EIN 38-1629793

Credit Unions Chartered in the State of Michigan - 425 Michigan Schools and Govt Cred

IRS 501(c) type
501(c)(14)
Num. employees
535
Year formed
1954
Most recent tax filings
2023-12-01
Description
Michigan-based Credit Union founded by educators providing quality financial services for over 69 years with a focus on community involvement and scholarship programs.
Related structure
Credit Unions Chartered in the State of Michigan - 425 Michigan Schools and Govt Cred is child organization, under the parent exemption from Credit Unions Chartered in the State of Michigan.
Also known as...
Michigan Schools and Government Credit Union; 425 Michigan Schools and Govt Cred
Total revenues
$159,278,248
2023
Total expenses
$139,729,726
2023
Total assets
$3,633,913,845
2023
Num. employees
535
2023

Program areas at Credit Unions Chartered in the State of Michigan - 425 Michigan Schools and Govt Cred

With 22 offices located throughout macomb, oakland, wayne and washtenaw counties, providing full online banking and mobile services, with $3.6 billion in assets, $3.1 billion in loans, and a staff of 450 employees, msgcu is a valued resource for financial wellbeing for both consumers and businesses. At the end of 2023, the consumer lending portion of the portfolio was just over $1.43 billion, the mortgage portfolio was just over $1.45 billion, and the business loan portfolio was $223 million. Member shares totaled approximately $2.8 billion.
The Credit Union gave back to our communities, to local educators and Schools as well as nonprofits and community organizations. Msgcu's classroom cash grant program provides funds to teachers to be used for otherwise unfunded innovative classroom projects. In 2023, msgcu awarded 64 grants totaling more than $45,000 to local educators to be used during the 2023/2024 school year.
The Credit Union contributed over $108,000 to members of the communities in southeast Michigan. Msgcu awarded $80,000 through 32 scholarships to high school seniors heading to college, aspiring skilled tradespersons seeking certification, and current teachers and school administrators pursuing continuing education. Additionally, msgcu donated $28,000 to first responders graduating from the fire and police academies at macomb community college, oakland community college, wayne community college and schoolcraft college.

Grants made by Credit Unions Chartered in the State of Michigan - 425 Michigan Schools and Govt Cred

GranteeGrant descriptionAmount
Oakland Community College FoundationTo Assist in the Foundation's Initiative To Fund Educational Solutions Scholarships for First Responders$8,000
Macomb Community College FoundationTo Assist in the Foundation's Initiative To Fund Educational Solutions Scholarships for First Responders$8,000

Personnel at Credit Unions Chartered in the State of Michigan - 425 Michigan Schools and Govt Cred

NameTitleCompensation
Peter GatesPresident and Chief Executive Officer$980,279
Deborah FahrneyChief Operating Officer / Cro / Vice President Retail Services$394,784
Vallorie McBrideChief Financial Officer$235,896
Bryan WieglatChief Information Officer / Vice President Technology$306,073
Ann JonesVice President Marketing and Business Development$264,993
...and 3 more key personnel

Financials for Credit Unions Chartered in the State of Michigan - 425 Michigan Schools and Govt Cred

RevenuesFYE 12/2023
Total grants, contributions, etc.$0
Program services$151,938,120
Investment income and dividends$7,242,207
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$97,921
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$159,278,248

Form 990s for Credit Unions Chartered in the State of Michigan - 425 Michigan Schools and Govt Cred

Fiscal year endingDate received by IRSFormPDF link
2023-122024-11-04990View PDF
2022-122023-09-19990View PDF
2020-122021-05-17990View PDF
2019-122021-05-11990OView PDF
2018-122019-08-07990OView PDF
...and 10 more Form 990s
Data update history
January 7, 2025
Used new vendors
Identified 1 new vendor, including
November 7, 2023
Updated personnel
Identified 2 new personnel
October 25, 2023
Used new vendors
Identified 5 new vendors, including , , , , and
July 4, 2023
Used new vendors
Identified 1 new vendor, including
June 8, 2023
Updated personnel
Identified 15 new personnel
Nonprofit Types
Credit unionsChapter / child organizations
Issues
Education
Characteristics
State / local levelProvides scholarships
General information
Address
40400 Garfield Rd
Clinton Township, MI 48038
Metro area
Detroit-Warren-Dearborn, MI
County
Macomb County, MI
Website URL
msgcu.org/ 
Phone
(586) 263-8800
IRS details
EIN
38-1629793
Fiscal year end
December
Taxreturn type
Form 990
Year formed
1954
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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