Bloom Credit Union

Wyoming, MIUnknown exempt organizationSince 1951EIN 38-1907619Revenue $13.2M in FY2024

On file with the IRSmpcu.org1414 Burton Street Sw · Wyoming, MI

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Provide financial services and products to members.

Run by 7 volunteers and 53 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
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 $1.3M a year · 12% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$648K
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
33 mo
of spending, in cash
Looks good: 33.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$175.9M
91% of total assets
Concern: liabilities are 91% 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
$13.2M
+4% vs prior year
Spent
$12.5M
To programs
0%
Net assets
$18.0M
By yearFY2020–FY2024
Revenue
$13.2M
FY2024▲ +4%
Tap a bar for its year
Revenue by fiscal year
FY2020$8.0M
FY2021$8.4M
FY2022$10.2M
FY2023$12.7M
FY2024$13.2M
Expenses
$12.5M
FY2024▲ +19%
Tap a bar for its year
Expenses by fiscal year
FY2020$7.1M
FY2021$7.1M
FY2022$8.7M
FY2023$10.5M
FY2024$12.5M
Net assets
$18.0M
FY2024▲ +5%
Tap a bar for its year
Net assets by fiscal year
FY2020$14.9M
FY2021$15.9M
FY2022$14.1M
FY2023$17.1M
FY2024$18.0M

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

Who runs it and what they're paid

11 people listed on the 990; $648K paid to officers and key staff.

Part VII, Section A · reportable compensation
$211,562Pt VII · Sec A
$158,892Pt VII · Sec A
Vice President
$148,860Pt VII · Sec A
Vice President
$121,651Pt VII · Sec A
$5,764Pt VII · Sec A
Treasurer
$1,306Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A

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

NameFY2024FY2023FY2022FY2021FY2020
Joseph Heintskill$211,562$223,287$171,153$142,376$126,733
Daniel Baines———$130,042$161,104
Robert Draeger$158,892$130,191$122,602$44,174—
Bill Seniura$148,860—$126,025——
Rebecca Baines—$130,048$118,918$117,972$123,971
Lori Hornshaw$121,651————
Roxanne Speck$5,764$3,136$6,111$4,224—
Dennis Brown$1,306$207$932$414—

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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Offers financial services and products to its members.

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2 programs · in their own filed words · FY2024
01

The credit union provides several deposit account types to members including savings, checking, certificates and other. The total number of members at 12/31/2024 was 16,346.

