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Nonprofit · EIN 38-1514946

CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN

Also known as 423 SECURITY CREDIT UNION

Tax-exempt · HOLLY, MI 48442

Financials

$35.3M$32.2M2023$40.2M$36.9M2024
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$40,160,457$36,856,950$3,303,507$637,849,652$587,356,323$50,493,329
December 31, 2023990$35,342,586$32,208,152$3,134,434$638,584,325$593,869,029$44,715,296
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$0
Program service revenue
$38,009,326
Investment income
$2,151,131
Net gain from sales of assets
-$18,658
Other revenue
$0

Expenses

Grants and similar amounts paid
$150,073
Compensation of officers, directors and key employees
$1,136,835
Other salaries and wages
$8,492,658
Salaries, compensation and benefits (total)
$12,700,176
Professional fundraising fees
$0
Legal fees
$69,710
Accounting fees
$78,559
Occupancy
$4,030,168
Travel
$216,050

Balance sheet and other

Total assets, start of year
$638,584,325
Total assets, end of year
$637,849,652
Total liabilities, end of year
$587,356,323
Net assets, end of year
$50,493,329
Land, buildings and equipment
$32,758,646
Publicly traded securities
$22,107,109
Gross unrelated business income
$200,155
Gross receipts
$41,808,692
Employees
201
Volunteers
6
Year formed
1955
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
CHRISTOPHER ESTESPRESIDENT AND CEO THRU 7/30/24
Officer
40$862,305$48,467
JAY YAXPRESIDENT AND CEO AS OF 7/31/24
Officer
40$352,301$57,182
HEIDI SCHWARZSENIOR VP/CFO
Officer
40$210,662$43,957
JOSEPH REGANVP OF IT
Highest-paid employee
40$207,487$43,263
SCOTT KNOPFVP OF LENDING/LOSS PREVENT
Highest-paid employee
40$180,653$41,332
AMANDA SHERWOODVP HR
Highest-paid employee
40$175,254$40,042
WILLIAM HERRONVP OF OPERATIONS
Highest-paid employee
40$148,288$38,424
CATHERINE KRANEVP SALES & SERVICE
Highest-paid employee
40$152,941$33,597
JOHN TRUCHANCHAIRMAN
Trustee or director, Officer
2$1,679$0
PHIL THICKTREASURER
Trustee or director, Officer
2$1,260$0
DONALD HENRY2ND VICE CHAIRMAN
Trustee or director, Officer
2$788$0
DON SORENSENSECRETARY
Trustee or director, Officer
2$381$0
JOSEPH NIEDZWIECKI1ST VICE CHAIRMAN
Trustee or director, Officer
2$0$0
JESSIE COLLINSDIRECTOR
Trustee or director
2$0$0
990 for the year ended December 31, 2023: 14 people
NameTitleHours / weekCompensationOther / benefits
CHRISTOPHER ESTESPRESIDENT AND CEO
Officer
40$387,508$60,891
JAY YAXSVP OPERATIONS AND COO
Officer
40$219,105$44,806
JOSEPH REGANVP OF IT
Officer
40$163,099$39,528
HEIDI SCHWARZVP OF ACCOUNTING
Officer
40$153,591$38,308
SCOTT KNOPFVP OF LENDING/LOSS PREVENT
Officer
40$149,877$37,736
AMANDA SHERWOODVP HR
Highest-paid employee
40$140,033$36,999
WILLIAM HERRONVP OF OPERATIONS
Highest-paid employee
40$125,552$35,325
KATIE KRANEVP SALES & SERVICE
Highest-paid employee
40$127,315$31,830
JOHN TRUCHANCHAIRMAN
Trustee or director, Officer
2$0$0
JOSEPH NIEDZWIECKI1ST VICE CHAIRMAN
Trustee or director, Officer
2$0$0
DONALD HENRY2ND VICE CHAIRMAN
Trustee or director, Officer
2$0$0
PHIL THICKTREASURER
Trustee or director, Officer
2$0$0
DON SORENSENSECRETARY
Trustee or director, Officer
2$0$0
JESSIE COLLINSDIRECTOR
Trustee or director
2$0$0

Address and contacts

Address (IRS master file)
5255 SECURITY PARK BLVD, HOLLY, MI 48442-9569
Principal officer (990 for 2024)
JAY YAX, 5255 SECURITY PARK BLVD, HOLLY, MI 48442
Signed the 990
HEIDI SCHWARZ, VP OF ACCOUNTING
Phone
(810) 235-2322
Return prepared by
REHMANN ROBSON LLC

Mission

WE ARE OUR MEMBERS' TRUSTED, SECURED FINANCIAL COOPERATIVE DEDICATED TO PROVIDING EXCEPTIONAL VALUE, PERSONALIZED SERVICE, AND CONVENIENCE.

990 for the year ended December 31, 2024

Program accomplishments

  • PROVIDE 52,974 MEMBERS WITH REGULAR SHARES, SHARE DRAFTS, MONEY MARKET AND CERTIFICATE ACCOUNTS TOTALING 87,874.
  • PROVIDE LOANS INCLUDING VEHICLE, BUSINESS, FIRST MORTGAGE, HOME EQUITY, LINE OF CREDIT, AND UNSECURED LOANS.
  • OFFER AUTOMATED TELLER MACHINES, WIRE TRANSFERS, MONEY ORDERS, HOME BANKING, MOBILE BANKING, AND VARIOUS INSURANCE PROGRAMS.

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
38-1514946
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)
$637,849,652
Income (IRS master file)
$41,808,692

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$40,160,457$36,856,950$637,849,652XML
990December 2023$35,342,586$32,208,152$638,584,325XML
990December 2022$29,269,007$25,015,361$624,480,675IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2019–––IRS
990December 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 38-1514946).

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 38-1514946.
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 JAY YAX.
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 14 people; 12 received compensation from the organization, the highest $862,305 (CHRISTOPHER ESTES, PRESIDENT AND CEO THRU 7/30/24).
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 $40,160,457, expenses of $36,856,950 and total assets of $637,849,652 at year end.

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