CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN

EIN: 381627404

ROYAL OAK, MI

Total Revenue
$19,648,521
Total Expenses
$18,385,143
Total Assets
$357,711,147
Net Assets
$17,723,974
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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
1959
Legal Domicile
MI
Phone
2485493838
Tax Period
2024-01-01 to 2024-12-31

CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN, founded in 1959, is a mid-sized nonprofit that reported $19.6M in total revenue in fiscal year 2024. Expenses of $18.4M left a modest 6% surplus.

Mission

AS A MEMBER-OWNED FINANCIAL COOPERATIVE WE WILL UPHOLD THE HIGHEST STANDARDS IN OUR RELATIONSHIPS WITH MEMBERS EMPLOYEES AND THE COMMUNITY. WE WILL MAINTAIN EARNINGS AND RESERVES WHICH PROMOTE SOUND GROWTH AND ENCOURAGE MEMBER CONFIDENCE.

Program Service Accomplishments

Program 1
Expenses: $0 Revenue: $0

PROMOTED THRIFT TO 23,614 MEMBERS BY OFFERING LOANS DEPOSITS AND OTHER RELATED FINANCIAL PRODUCTS

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $15,490,870
Investment Income $4,157,651
Other Revenue $0
TOTAL REVENUE $19,648,521

Expense Breakdown

Grants Paid $0
Salaries & Benefits $6,535,351
Fundraising Expenses $0
Program Expenses $0
Other Expenses $11,849,792
TOTAL EXPENSES $18,385,143

Year-over-Year Comparison

2024 2023 Change
Revenue $19,648,521 $18,978,004 +0.0%
Expenses $18,385,143 $17,405,556 +0.1%
Net Income $1,263,378 $1,572,448 -0.2%
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

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Governance

Voting Members
6
Independent Members
6
Employees
84
Volunteers
6

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
4
$775,000
Total Directors
6
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DARREN CAMERON PRESIDENT CEO 40.00
Officer
$260,000 $20,000 $280,000
TOM BARAN CHIEF LENDING OFFICER 40.00
Officer
$150,000 $15,000 $165,000
DAN MAIORANO CHIEF FINANCIAL OFFICER 40.00
Officer
$150,000 $15,000 $165,000
BRIAN COOK DIRECTOR 2.00
Director
$0 $0 $0
TOM CARDELLI BOARD DIRECTOR 2.00
Director
$0 $0 $0
JOEL DESHANE BOARD DIRECTOR 2.00
Director
$0 $0 $0
CJ MIFSUD BOARD DIRECTOR 2.00
Director
$0 $0 $0
JAMES DRESBACH BOARD DIRECTOR 2.00
Director
$0 $0 $0
JOE KRIPILI BOARD CHAIRMAN 2.00
Director
$0 $0 $0
ANDRE VYGNANSKI CHIEF EXPERIENCE OFFICER 40.00
Officer
$150,000 $15,000 $165,000
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 $19,648,521 $18,385,143 $357,711,147 $1,263,378
2023 $18,978,004 $17,405,556 $364,423,514 $1,572,448
2022 $17,406,777 $15,393,378 $386,093,946 $2,013,399
2021 $14,786,724 $13,473,542 $380,292,543 $1,313,182
2020 $13,696,734 $12,248,320 $316,214,192 $1,448,414
2019 $13,945,791 $11,768,196 $269,276,657 $2,177,595
2018 $13,086,080 $11,734,055 $254,704,891 $1,352,025
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