CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN: Form 990, tax year 2024
View the entire original 990 at ProPublica ↗
- Organization
- CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN (EIN 38-1406340)
- Tax period
- 2024-01-01 to 2024-12-31
- Filed
- 2025-06-10
- IRS object ID
- 202511619349300936
- Schema version
- 2024v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2025-06-10T16:46:47-04:00 | ReturnTs |
| Tax Period End | 2024-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | WILLIAM ARVO CPA PLLC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 41250 GLOCA MORA | AddressLine1Txt |
| City | Harrison Township | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 48045 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2024-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 381406340 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | THE LOCAL CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| In Care Of | % JOSEPH HALLMAN | InCareOfNm |
| Business Name Control | LOCA | BusinessNameControlTxt |
| Phone | 5862641212 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 39139 MOUND ROAD | AddressLine1Txt |
| City | Sterling Heights | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 48310 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | JOSEPH HALLMAN | PersonNm |
| Person Title | PRESIDENTCEO | PersonTitleTxt |
| Phone | 5862641212 | PhoneNum |
| Signature | 2025-05-14 | SignatureDt |
| Discuss With Paid Preparer | Yes (true) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (true) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | WILLIAM ARVO CPA | PreparerPersonNm |
| PTIN | P01883186 | PTIN |
| Phone | 2484674879 | PhoneNum |
| Preparation | 2025-06-10 | PreparationDt |
| Self Employed | Yes (X) | SelfEmployedInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2024 | TaxYr |
| Build TS | 2025-03-06 01:10:19Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $5,673,595 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.THELOCALCREDITUNION.COM | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1949 | FormationYr |
| Legal Domicile State | MI | LegalDomicileStateCd |
| Activity Or Mission | TO PROVIDE OUR MEMBERS WITH AN INNOVATIVE AND QUALITY FULL SERVICE FINANCIAL SYSTEM. | ActivityOrMissionDesc |
| Voting Members Governing Body | 7 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 7 | VotingMembersIndependentCnt |
| Total Employee | 27 | TotalEmployeeCnt |
| Total Volunteers | 10 | TotalVolunteersCnt |
| Total Gross UBI | $22,731 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $22,731 | NetUnrelatedBusTxblIncmAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $4,126,376 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $4,310,243 | CYProgramServiceRevenueAmt |
| PY Investment Income | $1,102,722 | PYInvestmentIncomeAmt |
| CY Investment Income | $1,341,029 | CYInvestmentIncomeAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $5,229,098 | PYTotalRevenueAmt |
| CY Total Revenue | $5,651,272 | CYTotalRevenueAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $1,936,826 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $2,014,672 | CYSalariesCompEmpBnftPaidAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $3,124,644 | PYOtherExpensesAmt |
| CY Other Expenses | $3,335,748 | CYOtherExpensesAmt |
| PY Total Expenses | $5,061,470 | PYTotalExpensesAmt |
| CY Total Expenses | $5,350,420 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $167,628 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $300,852 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $106,015,170 | TotalAssetsBOYAmt |
| Total Assets EOY | $102,891,778 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $93,422,662 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $89,030,069 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $12,592,508 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $13,861,709 | NetAssetsOrFundBalancesEOYAmt |
| Mission | TO PROVIDE OUR MEMBERS WITH AN INNOVATIVE AND QUALITY FULL SERVICE FINANCIAL SYSTEM. | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | false | SignificantChangeInd |
| Expense | $5,350,420 | ExpenseAmt |
