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Nonprofit · EIN 38-0960035

CREDIT UNIONS CHARTERED BY THE STATE OF MICHIGAN

Also known as 85 COMMUNITY CHOICE CREDIT UNION

Tax-exempt · FARMINGTON HILLS, MI 48334

Financials

$102.9M$98.6M2023$124.8M$118.2M2024
Revenue Expenses · by fiscal year end
Financials of CREDIT UNIONS CHARTERED BY THE STATE OF MICHIGAN by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$124,802,335$118,223,191$6,579,144$1,844,505,982$1,690,259,030$154,246,952
December 31, 2023990$102,901,319$98,586,856$4,314,463$1,787,760,337$1,645,059,194$142,701,143
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$0
Program service revenue
$112,080,040
Investment income
$10,481,347
Net rental income
$522,437
Net gain from sales of assets
$3,354,456
Other revenue
$2,240,948

Expenses

Grants and similar amounts paid
$14,948
Compensation of officers, directors and key employees
$5,393,814
Other salaries and wages
$28,539,141
Salaries, compensation and benefits (total)
$42,026,455
Professional fundraising fees
$0
Legal fees
$286,839
Accounting fees
$160,148
Occupancy
$1,167,557
Travel
$281,322
Depreciation
$3,118,513

Balance sheet and other

Total assets, start of year
$1,787,760,337
Total assets, end of year
$1,844,505,982
Total liabilities, end of year
$1,690,259,030
Net assets, end of year
$154,246,952
Land, buildings and equipment
$44,435,082
Publicly traded securities
$194,385,129
Gross unrelated business income
$942,273
Gross receipts
$124,933,965
Employees
503
Volunteers
9
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.

NameTitleHours / weekCompensationOther / benefits
ROBERT BAVACEO
Officer
40$1,198,615$70,483
DANIEL MUNROCOO/EVP
Officer
40$555,437$290,612
WENDI DIACONOWEALTH ADVISOR
Highest-paid employee
40$533,641$24,548
KELLI WISNER-FRANKCFO
Officer
40$408,491$56,685
TERESA MAYERCLO
Officer
40$407,133$7,398
DONNA BASHIVP BUSINESS DEVELOPMENT
Highest-paid employee
40$382,309$23,444
DONNA SIEJUTTCHRO
Officer
40$333,410$49,979
BRENT LOWELLSR BUSINESS RELATIONSHIP MANAGER
Highest-paid employee
40$330,625$39,610
JENNIFER LYNN HURRENSVP CHIEF DIGITAL OFFICER
Officer
40$330,094$23,646
ELIZABETH ANNE SPADAFORESR BUSINESS RELATIONSHIP MANAGER
Highest-paid employee
40$323,736$11,393
CARLINGTON BUCKNORVP TECHNOLOGY
Key employee
40$261,883$39,983
BRIAN WILSONVP RETAIL DELIVERY
Key employee
40$246,880$47,483
JEFFREY DUBEYVP RISK MANAGEMENT
Key employee
40$257,919$29,169
JENNY LUDWIGSENVP MARKETING
Key employee
40$268,274$18,344
BARBARA BABINGTONVP LENDING
Key employee
40$249,259$34,836
11 more people on this return
NameTitleHours / weekCompensationOther / benefits
FREDERICK MARSZALECBUSINESS RELATIONSHIP MANAGER
Highest-paid employee
40$216,873$43,294
JASON CAINVP DIGITAL
Key employee
40$201,812$5,989
BRIAN WILSONCHAIRPERSON
Trustee or director
1$0$0
MARY MIKODIRECTOR
Trustee or director
1$0$0
THOMAS COOKSECRETARY
Trustee or director
1$0$0
KATHLEEN BONUTTITREASURER
Trustee or director
1$0$0
TIMOTHY CROSSONVICE CHAIRPERSON
Trustee or director
1$0$0
CHERYL MARKSDIRECTOR
Trustee or director
1$0$0
ONEATA BAILEYDIRECTOR
Trustee or director
1$0$0
TIMOTHY WELCERDIRECTOR
Trustee or director
1$0$0
MICHAEL FAHMYDIRECTOR
Trustee or director
1$0$0
990 for the year ended December 31, 2023: 28 people
NameTitleHours / weekCompensationOther / benefits
ROBERT BAVACEO
Officer
40$1,063,998$77,778
DANIEL MUNROCOO/EVP
Officer
40$518,261$73,534
KELLI WISNER-FRANKCFO
Officer
40$403,919$55,053
DONNA BASHIVP BUSINESS DEVELOPMENT
Key employee
40$421,683$22,925
TERESA MAYERCLO
Officer
40$337,731$37,363
DONNA SIEJUTTCHRO
Officer
40$320,121$53,241
ELIZABETH ANNE SPADAFORESR BUSINESS RELATIONSHIP MGR
Highest-paid employee
40$341,758$11,399
JENNIFER LYNN HURRENSVP CHIEF DIGITAL OFFICER
Officer
40$320,702$24,051
BRENT LOWELLSR BUSINESS RELATIONSHIP MGR
Highest-paid employee
40$286,270$41,660
CARLINGTON BUCKNORVP TECHNOLOGY
Key employee
40$264,699$42,847
BRIAN WILSONVP RETAIL DELIVERY
Key employee
40$237,153$53,819
JEFFREY DUBEYVP RISK MANAGEMENT
Key employee
40$249,312$33,004
JENNY LUDWIGSENVP MARKETING
Key employee
40$255,708$24,167
BARBARA BABINGTONVP LENDING
Key employee
40$231,715$32,161
WENDI DIACONOWEALTH ADVISOR
Highest-paid employee
40$202,985$37,195
FREDERICK MARSZALECBUSINESS RELATIONSHIP MGR
Highest-paid employee
40$187,411$40,008
JASON CAINVP DIGITAL
Key employee
40$215,619$4,192
JEREMY MAURERAVP PROJECT MANAGEMENT
Highest-paid employee
40$170,757$30,330
BRIAN WILSONCHAIRPERSON
Trustee or director
1$0$0
MARY MIKODIRECTOR
Trustee or director
1$0$0
THOMAS COOKSECRETARY
Trustee or director
1$0$0
KATHLEEN BONUTTITREASURER
Trustee or director
1$0$0
TIMOTHY CROSSONVICE CHAIRPERSON
Trustee or director
1$0$0
CHERYL MARKSDIRECTOR
Trustee or director
1$0$0
VICTOR MARSHALLDIRECTOR
Trustee or director
1$0$0
ONEATA BAILEYDIRECTOR
Trustee or director
1$0$0
TIMOTHY WELCERDIRECTOR
Trustee or director
1$0$0
MICHAEL FAHMYDIRECTOR
Trustee or director
1$0$0

