Nonprofit · EIN 38-1878763
CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN
Also known as 1143 PREFERRED CREDIT UNION
Tax-exempt · GRAND RAPIDS, MI 49546
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990 | $20,136,399 | $16,729,471 | $3,406,928 | $307,825,900 | $267,090,127 | $40,735,773 |
| December 31, 2024 | 990 | $18,475,658 | $15,678,436 | $2,797,222 | $289,414,543 | $255,113,903 | $34,300,640 |
| December 31, 2023 | 990 | $15,755,243 | $12,971,096 | $2,784,147 | $268,549,688 | $238,530,802 | $30,018,886 |
Financial details: 990 for the year ended December 31, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $15,794,132
- Investment income
- $4,342,267
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $1,198,920
- Other salaries and wages
- $3,629,243
- Salaries, compensation and benefits (total)
- $6,360,044
- Professional fundraising fees
- $0
- Occupancy
- $456,053
- Travel
- $113,894
- Depreciation
- $227,066
Balance sheet and other
- Total assets, start of year
- $289,414,543
- Total assets, end of year
- $307,825,900
- Total liabilities, end of year
- $267,090,127
- Net assets, end of year
- $40,735,773
- Land, buildings and equipment
- $2,235,711
- Publicly traded securities
- $74,294,005
- Gross unrelated business income
- $33,692
- Gross receipts
- $20,136,399
- Employees
- 97
- Volunteers
- 10
- Year formed
- 1968
- 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, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| JOHN YEOMANS | CEO Officer | 40 | $331,266 | $29,150 |
| BEV VANDER WELL | CFO Officer | 40 | $180,941 | $17,885 |
| BRYAN KAYLOR | COO Officer | 40 | $161,280 | $26,393 |
| CHRISTINE PRATT | Vice President Officer | 40 | $143,013 | $25,590 |
| DOROTHY LINTON | Vice President Officer | 40 | $137,019 | $17,516 |
| RHONDA HARRINGTON | Vice President Officer | 40 | $110,016 | $18,851 |
| RUSSELL HERMAN | Chairman Trustee or director | 0 | $0 | $0 |
| YVONNE ALLES | Director Trustee or director | 0 | $0 | $0 |
| GAYLEN DEMAREST | Treasurer Trustee or director | 0 | $0 | $0 |
| FREDERICK BARTLING | Secretary Trustee or director | 0 | $0 | $0 |
| THOMAS POWERS | Director Trustee or director | 0 | $0 | $0 |
| VICKI BROWN | Director Trustee or director | 0 | $0 | $0 |
| FRED GRADISHER | Director Trustee or director | 0 | $0 | $0 |
| MEREDITH ANDERSON | Director Trustee or director | 1 | $0 | $0 |
| KEEGAN DANIEL | Director Trustee or director | 1 | $0 | $0 |
2 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| PETER HERMAN | Director Trustee or director | 1 | $0 |
| CYNTHIA MC COMBS | Director Trustee or director | 1 | $0 |
990 for the year ended December 31, 2024: 14 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| JOHN YEOMANS | CEO Officer | 40 | $306,533 | $31,710 |
| BEV VANDER WELL | CFO Officer | 40 | $160,018 | $20,837 |
| BRYAN KAYLOR | COO Officer | 40 | $145,707 | $33,060 |
| CHRISTINE PRATT | Vice President Officer | 40 | $129,673 | $32,234 |
| CYNTHIA MCCOMBS | HUMAN RESOURCES DIRECTOR | 40 | $140,691 | $9,659 |
| DOROTHY MILLER | Vice President Officer | 40 | $122,816 | $17,378 |
| RHONDA HARRINGTON | Vice President Officer | 40 | $105,198 | $8,438 |
| RUSSELL HERMAN | Chairman Trustee or director | 0 | $0 | $0 |
| YVONNE ALLES | Director Trustee or director | 0 | $0 | $0 |
| GAYLEN DEMAREST | Treasurer Trustee or director | 0 | $0 | $0 |
| FREDERICK BARTLING | Secretary Trustee or director | 0 | $0 | $0 |