| Desc | PROVIDE 9,883 MEMBERS WITH VARIOUS SAVINGS, SHARE DRAFT, CEDRTIFICATE OF DEPOSIT, IRA AND MONEY MARKET ACCOUNTS WITH AN AGGREGATE BALANCE OF APPROXIMATELY $88,176,500 AS OF DECEMBER 31, 2024. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | OFFER AUTOMATEED TELLER MACHINES, DEBIT CARDS, CHECK CASHING, BILL PAYMENTS, WIRE TRANSFERS AND VARIOUS INSURANCE PROGRAMS TO OUR MEMBERS. | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | PROVIDE 3,664 LOANS INCLUDING VEHICLE, SIGNATURE, CREDIT CARD, MORTGAGE, HOME EQUITY, OVERDRAFT PROTECTION AND RECREATIONAL VEHICLE. TOTAL OUTSTANDING LOANS APPROXIMATED $45,617,000 AS OF DECEMBER 31, 2024 | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Expenses | $5,350,420 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | false | DescribedInSection501c3Ind |
| Schedule B Required | false | ScheduleBRequiredInd |
| Political Campaign Acty | false | PoliticalCampaignActyInd |
| Subject To Proxy Tax | false | SubjectToProxyTaxInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Conservation Easements | false | ConservationEasementsInd |
| Collections Of Art | false | CollectionsOfArtInd |
| Credit Counseling | false | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | false | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (true) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | false | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | false | ReportProgramRelatedInvstInd |
| Report Other Assets | false | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (true) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | false | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | false | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (true) | ConsolidatedAuditFinclStmtInd |
| School Operating | false | SchoolOperatingInd |
| Foreign Office | false | ForeignOfficeInd |
| Foreign Activities | false | ForeignActivitiesInd |
| More Than5000 K To Org | false | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividualsInd |
| Professional Fundraising | false | ProfessionalFundraisingInd |
| Fundraising Activities | false | FundraisingActivitiesInd |
| Gaming Activities | false | GamingActivitiesInd |
| Operate Hospital | false | OperateHospitalInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Grants To Individuals | false | GrantsToIndividualsInd |
| Schedule J Required | Yes (true) | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| Loan Outstanding | Yes (true) | LoanOutstandingInd |
| Grant To Related Person | false | GrantToRelatedPersonInd |
| Business Rln With Org Mem | false | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | false | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | false | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | false | DeductibleNonCashContriInd |
| Deductible Art Contribution | false | DeductibleArtContributionInd |
| Terminate Operations | false | TerminateOperationsInd |
| Partial Liquidation | false | PartialLiquidationInd |
| Disregarded Entity | false | DisregardedEntityInd |
| Related Entity | Yes (true) | RelatedEntityInd |
| Related Organization Ctrl Ent | false | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | false | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (true) | ScheduleORequiredInd |
| IRP Document | 1536 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (true) | BackupWthldComplianceInd |
| Employee | 27 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (true) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (true) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (true) | Form990TFiledInd |
| Foreign Financial Account | false | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | false | TaxablePartyNotificationInd |
| Nondeductible Contributions | false | NondeductibleContributionsInd |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | false | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | false | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 7 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 7 | IndependentVotingMemberCnt |
| Family Or Business Rln | false | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | false | DelegationOfMgmtDutiesInd |
| Change To Org Documents | false | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (true) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (true) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (true) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (true) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (true) | MinutesOfCommitteesInd |
| Officer Mailing Address | false | OfficerMailingAddressInd |
