Program areas at Credit Unions Chartered in the State of Michigan - 1202 Advantage One Credit Union
Loans - total loans grew $41.1 million, or 32.02% in 2022. Indirect loans accounted for $14.3 million of that growth, growing at a rate of 57%. Strong loan growth was recognized in 2022 industry wide. Used vehicle loans grew $7.0 million, followed by participation loans, 1st mortgage loans and home equity loans. Not including wages and benefits, loan expenses totaled $1.2 million.
Courtesy pay/nsf income for 2022 approximated $1.3 million, decreasing slightly from $1.2 during 2021. Growth in this revenue source for 2021 and 2022 was impacted by changes in reponse to increasing external political pressures, which served to keep the number down. Expenses associated with uncollected fees totaled approximately $6.7k.
Debit cards - as of 12/31/2022, Advantage One cu had 10,999 debit cards (up from 9,658 last year) representing 55% of the number of total members. the associated expense with the program in 2022, was $662,000, excluding wages and benefits.
Who funds Credit Unions Chartered in the State of Michigan - 1202 Advantage One Credit Union
Grants from foundations and other nonprofits
Personnel at Credit Unions Chartered in the State of Michigan - 1202 Advantage One Credit Union
| Name | Title | Compensation | Date of data |
|---|
| Christopher Corkery | Chief Executive Officer | $274,815 | 2022-12-31 |
| T Scott Kreinbring | Chief Financial Officer | | 2023-10-12 |
| Thomas Newman | Chief Information Officer | $104,202 | 2021-12-31 |
| Kimberlee McEachran | Vice President of Marketing | $101,264 | 2022-12-31 |
| Jessica Workman | Vice President of Member Experience | $110,331 | 2022-12-31 |
| ...and 5 more key personnel |
Financials for Credit Unions Chartered in the State of Michigan - 1202 Advantage One Credit Union
| Revenues | FYE 12/2022 | FYE 12/2021 | % Change |
|---|
| Total grants, contributions, etc. | $0 | $0 | - |
| Program services | $11,874,217 | $10,792,380 | 10% |
| Investment income and dividends | $865,960 | $667,741 | 29.7% |
| Tax-exempt bond proceeds | $0 | $0 | - |
| Royalty revenue | $0 | $0 | - |
| Net rental income | $0 | $0 | - |
| Net gain from sale of non-inventory assets | $0 | $0 | - |
| Net income from fundraising events | $0 | $0 | - |
| Net income from gaming activities | $0 | $0 | - |
| Net income from sales of inventory | $0 | $0 | - |
| Miscellaneous revenues | $36,950 | $35,873 | 3% |
| Total revenues | $12,777,127 | $11,495,994 | 11.1% |
Organizations like Credit Unions Chartered in the State of Michigan - 1202 Advantage One Credit Union
| Organization | Type | Location | Revenue |
|---|
| Credit Unions Chartered in the State of Michigan - 80 Arbor Financial Credit Union | 501(c)(14) | Kalamazoo, MI | $42,599,576 |
| Credit Unions Chartered in the State of Michigan - 257 Filer Credit Union | 501(c)(14) | Manistee, MI | $7,809,519 |
| Credit Unions Chartered in the State of Michigan - 1203 Pfcu | 501(c)(14) | Portland, MI | $35,812,251 |
| Credit Unions Chartered in the State of Michigan - 0680 FreeStar Financial Credit Union | 501(c)(14) | MT Clemens, MI | $14,580,200 |
| Credit Unions Chartered in the State of Michigan - 561 TLC Community Credit Union | 501(c)(14) | Adrian, MI | $27,618,251 |
| Credit Unions Chartered in the State of Michigan - 1201 Kellogg Community Credit Union | 501(c)(14) | Battle Creek, MI | $40,430,087 |
| Credit Unions Chartered in the State of Michigan - 454 Best Financial Credit Union | 501(c)(14) | Muskegon, MI | $7,151,929 |
| Credit Unions Chartered in the State of Michigan - 384 Extra Credit Union | 501(c)(14) | Warren, MI | $20,868,717 |
| Lafcu (1197 Lafcu) | 501(c)(14) | Lansing, MI | $51,596,579 |
| Credit Unions Chartered in the State of Michigan - 1101 Public Service Credit Union | 501(c)(14) | Romulus, MI | $20,530,252 |
Data update history
November 30, 2023
Posted financials
Added Form 990 for fiscal year 2022
November 30, 2023
Updated personnel
Identified 4 new personnel
November 26, 2023
Used new vendors
Identified 3 new vendors, including , , and
November 25, 2023
Posted financials
Added Form 990 for fiscal year 2021
Nonprofit Types
Credit unionsChapter / child organizations
Issues
No issues found
Characteristics
State / local levelProvides scholarships
General information
- Address
- 23670 Telegraph Rd
- Brownstown, MI 48134
- Metro area
- Detroit-Warren-Dearborn, MI
- County
- Wayne County, MI
- Website URL
- myaocu.com/Â
- Phone
- (734) 676-7000
IRS details
- EIN
- 38-1475121
- Fiscal year end
- December
- Taxreturn type
- Form 990
- Year formed
- 1952
- 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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