CREDIT UNIONS CHARTERED IN MICHIGAN

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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

1955

Legal Domicile

Principal Officer

RUBEN ISON

Tax Period

2023-01-01 to 2023-12-31

CREDIT UNIONS CHARTERED IN MICHIGAN, founded in 1955, is a community nonprofit that reported $2.9M in total revenue in fiscal year 2023. Revenue grew 16% year-over-year, indicating healthy expansion. Expenses of $2.6M left a modest 9% surplus.

Mission

TO ENCOURAGE THRIFT AMOUNG ITS MEMBERS, PROVIDE A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS AND TO PROVIDE AN OPPORTUNITY FOR TIS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION.

Program Service Accomplishments

Program 1

Expenses: $2,628,706

PROVIDED 5,344 MEMBERS WITH PRIME SHARE, SHARE DRAFT, CHRISTMAS CLUB, IRA, MONEY MARKET AND SHARE CERTIFICATES OF DEPOSIT ACCOUNTS FOR A TOTAL OF 10,216 ACCOUNTS.

Program 2

PROVIDED MONEY ORDERS, HOME AND MOBILE BANKING WITH REMOTE DEPOSIT CAPTURE, OVERDRAFT PROTECTION, ATM AND DEBIT CARDS AND VARIOUS INSURANCE PROGRAMS.

Program 3

PROVIDED 2,508 LOANS INCLUDING VEHICLE, VISA, HOME EQUITY, MORTGAGE, PARTICIPATION AND PERSONAL LOANS.

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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 $1,925,425

Investment Income $943,512

Other Revenue $11,750

TOTAL REVENUE $2,880,687

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,151,938

Fundraising Expenses $0

Program Expenses $2,628,706

Other Expenses $1,476,768

TOTAL EXPENSES $2,628,706

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,880,687	$2,474,748	+0.2%
Expenses	$2,628,706	$2,194,711	+0.2%
Net Income	$251,981	$280,037	-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

N/A

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

$209,459

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RUBEN ISON	PRESIDENTCEO	48.00	Officer	$128,425	$10,973	$139,398
FOX AMY	ACCOUNTING MANAGER	48.00	Officer	$64,040	$6,021	$70,061
ANTHONY IMMEL	DIRECTOR	0.00	Officer	$0	$0	$0
ROBERT DEPEW	DIRECTOR	0.00	Officer	$0	$0	$0
PETER PARAMSKI	DIRECTOR	0.00	Officer	$0	$0	$0
RANDALL WILHELM	DIRECTOR	0.00	Officer	$0	$0	$0
MICHAEL WALKER	BOARD CHAIRPERSON	1.00	Officer	$0	$0	$0
GLORIA FOLEY	BOARD VICE CHAIRPERSON	0.00	Officer	$0	$0	$0
PAT EDWARDS	BOARD SECRETARY	0.00	Officer	$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
2023	$2,880,687	$2,628,706	$69,470,032	$251,981
2022	$2,474,748	$2,194,711	$71,225,529	$280,037
2021	$2,375,477	$2,155,648	$74,818,117	$219,829
2020	$2,442,895	$2,236,038	$70,667,362	$206,857
2019	$2,507,117	$2,261,249	$61,487,521	$245,868
2018	$2,498,888	$2,052,569	$59,653,733	$446,319