CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN (EIN 381445060) - 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

1953

Legal Domicile

Principal Officer

Jacqueline Buchanan

Phone

2483229800

Tax Period

2023-01-01 to 2023-12-31

CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN, founded in 1953, is a major nonprofit that reported $255.1M in total revenue in fiscal year 2023. Revenue surged 27% from the prior year, signaling strong growth momentum. The organization ran a surplus of $81.6M, a strong 32% operating margin.

Mission

Served 272,934 credit union members by providing financial services including various loan products as well as deposit products such as checking, savings, IRA and certificates.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $192,428,821

Investment Income $20,516,072

Other Revenue $42,195,251

TOTAL REVENUE $255,140,144

Expense Breakdown

Grants Paid $0

Salaries & Benefits $43,069,234

Fundraising Expenses $0

Program Expenses $0

Other Expenses $130,499,544

TOTAL EXPENSES $173,568,778

Year-over-Year Comparison

	2023	2022	Change
Revenue	$255,140,144	$200,960,128	+0.3%
Expenses	$173,568,778	$114,302,483	+0.5%
Net Income	$81,571,366	$86,657,645	-0.1%

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

638

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

$3,443,252

Total Directors

Key Employees

$2,091,032

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Jacqueline Buchanan	President CEO	60	Officer	$2,917,472	$34,841	$2,952,313
Nathan Davidson	Chief Financial Officer	60	Officer	$424,488	$66,451	$490,939
Allen Mitchell	Business Loan	40	Highest	$404,310	$28,074	$432,384
Donald White	Mortgage officer	40	Highest	$297,249	$33,498	$330,747
Michelle Mattson	SVP Remote Delivery Channels	40	Key Emp	$264,195	$56,160	$320,355
Andria George	VP Human Resources	45	Key Emp	$275,493	$23,712	$299,205
Matt Chapman	Chief Information Officer	45	Key Emp	$260,350	$33,674	$294,024
Jessica Buck	VP of Lending	45	Key Emp	$245,197	$23,572	$268,769
Heather Pizzala	VP of Marketing	45	Key Emp	$235,057	$18,908	$253,965
Lynn Dillon	Mortgage Consultant	40	Highest	$212,465	$30,479	$242,944
Sharon Nichols	VP Sales and Service	40	Key Emp	$209,906	$27,602	$237,508
Frank Klimczak	Information Security Manager	40.00	Highest	$203,905	$30,333	$234,238
Brian Dowgiallo	VP Risk Management	40	Key Emp	$197,866	$29,553	$227,419
Lori Daniels	Business Lending Manager	45	Highest	$168,770	$24,910	$193,680
Lance Smith	VP of Real Estate Lending	40	Key Emp	$174,140	$15,647	$189,787
James Fagan	VP Real Estate Lending	45		$164,115	$12,710	$176,825
Brian Zabowski	Board Vice Chairperson	7	Director	$0	$0	$0
David Stolk	Supervisory Committee Member	7	Director	$0	$0	$0
Mark Churay	Board Member	7	Director	$0	$0	$0
John Schulte	Board Member	7	Director	$0	$0	$0
Peter Devita	Board Member	7	Director	$0	$0	$0
Barbara Pasciolla	Supervisory Committee Member	7	Director	$0	$0	$0
James Campbell	Board Treasurer	7	Director	$0	$0	$0
Kim Turner	Board Chairperson	7	Director	$0	$0	$0
Greg Melega	Board Secretary	7	Director	$0	$0	$0
Thomas Healy	Board Member	7	Director	$0	$0	$0
Jennifer Rogers	Supervisory Committee Member	7	Director	$0	$0	$0
Kristie Bidlake	Supervisory Committee Chairperson	7	Director	$0	$0	$0
Lisa Christenson	Supervisory Committee Member	7	Director	$0	$0	$0
MiVida Burrus	Supervisory Committee Member	7	Director	$0	$0	$0

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	No data	No data	No data	No data
2023	$255,140,144	$173,568,778	$4,852,563,944	$81,571,366
2022	$200,960,128	$114,302,483	$4,472,149,817	$86,657,645
2021	$172,897,608	$90,163,505	$4,033,381,478	$82,734,103
2020	$166,438,700	$111,605,322	$3,559,945,081	$54,833,378
2019	$152,232,387	$96,299,551	$2,849,302,664	$55,932,836
2018	$129,267,326	$82,130,686	$2,578,620,099	$47,136,640

CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN