Overview
What is Preferred Credit Union?
Preferred Credit Union is a financial institution based in Grand Rapids, Michigan, with an address at 3767 Sparks Drive SE, ZIP code 49546. Serving a membership of over 24,000 individuals as of December 31, 2022, they offer a variety of deposit account types such as savings, checking, certificates, and more. The Credit Union's primary mission is to deliver financial services and products to its members. With a workforce of 91 employees, they remain committed to meeting the financial needs of their membership.
Official website here: www.preferredcu.org
Is Preferred Credit Union legitimate?
Preferred Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Preferred 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: $1,113,602
Professional Fundraising Fees: $0
Other Salaries and Wages: $3,437,501
For more financial information, click here
Official website here: www.preferredcu.org
What is the mission statement of Preferred Credit Union?
Preferred Credit Union is dedicated to delivering financial services and products to its membership base. The mission of the credit union revolves around catering to the financial needs of its members. With various deposit account offerings such as savings, checking, certificates, and more, the credit union ensures it provides a range of options to its members. As of December 31, 2022, the credit union had a membership count of 24,409 individuals. Overall, Preferred Credit Union focuses on providing financial solutions to support the financial well-being of its members.
Official website here: www.preferredcu.org
Who is the CEO of Preferred Credit Union?
John Yeomans is the CEO of Preferred Credit Union The CEO's salary of Preferred Credit Union is $306,533 and their total compensation is $338,243.
Official website here: www.preferredcu.org
What is the revenue of Preferred Credit Union?
Preferred Credit Union's revenue in 2024 was $18,475,658.
Official website here: www.preferredcu.org
Who are the executives of Preferred Credit Union and what are their salaries?
The average compensation at Preferred Credit Union during 2024 was $50,568. There are 90 employees and 10 volunteers at Preferred Credit Union.
Here are 14 key members and their salaries (Preferred Credit Union's CEO's salary is $306,533 and their total compensation is $338,243):
- Compensation: $306,533
- Related: $0
- Other: $31,710
- Compensation: $160,018
- Related: $0
- Other: $20,837
- Compensation: $145,707
- Related: $0
- Other: $33,060
- Compensation: $129,673
- Related: $0
- Other: $32,234
- Compensation: $140,691
- Related: $0
- Other: $9,659
- Compensation: $122,816
- Related: $0
- Other: $17,378
- Compensation: $105,198
- Related: $0
- Other: $8,438
- 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
Official website here: www.preferredcu.org
Where can I find the form 990 for Preferred Credit Union?
Preferred Credit Union's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.preferredcu.org
Learn more at the official website: www.preferredcu.org
Mission Statement of Preferred Credit Union
Preferred Credit Union, with its mission, focuses on delivering financial services and products to its valued members. This member-centric organization takes pride in catering to diverse financial needs, offering various deposit account types such as savings, checking, certificates, and more. At the end of 2022, the Credit Union boasted a membership base of 24,409 individuals.
By providing financial services and products, Preferred Credit Union empowers its members to manage their finances effectively and secure their financial future. Through its dedication to member satisfaction, the Credit Union has earned a reputation for reliability and trust. The range of offerings not only meets the basic banking needs of its members but also enables them to save for future goals or invest in long-term financial instruments.
Preferred Credit Union's commitment to its members extends beyond the provision of financial services. By offering a diverse range of account types, the Credit Union ensures that it caters to the unique financial situations and goals of each member. This member-focused approach fosters a strong sense of community and loyalty among its members, making Preferred Credit Union an essential financial partner for thousands of individuals.
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Impact
October, 2024
Preferred Credit Union significantly impacts its community by offering a range of financial services and products tailored to the needs of its members. With a membership base of 24,409 as of December 31, 2022, it fosters financial well-being among individuals and families in Grand Rapids, MI. The Credit Union provides essential deposit account types, including savings, checking, and certificates, which enable members to manage their finances effectively and plan for the future. This focus on accessible financial services helps enhance overall economic stability within the community, promoting a sense of security and empowerment among its members. Through its mission, Preferred Credit Union plays a vital role in supporting financial literacy and community development.
This information is meant to be a general summary of Preferred 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 2024.
- Investment Income: $3,750,228
- Program Service Revenue: $14,725,430
- Gross Receipts: $18,475,658
Assets and Liabilities:
- Total Assets: $259,754,679
- Total Liabilities: $235,216,574
- Net Assets: $24,538,105
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
FEES AND CHARGES
Revenue
$4,318,580
INSURANCE REVENUE
Revenue
$16,626
INTERCHANGE INCOME
Revenue
$520,342
INTEREST ON LOANS
Revenue
$9,849,373
NON-MEMBER ATM FEES
Revenue
$20,509
Organization Details
Founding Year
1968
Principal Officer
John Yeomans
Website
www.preferredcu.orgNTEE Category
Code: W60 - Public benefit
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