Dec, 31, 2023 — UNIVERSITY OF MICHIGAN CREDIT UNION is a federally insured state chartered credit union headquartered in ANN ARBOR, MI with 17 branch locations and about $1.36 billion in total assets. Opened 70 years ago in 1954, UNIVERSITY OF MICHIGAN CREDIT UNION has about 117,703 members and employs 223 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | UNIVERSITY OF MICHIGAN CREDIT UNION |
|---|---|
| Address: (Main Office) | 340 E Huron St ANN ARBOR, MI 48104 |
| Phone: | (734) 662-8200 |
| Fax: | (734) 769-2245 |
| Website: | https://www.umcu.org |
| Branches: | 17 branch locations |
| Members: | 117,703 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 61552 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1954 |
| Last Audited: | Dec 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,357,882,173 |
| CEO/Manager: | Tiffany L Ford |
| Chairperson: | Earl Bell |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 84,959,286 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 449,210,573 |
| Unsecured Loans | 151,144,117 |
| Other Loans | 465,937,713 |
| TOTAL LOANS | 1,066,292,402 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -9,201,980 |
| Land And Building | 63,992,215 |
| Other Fixed Assets | 3,048,700 |
| NCUSIF Deposit | 10,372,878 |
| All Other Assets | 278,708 |
| TOTAL ASSETS | 1,357,882,173 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 152,806,824 |
| Accounts Payable & Other Liabilities | 23,316,341 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 394,102,467 |
| Regular shares | 385,009,195 |
| All Other Shares & Deposits | 286,983,559 |
| TOTAL SHARES & DEPOSITS | 1,066,095,221 |
| TOTAL LIABILITIES | 1,242,218,386 |
| Regular Reserve | 0 |
| Other Reserves | -4,058,363 |
| Undivided Earnings | 119,722,150 |
| TOTAL EQUITY | 115,663,787 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,357,882,173 |
| INCOME & EXPENSE | |
| Loan Income | 47,326,598 |
| Investment Income | 2,499,088 |
| Other Income | 4,571,476 |
| Total Employee Compensation & Benefits | 20,761,402 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 22,720,181 |
| Non-operating Income & (Expense) | -623 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 3,776,727 |
| Cost of Funds | 9,163,326 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 8,065,466 |
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» See also Statement of Financial Condition