2023-05-12T11:34:31-04:00 2022-12-31 990 2022-01-01 381215360 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN 48 LAKE MICH CU CRED 6162429790 PO BOX 2848 GRAND RAPIDS MI 495012848 PETER DANN SVP CFO 6162346418 2023-05-12 PETER DANN 999009999 true 2022 2023-04-26 12:10:37Z LAKE MICHIGAN CREDIT UNION SANDY JELINSKI PO BOX 2848 GRAND RAPIDS MI 49501 520341837 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 1735 2729805 659100 0 396417075 460514936 10026683 35298506 83777836 24528395 490221594 520341837 40000 150000 0 145451649 153292359 0 0 187726091 197302230 333217740 350744589 157003854 169597248 11670748024 11905975667 10480939997 10652120913 1189808027 1253854754 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 1735 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 false 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 2604713 0 67068 MATT ADLER MORTGAGE LO 40.00 X 1388481 0 36902 ZAC ELLERBROEK MORTGAGE LO 40.00 X 1279301 0 9677 RAZI QADRI SVP CIOO 40.00 X 1140384 0 39327 EMIL IZRAILOV MORTGAGE LO 40.00 X 844100 0 34752 CORBIN BUTTLEMAN MORTGAGE SAL 40.00 X 810640 0 45827 ERIC BURGOON SVP MORTGAGE 40.00 X 785424 0 57909 BRENT GREEN MORTGAGE SAL 40.00 X 811830 0 7428 PETER DANN SVP CFO 40.00 X 523263 0 45827 NORA SWART SVP CPO 40.00 X 505193 0 39758 DON BRATT SVP CMO 40.00 X 369329 0 56949 MARK POWELL VP CRO 40.00 X 369243 0 31506 SARA KEMPERMAN SVP RETAIL O 40.00 X 323156 0 32143 ALICIA FORCE SVP CONSUMER 40.00 X 213298 0 20666 DAVE BARDOLPH BOARD MEMBER X 0 0 0 TIM GORTSEMA BOARD MEMBER X 0 0 0 BRAD MATHIS BOARD MEMBER X 0 0 0 TIM MYERS BOARD MEMBER X 0 0 0 JACK NEWBERRY BOARD MEMBER X 0 0 0 JUAN OLIVAREZ BOARD MEMBER X 0 0 0 CHERI PARKER BOARD MEMBER X 0 0 0 BOB PARTRIDGE BOARD MEMBER X 0 0 0 MIKE RICE BOARD MEMBER X 0 0 0 GRETCHEN TELLMAN-PARTRIDGE BOARD MEMBER X 0 0 0 BOB WHITE BOARD MEMBER X 0 0 0 11968355 525739 211 false true false NEWCO BUILDING 4131 ROGER B CHAFFE GRAND RAPIDS MI 49548 CONSTRUCTION 4423180 JACK HENRY PO BOX 609 MONETT MO 65708 SOFTWARE 3551480 AT&T PO BOX 5014 CAROL STREAM IL 60197 PHONE 3040709 BLACK KNIGHT TECHNOLOGIES PO BOX 809007 CHICAGO IL 60680 TECHNOLOGY 2930481 VISA 900 METRO CENTER FOSTER CITY CA 94404 PROCESSING 2886522 135 INTEREST ON MEMBER LOANS 522291 323831667 323831667 INTERCHANGE AND OTHER 522100 74243492 74243492 FEES AND CHARGES ON ACCOUNTS 522291 38941533 38941533 MORTGAGE SERVICING RIGHTS 525990 20768439 20768439 INSURANCE REVENUE 525990 2182991 2182991 546814 546814 460514936 35298506 35298506 GAIN ON SALE OF LOANS 522100 23983589 23983589 GAIN ON SALE OREO AND OTHER 522100 544806 544806 24528395 520341837 482313526 2729805 35298506 85000 65000 6834001 122698590 3299139 11989316 8471313 543732 799137 272186 8088655 11184780 15916755 10356703 1268254 73735546 7840361 1087289 LOAN SERVICING 30777960 BANK/ CARD SERVICE CHARGE 15343434 MISC EXPENSE 12404462 PROVISION FOR LOAN LOSS 7682976 350744589 0 0 0 25013904 26073398 2556937017 744846533 9262226 11657447 70659792 71509718 7575088107 9888078133 179154004 40938435 5735164 8091865 175377401 58015547 111783594 117361854 806288553 647316403 29207913 25429717 103963382 100938707 197654368 223733457 11670748024 11905975667 77947451 85881680 56930927 63051213 210000000 