Overview
What is Credit Unions Chartered In The State Of Michigan?
Credit Unions Chartered In The State Of Michigan, specifically Lenco Credit Union, is a nonprofit financial institution based in Adrian, Michigan. With a member base of 7,756 individuals residing in Lenawee County, the credit union operates as a cooperative, promoting thrift, savings, and responsible credit usage. Lenco Credit Union's primary mission is to provide top-notch financial services to its member-owners in a secure and responsible manner. By adhering to cooperative principles, the credit union supports the community of Lenawee County, advocating for and partnering with local people, agencies, and organizations. Currently, the organization employs 21 individuals to carry out its mission.
Official website here: www.lenco.org
What do the Facebook reviews say about Credit Unions Chartered In The State Of Michigan?
88% of reviewers on Facebook recommend this nonprofit. Here is a summary of their reviews:
Many users express a strong sense of community and personal connection with the staff, noting that they feel treated like family during their interactions. The long-standing relationships, with some members being with the credit union for over 20 years, highlight a level of trust and loyalty that is significant to their experience.
Overall, the organization appears to excel in customer service, with members appreciating the friendly and supportive environment created by the staff, particularly the cashiers. This positive sentiment underscores a deep satisfaction among users regarding the service provided.
This AI summary has been generated from reviews found on Facebook.
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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,079,617
For more financial information, click here
Official website here: www.lenco.org
What is the mission statement of Credit Unions Chartered In The State Of Michigan?
Credit Unions Chartered in Michigan, represented by Lenco Credit Union, has a mission to serve its member-owners by offering top-tier financial services within the bounds of safe and sound business practices. The cooperative advocates for thrift, savings, and responsible credit usage. It also fosters the cooperative principles of the credit union philosophy and supports various people, agencies, and organizations in the community.
Official website here: www.lenco.org
Who is the CEO of Credit Unions Chartered In The State Of Michigan?
Ben Neal is the President Ceo of Credit Unions Chartered In The State Of Michigan. The CEO's salary of Credit Unions Chartered In The State Of Michigan is $129,465 and their total compensation is $129,465.
Official website here: www.lenco.org
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 $3,921,015.
Official website here: www.lenco.org
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 $51,410. There are 21 employees and 9 volunteers at Credit Unions Chartered In The State Of Michigan.
Here are 12 key members and their salaries (Credit Unions Chartered In The State Of Michigan's CEO's salary is $129,465 and their total compensation is $129,465):
- Compensation: $129,465
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Official website here: www.lenco.org
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.lenco.org
Learn more at the official website: www.lenco.org
Mission Statement of Credit Unions Chartered In The State Of Michigan
Lenco Credit Union, a member-owned financial cooperative, is dedicated to its mission. This mission encompasses providing the highest quality financial services within the bounds of safe and sound business practices. The cooperative encourages its members to save and use credit wisely, promoting thrift and financial responsibility. Beyond financial services, Lenco Credit Union also advocates for the cooperative ideals of the credit union philosophy. Furthermore, the organization supports the people, agencies, and organizations in Lenawee County, demonstrating a commitment to its local community.
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Impact
October, 2024
Credit Unions Chartered In The State Of Michigan, particularly Lenco Credit Union in Lenawee County, play a significant role in enhancing the financial well-being of their member-owners. With a focus on providing high-quality financial services, these credit unions foster a sense of community and cooperation among members. Their mission encourages responsible financial practices, such as thrift and savings, while promoting the wise use of credit.
By serving 7,756 member-owners, Lenco Credit Union strengthens the local economy through personalized financial support and services tailored to the needs of its community. This includes offering competitive loan rates and savings products that empower members to achieve their financial goals. Moreover, their commitment to promoting cooperative principles reinforces collective action and mutual support among members, driving both individual and community progress.
In addition to financial services, credit unions in Michigan actively engage with local agencies and organizations, ensuring that their impact extends beyond banking. This collaborative approach not only supports the credit union's members but also contributes to the overall welfare of Lenawee County, fostering a robust and interconnected community.
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: $489,384
- Program Service Revenue: $3,431,631
- Gross Receipts: $3,921,015
Assets and Liabilities:
- Total Assets: $122,648,622
- Total Liabilities: $1,208,634
- Net Assets: $121,439,988
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Member Loan Income
Revenue
$2,595,694
Member Service Fees
Revenue
$685,648
Miscellaneaous
Revenue
$150,289
Organization Details
Founding Year
1970
Phone
(517) 263-0851Principal Officer
Ben Neal
Main Address
615 West Maple Avenue, Adrian, MI, 492211630
Website
www.lenco.orgNTEE Category
Code: W60 - Public benefit
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