2025-05-14T16:07:32-05:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 381215360 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN 48 LAKE MICHIGAN CREDIT UNION CRED 6162429790 PO BOX 2848 GRAND RAPIDS MI 49501 PETER DANN EVP CFO 6162429790 2025-05-14 1 0 AUBREY CLEGG P01076395 3052328272 2025-05-14 2024 2025-03-06 01:10:19Z LAKE MICHIGAN CREDIT UNION JULIE LEONARD PO BOX 2848 GRAND RAPIDS MI 49501 829535555 0 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 1701 0 7537105 1097386 0 0 639865963 744009952 35730234 70562702 16451080 14840788 692047277 829413442 160000 289000 0 0 151350361 167130528 0 0 0 368316442 512733058 519826803 680152586 172220474 149260856 13371002258 14527369395 11990386029 12991316669 1380616229 1536052726 PROMOTION OF THRIFT AND PROVIDING LOW COST CREDIT AND OTHER FINANCIAL SERVICES FOR ITS MEMBERS THROUGH MUTUAL AND NONPROFIT ORGANIZATION. 0 0 LAKE MICHIGAN CREDIT UNION OFFERS NUMEROUS LOAN PRODUCTS TO MEET ITS MEMBERS' NEEDS. AS OF DECEMBER 31, 2024, THE CREDIT UNION HAD APPROXIMATELY 270,400 OUTSTANDING LOANS TO MEMBERS THAT AGGREGATED APPROXIMATELY $12,054,944,000. LOAN PRODUCTS INCLUDE AUTOMOBILE, RESIDENTIAL MORTGAGE, COMMERCIAL MORTGAGE, CREDIT CARD AND PERSONAL LOANS. LAKE MICHIGAN CREDIT UNION HAS OVER 1,290,600 DEPOSIT ACCOUNTS THAT AGGREGATED APPROXIMATELY $12,352,631,000 AS OF DECEMBER 31, 2024. DEPOSIT PRODUCTS INCLUDE SAVINGS, CHECKING, MONEY MARKET, INDIVIDUAL RETIREMENT ACCOUNTS AND CERTIFICATES. LAKE MICHIGAN CREDIT UNION OFFERS A WIDE VARIETY OF SERVICES TO ITS MORE THAN 499,000 MEMBERS INCLUDING, BUT NOT LIMITED TO, ONLINE BANKING, MOBILE BANKING, WIRE SERVICES, OVERDRAFT PROTECTION AND DIGITAL WALLET. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 267354 0 1 1701 1 1 1 0 0 0 0 0 1 0 X 11 11 1 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 X LAKE MICHIGAN CREDIT UNION 6162346830 5664 PRAIRIE CREEK DR CALEDONIA MI 49316 BRAD MATHIS DIRECTOR 1.00 X 0 0 0 TIMOTHY MYERS DIRECTOR 1.00 X 0 0 0 JACK NEWBERRY DIRECTOR 1.00 X 0 0 0 JUAN OLIVAREZ VICE CHAIRPERSON 1.00 X 0 0 0 CHERI PARKER DIRECTOR 1.00 X 0 0 0 BOB PARTIDGE DIRECTOR 1.00 X 0 0 0 MIKE RICE DIRECTOR 1.00 X 0 0 0 GRETCHEN TELLMAN-PARTRIDGE CHAIRPERSON 1.00 X 0 0 0 BOB WHITE DIRECTOR 1.00 X 0 0 0 DAVE BARDOLPH TREASURER 1.00 X 0 0 0 TIMOTHY GORTSEMA SECRETARY 1.00 X 0 0 0 CAITLIN TOWNSEND-LAMB DIRECTOR 1.00 X 0 0 0 SANDRA JELINSKI CEO 40.00 X 6544497 0 65760 JULIE LEONARD CEO 40.00 X 999199 0 51221 ERIC BURGOON CHIEF EXPERIENCE 40.00 X 808354 0 67111 DON BRATT CMO 40.00 X 276461 0 13186 CHRISTI COWDIN CMO 40.00 X 255155 0 35102 CHRISTOPHER ORTEGA CIO 40.00 X 171527 0 1721 KEVIN SMITH CIO 40.00 X 230908 0 7353 NORA SWART CPO 40.00 X 404094 0 28195 SARA MIKLUSICAK CPO 40.00 X 218215 0 7212 MARTIN PELTIER CGO 40.00 X 339010 0 72815 JAMES MASKELL SVP CCO 40.00 X 450878 0 52637 MARK POWELL SVP CRO 40.00 X 451399 0 36143 SARA KEMPERMANN SVP COO 40.00 X 461438 0 4273 PETER DANN EVP CFO 40.00 X 708202 0 52262 MATTHEW ADLER MORTGAGE LOAN ORIGINATOR 40.00 X 1294182 0 40876 ZAC ELLERBROEK MORTGAGE LOAN ORIGINATOR 40.00 X 1129851 0 10677 CORBIN BUTTLEMAN VP RETAIL MORTGAGE SALES TC 40.00 X 933394 0 50843 JAMES PAQUETTE MORTGAGE SALES MANAGER BRIGHTON 40.00 X 773356 