Nonprofit · EIN 38-0481580
CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN
Also known as 7 MICHIGAN FIRST CREDIT UNION
Tax-exempt · LATHRUP VLG, MI 48076
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $136,429,900 | $119,530,646 | $16,899,254 | $1,471,891,427 | $1,273,322,851 | $198,568,576 |
| December 31, 2023 | 990 | $123,630,180 | $106,203,052 | $17,427,128 | $1,510,727,460 | $1,330,840,147 | $179,887,313 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $4,017,957
- of which government grants
- $4,017,957
- Program service revenue
- $92,658,787
- Investment income
- $10,839,132
- Net rental income
- $49,974
- Net gain from sales of assets
- -$5,773
- Other revenue
- $28,914,024
Expenses
- Grants and similar amounts paid
- $133,000
- Compensation of officers, directors and key employees
- $5,014,753
- Other salaries and wages
- $31,832,157
- Salaries, compensation and benefits (total)
- $45,584,845
- Professional fundraising fees
- $0
- Legal fees
- $1,000,292
- Accounting fees
- $118,102
- Occupancy
- $3,632,458
- Travel
- $461,471
- Depreciation
- $6,180,894
Balance sheet and other
- Total assets, start of year
- $1,510,727,460
- Total assets, end of year
- $1,471,891,427
- Total liabilities, end of year
- $1,273,322,851
- Net assets, end of year
- $198,568,576
- Land, buildings and equipment
- $70,610,964
- Publicly traded securities
- $159,085,745
- Gross unrelated business income
- $1,219,909
- Gross receipts
- $136,551,565
- Employees
- 616
- Volunteers
- 12
- Year formed
- 1926
- 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 |
|---|---|---|---|---|
| SUSAN POSTEMSKI | CHIEF DATA ANALYTICS OFFIC Key employee | 50 | $695,412 | $98,429 |
| JENNIFER BOROWY | CHIEF EXECUTIVE OFFICER Officer | 50 | $673,330 | $42,886 |
| DANIEL SUGG | CHIEF MORTGAGE OFFICER Key employee | 50 | $493,512 | $71,740 |
| PATRICIA JONES | CHIEF HUMAN RESOURCES OFFI Key employee | 50 | $356,647 | $116,221 |
| GERALD BETTENS | CHIEF INFORMATION OFFICER Key employee | 50 | $360,949 | $82,883 |
| JEFF FITRZYK | CHIEF LENDING OFFICER Key employee | 50 | $320,991 | $79,628 |
| MATTHEW WEST | MORTGAGE LOAN OFFICER Highest-paid employee | 40 | $365,392 | $32,827 |
| JANET BARDEN | CHIEF FINANCIAL OFFICER Officer | 50 | $315,527 | $69,981 |
| JENNIFER GLENFIELD | CHIEF MARKETING OFFICER Officer | 50 | $324,975 | $52,498 |
| DELONAKA EDWARDS | CHIEF OPERATIONS OFFICER Officer | 50 | $286,242 | $18,590 |
| DIEGO ARTEAGA ARCILA | MORTGAGE LOAN OFFICER Highest-paid employee | 40 | $263,344 | $40,615 |
| BRIAN MCCOWN | AVP, MORTGAGE OPERATIONS Key employee | 45 | $244,543 | $33,619 |
| LARRY RICE | SR. DIRECTOR OF IT SERVICE DEL Key employee | 45 | $243,192 | $32,958 |
| ANDREW TOWNE | MORTGAGE LOAN OFFICER Highest-paid employee | 45 | $193,324 | $33,790 |
| DONGCHAN VU | SR SOFTWARE ENGINEERING MANAGER Highest-paid employee | 45 | $192,776 | $25,973 |
10 more people on this return
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| CLIFFORD MURRAY | AVP, PAYMENT SOLUTIONS Highest-paid employee | 45 | $165,083 | $31,953 |
| LINDA HEIGHT | CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| DEIRDRE SCOTT | VICE CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| DAVID TURNER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| NADINE TIBBS-STALLWORTH | SECRETARY Trustee or director | 1 | $0 | $0 |
| DANDRIDGE FLOYD | TREASURER Trustee or director | 1 | $0 | $0 |
| DONNA VANDERVRIES | DIRECTOR Trustee or director | 1 | $0 | $0 |
| INES DE JESUS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JALEN JENNINGS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| LARRY FREEMAN | DIRECTOR Trustee or director | 1 | $0 | $0 |
990 for the year ended December 31, 2023: 26 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| PATRICIA JONES | CHIEF HUMAN RESOURCES OFFICER Key employee | 50 | $602,948 | $114,921 |
| JENNIFER BOROWY | CHIEF EXECUTIVE OFFICER Officer | 50 | $606,632 | $38,603 |
| DANIEL SUGG | CHIEF MORTGAGE OFFICER Key employee | 50 | $471,393 | $70,354 |
| MATTHEW WEST | MORTGAGE LOAN OFFICER Highest-paid employee | 40 | $410,750 | $33,012 |
