Michigan Educational Credit Union

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.

Michigan Educational Credit Union

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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