200000000 10136061619 10303188020 10480939997 10652120913 X 1189808027 1253854754 1189808027 1253854754 11670748024 11905975667 X 169597248 -102355022 -3195499 X false true X true false false true X 43526697 43526697 91937003 29513764 62423239 2117108 1595992 521116 33652375 24505235 9147140 4144218 2400556 1743662 117361854 TOTAL DEPOSITS 10303188020 10303188020 SCHEDULE D, PAGE 2, PART IV, LINE 2B THE CREDIT UNION ACTS AS CUSTODIAN FOR RETAIL MORTGAGES false YMCA OF GREATER GRAND RAPIDS YMCA OF GREATER GRAND RAPIDS 475 LAKE MICHIGAN DR 475 LAKE MICHIGAN DR NW GRAND RAPIDS MI 49504 381358058 501C3 40000 PLAYGROUND EQUIPMENT AMERICAN RED CROSS AMERICAN RED CROSS 3886 BROADMOOR AVE 3886 BROADMOOR AVE GRAND RAPIDS MI 49512 530196605 501C3 20000 HURRICAN IAN RELIEF 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 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. X X X true true X X X X X X false true false SANDY JELINSKI CEO 1433007 1171623 83 56650 10418 2671781 MATT ADLER MORTGAGE LO 1388327 154 27225 9677 1425383 ZAC ELLERBROEK MORTGAGE LO 1279141 154 6 9677 1288978 RAZI QADRI SVP CIOO 834204 306130 50 29650 9677 1179711 EMIL IZRAILOV MORTGAGE LO 843793 307 25075 9677 878852 CORBIN BUTTLEMAN MORTGAGE SALES MANAG 810482 154 4 36150 9677 856467 ERIC BURGOON SVP MORTGAGE 571930 213444 50 49481 8428 843333 BRENT GREEN MORTGAGE SALES MANAG 811523 307 7428 819258 PETER DANN SVP CFO 413831 109382 50 36150 9677 569090 NORA SWART SVP CPO 410840 94279 74 33801 5957 544951 DON BRATT SVP CMO 307802 61477 50 46531 10418 426278 MARK POWELL VP CRO 300314 68879 50 27029 4477 400749 SARA KEMPERMAN SVP RETAIL OPERATION 273012 50094 50 28536 3607 355299 ALICIA FORCE SVP CONSUMER LENDING 176142 37115 41 15853 4813 233964 SCHEDULE J, PART III THE EXECUTIVES LISTED IN SCHEDULE L PART II PARTICIPATE IN A COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN. LIFE INSURANCE PREMIUMS ARE PAID ON BEHALF OF THE EXECUTIVES AND TREATED AS LOANS. THE TOTAL LOAN AMOUNT AS OF 12/31/22 WAS 71,509,717. 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 28415428 false true true NORA SWART OFFICER SPLIT DOLLAR PREMIUM LOAN X 9100000 9439959 false true true RAZI QADRI OFFICER SPLIT DOLLAR PREMIUM LOAN X 7188000 7433064 false true true PETER DANN OFFICER SPLIT DOLLAR PREMIUM LOAN X 5425000 5584748 false true true ERIC BURGOON OFFICER SPLIT DOLLAR PREMIUM LOAN X 5180000 5419789 false true true SARA KEMPERMAN OFFICER SPLIT DOLLAR PREMIUM LOAN X 4291000 4431564 false true true JIM MASKELL SVP COMMERCIAL SPLIT DOLLAR PREMIUM LOAN X 3850000 3952167 false true true DON BRATT OFFICER SPLIT DOLLAR PREMIUM LOAN X 3200000 3338969 false true true ALICIA FORCE OFFICER SPLIT DOLLAR PREMIUM LOAN X 1890000 1940853 false true true MARK POWELL OFFICER SPLIT DOLLAR PREMIUM LOAN X 1512000 1553177 false true true 71509718 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 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 COMMITTE 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 - LEASE ACCOUNTING -1,420,819 OCI -1,774,680 TOTAL -3,195,499 LAKE MICHIGAN FINANCIAL GROUP LAKE MICHIGAN FINANCIAL GROUP PO BOX 2088 PO BOX 2088 GRAND RAPIDS MI 49501 454172202 FINANCIAL MI 2023803 19688257 LMCU LAKE MICHIGAN CREDIT UNION