CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN UP STATE CU (EIN 381735283) - Form 990 Financial Analysis & Trantor Score

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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

RAYMOND J THEORET

Phone

9067861146

Tax Period

2023-01-01 to 2023-12-31

CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN UP STATE CU, founded in 1955, is a community nonprofit that reported $7.5M in total revenue in fiscal year 2023. Revenue surged 31% from the prior year, signaling strong growth momentum. The organization ran a surplus of $2.0M, a strong 27% operating margin.

Mission

U.P. STATE CREDIT UNION IS COMMITTED TO EXCELLANCE IN PROVIDING PROGRESSIVE FINANCIAL SERVICES TO ITS MEMBERSHIP, MEMBER-OWNED, MEMBER-DRIVEN, WE WILL BE TRUSTED AND CHOSEN AS THE PREFERRED FINANCIAL INSTITUTION.

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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 $5,578,562

Investment Income $1,892,747

Other Revenue $0

TOTAL REVENUE $7,471,309

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,583,375

Fundraising Expenses $0

Other Expenses $2,897,141

TOTAL EXPENSES $5,480,516

Year-over-Year Comparison

	2023	2022	Change
Revenue	$7,471,309	$5,710,994	+0.3%
Expenses	$5,480,516	$4,590,742	+0.2%
Net Income	$1,990,793	$1,120,252	+0.8%

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

$530,966

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RAYMOND J THEORET	CEO	40.00	Officer	$204,260	$49,132	$253,392
DARCY MCLEAN	COO	40.00	Officer	$125,726	$25,453	$151,179
DAN LITZNER	Vice President	40.00	Officer	$106,716	$19,679	$126,395
HOWARD HAULOTTE	Chairman	1.00	Director	$0	$0	$0
MICHAEL LILLIQUIST	Director	1.00	Director	$0	$0	$0
BOB CHAPMAN	Treasurer	1.00	Director	$0	$0	$0
MARY MILLER	Director	1.00	Director	$0	$0	$0
GARY TITUS	Director	1.00	Director	$0	$0	$0
JUDY SCHROEDER	Director	1.00	Director	$0	$0	$0
TAMIE CUNNINGHAM	Director	1.00	Director	$0	$0	$0
CHERYL BOUCHE	Secretary	1.00	Director	$0	$0	$0
DONALD CHARLEVOIX	Director	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	No data	No data	No data	No data
2023	$7,471,309	$5,480,516	$134,704,286	$1,990,793
2022	$5,710,994	$4,590,742	$144,827,843	$1,120,252
2021	$4,511,446	$3,951,373	$113,384,334	$560,073
2020	$4,360,132	$4,030,766	$97,970,751	$329,366
2019	$4,353,833	$3,942,796	$80,134,152	$411,037
2018	$4,246,725	$3,845,229	$76,899,842	$401,496

CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN UP STATE CU