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

1959

Legal Domicile

Principal Officer

RENEE NIEMI

Phone

9068842069

Tax Period

2024-01-01 to 2024-12-31

CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN - 811 LAKE SUPERIOR CR UN, founded in 1959, is a small nonprofit that reported $600K in total revenue in fiscal year 2024. Revenue grew 13% year-over-year, indicating healthy expansion. The organization ran a surplus of $306K, a strong 51% operating margin.

Mission

PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS.

Program Service Accomplishments

Program 1

THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES AND OTHER. THE TOTAL NUMBER OF MEMBERS AT 12/31/2024 WAS 1,308.

Program 2

THE CREDIT UNION PROVIDES A VARIETY OF CONSUMER LOANS TO MEMBERS. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/2024 WAS 508.

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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 $358,979

Investment Income $240,680

Other Revenue $0

TOTAL REVENUE $599,659

Expense Breakdown

Grants Paid $0

Salaries & Benefits $130,979

Fundraising Expenses $0

Other Expenses $163,003

TOTAL EXPENSES $293,982

Year-over-Year Comparison

	2024	2023	Change
Revenue	$599,659	$531,991	+0.1%
Expenses	$293,982	$312,919	-0.1%
Net Income	$305,677	$219,072	+0.4%

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

$53,509

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RENEE NIEMI	CEO	40.00	Officer	$53,509	$0	$53,509
PEGGY ELMBLAD	Chairman	1.00	Director	$0	$0	$0
CRAIG T IMMONEN	Director	1.00	Director	$0	$0	$0
JERRY ROEHM	Treasurer	1.00	Director	$0	$0	$0
EUGENE FISZER	Secretary	1.00	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
2024	$599,659	$293,982	$10,138,292	$305,677
2023	$531,991	$312,919	$10,460,204	$219,072
2022	$361,941	$296,030	$10,216,342	$65,911
2021	$313,010	$283,683	$9,975,307	$29,327
2020	$313,685	$272,537	$8,224,706	$41,148
2019	$335,147	$279,665	$6,402,156	$55,482
2018	$283,548	$230,171	$6,163,359	$53,377

CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN - 811 LAKE SUPERIOR CR UN