Nonprofit · EIN 38-0549595
CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN
Also known as 74 LOC CREDIT UNION
Tax-exempt · FARMINGTON, MI 48336
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $22,216,364 | $18,423,660 | $3,792,704 | $445,936,870 | $408,881,903 | $37,054,967 |
| December 31, 2023 | 990 | $18,776,561 | $14,618,058 | $4,158,503 | $434,942,078 | $404,187,729 | $30,754,349 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $17,459,044
- Investment income
- $4,757,320
- Net gain from sales of assets
- $4,450
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $1,063,707
- Other salaries and wages
- $4,894,936
- Salaries, compensation and benefits (total)
- $7,798,769
- Professional fundraising fees
- $0
- Legal fees
- $31,830
- Accounting fees
- $107,023
- Occupancy
- $365,033
- Travel
- $56,467
- Depreciation
- $432,703
Balance sheet and other
- Total assets, start of year
- $434,942,078
- Total assets, end of year
- $445,936,870
- Total liabilities, end of year
- $408,881,903
- Net assets, end of year
- $37,054,967
- Land, buildings and equipment
- $10,534,978
- Publicly traded securities
- $134,497,294
- Gross unrelated business income
- $19,085
- Gross receipts
- $24,169,114
- Employees
- 125
- Volunteers
- 13
- Year formed
- 1935
- State of legal domicile
- MI
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| STEPHEN P GRECH | PRESIDENT/CEO Officer | 40 | $301,964 | $42,073 |
| JONATHON ELLIOTT | SENIOR EVP Officer | 40 | $224,438 | $36,629 |
| CHRISTENA KOESTER | EVP OPERATIONS AND TECHNOLOGY Key employee | 40 | $186,525 | $55,999 |
| KARI CIARAMITARO | EVP FINANCE Officer | 40 | $187,241 | $28,838 |
| DARIN BENTLEY | VP & CHIEF INFORMATION OFFICER Highest-paid employee | 40 | $165,256 | $33,085 |
| WILLIAM COOK | VP OF REAL ESTATE LENDING Highest-paid employee | 40 | $165,573 | $27,150 |
| MARC BUCHANAN | VP & CHIEF MARKETING/DIGITAL BANKING OFFICER Highest-paid employee | 40 | $151,671 | $19,508 |
| KIMBERLY HAGSTROM | VP & CHIEF FINANCIAL OFFICER Highest-paid employee | 40 | $144,079 | $9,449 |
| JOHN SCOTT | VP & CHIEF LENDING OFFICER Highest-paid employee | 40 | $118,404 | $24,186 |
| MICHAEL LASLEY | CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| PAUL J RENKO JR | V. CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| PAUL HAIN | SECRETARY Trustee or director | 1 | $0 | $0 |
| DALE COUNTEGAN | TREASURER Trustee or director | 1 | $0 | $0 |
| ANNE SCHROEDER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| BETTY RICHARDS | DIRECTOR Trustee or director | 1 | $0 | $0 |
6 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| DAVID DRAKE | DIRECTOR Trustee or director | 1 | $0 |
| DOMENIC LAURIA | DIRECTOR Trustee or director | 1 | $0 |
| MICHAEL CONNOLLY | DIRECTOR Trustee or director | 1 | $0 |
| NATALIE CLEMONS | DIRECTOR Trustee or director | 1 | $0 |
| PATRICK MONTI | DIRECTOR Trustee or director | 1 | $0 |
| PAUL WYDENDORF | DIRECTOR Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 22 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| STEPHEN P GRECH | PRESIDENT/CEO Officer | 40 | $298,133 | $49,480 |
| JONATHON ELLIOTT | SENIOR EVP Officer | 40 | $220,594 | $46,384 |
| KARI CIARAMITARO | EVP FINANCE Officer | 40 | $176,457 | $35,829 |
| CHRISTENA KOESTER | EVP OPERATIONS AND TECHNOL Key employee | 40 | $165,185 | $45,077 |
| DARIN BENTLEY | VP & CHIEF INFORMATION OFFICER Highest-paid employee | 40 | $152,553 | $36,559 |
| WILLIAM COOK | VP OF REAL ESTATE LENDING Highest-paid employee | 40 | $145,309 | $38,324 |
| KIMBERLY HAGSTROM | VP & CHIEF FINANCIAL OFFICER Highest-paid employee | 40 | $146,387 | $9,352 |
