Michigan Legacy Credit Union

Nonprofit profile at a glance

EIN
381295875
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Wyandotte, MI, USA
Phone
7342850600
Rating confidence
Limited

Official website

Reported finances

Revenue
$12,669,573
Expenses
$11,437,868
Assets
$209,486,103
Liabilities
$183,313,558

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

13 people listed

Executive titles in this filing

  • Carma Peters (CEO)

Highest reported compensation

  • Carma Peters (CEO): $461,063 total reported compensation
  • Gary Leach (COO): $444,168 total reported compensation
  • Christina Hudzinski (VP of HR and Training): $128,666 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Michigan legacy credit union is committed to building and maintaining relationships utilizing honesty, integrity, and trust to become our members first choice for all financial needs.

What it reported doing in 2024

The organization is a state chartered member owned cooperative credit union that provides financial services and products to the member owners. Michigan legacy credit union has provided 12,262 active loans including member business, indirect, participation, real estate, vehicle, recreational vehicle, lines of credit, home equity and credit card. Also offered are atm's, debit cards, check cashing, wire transfers, checking accounts, ira's, certificates of deposit, bill pay, money orders, cashiers checks, courtesy pay, remote deposit capture, an app and financial counseling through its strategic partnerships.

Operating model

Revenue model
Other-operating. 94% of the money available for current operations came from other operating revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 82
  • Accountability: 91
  • Sustainability: 63
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 9.7%; rating input score 67; 67th percentile among comparable filings
  • Total-asset coverage ratio: 18.32; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.88; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 11.1%; rating input score 16; 16th percentile among comparable filings

Growth

  • Program expense growth: 40% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: 3.9% per year; rating input score 100; 33rd percentile among comparable filings
  • Asset growth: 4.5% per year; rating input score 100; 32nd percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 8 of 8 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $461K · 13 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.5M reported
  • Consistency: 10 of 10 current checks pass
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • High — Sustainability: Officer compensation ratio scored 16/100.