2025-10-02T11:53:40+00:00 2024-12-31 440160260 Forvis Mazars LLP 111 E Wayne Street Suite 600 Fort Wayne IN 46802 990 2024-01-01 381295875 Michigan Legacy Credit Union MICH 7342850600 269 OAK ST WYANDOTTE MI 48192 CARMA PETERS CEO 7342850600 2025-10-02 true Lauren Denton P01571860 2604604000 2025-10-02 2024 2025-03-06 01:10:19Z CARMA PETERS 269 OAK ST WYANDOTTE MI 48192 12669573 false X WWW.MICHIGANLEGACYCU.ORG X 1946 MI MICHIGAN LEGACY CREDIT UNION IS A FINANCIAL INSTITUTION COOPERATIVE ORGANIZED TO PROVIDE LOAN AND DEPOSIT PRODUCTS AND SERVICES TO ITS MEMBER OWNERS. 8 8 88 8 26817 0 0 10829395 11862927 623005 806646 0 0 11452400 12669573 0 0 0 0 5165730 4853431 0 0 0 5568587 6584437 10734317 11437868 718083 1231705 215992394 209486103 191835215 183313558 24157179 26172545 MICHIGAN LEGACY CREDIT UNION IS COMMITTED TO BUILDING AND MAINTAINING RELATIONSHIPS UTILIZING HONESTY, INTEGRITY, AND TRUST TO BECOME OUR MEMBERS FIRST CHOICE FOR ALL FINANCIAL NEEDS. false false THE ORGANIZATION IS A STATE CHARTERED MEMBER OWNED COOPERATIVE CREDIT UNION THAT PROVIDES FINANCIAL SERVICES AND PRODUCTS TO THE MEMBER OWNERS. MICHIGAN LEGACY CREDIT UNION HAS PROVIDED 12,262 ACTIVE LOANS INCLUDING MEMBER BUSINESS, INDIRECT, PARTICIPATION, REAL ESTATE, VEHICLE, RECREATIONAL VEHICLE, LINES OF CREDIT, HOME EQUITY AND CREDIT CARD. ALSO OFFERED ARE ATM'S, DEBIT CARDS, CHECK CASHING, WIRE TRANSFERS, CHECKING ACCOUNTS, IRA'S, CERTIFICATES OF DEPOSIT, BILL PAY, MONEY ORDERS, CASHIERS CHECKS, COURTESY PAY, REMOTE DEPOSIT CAPTURE, AN APP AND FINANCIAL COUNSELING THROUGH ITS STRATEGIC PARTNERSHIPS. 0 false false false false false false false false true false true false false false true false false false false false false false false false false false false false false true false false false false false false false false false false false false false false false false false false false false true 1924 0 88 true true true false false false false false false false X 8 8 false false false false true true false true true false false false true true true true true true true true false false X MICHIGAN LEGACY CREDIT UNION 7342850600 269 OAK ST WYANDOTTE MI 48192 Bruce Crossman Director 1.0 X X 0 0 0 Gary Leach COO 40.0 X X 430639 0 13529 Jeanette McComb Director 1.0 X X 0 0 0 Kevin Golden Director 1.0 X X 0 0 0 Ronald Grobbel Director 1.0 X X 0 0 0 Dennis David Director 1.0 X 0 0 0 Ellen Samyn Director 1.0 X 0 0 0 John Wist Director 1.0 X 0 0 0 Jonathan Barroso Director 1.0 X 0 0 0 Carma Peters CEO 40.0 X 446923 0 14140 Chad Rich VP of Data Analytics 40.0 X 110191 0 7013 Christina Hudzinski VP of HR and Training 40.0 X 121202 0 7464 Pat Esper VP of Asset Recovery 40.0 X 111695 0 7012 1220650 0 49158 5 false true false CUANSWERS 6000 28TH ST SE SUITE 100 GRAND RAPIDS MI 49546 DATA PROCESSOR 521989 CO-OP SOLUTIONS 9692 HAVEN AVENUE SUITE 300 RANCHO CUCAMONGA CA 91730 CARD PROCESSING 381193 XFER COMMUNICATIONS 31478 INDUSTRIAL RD SUITE 200 LIVONIA MI 48150 IT/NETWORK SOLUTIONS 300437 VELARA formerly a part of Co-op Solutions 560 Carillon Parkway St Petersburg FL 33716 Card Processor / Shared Branching 132264 FORVIS MAZARS PO BOX 200870 DALLAS TX 753200870 AUDIT SERVICES 124475 7 0 INTEREST ON LOANS TO MEMBERS 7819767 7819767 FEES TO MEMBERS 4016343 4016343 ATM SURCHARGES TO NONMEMBERS 26817 26817 0 0 0 0 11862927 806646 806646 0 0 0 0 0 0 0 0 0 0 12669573 12642756 26817 0 905231 3169651 144696 301045 332808 10946 5134 124475 167150 126816 318687 331234 300859 561992 57180 582054 745177 138310 SHARE SERVICING (ATM,DEBIT, DRAFT) 1534760 LOAN SERVICING (CREDIT CARD, MORTGAGE) 1315275 REGULATORS 10227 254161 11437868 1462641 2180320 1842885 28975031 324328 279481 0 0 164442471 143546017 1032337 735050 15004144 3766959 10195012 11237185 31630700 17736593 