2024-05-09T10:56:47-04:00 2023-12-31 990 2023-01-01 381215360 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN 48 LAKE MICH CU CRED 6162429790 PO BOX 2848 GRAND RAPIDS MI 495012848 PETER DANN EVP CFO 6162346418 2024-05-09 PETER DANN 999009999 true 2023 2023-04-26 12:10:37Z LAKE MICHIGAN CREDIT UNION JULIE LEONARD PO BOX 2848 GRAND RAPIDS MI 49501 692047277 false X WWW.LMCU.ORG X 1933 MI PROMOTION OF THRIFT AND PROVIDING LOW COST CREDIT AND OTHER FINANCIAL SERVICES FOR ITS MEMBERS THROUGH MUTUAL AND NONPROFIT ORGANIZATION. 11 11 1703 2384793 491464 0 460514936 639865963 35298506 35730234 24528395 16451080 520341837 692047277 150000 160000 0 153292359 151350361 0 0 197302230 368316442 350744589 519826803 169597248 172220474 11905975667 13371002258 10652120913 11990386029 1253854754 1380616229 X PROMOTION OF THRIFT AND PROVIDING LOW COST CREDIT AND OTHER FINANCIAL SERVICES FOR ITS MEMBERS THROUGH MUTUAL AND NONPROFIT ORGANIZATION. false false SEE ADDITONAL DETAILS SEE ADDITIONAL DETAILS SEE ADDITIONAL DETAILS SEE DETAILS false false false false false false false true false true false false false true false false true false false false false false false false false false true true true false true false false false false false false false false true false false false true 0 0 true 1703 true true true false false false false false false false false false false false true false X 11 11 true false false false true true true true true true true true false true true true true true true true true true X LAKE MICHIGAN CREDIT UNION LAKE MICHIGAN CREDIT UNION 6162346830 5664 PRAIRIE CREEK DR 5664 PRAIRIE CREEK DR CALEDONIA MI 49316 SANDY JELINSKI CEO 40.00 X 2817720 0 73268 MATT ADLER MORTGAGE LO X 1002760 0 39428 ROY HELLWEGE PRESIDENT CE X 998755 0 41371 ZAC ELLERBROEK MORTGAGE LO X 947179 0 10128 ERIC BURGOON SVP MORTGAGE 40.00 X 775086 0 71063 CORBIN BUTTLEMAN VP MORTGAGE X 609058 0 49977 PETER DANN EVP CFO 40.00 X 601528 0 50027 EMIL IZRAILOV MORTGAGE SAL X 611984 0 32977 RAZI QADRI SVP CIOO X 569922 0 42337 NORA SWART SVP CPO 40.00 X 555541 0 42443 JIM PAQUETTE MORTGAGE SAL X 513873 0 40278 DON BRATT SVP CMO 40.00 X 386743 0 52441 JIM MASKELL SVP CCO 40.00 X 372992 0 49902 MARK POWELL SVP CRO 40.00 X 406070 0 14981 SARA KEMPERMAN SVP RETAIL O 40.00 X 369169 0 32505 ALICIA FORCE SVP CONSUMER X 278162 0 25294 KEVIN SMITH CIO 40.00 X 80853 0 42337 DAVE BARDOLPH BOARD MEMBER 1.00 X 0 0 0 TIM GORTSEMA BOARD MEMBER 1.00 X 0 0 0 BRAD MATHIS BOARD MEMBER 1.00 X 0 0 0 TIM MYERS BOARD MEMBER 1.00 X 0 0 0 JACK NEWBERRY BOARD MEMBER 1.00 X 0 0 0 JUAN OLIVAREZ BOARD MEMBER 1.00 X 0 0 0 CHERI PARKER BOARD MEMBER 1.00 X 0 0 0 BOB PARTRIDGE BOARD MEMBER 1.00 X 0 0 0 MIKE RICE BOARD MEMBER 1.00 X 0 0 0 GRETCHEN TELLMAN-PARTRIDGE BOARD MEMBER 1.00 X 0 0 0 BOB WHITE BOARD MEMBER 1.00 X 0 0 0 11897395 710757 213 true true false NEWCO BUILDING 4131 ROGER B CHAFFE GRAND RAPIDS MI 49548 CONSTRUCTION 6051996 JACK HENRY PO BOX 609 MONETT MO 65708 SOFTWARE 3474503 AT&T PO BOX 5014 CAROL STREAM IL 60197 COMMUNICATION 3037587 BLACK KNIGHT TECHNOLOGIES PO BOX 809007 CHICAGO IL 60680 SOFTWARE 2931081 VISA 900 METRO CENTER FOSTER CITY CA 94404 PROCESSING 2609974 135 INTEREST ON MEMBER LOANS 522291 494038743 494038743 INTERCHANGE AND OTHER 522100 89168092 89168092 FEES AND CHARGES ON ACCOUNTS 522291 40260588 40260588 LOAN SERVICING RIGHTS 525990 