| Local Chapters | false | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (true) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (true) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (true) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (true) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | false | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (true) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (true) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (true) | CompensationProcessOtherInd |
| Investment In Joint Venture | false | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | FRANK VOELKER | PersonNm |
| Phone | 5862641212 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 39139 MOUND ROAD | AddressLine1Txt |
| City | Sterling Heights | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 48310 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (11 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Highest Compensated EmployeeHighestCompensatedEmployeeInd | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd |
|---|---|---|---|---|---|---|---|---|
| JOE HALLMAN | ||||||||
| PRESIDENTCEO | 40.00 | 0.00 | Yes (X) | $214,426 | $0 | $45,942 | ||
| SHERRY LAWFIELD | ||||||||
| VP RETAIL OPERATIONS | 40.00 | 0.00 | $110,074 | $0 | $20,876 | Yes (X) | ||
| ROY MACDONALD | ||||||||
| LENDING MANAGER | 40.00 | 0.00 | Yes (X) | $96,033 | $0 | $19,148 | ||
| H FRANK VOELKER | ||||||||
| ACCOUNTING MANAGER | 40.00 | 0.00 | Yes (X) | $86,363 | $0 | $18,286 | ||
| JOSEPH CUSENZA | ||||||||
| CHAIRPERSON | 1.00 | 0.00 | $0 | $0 | $0 | Yes (X) | ||
| JIMMIE COLE | ||||||||
| VICE CHAIRPERSON | 1.00 | 0.00 | $0 | $0 | $0 | Yes (X) | ||
| NICOLE DIDA | ||||||||
| TREASURER | 1.00 | 0.00 | $0 | $0 | $0 | Yes (X) | ||
| ROBERT GOWATCH | ||||||||
| DIRECTOR | 1.00 | 0.00 | $0 | $0 | $0 | Yes (X) | ||
| JOHN LISS | ||||||||
| DIRECTOR | 1.00 | 0.00 | $0 | $0 | $0 | Yes (X) | ||
| MICHAEL WAGNER | ||||||||
| DIRECTOR | 1.00 | 0.00 | $0 | $0 | $0 | Yes (X) | ||
| DAVID BRYANT | ||||||||
| DIRECTOR | 1.00 | 0.00 | $0 | $0 | $0 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $506,896 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $104,252 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 2 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | false | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (true) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (3 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| CO-OP FINANCIAL SERVICES INC | |||||
| 9692 HAVEN AVENUE | Rancho Cucamonga | CA | 917305891 | ATM AND SHARED BRA | $309,940 |
| CORELATION INC | |||||
| 2305 HISTORIC DECATUR ROAD STE 300 | San Diego | CA | 921066073 | CORE SOFTWARE | $229,509 |
| KASASA LTD | |||||
| 6504 BRIDGE POINT PARKWAY STE 500 | Austin | TX | 78730 | CONSULTING SERVICE | $161,767 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 3 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (4 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| FEE INCOME | 522100 | $887,681 | $887,681 | |
| OTHER INCOME | 522100 | $684,568 | $684,568 | |
| FINANCE AND INSURANCE | 522100 | $22,731 | $22,731 | |
| INCOME ON LOANS | 522100 | $2,715,263 | $2,715,263 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $4,310,243 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,345,106 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $1,345,106 | RelatedOrExemptFuncIncomeAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $18,246 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $11 | SecuritiesAmt |
| Other | $22,312 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | -$11 | SecuritiesAmt |
| Other | -$4,066 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$4,077 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | -$4,077 | RelatedOrExemptFuncIncomeAmt |
Net Incm From Fundraising Evt NetIncmFromFundraisingEvtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $5,651,272 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $5,628,541 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $22,731 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $506,896 | TotalAmt |
| Program Services | $506,896 | ProgramServicesAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $889,780 | TotalAmt |
| Program Services | $889,780 | ProgramServicesAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $91,826 | TotalAmt |
| Program Services | $91,826 | ProgramServicesAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $407,803 | TotalAmt |
| Program Services | $407,803 | ProgramServicesAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $118,367 | TotalAmt |
| Program Services | $118,367 | ProgramServicesAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $47,329 | TotalAmt |
