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

1936

Legal Domicile

Principal Officer

CARRIE IAFRATE

Phone

9898355100

Tax Period

2023-01-01 to 2023-12-31

CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN, founded in 1936, is a mid-sized nonprofit that reported $54.3M in total revenue in fiscal year 2023. Revenue surged 21% from the prior year, signaling strong growth momentum. Expenses of $51.8M left a modest 5% surplus.

Mission

THE MISSION OF MEMBERS FIRST CREDIT UNION IS ENCOURAGING A BETTER TOMORROW. WE DELIVER ON THIS MISSION BY BEING TRUSTWORTHY, CARING, AND ENTHUSIASTIC. WE EMPOWER OUR PEOPLE IN THEIR JOURNEY OF WELLBEING. WE BELIEVE IN PURPOSE, BELONGING, AND JOY; WHEN OUR PEOPLE FIND THIS IN THEIR WORK AND THE PEOPLE THEY WORK WITH, AMAZING THINGS HAPPEN.

Program Service Accomplishments

Program 1

PROVIDED APPROXIMATELY 58,000 LOANS TO MEMBERS, INCLUDING CONSUMER, REAL ESTATE, CREDIT CARD AND SMALL BUSINESS LOANS.

Program 2

OFFER OVER 63,000 MEMBERS METHODS TO INCREASE THEIR FINANCIAL WELLBEING WITH SAVINGS, CHECKING, CERTIFICATES OF DEPOSIT AND OTHER DEPOSIT AND INVESTMENT PRODUCTS AND OPTIONS.

Program 3

OFFER MEMBERS VARIOUS METHODS TO ACHIEVE THEIR FINANCIAL GOALS THROUGH PERSONAL CONTACT, ELECTRONIC AND ONLINE SERVICES.

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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 $1,500,000

Program Service Revenue $48,887,806

Investment Income $3,934,694

Other Revenue $0

TOTAL REVENUE $54,322,500

Expense Breakdown

Grants Paid $360,112

Salaries & Benefits $20,240,323

Fundraising Expenses $0

Other Expenses $31,239,038

TOTAL EXPENSES $51,839,473

Year-over-Year Comparison

	2023	2022	Change
Revenue	$54,322,500	$44,711,143	+0.2%
Expenses	$51,839,473	$39,920,308	+0.3%
Net Income	$2,483,027	$4,790,835	-0.5%

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

299

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

$1,244,676

Total Directors

Key Employees

$567,907

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KEVIN BROTT	DIRECTOR	4.00	Director	$0	$0	$0
JENNI BUSH	SECRETARY	4.00	Director	$0	$0	$0
ROBERT COOPER	CHAIRPERSON	4.00	Director	$0	$0	$0
RENEE DECKROW	DIRECTOR	4.00	Director	$0	$0	$0
JOSEPH KREUSCH	DIRECTOR	4.00	Director	$0	$0	$0
ROBERT LANCASTER	VICE CHAIRPERSON	4.00	Director	$0	$0	$0
GRANT MURSCHEL	DIRECTOR	4.00	Director	$0	$0	$0
CLARE TAYLOR JR	DIRECTOR	4.00	Director	$0	$0	$0
DAVID THOMPSON	TREASURER	4.00	Director	$0	$0	$0
CARRIE IAFRATE	PRESIDENT/CEO	40.00	Officer	$368,331	$47,540	$415,871
TAMARA MCGOVERN	CFO	40.00	Officer	$309,313	$50,679	$359,992
AMY GARVER	COO	40.00	Officer	$204,273	$25,272	$229,545
MARCIE LONG	CSO	40.00	Officer	$202,981	$36,287	$239,268
JOHN PEPMEIER	VP FINANCE	40.00	Key Emp	$169,007	$20,371	$189,378
NICHOLAS GROULX	VP CHANNEL DELIVERY	40.00	Key Emp	$162,559	$17,457	$180,016
REID LUNDEEN	VP OF LENDING	40.00	Key Emp	$159,318	$39,195	$198,513
KELLY KAMMER	VP OF RISK MANAGEMENT	40.00	Highest	$149,710	$39,384	$189,094
BETHANY DUTCHER	VP MARKETING	40.00	Highest	$138,909	$30,298	$169,207
NITA HAAS	REAL ESTATE LENDING LEADER	40.00	Highest	$130,901	$2,486	$133,387
EVERETT PETERSON	VP TECHNOLOGY	40.00	Highest	$117,548	$36,086	$153,634
NOELLE ROBINSON	VP CULTURE & EMPLOYEE DEVELOPMENT	40.00	Highest	$116,378	$23,265	$139,643

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	No data	No data	No data	No data
2023	$54,322,500	$51,839,473	$827,697,863	$2,483,027
2022	$44,711,143	$39,920,308	$814,371,674	$4,790,835
2021	$38,250,460	$32,262,942	$736,881,404	$5,987,518
2020	$38,003,666	$34,935,873	$657,126,701	$3,067,793
2019	$38,127,628	$34,054,492	$535,640,849	$4,073,136
2018	$35,805,626	$31,282,916	$488,730,739	$4,522,710

CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN