319 Monroe County Community C U

Not tax-deductible

Monroe, MIMutual-benefit / member-servingSince 1953EIN 38-1449622Revenue $20.4M in FY2024

On file with the IRSmcccu.org715 N Telegraph Rd, 48162-5130 · Monroe, MITax-exempt since Oct 1956

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Monroe County Community credit union is a critical part of the communities we serve. As a not-for-profit financial institution, our day job is to provide exceptional banking services to each and every member of our credit union, but our real passion is to make an impact in the lives of each and every member of our Community. Together with our employees, volunteers, and members, we don't just serve the Community, we are the Community.

Run by 8 volunteers and 103 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $3.1M a year · 20% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$992K
to officers and key staff · 6% of spending
Looks good: pay to officers and key staff is 6% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
27 mo
of spending, in cash
Looks good: 26.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$330.1M
90% of total assets
Concern: liabilities are 90% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$20.4M
+16% vs prior year
Spent
$15.9M
Net assets
$35.1M
By yearFY2020–FY2024
Revenue
$20.4M
FY2024▲ +16%
Tap a bar for its year
Revenue by fiscal year
FY2020$11.1M
FY2021$12.1M
FY2022$13.7M
FY2023$17.6M
FY2024$20.4M
Expenses
$15.9M
FY2024▲ +22%
Tap a bar for its year
Expenses by fiscal year
FY2020$10.1M
FY2021$9.9M
FY2022$10.9M
FY2023$13.0M
FY2024$15.9M
Net assets
$35.1M
FY2024▲ +22%
Tap a bar for its year
Net assets by fiscal year
FY2020$24.5M
FY2021$25.4M
FY2022$21.8M
FY2023$28.7M
FY2024$35.1M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Oct 1956.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

14 people listed on the 990; $992K paid to officers and key staff.

Part VII, Section A · reportable compensation
President/CEO
$302,515Pt VII · Sec A
SVP/Chief Culture & Brand
$168,212Pt VII · Sec A
$167,783Pt VII · Sec A
VP/Chief Financial Officer
$156,961Pt VII · Sec A
VP Member Experience
$100,769Pt VII · Sec A
$95,579Pt VII · Sec A
$0Pt VII · Sec A
Chairperson
$0Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Kristine Brenner$302,515$271,432$261,898$219,401$97,284
Mark Radwanski$95,579$180,472$169,482$168,771$166,764
Susan Rafko-Bayer————$172,511
Amy Zangara$168,212$149,625———
Aaron Mason$167,783$154,199$104,302——
Michelle Micallef———$130,289$167,181
Denise Miller$156,961$147,109$129,402——
Wayne Kittle——$101,547——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes
  • Loans to or from officersSch L · Pt II2 listed

Programs and updates

Provides banking services and makes a positive impact in the community.

Questions for 319 Monroe County Community C U

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Provided by the organization

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3 programs · in their own filed words · FY2024
01

