EIN 38-1878763

Preferred Credit Union

IRS 501(c) type
501(c)(14)
Num. employees
83
Year formed
1968
Most recent tax filings
2020-12-01
Description
To provide to all its members equally, a sound, fair, value-conscious and friendly source of financial service that can assist and enhance their economic well-being.
Related structure
Preferred Credit Union is child organization, under the parent exemption from Credit Unions Chartered in the State of Michigan.
Also known as...
Credit Unions Chartered in the State of Michigan; Grand Valley Op Credit Union
Total revenues
$11,490,837
2020
Total expenses
$10,278,993
2020
Total assets
$221,706,455
2020
Num. employees
83
2020

Program areas at Preferred Credit Union

The Credit Union provides several deposit account types to members including savings, checking, certificates and other. The total number of members at 12/31/2020 was 24,357.
The Credit Union provides a variety of loans to members including real estate, credit card, vehicle and other. The total number of loans outstanding at 12/31/2020 was 15,446.

Personnel at Preferred Credit Union

NameTitleCompensation
John YeomansChief Executive Officer$242,602
Robert ShaneChief Operating Officer$0
Bev Vander WellChief Financial Officer$0
Cynthia McCombsHuman Resources Director$112,831

Financials for Preferred Credit Union

RevenuesFYE 12/2020
Total grants, contributions, etc.$0
Program services$10,390,231
Investment income and dividends$1,083,649
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$16,957
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$11,490,837

Form 990s for Preferred Credit Union

Fiscal year endingDate received by IRSFormPDF link
2020-122021-04-16990View PDF
2019-122020-09-09990View PDF
2018-122019-12-13990View PDF
2017-122018-08-23990View PDF
2016-122017-09-05990OView PDF
...and 8 more Form 990s
Data update history
July 8, 2022
Posted financials
Added Form 990 for fiscal year 2020
August 21, 2021
Posted financials
Added Form 990 for fiscal year 2019
April 29, 2021
Posted financials
Added Form 990 for fiscal year 2018
October 27, 2020
Updated personnel
Identified 1 new personnel
October 22, 2020
Used new vendors
Identified 2 new vendors, including , and
Nonprofit Types
Credit unionsChapter / child organizations
Issues
No issues found
Characteristics
State / local levelCommunity engagement / volunteering
General information
Address
3767 Sparks Dr Se
Grand Rapids, MI 49546
Metro area
Grand Rapids-Kentwood, MI
County
Kent County, MI
Website URL
preferredcu.org/ 
Phone
(800) 328-4131
Facebook page
PreferredCU 
Twitter profile
@preferred_cu 
IRS details
EIN
38-1878763
Fiscal year end
December
Taxreturn type
Form 990
Year formed
1968
Eligible to receive tax-deductible contributions (Pub 78)
No
Categorization
NTEE code, primary
W60: Financial Institutions, Credit Unions
NAICS code, primary
522130: Credit Unions
Parent/child status
Child within group exemption
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