Michigan Educational Credit Union (MECU) is a credit union set up in Plymouth, MI that was established in 1942. As of the year 2020, they already acquired $31 million in income and $875 million in assets. They are a subsidiary organization of Credit Unions Chartered in the State of Michigan.
Michigan Educational Credit Union (MECU) established in 1942, is up to 50,000 members big, with assets surpassing $600 million. They satisfy individuals who inhabit, work, or worship in Wayne, Washtenaw, Oakland, Macomb, Livingston, and Jackson Counties.
Prior legal names or alternatives of their name include: Credit Unions Chartered In The State Of Michigan Michigan Educational Credit Union.
Contents
- 1 Basic details about Michigan Educational Credit Union
- 2 Program areas at Michigan Educational Credit Union
- 3 Form 990s for Michigan Educational Credit Union
- 4 Financials for Michigan Educational Credit Union
- 5 Michigan Educational Credit Union REVENUES
- 6 Michigan Educational Credit Union EXPENSES
- 7 Michigan Educational Credit Union ASSETS
- 8 Michigan Educational Credit Union LIABILITIES
- 9 What is Michigan Educational Credit Union Net Asset Restrictions
Basic details about Michigan Educational Credit Union
EIN:38-1305916
City:PlymouthState: Michigan
Metro: Detroit-Warren-Dearborn, MI
Website: michedcu.org
Phone:734-455-9200
Facebook:facebook.com/MichiganEducationalCreditUnion
Twitter:@michedcu
Founded:1942
Type:501(c)(14)
NTEE:W60: Credit unions
Revenue:$31,919,608
Assets:$875,998,094
Employees:97
Fiscal year-end: December
Program areas at Michigan Educational Credit Union
Deliver 53,734 members with usual shares, share draft, certificates of deposit, and ira accounts totaling 100,105.
Provide automated teller machines, bill pay, debit cards, traveler’s checks, overdraft protection/courtesy pay, check cashing, money orders, and several insurance and investment programs.
Deliver 55,087 loans comprising a vehicle, home equity, motor home, business, personal, boat, Credit card, motorcycle, and mortgages.
Form 990s for Michigan Educational Credit Union
Fiscal year ending – Date received by IRS – Form – PDF link
2019-12 – Aug 26, 2020 – 990 – View PDF
2018-12 – Oct 18, 2019 – 990 – View PDF
2017-12 – Oct 16, 2018 – 990 – View PDF
2016-12 – Sep 12, 2017 – 990O – View PDF
2015-12 – Sep 27, 2016 – 990O – View PDF
…and six more Form 990 PDFs
Financials for Michigan Educational Credit Union
GRANTS
Field – 2019
Federated campaigns – $0
Membership dues – $0
Fundraising event contributions – $0
Related organizations – $0
Government grants (contributions) – $0
Normal grants, contributions, etc. – $0
<em>Non-cash contributions included in above</em> – $0
Total grants, contributions, etc. – $0
Michigan Educational Credit Union REVENUES
Field – 2019
Total grants, contributions, etc. – $0
Program services – $26,153,048
Investment income and dividends – $5,728,828
Tax-exempt bond proceeds – $0
Royalty revenue – $0
Net rental income – $24,874
Net gain from sale of non-inventory assets – $12,858
Net income from fundraising events – $0
Net income from gaming activities – $0
Net income from sales of inventory – $0
Miscellaneous revenues – $0
Total revenues – $31,919,608
Michigan Educational Credit Union EXPENSES
Field – 2019
Grants to govts. and orgs. in USA – $0
Grants to individuals in USA – $0
Grants to govts., orgs., and individuals outside USA – $0
Benefits paid to or for members – $0
Compensation of current officers, etc. – $2,915,253
Compensation not included above, to disqualified persons – $0
Non-officer salaries and wages – $4,078,484
Pension/retirement accruals and contributions – $1,216,942
Other employee benefits – $1,669,906
Payroll taxes – $444,017
Management fees – $0
Legal fees – $0
Accounting fees – $253,988
Lobbying fees – $0
Pro. fundraising fees – $0
Investment mgmt fees – $0
Other fee-for-service – $0
Advertising and promotion – $497,078
Office expenses – $1,413,790
Information tech. expenses – $3,014,833
Royalty expenses – $0
Occupancy – $1,580,722
Travel – $10,331
Public official travel and entertainment – $0
Conferences, meetings, etc. – $249,961
Interest – $3,794,308
Payments to affiliates – $0
Depreciation, amortization, etc. – $866,569
Insurance – $146,954