Address and contacts

Address (IRS master file)
31155 NORTHWESTERN HWAY, FARMINGTON HILLS, MI 48334-2502
In care of
% VP OF OPERATIONS
Principal officer (990 for 2024)
ROBERT BAVA, 31155 NORTHWESTERN HWY, FARMINGTON HILLS, MI 48334
Signed the 990
KELLI WISNER-FRANK, CFO
Phone
(877) 243-2528
Return prepared by
DOEREN MAYHEW

Mission

WE BELIEVE IN HELPING OUR NEIGHBORS ACHIEVE THE LIFE THEY DESIRE.

990 for the year ended December 31, 2024

Program accomplishments

  • LENDING: WE PROVIDED OVER $318 MILLION IN LOANS TO OUR CONSUMER MEMBERS AND OVER $130 MILLION IN LOANS TO BUSINESSES. OUR LOAN PORTFOLIO GREW BY $95 MILLION DURING 2024 TO $1.437 BILLION AS OF DECEMBER 31, 2024. WE ADDED A NEW LOAN PRODUCT CALLED RENOFI WHICH PROVIDES A UNIQUE AND CONVENIENT FINANCING OPTION FOR HOME IMPROVEMENT PROJECTS.
  • DEPOSITS: OUR MEMBERS DEPOSITED OVER $1.5 BILLION WITH US IN SAVINGS, CHECKING, BUSINESS, AND INVESTMENT ACCOUNTS INCLUDING IRA AND CDS.
  • DIGITAL ACCESS: IN SUPPORT OF OUR STRATEGIC FOCUS ON DIGITAL TOGETHER, WE UPGRADED MANY OF OUR ATM MACHINES TO ITM MACHINES. WE UPGRADED COMMUNICATION SYSTEMS TO INCLUDE A MORE ROBUST ONLINE CHAT, VIDEO CALLS, AND CO-BROWSING. WE INCREASED ACCESSIBILITY BY MAKING LOAN PAYMENTS AVAILABLE VIA TEXT FROM ACCOUNTS HELD ANYWHERE; AND WE IMPLEMENTED SAME DAY ELECTRONIC PAYMENTS.

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 yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
38-0960035
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
Assets (IRS master file)
$1,844,505,982
Income (IRS master file)
$124,933,965

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$124,802,335$118,223,191$1,844,505,982XML
990December 2023$102,901,319$98,586,856$1,787,760,337XML
990December 2022$84,137,393$70,833,474$1,750,069,029IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2018–––IRS
990December 2017–––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 38-0960035).

Questions about CREDIT UNIONS CHARTERED BY THE STATE OF MICHIGAN

What is the EIN of CREDIT UNIONS CHARTERED BY THE STATE OF MICHIGAN?
The employer identification number (EIN) of CREDIT UNIONS CHARTERED BY THE STATE OF MICHIGAN is 38-0960035.
Is CREDIT UNIONS CHARTERED BY 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 BY 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 BY 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 BY 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 BY 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 BY THE STATE OF MICHIGAN?
The 990 for the year ended December 31, 2024 names ROBERT BAVA.
Who are the officers and directors of CREDIT UNIONS CHARTERED BY THE STATE OF MICHIGAN?
The 990 for the year ended December 31, 2024 lists 26 people; 17 received compensation from the organization, the highest $1,198,615 (ROBERT BAVA, CEO).
How much revenue does CREDIT UNIONS CHARTERED BY THE STATE OF MICHIGAN have?
On its 990 for the year ended December 31, 2024 it reported revenue of $124,802,335, expenses of $118,223,191 and total assets of $1,844,505,982 at year end.

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