| Program Services | $47,329 | ProgramServicesAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $106,883 | TotalAmt |
| Program Services | $106,883 | ProgramServicesAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $130,430 | TotalAmt |
| Program Services | $130,430 | ProgramServicesAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $321,051 | TotalAmt |
| Program Services | $321,051 | ProgramServicesAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $646,495 | TotalAmt |
| Program Services | $646,495 | ProgramServicesAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $43,900 | TotalAmt |
| Program Services | $43,900 | ProgramServicesAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $29,700 | TotalAmt |
| Program Services | $29,700 | ProgramServicesAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $748,607 | TotalAmt |
| Program Services | $748,607 | ProgramServicesAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $158,300 | TotalAmt |
| Program Services | $158,300 | ProgramServicesAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $30,949 | TotalAmt |
| Program Services | $30,949 | ProgramServicesAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt |
|---|---|---|
| ASSOCIATION | $10,340 | $10,340 |
| ATM EXPENSES | $415,844 | $415,844 |
| SHARED BRANCHING | $70,690 | $70,690 |
| LOAN SERVICING | $199,380 | $199,380 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $375,850 | TotalAmt |
| Program Services | $375,850 | ProgramServicesAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,350,420 | TotalAmt |
| Program Services | $5,350,420 | ProgramServicesAmt |
| Management And General | $0 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,002,305 | BOYAmt |
| EOY | $821,782 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $11,250,099 | BOYAmt |
| EOY | $8,015,532 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $206,129 | BOYAmt |
| EOY | $77,114 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,499,250 | BOYAmt |
| EOY | $1,493,276 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $47,127,205 | BOYAmt |
| EOY | $45,141,757 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $206,845 | BOYAmt |
| EOY | $213,328 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $3,497,611 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $1,036,103 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,595,166 | BOYAmt |
| EOY | $2,461,508 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $38,284,701 | BOYAmt |
| EOY | $40,800,645 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $712,500 | BOYAmt |
| EOY | $712,500 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,130,970 | BOYAmt |
| EOY | $3,154,336 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $106,015,170 | BOYAmt |
| EOY | $102,891,778 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,475,329 | BOYAmt |
| EOY | $853,569 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $91,947,333 | BOYAmt |
| EOY | $88,176,500 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $93,422,662 | BOYAmt |
| EOY | $89,030,069 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $12,592,508 | BOYAmt |
| EOY | $13,861,709 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $12,592,508 | BOYAmt |
| EOY | $13,861,709 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $106,015,170 | BOYAmt |
| EOY | $102,891,778 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $300,852 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $968,349 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | false | AccountantCompileOrReviewInd |
| FS Audited | Yes (true) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (true) | AuditCommitteeInd |
| Federal Grant Audit Required | false | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $19,611 | OtherCostOrOtherBasisAmt |
| Book Value | $19,611 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,668,642 | OtherCostOrOtherBasisAmt |
| Depreciation | $398,042 | DepreciationAmt |
| Book Value | $2,270,600 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $809,358 | OtherCostOrOtherBasisAmt |
| Depreciation | $638,061 | DepreciationAmt |
| Book Value | $171,297 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $2,461,508 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBER SHARES | Desc |
| Amt | $88,176,500 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $88,176,500 | TotalLiabilityAmt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | false | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (true) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | false | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | JOE HALLMAN | PersonNm |