| GERALD BETTENS | CHIEF INFORMATION OFFICER Key employee | 50 | $336,615 | $83,343 |
| SUSAN POSTEMSKI | CHIEF DATA ANALYTICS OFFICER Key employee | 50 | $304,906 | $77,387 |
| JEFFREY FITRZYK | CHIEF LENDING OFFICER Key employee | 50 | $302,244 | $77,958 |
| JENNIFER GLENFIELD | CHIEF MARKETING OFFICER Officer | 50 | $290,303 | $45,673 |
| JANET BARDEN | CHIEF FINANCIAL OFFICER Officer | 50 | $281,471 | $30,159 |
| BRIAN MCCOWN | AVP, MORTGAGE OPERATIONS Key employee | 45 | $247,818 | $33,662 |
| LARRY RICE | DIRECTOR OF IT SERVICE DEL Key employee | 45 | $231,432 | $36,619 |
| DELONAKA EDWARDS | CHIEF OPERATIONS OFFICER Officer | 50 | $245,777 | $16,547 |
| DIEGO ARTEAGA ARCILA | MORTGAGE LOAN OFFICER Highest-paid employee | 40 | $194,395 | $33,697 |
| ANDREW TOWNE | MORTGAGE BRANCH MANAGER Highest-paid employee | 45 | $183,094 | $32,407 |
| DONGCHAN VU | SOFTWARE ENGINEERING MANAG Highest-paid employee | 45 | $185,305 | $25,152 |
| CLIFFORD MURRAY | AVP, PAYMENT SOLUTIONS Highest-paid employee | 45 | $158,994 | $30,910 |
| MARY ALFARO | DIRECTOR OF RISK MANAGEMENT Key employee | 45 | $151,176 | $16,178 |
| LINDA HEIGHT | BOARD CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| DEIRDRE SCOTT | VICE CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| MIKE HOHF | TREASURER Trustee or director | 1 | $0 | $0 |
| NADINE TIBBS-STALLWORTH | SECRETARY Trustee or director | 1 | $0 | $0 |
| DANDRIDGE FLOYD | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DONNA VANDERVRIES | DIRECTOR Trustee or director | 1 | $0 | $0 |
| INES DE JESUS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| LUIS CELY | DIRECTOR Trustee or director | 1 | $0 | $0 |
| SHEILA ANDERSON | DIRECTOR Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 27000 EVERGREEN RD, LATHRUP VLG, MI 48076-3231
- In care of
- % MICHAEL POULOS
- Principal officer (990 for 2024)
- JENNIFER BOROWY, 27000 EVERGREEN ROAD, LATHRUP VILLAGE, MI 48076
- Signed the 990
- JENNIFER BOROWY, CEO
- Phone
- (800) 664-3828
- Website
- WWW.MICHIGANFIRST.COM
- Return prepared by
- DOEREN MAYHEW
Mission
TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS.
Program accomplishments
- ORIGINATED $200 MILLION IN MORTGAGE LOANS DURING 2024.
- ORIGINATED $142 MILLION IN CONSUMER LOANS DURING 2024.
- SERVED NEARLY 166,000 MEMBERS WITH AGGREGATE DEPOSIT ACCOUNTS THAT APPROXIMATED $1.1 BILLION AS OF DECEMBER 31, 2024.
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
- 38-0481580
- 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)
- $1,471,891,427
- Income (IRS master file)
- $136,551,565
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $136,429,900 | $119,530,646 | $1,471,891,427 | XML |
| 990 | December 2023 | $123,630,180 | $106,203,052 | $1,510,727,460 | XML |
| 990 | December 2022 | $108,549,762 | $92,866,847 | $1,481,564,249 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 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 38-0481580).
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 38-0481580.
- 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 JENNIFER BOROWY.
- 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 25 people; 16 received compensation from the organization, the highest $695,412 (SUSAN POSTEMSKI, CHIEF DATA ANALYTICS OFFIC).
- 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 $136,429,900, expenses of $119,530,646 and total assets of $1,471,891,427 at year end.
Other nonprofits in LATHRUP VLG
- FORD MINORITY DEALERS ASSOCIATION EIN 37-1656497 · last filed 990 for 2024
- INDUS CENTER FOR ACADEMIC EXCELLENCE EIN 38-3229386 · last filed 990 for 2025
- FAMILY BASKETBALL ORGANIZATION OF DETROIT EIN 38-3382636 · last filed 990 for 2024
- TROY EDUCATION ASSN MEA NEA EIN 38-2124327 · last filed 990 for 2025
- MICHIGAN FIRST FOUNDATION INC EIN 27-2487933 · last filed 990-PF for 2025
- MICHIGAN ASSOCIATION FOR COLLEGE ADMISSION COUNSELING EIN 38-2888854 · last filed 990-EZ for 2025
- SOUTHFIELD EDUCATION ASSOCIATION EIN 38-1868214 · last filed 990-EZ for 2025
- NORTHVILLE EDUCATION ASSOCIATION EIN 38-2864211 · last filed 990-EZ for 2025