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Nonprofit · EIN 38-1295875

CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN

Also known as 225 MICHIGAN LEGACY CREDIT UNION

Tax-exempt · WYANDOTTE, MI 48192

Financials

$11.5M$10.7M2023$12.7M$11.4M2024
Revenue Expenses · by fiscal year end
Financials of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$12,669,573$11,437,868$1,231,705$209,486,103$183,313,558$26,172,545
December 31, 2023990$11,452,400$10,734,317$718,083$215,992,394$191,835,215$24,157,179
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$0
Program service revenue
$11,862,927
Investment income
$806,646
Other revenue
$0

Expenses

Grants and similar amounts paid
$0
Compensation of officers, directors and key employees
$905,231
Other salaries and wages
$3,169,651
Salaries, compensation and benefits (total)
$4,853,431
Professional fundraising fees
$0
Legal fees
$5,134
Accounting fees
$124,475
Occupancy
$561,992
Depreciation
$745,177

Balance sheet and other

Total assets, start of year
$215,992,394
Total assets, end of year
$209,486,103
Total liabilities, end of year
$183,313,558
Net assets, end of year
$26,172,545
Land, buildings and equipment
$11,237,185
Publicly traded securities
$17,736,593
Gross unrelated business income
$26,817
Gross receipts
$12,669,573
Employees
88
Volunteers
8
Year formed
1946
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
Carma PetersCEO
Officer
40$446,923$14,140
Gary LeachCOO
Trustee or director, Officer
40$430,639$13,529
Christina HudzinskiVP of HR and Training
Highest-paid employee
40$121,202$7,464
Pat EsperVP of Asset Recovery
Highest-paid employee
40$111,695$7,012
Chad RichVP of Data Analytics
Highest-paid employee
40$110,191$7,013
Bruce CrossmanDirector
Trustee or director, Officer
1$0$0
Jeanette McCombDirector
Trustee or director, Officer
1$0$0
Kevin GoldenDirector
Trustee or director, Officer
1$0$0
Ronald GrobbelDirector
Trustee or director, Officer
1$0$0
Dennis DavidDirector
Trustee or director
1$0$0
Ellen SamynDirector
Trustee or director
1$0$0
John WistDirector
Trustee or director
1$0$0
Jonathan BarrosoDirector
Trustee or director
1$0$0
990 for the year ended December 31, 2023: 11 people
NameTitleHours / weekCompensationOther / benefits
CARMA PETERSCEO
Officer
40$244,861$14,877
GARY LEACHEVP/COO
Trustee or director, Officer
0$203,479$13,166
BRUCE CROSSMANCHAIRPERSON
Trustee or director, Officer
1$0$0
JEANETTE MCCOMBTREASURER
Trustee or director, Officer
1$0$0
KEVIN GOLDENSECRETARY
Trustee or director, Officer
1$0$0
RONALD GROBBELVICE CHAIRPERSON
Trustee or director, Officer
1$0$0
DANIEL J DIBARDINODIRECTOR
Trustee or director
1$0$0
DENNIS DAVIDDIRECTOR
Trustee or director
1$0$0
ELLEN SAMYNDIRECTOR
Trustee or director
1$0$0
JOHN S WISTDIRECTOR
Trustee or director
1$0$0
JONATHON L BARROSODIRECTOR
Trustee or director
1$0$0

Address and contacts

Address (IRS master file)
269 OAK ST, WYANDOTTE, MI 48192-5126
In care of
% MICHIGAN LEGACY CREDIT UNION
Principal officer (990 for 2024)
CARMA PETERS, 269 OAK ST, WYANDOTTE, MI 48192
Signed the 990
CARMA PETERS, CEO
Phone
(734) 285-0600
Return prepared by
Forvis Mazars LLP

Mission

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.

990 for the year ended December 31, 2024

Program accomplishments

  • 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.

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
38-1295875
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)
$209,486,103
Income (IRS master file)
$12,669,573

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$12,669,573$11,437,868$209,486,103XML
990December 2023$11,452,400$10,734,317$215,992,394XML
990December 2022$11,520,985$9,582,262$249,545,728IRS
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 38-1295875).

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 38-1295875.
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 CARMA PETERS.
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 13 people; 5 received compensation from the organization, the highest $446,923 (Carma Peters, 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 $12,669,573, expenses of $11,437,868 and total assets of $209,486,103 at year end.

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