0 49278 EMIL IZRAILOV MORTGAGE SALES MANAGER FH 40.00 X 562206 0 129119 ALICIA FORCE FORMER SVP CONSUMER LENDING 0.00 X 340089 0 0 17352415 0 775784 235 1 1 0 NEWCO DESIGN BUILD LLC 4131 ROGER B CHAFFE GRAND RAPIDS MI 49548 CONSTRUCTION 4161661 BLACK KNIGHT TECHNOLOGIES LLC PO BOX 809007 CHICAGO IL 60680 SOFTWARE 3161527 AT&T 019 PO BOX 5014 CAROL STREAM IL 60197 COMMUNICATION 3022906 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 SOFTWARE 2994008 VISA 900 METRO CENTER FOSTER CITY CA 94404 PROCESSING 2575146 139 INTEREST ON MEMBER LOA 522100 597695511 597695511 MORTGAGE INCOME 522100 65272799 65272799 INTERCHANGE INCOME 522100 41846328 41846328 FEES AND CHARGES 522100 24542100 24542100 FINANCE AND INSURANCE 520000 7537105 7537105 7116109 7116109 744009952 70367204 70367204 112851 114480 -1629 -1629 -1629 203131 7633 195498 195498 195498 OTHER NON-INTEREST INC 522100 14842417 14842417 14842417 829413442 751509133 7537105 70367204 X 215000 74000 12814328 127053796 3660420 13993161 9608823 896729 2135486 337246 2512501 9071892 14842445 20081511 13658430 685170 290436 350648139 9361298 1353208 PROVISION FOR LOAN LOSS 29398865 LOAN SERVICING 20775663 BANK/CARD SERVICES CHAR 15667892 VISA EXPENSES 12879309 8136838 680152586 24669475 27903519 637076021 1343692342 17685203 22576363 68821305 73769751 11531604961 11983303755 8340501 6317269 198013139 70928077 121444065 127085062 572733538 516921451 37771142 45979942 99148278 97363220 251707769 282456721 13371002258 14527369395 112724759 90858408 58284876 37827521 570000000 510000000 11249376394 12352630740 11990386029 12991316669 X 0 0 0 0 1380616229 1536052726 1380616229 1536052726 13371002258 14527369395 X 149260856 2554376 3621265 X X 0 1 X 1 0 0 1 X 47444647 47444647 103314012 36617926 66696086 2162967 1552212 610755 41088854 30608215 10480639 4002659 2149724 1852935 127085062 CERTIFICATES OF DEPOSIT 3473524060 IRA ACCOUNTS 117785767 MONEY MARKET 4159961366 REGULAR SHARES 1509365961 SHARE DRAFTS 3091993586 12352630740 X 829527922 114480 114480 829413442 0 829413442 680267066 114480 114480 680152586 0 680152586 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. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES. THE CREDIT UNION'S SUBSIDIARY IS A CREDIT UNION SERVICE ORGANIZATION (CUSO) AND ORGANIZED AS AN LLC THAT MAY BE SUBJECT TO APPLICABLE TAXES. THE CREDIT UNION FILES FORM 990 IN THE U.S. FEDERAL JURISDICTION, AND STATE RETURNS ARE FILED FOR THE CUSO AS NECESSARY. THE CREDIT UNION RECOGNIZES INTEREST AND PENALTIES ON INCOME TAXES AS A COMPONENT OF INCOME TAX EXPENSE. WITH FEW EXCEPTIONS, THE CREDIT UNION IS NO LONGER SUBJECT TO U.S. FEDERAL OR STATE AND LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED AS A REDUCTION OF REVENUE WITHIN FORM 990 BUT REPORTED WITHIN TOTAL EXPENSES IN THE AUDITED FINANCIAL STATEMENTS 114,480. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED AS A REDUCTION OF REVENUE WITHIN FORM 990 BUT REPORTED WITHIN TOTAL EXPENSES IN THE AUDITED FINANCIAL STATEMENTS 114,480. 