14013747 14013747 INSURANCE REVENUE 525990 1843910 1843910 540883 540883 639865963 35730234 35730234 GAIN ON SALE OF LOANS 522100 16368625 16368625 GAIN ON SALE OREO AND OTHER 522100 82455 82455 16451080 692047277 653932250 2384793 35730234 95000 65000 6365699 848084 118919210 3533895 12971798 8711675 798127 1359719 306541 8516901 11632921 18397371 11092598 1404430 223317746 8850865 1297280 LOAN SERVICING 33062978 PROVISION FOR LOAN LOSS 19106329 BANK/ CARD SERVICE CHARGE 16868926 MISC EXPENSE 12303710 519826803 0 0 0 26073398 24669475 744846533 637076021 11657447 17415305 71509718 68821305 9888078133 11487835761 40938435 43769200 8091865 8340501 185439056 63994991 117361854 121444065 647316403 572247939 25429717 38526669 100938707 99148277 223733457 251707740 11905975667 13371002258 85881680 112724759 63051213 58284876 200000000 570000000 10303188020 11249376394 10652120913 11990386029 X 1253854754 1380616229 1253854754 1380616229 11905975667 13371002258 X 172220474 15219257 -60678256 X false true X true false false true X 43526697 43526697 97300862 32818194 64482668 2417009 1644493 772516 37736614 26803592 10933022 4457874 2728712 1729162 121444065 TOTAL DEPOSITS 11249376394 11249376394 SCHEDULE D, PAGE 2, PART IV, LINE 2B THE CREDIT UNION HOLDS ESCROWED FUNDS FOR THE PAYMENT OF PROPERTY TAXES AND HOMEOWNERS' INSURANCE AS A SERVICE TO OUR MEMBERS WHO HAVE MORTGAGES WITH THE CREDIT UNION OR HAVE MORTGAGES SERVICED BY THE CREDIT UNION. false DAVERNPORT UNIVERSITY FOUNDATION DAVENPORT UNIVERSITY FOUNDATION 6191 KRAFT AVE 6191 KRAFT AVE GRAND RAPIDS MI 49512 382434184 501C3 15000 URBAN EDUCATION BOYS & GIRLS CLUB OF LEE COUNTY BOYS & GIRLS CLUB OF LEE COUNTY PO BOX 62736 PO BOX 62736 FORT MYERS FL 33906 592013870 501C3 20000 FACILTIY UPGRADES JUNIOR ACHIEVEMENT OF MICHIGAN JUNIOR ACHIEVEMENT OF MICHIGAN 4090 LAKE DR SE 4090 LAKE DR SE GRAND RAPIDS MI 49546 381557861 501C3 25000 CAPITAL CAMPAIGN GRAND RAPIDS HOUSING COMMISSION GRAND RAPIDS HOUSING COMMISSION 1420 FULLER AVE 1420 FULLER AVE GRAND RAPIDS MI 49501 382995712 501C3 15000 PROGRAM SUPPORT MENTAL HEALTH FOUNDATION MENTAL HEALTH FOUNDATION 160 68TH ST SUITE 100 160 68 ST SUITE 100 GRAND RAPIDS MI 49548 382822359 10000 MOVIE PRODUCTION CHARITABLE FOUNDATION OF THE ISLAND CHARITABLE FOUNDATION OF THE ISLAND PO BOX 1429 PO BOX 1429 SANIBEL FL 33957 274027791 10000 VOLUNTEER PROGRAM 6 HUTT COLLEGE SCHOLARSHIPS 20 40000 ROOTS IN EDUCATION 25 25000 SCHEDULE I, PAGE 4, PART IV HUTT SCHOLARSHIPS ARE AWARDED TO HIGH SCHOOL SENIORS WHO WRITE AN ESSAY AND ARE CHOSEN AS FINALISTS. ROOTS IN EDUCATION GRANTS ARE AWARDED TO 25 EDUCATORS NOMINATED BY INDIVIDUALS AND AWARDED BY PANEL OF JUDGES. X X X true true X X X X X X true true false SANDY JELINSKI CEO 1526282 1291331 107 62400 10868 2890988 MATT ADLER MORTGAGE LO 1002606 154 29301 10127 1042188 ROY HELLWEGE PRESIDENT CENTRAL FL 600000 398755 37805 3566 1040126 ZAC ELLERBROEK MORTGAGE LO 945615 1564 10128 957307 ERIC BURGOON SVP MORTGAGE 602122 172890 74 62185 8878 846149 CORBIN BUTTLEMAN VP MORTGAGE SALES 608904 154 39900 10077 659035 PETER DANN EVP CFO 475664 125790 74 39900 10127 651555 EMIL IZRAILOV MORTGAGE SALES MANAG 611677 307 23300 9677 644961 RAZI QADRI SVP CIOO 569872 50 39269 3068 612259 NORA SWART SVP CPO 451765 103702 74 37006 5437 597984 JIM PAQUETTE MORTGAGE SALES MANAG 513531 307 35 32400 7878 554151 DON BRATT