Overdraft PROTECTION/COURTESY pay

Pt IX · col B
02

Loans to members

Pt IX · col B
03

Card services

Pt IX · col B

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$20.4M
Ln 12
Fees for servicesLn 2g$17.4M
Investment incomeLn 3$3.0M
Other incomeLn 4–11$71K
Money outPt IX
$15.9M
Ln 25
Owns and owesPt X
$35.1M
net assets · Ln 32
Cash and savingsLn 1–2$35.4M
Total assetsLn 16$365.2M
LiabilitiesLn 26$330.1M
PeoplePt VI, VII
14
listed · VII A
PaidVII A6
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$17.4M
Investment incomeLn 3$3.0M
Other incomeLn 4–11$71K
Gains on assetsLn 7$11K
Total revenueLn 12$20.4M
Assets in detailPt X, end of year
CashLn 1$3.1M
SavingsLn 2$32.2M
Cash and savings togetherLn 1–2$35.4M
InvestmentsLn 11–13$70.6M
Land, buildings, equipmentLn 10c$8.0M
Other assetsLn 15$7.4M
Total assetsLn 16$365.2M
LiabilitiesLn 26$330.1M
Net assetsLn 32$35.1M
OperationsPt I, VI
EmployeesI 5103
VolunteersI 68
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$26.0M$35.4M
InvestmentsLn 11–13$81.6M$70.6M
Land, buildings, equipmentLn 10c$8.1M$8.0M
Total assetsLn 16$339.9M$365.2M
LiabilitiesLn 26$311.2M$330.1M
Net assetsLn 32$28.7M$35.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$5K
Pay of current officers, directors and key staffLn 5$1.1M
Other salaries and wagesLn 7$3.4M
Pension plan contributionsLn 8$283K
Other employee benefitsLn 9$852K
Payroll taxesLn 10$372K
Legal feesLn 11b$12K
Accounting feesLn 11c$58K
Other fees for servicesLn 11g$174K
Advertising and promotionLn 12$168K
Office expensesLn 13$589K
Information technologyLn 14$1.1M
OccupancyLn 16$323K
TravelLn 17$196K
InterestLn 20$2.9M
Payments to affiliatesLn 21$30K
Depreciation, depletion and amortizationLn 22$609K
InsuranceLn 23$76K
Other expenses (24a–d)Ln 24$3.6M
All other expensesLn 24e−$24K
Total functional expensesLn 25$15.9M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $20.4M$15.9M$4.6M$35.1M 990 PDF
FY2023 $17.6M$13.0M$4.6M$28.7M 990 PDF
FY2022 $13.7M$10.9M$2.9M$21.8M 990 PDF
FY2021 $12.1M$9.9M$2.2M$25.4M 990 PDF
FY2020 $11.1M$10.1M$1.0M$24.5M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $20,422,600 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $14,477,453$17,366,878
I-10 Investment incomePrior year $3,060,963$2,984,412
I-11 Other revenuePrior year $49,214$71,310
I-12 Total revenuePrior year $17,587,630$20,422,600
I-13 Grants and similar amounts paidPrior year $5,000$5,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $5,642,362$6,001,010
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $7,357,045$9,853,885
I-18 Total expensesPrior year $13,004,407$15,859,895
I-19 Revenue less expensesPrior year $4,583,223$4,562,705
Part VI · Governance 7 of 7 board members independent, no flags
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $20,422,600 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $17,366,878$17,366,878
VIII-3 Investment incomeRelated to mission $2,973,086$2,973,086
VIII-7 Net gain or loss on sales of assetsRelated to mission $11,326$11,326
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Unrelated business $71,310$71,310
VIII-12 Total revenueRelated to mission $20,351,290 · Unrelated business $71,310 · Excluded from tax $0$20,422,600
Part IX · Statement of functional expenses $15,859,895 across 20 lines filed
IX-2 Grants to domestic individuals$5,000
IX-5 Pay of current officers, directors and key staff$1,079,304
IX-7 Other salaries and wages$3,414,526
IX-8 Pension plan contributions$282,891
IX-9 Other employee benefits$852,395
IX-10 Payroll taxes$371,894
IX-11b Legal fees$12,404
IX-11c Accounting fees$58,402
IX-11g Other fees for services$174,144
IX-12 Advertising and promotion$167,716
IX-13 Office expenses$589,388
IX-14 Information technology$1,103,787
IX-16 Occupancy$323,069
IX-17 Travel$196,280
IX-20 Interest$2,938,692
IX-21 Payments to affiliates$30,105
IX-22 Depreciation, depletion and amortization$608,598
IX-23 Insurance$75,609
IX-24 Other expenses (24a–d)$3,599,603
IX-24e All other expenses−$23,912
IX-25 Total functional expenses$15,859,895
Part X · Balance sheet $365,217,624 assets, 13 lines filed
Asset lines not itemized here account for $241,512,485; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $2,642,851$3,108,163
X-2 Savings and temporary cash investmentsStart of year $23,403,731$32,249,311
X-4 Accounts receivableStart of year $2,422,988$2,348,159
X-10c Land, buildings and equipment, netStart of year $8,118,695$7,955,761
X-11 Publicly traded securitiesStart of year $79,870,526$66,336,601
X-12 Other securitiesStart of year $1,688,100$4,290,100
X-15 Other assetsStart of year $7,097,269$7,417,044
X-16 Total assetsStart of year $339,911,186$365,217,624
X-17 Accounts payable and accrued expensesStart of year $2,562,694$1,826,873
X-25 Other liabilitiesStart of year $308,626,592$328,301,154
X-26 Total liabilitiesStart of year $311,189,286$330,128,027
X-32 Total net assets or fund balancesStart of year $28,721,900$35,089,597
X-33 Total liabilities and net assetsStart of year $339,911,186$365,217,624
Part XI · Reconciliation of net assets $35,089,597 net assets at year end
XI-1 Total revenue$20,422,600
XI-2 Total expenses$15,859,895
XI-3 Revenue less expenses$4,562,705
XI-4 Net assets at start of year$28,721,900
XI-5 Net unrealized gains (losses) on investments$1,941,721
XI-9 Other changes in net assets−$136,729
XI-10 Net assets at end of year$35,089,597

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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