0 ICCF 415 FRANKLIN ST SE SUITE 100 GRAND RAPIDS MI 49507 382615690 501(C)(3) 50000 0 CHARITABLE CONTRIBUTION MEALS ON WHEELS WESTERN MICHIGAN 2900 WILSON AVE SW STE 500 GRANDVILLE MI 49418 382535537 501(C)(3) 25000 0 CHARITABLE CONTRIBUTION NATIONAL FAITH HOMEBUYERS 601 W FORT STREET SUITE 100 DETROIT MI 48226 383302761 501(C)(3) 25000 0 CHARITABLE CONTRIBUTION JUNIOR ACHIEVEMENT OF MICHIGAN GREAT LAKES 4090 LAKE DR SE GRAND RAPIDS MI 49546 381557861 501(C)(3) 25000 0 CHARITABLE CONTRIBUTION BRODY'S BE CAFE LLC 7267 THORNAPPLE RIVER DR SE ADA MI 49301 832632219 501(C)(3) 20000 0 CHARITABLE CONTRIBUTION LITERACY CENTER OF WEST MICHIGAN 1120 MONROE AVE NW STE 240 GRAND RAPIDS MI 49503 382725232 501(C)(3) 20000 0 CHARITABLE CONTRIBUTION MICHIGAN STATE UNIVERSITY 535 CHESTNUT RD RM 300 EAST LANSING MI 48824 386005984 501(C)(3) 20000 0 CHARITABLE CONTRIBUTION HABITAT FOR HUMANITY OF KENT COUNTY 425 PLEASANT ST SW GRAND RAPIDS MI 49503 382527968 501(C)(3) 15000 0 CHARITABLE CONTRIBUTION DAVENPORT UNIVERSITY FOUNDATION 6191 KRAFT AVE SE GRAND RAPIDS MI 49512 382434184 501(C)(3) 15000 0 CHARITABLE CONTRIBUTION 9 0 HUTT COLLEGE SCHOLARSHIP 20 40000 ROOTS IN EDUCATION 25 25000 KENT ISD TEACHER PATHWAY SCHOLARSHIPS 3 9000 FORM 990, SCH I, 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. EDUCATORS ARE NOMINATED BY INDIVIDUALS AND AWARDED BY PANEL OF JUDGES. KENT ISD AWARDED TO THREE HIGH SCHOOL SENIORS FOR HIGHER EDUCATION PURSUIT IN TEACHING. X X X 1 1 X X X X X X 1 1 0 SANDRA JELINSKI CEO 708124 0 5829425 0 6948 0 63850 0 1910 0 6610257 0 0 0 MATTHEW ADLER MORTGAGE LOAN ORIGINATOR 1293247 0 154 0 781 0 30199 0 10677 0 1335058 0 0 0 ZAC ELLERBROEK MORTGAGE LOAN ORIGINATOR 1129247 0 154 0 450 0 0 0 10677 0 1140528 0 0 0 JULIE LEONARD CEO 881194 0 100000 0 18005 0 43954 0 7267 0 1050420 0 0 0 CORBIN BUTTLEMAN VP RETAIL MORTGAGE SALES TC 932550 0 154 0 690 0 40766 0 10077 0 984237 0 0 0 ERIC BURGOON CHIEF EXPERIENCE 647776 0 151278 0 9300 0 57006 0 10105 0 875465 0 0 0 JAMES PAQUETTE MORTGAGE SALES MANAGER BRIGHTON 772512 0 154 0 690 0 40850 0 8428 0 822634 0 0 0 PETER DANN EVP CFO 549940 0 144658 0 13604 0 40850 0 11412 0 760464 0 0 0 EMIL IZRAILOV MORTGAGE SALES MANAGER FH 560938 0 307 0 961 0 22345 0 106774 0 691325 0 0 0 JAMES MASKELL SVP CCO 359588 0 90000 0 1290 0 40225 0 12412 0 503515 0 0 0 MARK POWELL SVP CRO 367451 0 83344 0 604 0 30976 0 5167 0 487542 0 0 0 SARA KEMPERMANN SVP COO 376010 0 75767 0 9661 0 0 0 4273 0 465711 0 0 0 NORA SWART CPO 216817 0 114017 0 73260 0 26098 0 2097 0 432289 0 0 0 MARTIN PELTIER CGO 275310 0 50936 0 12764 0 60403 0 12412 0 411825 0 0 0 ALICIA FORCE FORMER SVP CONSUMER LENDING 0 0 0 0 340089 0 0 0 0 0 340089 0 0 0 CHRISTI COWDIN CMO 230325 0 24013 0 817 0 35102 0 0 0 290257 0 0 0 DON BRATT CMO 203310 0 65231 0 7920 0 10265 0 2921 0 289647 0 0 0 KEVIN SMITH CIO 121571 0 0 0 109337 0 5750 0 1603 0 238261 0 0 0 SARA MIKLUSICAK CPO 199807 0 18125 0 283 0 0 0 7212 0 225427 0 0 0 CHRISTOPHER ORTEGA CIO 155971 0 0 0 15556 0 0 0 1721 0 173248 0 0 0 PART I, LINES 4A-B ALICIA FORCE - $340,089 KEVIN SMITH - $80,770 THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO CERTAIN EXECUTIVES THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AS PER THE CONTRACTUAL AGREEMENT, LIFE INSURANCE PREMIUMS ARE PAID ON BEHALF OF THE OFFICERS AND TREATED AS LOANS. THE EXECUTIVE IS THE SOLE OWNER OF THE POLICY AND HAS ASSIGNED THE LIFE INSURANCE POLICIES AS COLLATERAL TO