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EIN 38-1878763

Preferred Credit Union

IRS 501(c) type
501(c)(14)
Num. employees
91
City
Grand Rapids
State
Michigan
Year formed
1968
Most recent tax filings
2023-12-01
NTEE code, primary
W60: Financial Institutions, Credit Unions
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
$15,755,243
2023
Total expenses
$12,971,096
2023
Total assets
$268,549,688
2023
Num. employees
91
2023

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 12/31/2023 was 24,411
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 12/31/2023 was 15,991

Personnel at Preferred Credit Union

NameTitleCompensation
John YeomansChief Executive Officer$295,960
Robert ShaneChief Operating Officer$0
Bev vander WellChief Financial Officer$138,926
Cynthia McCombsVice President$133,375
Rhonda HarringtonVice President Card Serv.$69,500
...and 1 more key personnel

Financials for Preferred Credit Union

RevenuesFYE 12/2023
Total grants, contributions, etc.$0
Program services$12,714,781
Investment income and dividends$3,040,462
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$15,755,243

Form 990s for Preferred Credit Union

Fiscal year endingDate received by IRSFormPDF link
2023-122024-04-23990View PDF
2022-122023-05-11990View PDF
2021-122022-05-13990View PDF
2020-122021-04-16990View PDF
2019-122020-09-09990View PDF
...and 11 more Form 990s
Data update history
May 18, 2024
Used new vendors
Identified 1 new vendor, including
November 25, 2023
Posted financials
Added Form 990 for fiscal year 2021
July 19, 2023
Posted financials
Added Form 990 for fiscal year 2022
July 1, 2023
Updated personnel
Identified 1 new personnel
June 29, 2023
Used new vendors
Identified 1 new vendor, including
Nonprofit Types
Credit unionsChapter / child organizations
Issues
No issues found
Characteristics
MembershipsState / 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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