| MARC BUCHANAN | VP & CHIEF MARKETING/DIGITAL BANKING OFFICER Highest-paid employee | 40 | $133,730 | $18,536 |
| KARLA WALKER | DIRECTOR OF CONSUMER LENDING SUPPORT Highest-paid employee | 40 | $103,334 | $23,971 |
| MICHAEL LASLEY | CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| PAUL J RENKO JR | V. CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| PAUL HAIN | SECRETARY Trustee or director | 1 | $0 | $0 |
| DALE COUNTEGAN | TREASURER Trustee or director | 1 | $0 | $0 |
| NATALIE CLEMONS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| MICHAEL CONNOLLY | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DAVID DRAKE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| CHARLES LACEY | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DOMENIC LAURIA | DIRECTOR Trustee or director | 1 | $0 | $0 |
| PATRICK MONTI | DIRECTOR Trustee or director | 1 | $0 | $0 |
| BETTY RICHARDS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ANNE SCHROEDER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| PAUL WYDENDORF | DIRECTOR Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 22981 FARMINGTON RD, FARMINGTON, MI 48336-3915
- Principal officer (990 for 2024)
- STEPHEN P GRECH, 22981 FARMINGTON ROAD, FARMINGTON, MI 48336
- Signed the 990
- KARI CIARAMITARO, EVP - FINANCE AND ACCOUNTING
- Phone
- (248) 474-2200
- Website
- WWW.LOCCREDITUNION.COM
- Return prepared by
- DOEREN MAYHEW
Mission
WE OFFER A COMMITTMENT TO OUR MEMBERS TO PROVIDE QUALITY FINANCIAL SERVICES IN A FRIENDLY MANNER WITH SOUND PROFESSIONAL LEADERSHIP.
Program accomplishments
- PROVIDE 27,288 MEMBERS WITH REGULAR SAVINGS, CHECKING, MONEY MARKET, CERTIFICATES OF DEPOSIT, AND IRA ACCOUNTS TOTALING $403,509,389.
- PROVIDE 14,142 LOANS INCLUDING VEHICLE, MORTGAGES, HOME EQUITY, COMMERCIAL/BUSINESS, UNSECURED, AND CREDIT CARDS TOTALING $254,807,097.
- OFFER DEBIT CARDS, DIGITAL BANKING, AUTOMATED TELLER MACHINES, WIRE TRANSFERS, VARIOUS INSURANCE PRODUCTS, AND WEALTH MANAGEMENT.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 38-0549595
- Tax-exempt status
- 501(c)(14): State-chartered credit union
- Donations deductible
- No
- Exempt since
- 1956
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Group exemption
- 1359: CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN
- Assets (IRS master file)
- $445,936,870
- Income (IRS master file)
- $24,169,114
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $22,216,364 | $18,423,660 | $445,936,870 | XML |
| 990 | December 2023 | $18,776,561 | $14,618,058 | $434,942,078 | XML |
| 990 | December 2022 | $12,123,686 | $8,405,776 | $450,298,600 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 38-0549595).
Questions about CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN
- What is the EIN of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN?
- The employer identification number (EIN) of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN is 38-0549595.
- Is CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1956.
- Are donations to CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN?
- The 990 for the year ended December 31, 2024 names STEPHEN P GRECH.
- Who are the officers and directors of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN?
- The 990 for the year ended December 31, 2024 lists 21 people; 9 received compensation from the organization, the highest $301,964 (STEPHEN P GRECH, PRESIDENT/CEO).
- How much revenue does CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $22,216,364, expenses of $18,423,660 and total assets of $445,936,870 at year end.
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