| Title | PRESIDENTCEO | TitleTxt |
| Base Compensation Filing Org | $214,426 | BaseCompensationFilingOrgAmt |
| Deferred Compensation Flng Org | $16,378 | DeferredCompensationFlngOrgAmt |
| Nontaxable Benefits Filing Org | $29,564 | NontaxableBenefitsFilingOrgAmt |
| Total Compensation Filing Org | $260,368 | TotalCompensationFilingOrgAmt |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp (6 entries)
| Relationship With OrgRelationshipWithOrgTxt | Loan PurposeLoanPurposeTxt | Loan From OrganizationLoanFromOrganizationInd | Original PrincipalOriginalPrincipalAmt | Balance DueBalanceDueAmt | DefaultDefaultInd | Board Or Committee ApprovalBoardOrCommitteeApprovalInd | Written AgreementWrittenAgreementInd |
|---|---|---|---|---|---|---|---|
| JOSEPH HALLMAN | |||||||
| PRESIDENTCEO | SPLIT DOLLAR | Yes (X) | $1,287,000 | $1,430,380 | false | Yes (true) | Yes (true) |
| JOSEPH HALLMAN | |||||||
| PRESIDENTCEO | USED VEHICLE | Yes (X) | $39,819 | $13,779 | false | Yes (true) | Yes (true) |
| JOSEPH HALLMAN | |||||||
| PRESIDENTCEO | NEW VEHICLE | Yes (X) | $39,460 | $20,931 | false | Yes (true) | Yes (true) |
| JOSEPH HALLMAN | |||||||
| PRESIDENTCEO | USED VEHICLE | Yes (X) | $17,000 | $13,564 | false | Yes (true) | Yes (true) |
| SHERRY LAWFIELD | |||||||
| VICE PRESIDENT RETAI | USED VEHICLE | Yes (X) | $35,000 | $9,174 | false | Yes (true) | Yes (true) |
| H FRANK VOELKER III | |||||||
| ACCOUNTING MANAGER | NEW VEHICLE | Yes (X) | $41,500 | $5,448 | false | Yes (true) | Yes (true) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $1,493,276 | TotalBalanceDueAmt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Members or stockholder classes and rights Part VI line 6 | THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE, AND VOTING. |
| Member election for additional members Part VI line 7a | THE BOARD OF DIRECTORS ARE NOMINATED OR ELECTED BY MEMBERSHIP VOTE WHEN THERE ARE ADDITIONAL CANDIDATES. EACH BOARD MEMBER IS ELECTED FOR A THREE YEAR TERM. |
| Governing body decisions Part VI line 7b | CREDIT UNION DECISIONS THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE THOSE DICTATED BY THE MICHIGAN CREDIT UNION ACT AND BYLAWS. |
| Form 990 governing body review Part VI line 11 | A REVIEW IS CONDUCTED BY THE PRESIDENT/CEO, ACCOUNTING MANAGER, AND THE BOARD OF DIRECTORS PRIOR TO SUBMISSION TO THE IRS. |
| Conflict of interest policy compliance Part VI line 12c | EMPLOYEES, BOARD OF DIRECTORS, AND SUPERVISORY COMMITTEE MEMBERS ARE REQUIRED ANNUALLY TO REVIEW THE POLICY AND SIGN A CONFLICT OF INTEREST ACKNOWLEDGEMENT FORM. |
| CEO executive director top management comp Part VI line 15a | COMPENSATION SURVFEYS ARE USED FOR MANAGEMENT MERIT INCREASES AND THESE ARE APPROVED BY THE BOARD OF DIRECTORS. SALARY INCREASES ARE DETERMINED BASED ON PERFORMANCE. THE LAST COMPENSATION REVIEW WAS PERFORMED IN 2024. |
| Other officer or key employee compensation Part VI line 15b | COMPENSATION SURVFEYS ARE USED FOR MANAGEMENT MERIT INCREASES AND THESE ARE APPROVED BY THE BOARD OF DIRECTORS. SALARY INCREASES ARE DETERMINED BASED ON PERFORMANCE. THE LAST COMPENSATION REVIEW WAS PERFORMED IN 2024. |
| Governing documents etc available to public Part VI line 19 | FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. OTHER DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPLON REQUEST. |
Schedule R IRS990ScheduleR
Id Related Org Txbl Partnership IdRelatedOrgTxblPartnershipGrp
Related Organization Name RelatedOrganizationName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | THE LOCAL INSURANCE GROUP | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 42536 HAYES ROAD STE 400 | AddressLine1Txt |
| City | Clinton Township | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 48038 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 931424157 | EIN |
| Primary Activities | INSURANCE SALES | PrimaryActivitiesTxt |
| Legal Domicile State | MI | LegalDomicileStateCd |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | THE LOCAL CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Share Of Total Income | -$73,403 | ShareOfTotalIncomeAmt |
| Share Of EOY Assets | $18,282 | ShareOfEOYAssetsAmt |
| Disproportionate Allocations | false | DisproportionateAllocationsInd |
| General Or Managing Partner | false | GeneralOrManagingPartnerInd |
| Ownership | 0.50000 | OwnershipPct |