Overview
What is Credit Unions Chartered In The State Of Michigan?
Advantage One Credit Union, based in Brownstown, Michigan, is a credit union with a mission to serve its membership while maintaining a safe and sound financial operation. In 2022, the credit union experienced significant loan growth, with a total increase of $41.1 million or 32.02%. Indirect loans accounted for $14.3 million of this expansion, growing at a rate of 57%. The loan portfolio saw notable growth in various sectors, with used vehicle loans increasing by $7.0 million, participation loans following closely behind, and 1st mortgage and home equity loans also contributing to the strong growth. The credit union's loan expenses totaled $1.2 million, excluding wages and benefits.
Official website here: www.myaocu.com
Is Credit Unions Chartered In The State Of Michigan legitimate?
Credit Unions Chartered In The State Of Michigan is a legitimate nonprofit organization registered as a 501(c)(14) entity. Credit Unions Chartered In The State Of Michigan 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: $654,133
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,892,569
For more financial information, click here
Official website here: www.myaocu.com
What is the mission statement of Credit Unions Chartered In The State Of Michigan?
Advantage One Credit Union, with a membership base, focuses on operating in a prudent and secure manner while catering to the financial requirements of its members. In 2022, the credit union experienced significant loan growth, with total loans expanding by 32.02%, and indirect loans contributing 57% to this increase. The loan portfolio saw notable growth in used vehicle loans, participation loans, 1st mortgage loans, and home equity loans. Despite the substantial loan expansion, the credit union managed to keep loan expenses at $1.2 million, excluding wages and benefits.
Official website here: www.myaocu.com
Who is the CEO of Credit Unions Chartered In The State Of Michigan?
Christopher D Corkery is the Principal Officer of Credit Unions Chartered In The State Of Michigan. The CEO's salary of Credit Unions Chartered In The State Of Michigan is $274,815 and their total compensation is $317,213.
Official website here: www.myaocu.com
What is the revenue of Credit Unions Chartered In The State Of Michigan?
Credit Unions Chartered In The State Of Michigan's revenue in 2022 was $12,777,127.
Official website here: www.myaocu.com
Who are the executives of Credit Unions Chartered In The State Of Michigan and what are their salaries?
The average compensation at Credit Unions Chartered In The State Of Michigan during 2022 was $46,667. There are 76 employees and 7 volunteers at Credit Unions Chartered In The State Of Michigan.
Here are 13 key members and their salaries (Credit Unions Chartered In The State Of Michigan's CEO's salary is $274,815 and their total compensation is $317,213):
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- Compensation: $274,815
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- Other: $42,398
- Compensation: $144,384
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- Other: $19,073
- Compensation: $153,649
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- Other: $19,814
- Compensation: $110,331
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- Other: $24,888
- Compensation: $101,264
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- Other: $21,393
Official website here: www.myaocu.com
Where can I find the form 990 for Credit Unions Chartered In The State Of Michigan?
Credit Unions Chartered In The State Of Michigan's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.myaocu.com
Learn more at the official website: www.myaocu.com
Mission Statement of Credit Unions Chartered In The State Of Michigan
Advantage One CU, a Michigan-chartered credit union, is dedicated to running its operations safely and soundly while addressing the financial requirements of its membership. The organization experienced significant growth in loans during the year 2022, with a total increase of $41.1 million or 32.02%. Indirect loans accounted for a substantial portion of this expansion, growing at a rate of 57%.
Loan growth was recognized industry-wide in 2022, and Advantage One CU saw steady growth across various loan categories. Used vehicle loans saw an increase of $7.0 million, and participation loans, 1st mortgage loans, and home equity loans also contributed to the expansion. However, loan expenses totaled $1.2 million, excluding wages and benefits.
Advantage One CU's mission goes beyond financial transactions. By prioritizing safety and soundness, the credit union ensures that it can effectively serve its members' financial needs. This commitment to financial stability enables the organization to make a positive impact on the lives of its members, helping them achieve their financial goals and improve their overall financial well-being.
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Impact
October, 2024
Credit Unions Chartered In The State Of Michigan significantly contribute to the local economy by addressing the financial needs of their members, fostering economic growth, and enhancing community stability. In 2022, the loan portfolio of Advantage One Credit Union, located in Brownstown, experienced remarkable growth, increasing by $41.1 million, or 32.02%. This surge demonstrates the cooperative's ability to provide accessible financing options to its members.
The substantial growth in indirect loans, which increased by 57% and amounted to $14.3 million, reflects a growing demand for flexible lending solutions that support consumer purchases. Additionally, the increasing popularity of used vehicle loans, along with participation loans and home equity loans, showcases the diverse financial needs of the credit union's membership.
By facilitating this growth in loans, Credit Unions Chartered In The State Of Michigan help members achieve their financial goals, whether through acquiring vehicles, purchasing homes, or managing personal expenses. This impact reinforces community engagement and provides essential support to individuals and families, ultimately contributing to the overall prosperity of the region.
This information is meant to be a general summary of Credit Unions Chartered In The State Of Michigan. 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: $865,960
- Program Service Revenue: $11,874,217
- Gross Receipts: $12,777,127
Assets and Liabilities:
- Total Assets: $233,999,482
- Total Liabilities: $216,346,889
- Net Assets: $17,652,593
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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
$7,758,770
FEES/CHARGES/OTHER
Revenue
$4,115,447
Organization Details
Founding Year
1952
Phone
(734) 676-7000Principal Officer
Christopher D Corkery
Main Address
23670 TELEGRAPH ROAD, BROWNSTOWN, MI, 48134
Website
www.myaocu.comNTEE Category
Code: W60 - Public benefit
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