| THOMAS POWERS | Director Trustee or director | 0 | $0 | $0 |
| VICKI BROWN | Director Trustee or director | 0 | $0 | $0 |
| FRED GRADISHER | Director Trustee or director | 0 | $0 | $0 |
990 for the year ended December 31, 2023: 12 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| JOHN YEOMANS | CEO Officer | 40 | $295,960 | $31,164 |
| BEV VANDER WELL | CFO Officer | 40 | $138,926 | $19,397 |
| CYNTHIA MCCOMBS | Vice President Officer | 40 | $133,375 | $16,113 |
| CHRISTINE PRATT | Vice President Officer | 40 | $114,431 | $31,591 |
| DOROTHY MILLER | Vice President Officer | 40 | $113,748 | $16,577 |
| RUSSELL HERMAN | Chairman Trustee or director | 0 | $0 | $0 |
| YVONNE ALLES | Director Trustee or director | 0 | $0 | $0 |
| GAYLEN DEMAREST | Treasurer Trustee or director | 0 | $0 | $0 |
| FREDERICK BARTLING | Secretary Trustee or director | 0 | $0 | $0 |
| THOMAS POWERS | Director Trustee or director | 0 | $0 | $0 |
| VICKI BROWN | Director Trustee or director | 0 | $0 | $0 |
| FRED GRADISHER | Director Trustee or director | 0 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 3767 SPARKS DR SE, GRAND RAPIDS, MI 49546-6141
- Principal officer (990 for 2025)
- JOHN YEOMANS, 3767 SPARKS DRIVE SE, GRAND RAPIDS, MI 49546
- Signed the 990
- JOHN YEOMANS, CEO
- Phone
- (616) 942-9630
- Website
- https://preferredcu.org/
- Return prepared by
- FINANCIAL STANDARDS GROUP INC
Mission
PROVIDE FINANCIAL SERVICES AND PRODUCTS TO MEMBERS.
Program accomplishments
- THE CREDIT UNION PROVIDES SEVERAL DEPOSIT ACCOUNT TYPES TO MEMBERS INCLUDING SAVINGS, CHECKING, CERTIFICATES AND OTHER. THE TOTAL NUMBER OF MEMBERS AT 12/31/2025 WAS 23,514.
- THE CREDIT UNION PROVIDES A VARIETY OF LOANS TO MEMBERS INCLUDING REAL ESTATE, CREDIT CARD, VEHICLE AND OTHER. THE TOTAL NUMBER OF LOANS OUTSTANDING AT 12/31/2025 WAS 19,478.
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 | 990 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
- 38-1878763
- 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)
- $307,825,900
- Income (IRS master file)
- $20,136,399
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2025 | $20,136,399 | $16,729,471 | $307,825,900 | XML |
| 990 | December 2024 | $18,475,658 | $15,678,436 | $289,414,543 | XML |
| 990 | December 2023 | $15,755,243 | $12,971,096 | $268,549,688 | XML |
| 990 | December 2022 | $13,405,718 | $10,625,196 | $259,754,679 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 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 38-1878763).
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 38-1878763.
- 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 2026 (the year ending December 31, 2026) is due May 17, 2027. 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 2025.
- Who is the principal officer of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN?
- The 990 for the year ended December 31, 2025 names JOHN YEOMANS.
- Who are the officers and directors of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN?
- The 990 for the year ended December 31, 2025 lists 17 people; 6 received compensation from the organization, the highest $331,266 (JOHN YEOMANS, CEO).
- How much revenue does CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN have?
- On its 990 for the year ended December 31, 2025 it reported revenue of $20,136,399, expenses of $16,729,471 and total assets of $307,825,900 at year end.
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