SVP CMO 324544 62125 74 41573 10868 439184 JIM MASKELL SVP CCO 295918 77000 74 38775 11127 422894 MARK POWELL SVP CRO 330229 75767 74 11834 3147 421051 SARA KEMPERMAN SVP RETAIL OPERATION 300208 68879 82 28898 3607 401674 ALICIA FORCE SVP CONSUMER LENDING 228784 49288 90 20591 4703 303456 SCHEDULE J, PAGE 1, PART I, LINE 4 ROY HELLWEGE 398,743 0 0 SCHEDULE J, PART III THE OFFICERS LISTED IN SCHEDULE L PART II PARTICIPATE IN A COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN. LIFE INSURANCE PREMIUMS ARE PAID ON BEHALF OF THE OFFICERS AND TREATED AS LOANS. THE TOTAL LOAN AMOUNT AS OF 12/31/23 WAS 68,821,305. THE INSURANCE POLICY VALUE PROVIDES SUPPLEMENTAL RETIREMENT INCOME TO THE PLAN PARTICIPANTS. LIFE INSURANCE PREMIUM LOANS ARE ULTIMATELY REPAID FROM THE DEATH BENEFIT OF THE LIFE INSURANCE POLICY. SANDY JELINSKI OFFICER SPLIT DOLLAR PREMIUM LOAN X 27488120 28760045 false true true NORA SWART OFFICER SPLIT DOLLAR PREMIUM LOAN X 9100000 9553548 false true true PETER DANN OFFICER SPLIT DOLLAR PREMIUM LOAN X 5425000 5647782 false true true ERIC BURGOON OFFICER SPLIT DOLLAR PREMIUM LOAN X 5180000 5481050 false true true SARA KEMPERMAN OFFICER SPLIT DOLLAR PREMIUM LOAN X 4291000 4485627 false true true JIM MASKELL SVP COMMERCIAL SPLIT DOLLAR PREMIUM LOAN X 3850000 4002196 false true true RAZI QADRI OFFICER SPLIT DOLLAR PREMIUM LOAN X 7188000 3976477 false true true DON BRATT OFFICER SPLIT DOLLAR PREMIUM LOAN X 3200000 3378101 false true true ALICIA FORCE OFFICER SPLIT DOLLAR PREMIUM LOAN X 1890000 1965890 false true true MARK POWELL OFFICER SPLIT DOLLAR PREMIUM LOAN X 1512000 1570589 false true true 68821305 FORM 990, PART III LINE 4A-INTEREST INCOME LINE 4B-DEBIT / CREDIT INTERCHANGE LINE 4C-OVERDRAFT / NSF FORM 990, PAGE 2, PART III, LINE 4D SEE DETAILS FORM 990, PAGE 6, PART VI, LINE 2 GRETCHEN TELLMAN ROBERT PARTRIDGE BOARD CHAIR BOARD MEMBER SPOUSE FORM 990, PAGE 6, PART VI, LINE 6 YES, THE CREDIT UNION HAS MEMBERS FORM 990, PAGE 6, PART VI, LINE 7A MEMBER SHAREHOLDERS ELECT BOARD MEMBERS FORM 990, PAGE 6, PART VI, LINE 7B MEMBERS APPROVE BOARD MEMBERS WHEN TERMS EXPIRE. FORM 990, PAGE 6, PART VI, LINE 9 RAZI QADRI PO BOX 2848 GRAND RAPIDS, MI 49501 ALICIA FORCE PO BOX 2848 GRAND RAPIDS, MI 49501 ROY HELLWEGE PO BOX 2848 GRAND RAPIDS, MI 49501 FORM 990, PAGE 6, PART VI, LINE 11B THE 990 IS PREPARED BY THE DIRECTOR OF FINANCE AND REVIEWED BY OUR CFO AND CONTROLLER FORM 990, PAGE 6, PART VI, LINE 12C OFFICERS AND DIRECTORS DISCLOSE INTEREST THAT COULD LEAD TO CONFLICT OF INTEREST ANNUALLY. THESE DOCUMENTS ARE REVIEWED BY INTERNAL AUDIT AND REPORTED TO THE AUDIT COMMITTEE FORM 990, PAGE 6, PART VI, LINE 15A COMPENSATION REVIEWS OF ALL OFFICER AND KEY EXECUTIVES ARE PERFORMED AT LEAST ANNUALLY BY HUMAN RESOURCES AND REVIEWED BY THE EXECUTIVE COMMITTEE MADE UP OF BOARD MEMBERS FORM 990, PAGE 6, PART VI, LINE 15B THE BOARD OF DIRECTORS APPROVES OTHER OFFICERS AND KEY EMPLOYEES, AND COMPENSATION IS SET BY CEO FORM 990, PAGE 6, PART VI, LINE 19 THE ORGANIZATIONS DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9 ADJUSTMENT TO OTHER COMPREHENSIVE INCOME 0 LIFE SAVINGS RESERVE 0 EQUITY ADJ - CECL -61,230,180 OCI 551,924 TOTAL -60,678,256 LAKE MICHIGAN FINANCIAL GROUP LAKE MICHIGAN FINANCIAL GROUP PO BOX 2088 PO BOX 2088 GRAND RAPIDS MI 49501 454172202 FINANCIAL MI 2024605 21762262 LMCU LAKE MICHIGAN CREDIT UNION