CREDIT UNIONS CHARTERED IN THE STA… - Form 990 Financial Data

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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

1952

Legal Domicile

Principal Officer

CHRISTOPHER D CORKERY

Phone

7346767000

Tax Period

2024-01-01 to 2024-12-31

CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN, founded in 1952, is a mid-sized nonprofit that reported $18.7M in total revenue in fiscal year 2024. Revenue grew 19% year-over-year, indicating healthy expansion. Expenses of $16.0M left a modest 15% surplus.

Mission

THE MISSION OF ADVANTAGE ONE CREDIT UNION IS TO OPERATE IN A SAFE AND SOUND MANNER WHILE MEETING THE FINANCIAL NEEDS OF ITS MEMBERSHIP.

Program Service Accomplishments

Program 1

LOANS - LOANS GREW 4.30% IN 2024. CLOSED END HOME EQUITY LOANS HAD THE MOST DOLLAR GROWTH AT $3.9 MILLION OR 28%, INDIRECT LOANS GREW $2.2 MILLION, OR 4.54%. CREDIT CARD LOANS GREW $1.8 MILLION, OR 11.97%. NOT INCLUDING WAGES AND BENEFITS, LOAN SERVICING EXPENSE IN 2024 WAS $1,517,338.

Program 2

DEBIT CARDS - AS OF 12/31/2024, ADVANTAGE ONE CU HAD 11,620 DEBIT CARDS REPRESENTING 64.74% OF TOTAL MEMBERS. THE ASSOCIATED EXPENSE WITH THE PROGRAM WAS $819,291, EXCLUDING WAGES AND BENEFITS.

Program 3

HOME BANKING AND BILL PAY - ADVANTAGE ONE CU HAS 12,096 ONLINE BANKING USERS AND 838 BILL PAY USERS REPRESENTING 68% AND 5% OF TOTAL MEMBERS, RESPECTIVELY. NOT INCLUDING WAGES AND BENEFITS...

HOME BANKING AND BILL PAY - ADVANTAGE ONE CU HAS 12,096 ONLINE BANKING USERS AND 838 BILL PAY USERS REPRESENTING 68% AND 5% OF TOTAL MEMBERS, RESPECTIVELY. NOT INCLUDING WAGES AND BENEFITS, ASSOCIATED PROGRAM EXPENSES TOTALLED $399,752 IN 2024.

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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 $17,189,794

Investment Income $1,524,066

Other Revenue $30,891

TOTAL REVENUE $18,744,751

Expense Breakdown

Grants Paid $10,000

Salaries & Benefits $4,937,212

Fundraising Expenses $0

Other Expenses $11,060,311

TOTAL EXPENSES $16,007,523

Year-over-Year Comparison

	2024	2023	Change
Revenue	$18,744,751	$15,764,672	+0.2%
Expenses	$16,007,523	$13,622,991	+0.2%
Net Income	$2,737,228	$2,141,681	+0.3%

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

$784,266

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RICHARD E LINDEMANN	CHAIRPERSON	1.00	Director	$0	$0	$0
MARK RAGSDALE	VICE CHAIRPERSON	1.00	Director	$0	$0	$0
ANTHONY PASCARELLA	SECRETARY	1.00	Director	$0	$0	$0
ROBERT J MATTERN	TREASURER	1.00	Director	$0	$0	$0
MARTIN BERTERA	DIRECTOR	1.00	Director	$0	$0	$0
SUSAN TRUSSEL	DIRECTOR	1.00	Director	$0	$0	$0
BOBBY WALTERS	DIRECTOR	1.00	Director	$0	$0	$0
CHRISTOPHER CORKERY	CEO	55.00	Officer	$354,353	$50,767	$405,120
TRACY SCOTT KREINBRING	CFO	55.00	Officer	$164,991	$21,582	$186,573
NICHOLAS SCHMITTER	CLO	55.00	Officer	$170,546	$22,027	$192,573
ALAN FREY	CIO	45.00	Highest	$135,120	$17,891	$153,011
JESSICA SAWYER	VP OF MEMBER EXPERIENCE	45.00	Highest	$112,341	$32,054	$144,395
SARAH RITCHIE	VP OF HUMAN RESOURCES	45.00	Highest	$102,915	$27,339	$130,254

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	$18,744,751	$16,007,523	$252,939,519	$2,737,228
2023	$15,764,672	$13,622,991	$256,404,552	$2,141,681
2022	$12,777,127	$10,152,686	$233,999,482	$2,624,441
2021	$11,495,994	$9,420,423	$211,773,207	$2,075,571
2020	$10,999,420	$9,700,671	$187,198,159	$1,298,749
2019	$10,909,963	$9,499,431	$149,585,346	$1,410,532
2018	$9,740,241	$9,270,889	$143,351,571	$469,352

CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN