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Nonprofit · EIN 38-1562639

CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN

Also known as 454 BEST FINANCIAL CREDIT UNION

Tax-exempt · MUSKEGON, MI 49444

Financials

$8.3M$8M2023$9.5M$9.3M2024
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$9,471,857$9,301,322$170,535$138,748,886$116,004,802$22,744,084
December 31, 2023990$8,284,218$7,986,478$297,740$139,035,538$116,629,491$22,406,047
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$0
Program service revenue
$6,986,844
Investment income
$790,544
Net gain from sales of assets
$1,218
Other revenue
$1,694,469

Expenses

Grants and similar amounts paid
$47,796
Benefits paid to members
$1,836,987
Compensation of officers, directors and key employees
$494,363
Other salaries and wages
$2,041,997
Salaries, compensation and benefits (total)
$3,096,564
Professional fundraising fees
$0
Legal fees
$79,258
Accounting fees
$43,504
Occupancy
$228,057
Travel
$74,823
Depreciation
$253,898

Balance sheet and other

Total assets, start of year
$139,035,538
Total assets, end of year
$138,748,886
Total liabilities, end of year
$116,004,802
Net assets, end of year
$22,744,084
Land, buildings and equipment
$2,502,854
Gross unrelated business income
$474,305
Gross receipts
$9,531,251
Employees
52
Volunteers
13
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 / weekCompensation
MORGAN RESCORLAPRESIDENT/CEO
Officer
50$239,809
MICHAEL VERSTRAETECFO
Officer
50$131,861
CHARLES RITTERAGENCY PRINCIPAL
Highest-paid employee
50$126,854
RANDI SHEFFERCOO
Officer
50$122,693
SHONTAYE WITCHERCHAIRPERSON
Trustee or director, Officer
1$0
DAVID MIERASVICE-CHAIRPERSON
Trustee or director, Officer
1$0
PAUL HOPPASECRETARY
Trustee or director, Officer
1$0
TAYLOR ADAMSBOARD MEMBER
Trustee or director
1$0
JOHN HENDRICKSBOARD MEMBER
Trustee or director
1$0
TRACEY BANKHEADBOARD MEMBER
Trustee or director
1$0
990 for the year ended December 31, 2023: 15 people
NameTitleHours / weekCompensationOther / benefits
MORGAN RESCORLAPRESIDENT/CEO
Officer
50$238,123$63,211
MICHAEL VERSTRAETECFO
Officer
50$138,972$46,251
RANDI SHEFFERCOO
Officer
50$105,062$22,467
CHARLES RITTERAGENCY PRINCIPAL
Highest-paid employee
50$101,016$9,078
PAUL HOPPASECRETARY
Trustee or director
1$0$0
JAMIE STAHLBOARD MEMBER
Trustee or director
1$0$0
SHONTAYE WITCHERTREASURER
Trustee or director
1$0$0
DAVID MIERASVICE CHAIRPERSON
Trustee or director
1$0$0
SHELLEY PEETSCHAIRPERSON
Trustee or director
1$0$0
TAYLOR ADAMSBOARD MEMBER
Trustee or director
1$0$0
TIMOTHY BURGESSBOARD MEMBER
Trustee or director
1$0$0
MEAGAN WACHTERCHAIR SUPERVISORY COMMITTE
Trustee or director
1$0$0
AUSTIN RANKINSUPERVISORY COMMITTEE
Trustee or director
1$0$0
MARY HEETHOUSESUPERVISORY COMMITTEE
Trustee or director
1$0$0
CATHERINE KLOSKASUPERVISORY COMMITTEE
Trustee or director
1$0$0

Address and contacts

Address (IRS master file)
1888 E SHERMAN BLVD, MUSKEGON, MI 49444-1822
Principal officer (990 for 2024)
MORGAN RESCORLA, 1888 EAST SHERMAN BLVD, MUSKEGON, MI 49444
Signed the 990
MORGAN RESCORLA, PRESIDENT/CEO
Phone
(231) 733-1329
Return prepared by
CLIFTONLARSONALLEN LLP

Mission

TO INSPIRE, EMPOWER AND IMPROVE THE QUALIFY OF LIFE FOR OUR MEMBERS AND OUR COMMUNITIES.

990 for the year ended December 31, 2024

Program accomplishments

  • PROMOTE THRIFT BY OFFERING FINANCIAL SERVICES TO THE COMMUNITY OF MEMBERS ELIGIBLE TO JOIN THE FINANCIAL CREDIT UNION. FINANCIAL SERVICES ARE ECONOMICALLY PRICED FOR LOANS, SERVICES, RETURN ON DEPOSITS.

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
38-1562639
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)
$138,748,886
Income (IRS master file)
$9,531,251

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$9,471,857$9,301,322$138,748,886XML
990December 2023$8,284,218$7,986,478$139,035,538XML
990December 2022$7,151,929$6,370,309$137,728,390IRS
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 38-1562639).

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 38-1562639.
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 MORGAN RESCORLA.
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 10 people; 4 received compensation from the organization, the highest $239,809 (MORGAN RESCORLA, PRESIDENT/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 $9,471,857, expenses of $9,301,322 and total assets of $138,748,886 at year end.

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