$10,489,798	$213,817,167	$969,805
2018	$10,565,712	$9,528,840	$204,686,351	$1,036,872

Michigan Legacy Credit Union