590000 590000 0 4472020 4206426 215992394 209486103 1209060 400919 328595 326262 0 190297560 182586377 191835215 183313558 X 24157179 26172545 24157179 26172545 215992394 209486103 X 1231705 211853 571808 X false false false false true X 926618 926618 12897222 2976516 9920706 1180304 790443 389861 11237185 Federal Income Taxes MEMBER SHARE SAVINGS 86634858 MEMBERS MONEY MARKET ACCOUNTS 33272229 MEMBER DRAFT CHECKING 43126273 MEMBER IRA SAVINGS 3030684 MEMBERS IRA CERTIFICATES 248028 MEMBERS SHARE CERTIFICATES 16327056 SETTLEMENT ACCOUNTS -52751 182586377 0 0 0 0 0 0 0 0 0 0 0 0 Schedule D, Part X, Line 2 ASC 740 DISCLOSURE MANAGEMENT HAS EVAULUATED THEIR INCOME TAX POSITIONS UNDER THE GUIDANCE INCLUDED IN ASC 740. BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. Schedule D, Part IV, Line 2b Explanation of escrow agreement ESCROW ACCOUNTS ARE OFFERED ON A VARIETY OF MORTGAGE PRODUCTS. THE ESCROW AMOUNT IS ROLLED INTO THE MONTHLY PAYMENT. A THIRD PARTY COMPANY MAKES SURE PAYMENTS ARE MADE FROM THE ESCROW AND ALSO PROVIDE THE ESCROW ANALYSIS AS NEEDED. X X X false false false Gary Leach COO 234338 0 195000 0 1301 0 11418 0 2111 0 444168 0 0 0 Carma Peters CEO 249904 0 195000 0 2019 0 12019 0 2121 0 461063 0 0 0 Schedule J, Part I, Line 1a TRAVEL REIMBURSEMENT POLICY STATES THE CREDIT UNION RECOGNIZES THE TIME AWAY FROM HOME FOR BOARD AND EXECUTIVE CONFERENCES AND ENCOURAGES ATTENDANCE WHEN POSSIBLE BY DIRECTORS AND EXECUTIVE LEVEL SPOUSES/GUESTS. SPOUSES/GUESTS ARE ENCOURAGED TO PARTICIPATE IN EVENTS DESIGNED FOR GUESTS OF ATTENDEES AND WILL BE PAID FOR BY THE CREDIT UNION. Form 990, Part VI, Line 6 Classes of members or stockholders MICHIGAN LEGACY CREDIT UNION (CREDIT UNION) PROVIDES A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS, MOST OF WHOM LIVE, WORK, WORSHIP AND ATTEND SCHOOL OR OWN A BUSINESS IN MICHIGAN. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body THE ENTIRE MEMBERSHIP HAS THE ABILITY TO ELECT EACH MEMBER OF THE GOVERNING BODY. Form 990, Part VI, Line 11b Review of form 990 by governing body THE 990 IS REVIEWED BY MANAGEMENT AND THE BOARD OF DIRECTORS PRIOR TO SUBMISSION. THIS IS ACCOMPLISHED AT THE MONTHLY BOARD MEETING OR BY EMAIL DEPENDING ON TIMING. Form 990, Part VI, Line 12c Conflict of interest policy ANNUALLY, EACH EMPLOYEE IN THE ORGANIZATION MUST DISCLOSE ANY CONFLICTS OF INTEREST. ANY DEALINGS WITH POTENTIAL CONFLICTS OF INTEREST MUST HAVE OFFICIAL APPROVAL AND BE CONDUCTED AT ARM'S LENGTH WHILE ALSO BEING IN THE BEST INTEREST OF THE CREDIT UNION. Form 990, Part VI, Line 15a Process to establish compensation of top management official THE REVIEW WAS CONDUCTED BY MCQUEEN FINANCIAL AND WAS BOARD APPROVED IN 2024. Form 990, Part VI, Line 15b Process to establish compensation of other employees THE REVIEW WAS CONDUCTED BY CARMA PETERS, CEO AND WAS BOARD APPROVED IN 2024. Form 990, Part VI, Line 19 Required documents available to the public THE FINANCIAL STATEMENTS ARE DISPLAYED IN THE LOBBY OF EACH BRANCH. THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE UPON REQUEST. Form 990, Part X, Line 11 INVESTMENTS - PUBLICLY TRADED SECURITIES DESCRIPTION: INSURED CERTIFICATES OF DEPOSIT ENDING BOOK VALUE: $969,648 COST OR FMV: FMV DESCRIPTION: US GOVERNMENT & FEDERAL AGENCY ENDING BOOK VALUE: $1,664,003 COST OR FMV: FMV DESCRIPTION: MORTGAGE BACKED SECURITIES ENDING BOOK VALUE: $7,507,037 COST OR FMV: FMV DESCRIPTION: MUNICIPAL BONDS ENDING BOOK VALUE: $495,840 COST OR FMV: FMV DESCRIPTION: CORPORATE BONDS ENDING BOOK VALUE: $498,755 COST OR FMV: FMV DESCRIPTION: 457 INVESTMENTS - EMPLOYEE BENEFIT ENDING BOOK VALUE: $5,290,835 COST OR FMV: FMV TOTAL $16,486,117 Form 990, Part XI, Line 9 Other changes in net assets or fund balances CHANGE IN OTHER COMPREHENSIVE INCOME - 571808;