THE CREDIT UNION AS SECURITY FOR THE REPAYMENT OF THE PREMIUMS. SEE SCHEDULE L FOR FURTHER DETAILS. SANDY JELINSKI FORMER OFFICER TO FUND COLLATERAL ASSIGNED SPLIT DOLLAR POLICY PREMIUM X 27488120 29108914 0 1 1 NORA SWART FORMER OFFICER TO FUND COLLATERAL ASSIGNED SPLIT DOLLAR POLICY PREMIUM X 9100000 9668529 0 1 1 PETER DANN OFFICER TO FUND COLLATERAL ASSIGNED SPLIT DOLLAR POLICY PREMIUM X 5425000 5711519 0 1 1 ERIC BURGOON OFFICER TO FUND COLLATERAL ASSIGNED SPLIT DOLLAR POLICY PREMIUM X 5180000 5543034 0 1 1 SARA KEMPERMAN OFFICER TO FUND COLLATERAL ASSIGNED SPLIT DOLLAR POLICY PREMIUM X 4291000 4540361 0 1 1 JIM MASKELL OFFICER TO FUND COLLATERAL ASSIGNED SPLIT DOLLAR POLICY PREMIUM X 3850000 4052856 0 1 1 RAZI QADRI FORMER OFFICER TO FUND COLLATERAL ASSIGNED SPLIT DOLLAR POLICY PREMIUM X 7188000 4027731 0 1 1 DON BRATT OFFICER TO FUND COLLATERAL ASSIGNED SPLIT DOLLAR POLICY PREMIUM X 3200000 3417716 0 1 1 ALICIA FORCE FORMER OFFICER TO FUND COLLATERAL ASSIGNED SPLIT DOLLAR POLICY PREMIUM X 1890000 1991246 0 1 1 MARK POWELL OFFICER TO FUND COLLATERAL ASSIGNED SPLIT DOLLAR POLICY PREMIUM X 1512000 1588199 0 1 1 JULIE LEONARD OFFICER TO FUND COLLATERAL ASSIGNED SPLIT DOLLAR POLICY PREMIUM X 4090000 4119646 0 1 1 73769751 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO CERTAIN EXECUTIVES THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. AS PER THE CONTRACTUAL AGREEMENT, THE EXECUTIVES ARE THE SOLE OWNERS OF THE POLICIES AND HAVE ASSIGNED THE POLICIES AS COLLATERAL TO THE CREDIT UNION AS SECURITY FOR THE REPAYMENT OF THE LOAN. THE LOANS ARE NONRECOURSE AND WILL BE REPAID FROM THE PROCEEDS OF THE POLICIES. FORM 990, PART VI, SECTION A, LINE 2 BOARD CHAIR GRETCHEN TELLMAN AND BOARD MEMBER ROBERT PARTRIDGE ARE SPOUSES. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A MEMBER SHAREHOLDERS ELECT BOARD MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS APPROVE BOARD MEMBERS WHEN TERM EXPIRE. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION'S MANAGEMENT REVIEWS THE FORM 990 IN DETAIL WITH THEIR PAID TAX PREPARERS. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS AND DIRECTORS PROVIDE WRITTEN DISCLOSURE OF ANY ISSUES THAT COULD LEAD TO CONFLICTS OF INTEREST ON AN ANNUAL BASIS. THESE POTENTIAL CONFLICTS OF INTEREST ARE REVIEWED BY INTERNAL AUDIT AND REPORTED TO THE AUDIT COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION REVIEWS OF ALL OFFICERS AND KEY EXECUTIVES ARE PERFORMED AT LEAST ANNUALLY BY HUMAN RESOURCES AND REVIEWED BY THE EXECUTIVE COMMITTEE MADE UP OF BOARD MEMBERS. THE BOARD OF DIRECTORS APPROVES THE CEO'S COMPENSATION AS WELL AS THE COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES WHOSE COMPENSATION IS SET BY THE CEO. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATIONAL DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL AND OUTSIDE SERVICES 2,512,501. FORM 990, PART IX, LINE 24E MISC EXPENSES 7,772,438. ASSOCIATION DUES 364,400. FORM 990, PART XI, LINE 9: NET CHANGE IN UNEALIZED GAINS/(LOSSES) ON PENSION BENEFIT PLAN 3,621,265. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. LAKE MICHIGAN FINANCIAL GROUP PO BOX 2088 GRAND RAPIDS MI 49501 454172202 FINANCIAL MI 2220718 24031109 LAKE MICHIGAN CREDIT UNION