Pt IX · col B
02

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 12/31/2024 was 8,680.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$13.2M
Ln 12
Fees for servicesLn 2g$11.1M
Investment incomeLn 3$2.1M
Money outPt IX
$12.5M
Ln 25
Owns and owesPt X
$18.0M
net assets · Ln 32
Cash and savingsLn 1–2$34.4M
Total assetsLn 16$194.0M
LiabilitiesLn 26$175.9M
PeoplePt VI, VII
11
listed · VII A
PaidVII A6
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$11.1M
Investment incomeLn 3$2.1M
Gains on assetsLn 7$0
Total revenueLn 12$13.2M
Assets in detailPt X, end of year
CashLn 1$1.5M
SavingsLn 2$32.9M
Cash and savings togetherLn 1–2$34.4M
InvestmentsLn 11–13$25.7M
Land, buildings, equipmentLn 10c$5.4M
Other assetsLn 15$2.6M
Total assetsLn 16$194.0M
LiabilitiesLn 26$175.9M
Net assetsLn 32$18.0M
OperationsPt I, VI
EmployeesI 553
VolunteersI 67
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$24.4M$34.4M
InvestmentsLn 11–13$34.0M$25.7M
Land, buildings, equipmentLn 10c$4.5M$5.4M
Total assetsLn 16$190.6M$194.0M
LiabilitiesLn 26$173.5M$175.9M
Net assetsLn 32$17.1M$18.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$733K
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$2.3M
Pension plan contributionsLn 8$156K
Other employee benefitsLn 9$477K
Payroll taxesLn 10$230K
Management feesLn 11a$0
Legal feesLn 11b$0
Accounting feesLn 11c$0
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$0
Advertising and promotionLn 12$318K
Office expensesLn 13$1.2M
Information technologyLn 14$968K
RoyaltiesLn 15$0
OccupancyLn 16$487K
TravelLn 17$176K
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$1.9M
Payments to affiliatesLn 21$15K
Depreciation, depletion and amortizationLn 22$252K
InsuranceLn 23$73K
Other expenses (24a–d)Ln 24$3.1M
All other expensesLn 24e$0
Total functional expensesLn 25$12.5M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $13.2M$12.5M$739K$18.0M 990 PDF
FY2023 $12.7M$10.5M$2.2M$17.1M 990 PDF
FY2022 $10.2M$8.7M$1.5M$14.1M 990 PDF
FY2021 $8.4M$7.1M$1.3M$15.9M 990 PDF
FY2020 $8.0M$7.1M$839K$14.9M 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 $13,190,825 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $10,428,538$11,091,533
I-10 Investment incomePrior year $2,238,630$2,099,292
I-11 Other revenue$0
I-12 Total revenuePrior year $12,667,168$13,190,825
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $3,639,016$3,866,015
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $6,829,928$8,586,242
I-18 Total expensesPrior year $10,468,944$12,452,257
I-19 Revenue less expensesPrior year $2,198,224$738,568
Part VI · Governance 7 of 7 board members independent, 1 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-2 Family or business relationship among officers or directorsYes
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 $13,190,825 across 8 lines filed
Lines not itemized here account for $177 of total revenue; see the IRS return.
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $10,992,317 · Unrelated business $99,039$11,091,356
VIII-3 Investment incomeRelated to mission $2,099,292$2,099,292
VIII-5 Royalties$0
VIII-6 Net rental income or loss$0
VIII-7 Net gain or loss on sales of assets$0
VIII-8 Net income from fundraising events$0
VIII-12 Total revenueRelated to mission $13,091,659 · Unrelated business $99,166$13,190,825
Part IX · Statement of functional expenses $12,452,257 across 31 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staff$733,474
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$2,269,352
IX-8 Pension plan contributions$155,800
IX-9 Other employee benefits$477,117
IX-10 Payroll taxes$230,272
IX-11a Management fees$0
IX-11b Legal fees$0
IX-11c Accounting fees$0
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$0
IX-11g Other fees for services$0
IX-12 Advertising and promotion$317,890
IX-13 Office expenses$1,230,815
IX-14 Information technology$968,205
IX-15 Royalties$0
IX-16 Occupancy$486,902
IX-17 Travel$175,663
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 Interest$1,939,671
IX-21 Payments to affiliates$15,224
IX-22 Depreciation, depletion and amortization$251,919
IX-23 Insurance$72,580
IX-24 Other expenses (24a–d)$3,127,373
IX-24e All other expenses$0
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$12,452,257
Part X · Balance sheet $193,974,507 assets, 18 lines filed
Asset lines not itemized here account for $124,571,999; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $1,562,559$1,499,533
X-2 Savings and temporary cash investmentsStart of year $22,806,934$32,940,696
X-3 Pledges and grants receivable$0
X-4 Accounts receivableStart of year $227,586$619,197
X-8 Inventories for sale or use$0
X-9 Prepaid expenses and deferred chargesStart of year $561,798$624,266
X-10c Land, buildings and equipment, netStart of year $4,465,900$5,432,391
X-11 Publicly traded securitiesStart of year $32,842,542$23,416,691
X-12 Other securitiesStart of year $1,180,830$2,258,256
X-13 Program-related investments$0
X-14 Intangible assets$0
X-15 Other assetsStart of year $2,333,716$2,611,478
X-16 Total assetsStart of year $190,623,038$193,974,507
X-17 Accounts payable and accrued expensesStart of year $244,250$720,377
X-25 Other liabilitiesStart of year $173,267,347$175,223,814
X-26 Total liabilitiesStart of year $173,511,597$175,944,191
X-32 Total net assets or fund balancesStart of year $17,111,441$18,030,316
X-33 Total liabilities and net assetsStart of year $190,623,038$193,974,507
Part XI · Reconciliation of net assets $18,030,316 net assets at year end
XI-1 Total revenue$13,190,825
XI-2 Total expenses$12,452,257
XI-3 Revenue less expenses$738,568
XI-4 Net assets at start of year$17,111,441
XI-5 Net unrealized gains (losses) on investments$156,252
XI-9 Other changes in net assets$24,055
XI-10 Net assets at end of year$18,030,316

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

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