MICHIGAN EDUCATIONAL CREDIT UNION

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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

1942

Legal Domicile

Phone

7344559200

Tax Period

2024-01-01 to 2024-12-31

MICHIGAN EDUCATIONAL CREDIT UNION, founded in 1942, is a mid-sized nonprofit that reported $39.0M in total revenue in fiscal year 2024. Revenue grew 13% year-over-year, indicating healthy expansion. Expenses of $35.4M left a modest 9% surplus.

Mission

To provide members with quality, comprehensive and cost effective financial services.

Program Service Accomplishments

Program 1

PROVIDE 48,637 MEMBERS WITH REGULAR SHARES, SHARE DRAFT, CERTIFICATES OF DEPOSIT, AND IRA ACCOUNTS TOTALING 94,585 ACCOUNTS.

Program 2

PROVIDE 37,493 LOANS INCLUDING VEHICLE, CREDIT CARD, HOME EQUITY, BUSINESS, PERSONAL, BOAT, MOTORCYCLE, MOTOR HOME, AND MORTGAGES.

Program 3

OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, MONEY ORDERS, CHECK CASHING, TRAVELERS CHECKS, OVERDRAFT PROTECTION/COURTESY PAY, BILL PAY AND VARIOUS INSURANCE AND INVESTMENT PROGRAMS.

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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 $28,602,381

Investment Income $10,390,100

Other Revenue $29,169

TOTAL REVENUE $39,021,650

Expense Breakdown

Grants Paid $0

Salaries & Benefits $12,439,504

Fundraising Expenses $0

Program Expenses $0

Other Expenses $22,948,335

TOTAL EXPENSES $35,387,839

Year-over-Year Comparison

	2024	2023	Change
Revenue	$39,021,650	$34,646,685	+0.1%
Expenses	$35,387,839	$31,101,715	+0.1%
Net Income	$3,633,811	$3,544,970	+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

102

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

$2,428,027

Total Directors

Key Employees

$1,436,312

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ALONZO GLAZE	CHAIRPERSON	2.0	Officer Director	$0	$0	$0
ROBIN J E LONG	SECRETARY	2.0	Officer Director	$0	$0	$0
STEVEN RODRIGUEZ	VICE CHAIRPERSON	2.0	Officer Director	$0	$0	$0
WILLIAM WOOSTER	TREASURER	2.0	Officer Director	$0	$0	$0
AMY MCQUISTON	DIRECTOR	2.0	Director	$0	$0	$0
DANE DRESCH	DIRECTOR	2.0	Director	$0	$0	$0
DEBORAH ELLISTON	DIRECTOR	2.0	Director	$0	$0	$0
GREGORY BARACY	DIRECTOR	2.0	Director	$0	$0	$0
MICHELLE RANDALL	DIRECTOR - PART YEAR	2.0	Director	$0	$0	$0
SCOTT SZUKAITIS	DIRECTOR	2.0	Director	$0	$0	$0
KEVIN FINNERAN	CHIEF FINANCIAL OFFICER	38.0	Officer	$304,713	$74,024	$378,737
ROBERT SANDERCOCK	CHIEF EXECUTIVE OFFICER	38.0	Officer	$1,954,724	$94,566	$2,049,290
EMILY FRICKS	MARKETING SUPERVISOR	38.0	Key Emp	$165,284	$41,214	$206,498
HENRY WILLSON	EXECUTIVE VICE PRESIDENT	38.0	Key Emp	$490,485	$84,861	$575,346
JEFFREY CUSMANO	VICE PRESIDENT	38.0	Key Emp	$345,319	$67,169	$412,488
LISA KANIA	BRANCH MANAGER	38.0	Key Emp	$189,237	$52,743	$241,980
ANDREA KLEBBA	EXECUTIVE ASSISTANT	38.0	Highest	$182,396	$50,747	$233,143
KELLY BOROWSKI	BRANCH MANAGER	38.0	Highest	$145,950	$43,920	$189,870
KYLE HARRIS	DIGITAL SERVICES MANAGER	38.0	Highest	$141,344	$43,779	$185,123
NICHOLE HATCH	BRANCH MANAGER	38.0	Highest	$135,917	$43,953	$179,870
WENDY MARQUETTE	BRANCH MANAGER	38.0	Highest	$130,366	$41,270	$171,636

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
2025	No data	No data	No data	No data
2024	$39,021,650	$35,387,839	$1,029,181,110	$3,633,811
2023	$34,646,685	$31,101,715	$1,006,575,527	$3,544,970
2022	$30,107,433	$26,318,782	$1,037,849,743	$3,788,651
2021	$27,431,098	$25,852,291	$1,074,921,779	$1,578,807
2020	$29,409,639	$26,912,651	$1,008,068,855	$2,496,988
2019	$31,919,608	$26,562,502	$875,998,094	$5,357,106
2018	$30,237,981	$24,634,746	$825,801,568	$5,603,235