All other expenses – $4,409,366
Total expenses – $26,562,502
Michigan Educational Credit Union ASSETS
Field – 2019
Cash (non-interest-bearing) – $3,453,700
Savings, short-term investments, etc. – $93,142,124
Pledges and grants receivable – $0
Accounts receivable – $0
Loans receivable from officers, directors, etc. – $0
Loans receivable from other disqualified persons – $0
Notes and loans receivable – $543,506,929
Inventories for use – $0
Prepaid expenses and deferred charges – $490,619
Buildings, equipment, etc. post-depreciation – $9,829,360
Investments, publicly traded securities – $0
Investments, other securities – $188,798,174
Investments, program-related – $15,639,883
Intangible assets – $0
Other assets – $21,137,305
Total assets – $875,998,094
Michigan Educational Credit Union LIABILITIES
Field – 2019
Accounts payable and accrued expenses – $5,854,896
Grants payable – $0
Deferred revenue – $0
Tax-exempt bond liabilities – $0
Escrow or custodial account liability – $0
Loans payable to officers and disqualified persons – $0
Secured mortgages and notes payable to unrelated third parties – $0
Unsecured notes and loans payable to unrelated third parties – $0
Other liabilities – $759,185,676
Total liabilities – $765,040,572
What is Michigan Educational Credit Union Net Asset Restrictions
Field – 2019
Unrestricted net assets – $0
Temporarily restricted net assets – $0
Permanently restricted net assets – $0
Peer credit unions
Name – Type – Revenue – Location
1 Credit Unions Chartered in the State of Michigan – 58 Honor Credit Union – 501(c)(14) – $60 million – Berrien Springs, MI
2 Michigan Educational Credit Union 4 Front Credit Union – 4 Front Credit Union – 501(c)(14) – $34 million – Traverse City, MI
3 Community Financial Credit Union (CFCU) – 501(c)(14) – $48 million – Plymouth, MI
4 Credit Unions Chartered in the State of Michigan – 0530 West Michigan Credit Union – 501(c)(14) – $8.0 million -Grand Rapids, MI
5 Credit Union ONE (CUONE) -501(c)(14) – $59 million – Ferndale, MI
6 Credit Unions Chartered in the State of Michigan – 1201 Kellogg Community Credit Union – 501(c)(14) – $28 million – Battle Creek, MI
7 Michigan Educational Credit Union – 1038 Frankenmuth Credit Union – 501(c)(14) – $45 million -Frankenmuth, MI
8 People Driven Credit Union (PDCU) – 501(c)(14) – $13 million – Southfield, MI
9 Dow Chemical Employees’ Credit Union (DCECU) – 501(c)(14) – $50 million – Midland, MI
10 Michigan Educational Credit Union – 0680 FreeStar Financial Credit Union – 501(c)(14) – $12 million – MT Clemens, MI
11 Credit Unions Chartered in the State of Michigan – 0109 Blueox Credit Union – 501(c)(14) – $10 million – Battle Creek, MI
12 Kalamazoo South East Employees Credit Union – 501(c)(14) – $12 million – Kalamazoo, MI
13 Credit Unions Chartered in the State of Michigan – 561 TLC Community Credit Union – 501(c)(14) – $21 million – Adrian, MI
14 Michigan Educational Credit Union – 1202 Advantage One Credit Union – 501(c)(14) – $9.7 million – Brownstown, MI
15 Wanigas Credit Union – 501(c)(14) – $18 million – Saginaw, MI
16 Flint Area School Employees Credit Unions (FASECU) – 501(c)(14) – $13 million – Flint, MI
17 Credit Unions Chartered in the State of Michigan – 1105 Marshall Community Credit Union (MCCU) – 501(c)(14) – $11 million – Marshall, MI
18 Credit Unions Chartered in the State of Michigan – 110 Michigan Community Credit Union – 501(c)(14) – $8.6 million – Jackson, MI
19 Credit Unions Chartered in the State of Michigan – 276 Parkside Credit Union – 501(c)(14) – $9.0 million – Livonia, MI
20 Diversified Members Credit Union (DMCU) – 501(c)(14) – $17 million – Detroit, MI
21 Michigan Educational Credit Union – 80 Arbor Financial Credit Union – 501(c)(14) – $32 million – Kalamazoo, MI
22 Credit Unions Chartered in the State of Michigan – 1117 Christian Financial Cu – 501(c)(14) – $24 million – Roseville, MI
23 Michigan Educational Credit Union-University of Michigan Cu (UMCU) – 501(c)(14) – $45 million – Ann Arbor, MI
24 Credit Unions Chartered in the State of Michigan – 225 Michigan Legacy Credit Union – 501(c)(14) – $10 million – Pontiac, MI
25 Lafcu (1197 Lafcu) – 501(c)(14) – $38 million – Lansing, MI
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