Overview
What is The Local Credit Union?
The Local Credit Union, located at 39139 Mound Road, Sterling Heights, MI 48310, is a nonprofit organization dedicated to serving its 12,548 members. It offers a range of financial services, including savings, share draft, certificate of deposit, IRA, and money market accounts, aggregating to a total of 16,290 accounts. Their primary mission is to provide a comprehensive, innovative, and high-quality financial system for their member-owners, who share a common bond. With a team of 25 employees, The Local Credit Union strives to meet the financial needs of its members, ensuring they have access to essential banking services.
Official website here: www.thelocalcreditunion.com
Is The Local Credit Union legitimate?
The Local Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. The Local Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $342,770
Professional Fundraising Fees: $0
Other Salaries and Wages: $898,948
For more financial information, click here
Official website here: www.thelocalcreditunion.com
What is the mission statement of The Local Credit Union?
The Local Credit Union's mission is to serve its member-owners by providing them with an innovative and high-quality full-service financial system. This encompasses offering various savings, share draft, certificate of deposit, IRA, and money market accounts to its 12,548 members, totaling 16,290. The credit union aims to cater to the financial needs of its members effectively.
Official website here: www.thelocalcreditunion.com
Who is the CEO of The Local Credit Union?
Joseph Hallman is the Chairperson of The Local Credit Union. The CEO's salary of The Local Credit Union is $205,295 and their total compensation is $247,930.
Official website here: www.thelocalcreditunion.com
What is the revenue of The Local Credit Union?
The Local Credit Union's revenue in 2022 was $4,896,131.
Official website here: www.thelocalcreditunion.com
Who are the executives of The Local Credit Union and what are their salaries?
The average compensation at The Local Credit Union during 2022 was $49,669. There are 25 employees and 10 volunteers at The Local Credit Union.
Here are 10 key members and their salaries (The Local Credit Union's CEO's salary is $205,295 and their total compensation is $247,930):
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $205,295
- Related: $0
- Other: $42,635
- Compensation: $78,233
- Related: $0
- Other: $16,607
- Compensation: $103,232
- Related: $0
- Other: $19,019
Official website here: www.thelocalcreditunion.com
Where can I find the form 990 for The Local Credit Union?
The Local Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.thelocalcreditunion.com
Learn more at the official website: www.thelocalcreditunion.com
Mission Statement of The Local Credit Union
The Local Credit Union, with its mission statement, is committed to serving its member-owners in an innovative and high-quality manner. Their primary objective is to provide a comprehensive full-service financial system that caters to the diverse financial needs of their 12,548 members. This includes various savings, share draft, certificate of deposit, IRA, and money market accounts, totaling 16,290. The credit union's mission is to ensure that its members have access to a wide range of financial services, demonstrating their dedication to meeting the financial needs of their community.
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Impact
October, 2024
The Local Credit Union plays a significant role in the financial well-being of its community in Sterling Heights, MI. With a focus on providing essential financial services, it serves 12,548 members who share a common bond. By offering a range of accounts—including savings, share draft, certificate of deposit, IRA, and money market accounts—The Local Credit Union ensures that its members have access to various financial tools tailored to their needs.
The total assets managed amount to $16,290, which not only fosters individual financial growth but also stimulates the local economy. By prioritizing innovative and quality financial solutions, The Local Credit Union empowers its member-owners, promotes financial literacy, and strengthens community ties, contributing to a more financially aware and secure population. Its commitment to public benefit ensures that members receive not just services, but a robust support system designed to enhance their financial future.
This information is meant to be a general summary of The Local Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $942,849
- Program Service Revenue: $3,953,282
- Gross Receipts: $4,935,030
Assets and Liabilities:
- Total Assets: $107,543,903
- Total Liabilities: $95,781,089
- Net Assets: $11,762,814
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INCOME ON LOANS
Revenue
$2,124,179
FEES/CHARGES/OTHER
Revenue
$1,804,111
FINANCE AND INSURANCE
Revenue
$24,992
Organization Details
Founding Year
1949
Phone
(586) 264-1212Principal Officer
Joseph Hallman
Main Address
39139 MOUND ROAD, STERLING HEIGHTS, MI, 48310
Website
www.thelocalcreditunion.comNTEE Category
Code: W60 - Public benefit
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