CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN: Form 990, tax year 2015
View the entire original 990 at ProPublica ↗
- Organization
- CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN (EIN 38-1215360)
- Tax period
- 2015-01-01 to 2015-12-31
- Filed
- 2016-11-11
- IRS object ID
- 201633169349300838
- Schema version
- 2015v2.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2016-11-11T08:56:10-06:00 | ReturnTs |
| Tax Period End | 2015-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | LAKE MICHIGAN CREDIT UNION | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4027 LAKE DR SE STE 100 | AddressLine1Txt |
| City | GRAND RAPIDS | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 495468812 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2015-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 381215360 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CREDIT UNIONS CHARTERED IN THE | BusinessNameLine1Txt |
| Business Name Line2 | STATE OF MICHIGAN 48 LAKE MICH CU | BusinessNameLine2Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | CRED | BusinessNameControlTxt |
| Phone | 6162429790 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 2848 | AddressLine1Txt |
| City | GRAND RAPIDS | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 495012848 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | PETER DANN | PersonNm |
| Person Title | CFO | PersonTitleTxt |
| Phone | 6162346418 | PhoneNum |
| Signature | 2016-11-11 | SignatureDt |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparation | 2016-11-11 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2015 | TaxYr |
| Build TS | 2017-02-10 21:41:12Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | SANDY JELINSKI | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 2848 | AddressLine1Txt |
| City | GRAND RAPIDS | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 49501 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $367,895,474 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.LMCU.ORG | WebsiteAddressTxt |
| Type Of Organization Other | Yes (X) | TypeOfOrganizationOtherInd |
| Other Organization Dsc | NON PROFIT | OtherOrganizationDsc |
| Formation | 1933 | FormationYr |
| Legal Domicile State | MI | LegalDomicileStateCd |
| Activity Or Mission | PROMOTION OF THRIFT AND PROVIDING LOW COST CREDIT AND OTHER FINANCIAL SERVICES FOR ITS MEMBERS THROUGH MUTUAL AND NONPROFIT ORGANIZATION. | ActivityOrMissionDesc |
| Voting Members Governing Body | 11 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 11 | VotingMembersIndependentCnt |
| Total Employee | 1152 | TotalEmployeeCnt |
| Total Gross UBI | $1,683,555 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $243,331 | NetUnrelatedBusTxblIncmAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $157,247,899 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $197,241,907 | CYProgramServiceRevenueAmt |
| PY Investment Income | $31,394,754 | PYInvestmentIncomeAmt |
| CY Investment Income | $32,539,294 | CYInvestmentIncomeAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $188,642,653 | PYTotalRevenueAmt |
| CY Total Revenue | $229,781,201 | CYTotalRevenueAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $54,927,931 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $65,276,448 | CYSalariesCompEmpBnftPaidAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $77,306,008 | PYOtherExpensesAmt |
| CY Other Expenses | $91,624,340 | CYOtherExpensesAmt |
| PY Total Expenses | $132,233,939 | PYTotalExpensesAmt |
| CY Total Expenses | $156,900,788 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $56,408,714 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $72,880,413 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $3,539,495,204 | TotalAssetsBOYAmt |
| Total Assets EOY | $4,088,223,054 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $3,142,670,033 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $3,619,335,683 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $396,825,171 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $468,887,371 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | PROMOTION OF THRIFT AND PROVIDING LOW COST CREDIT AND OTHER FINANCIAL SERVICES FOR ITS MEMBERS THROUGH MUTUAL AND NONPROFIT ORGANIZATION. | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | false | SignificantChangeInd |
| Desc | INTEREST INCOME | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | DEBIT / CREDIT INTERCHANGE | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | OVERDRAFT / NSF | Desc |
Prog Srvc Accom Acty Other ProgSrvcAccomActyOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | $153,015,879 | ExpenseAmt |
| Desc | PROVIDING LOW LOAN RATES AND HIGH DEPOSIT RATES TO OUR MEMBER OWNERS. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Prog Srvc Expense | $153,015,879 | TotalOtherProgSrvcExpenseAmt |
| Total Program Service Expenses | $153,015,879 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | false | DescribedInSection501c3Ind |
| Schedule B Required | false | ScheduleBRequiredInd |
| Political Campaign Acty | false | PoliticalCampaignActyInd |
| Subject To Proxy Tax | false | SubjectToProxyTaxInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Conservation Easements | false | ConservationEasementsInd |
| Collections Of Art | false | CollectionsOfArtInd |
| Credit Counseling | Yes (true) | CreditCounselingInd |
| Temp Or Permanent Endowments | false | TempOrPermanentEndowmentsInd |
| Report Land Building Equipment | Yes (true) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | false | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | false | ReportProgramRelatedInvstInd |
| Report Other Assets | false | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (true) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | false | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | false | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (true) | ConsolidatedAuditFinclStmtInd |
| School Operating | false | SchoolOperatingInd |
| Foreign Office | false | ForeignOfficeInd |
| Foreign Activities | false | ForeignActivitiesInd |
| More Than5000 K To Org | false | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividualsInd |
| Professional Fundraising | false | ProfessionalFundraisingInd |
| Fundraising Activities | false | FundraisingActivitiesInd |
| Gaming Activities | false | GamingActivitiesInd |
| Operate Hospital | false | OperateHospitalInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Grants To Individuals | false | GrantsToIndividualsInd |
| Schedule J Required | Yes (true) | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| Loan Outstanding | false | LoanOutstandingInd |
| Grant To Related Person | false | GrantToRelatedPersonInd |
| Business Rln With Org Mem | false | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | false | BusinessRlnWithFamMemInd |
| Business Rln With Officer Ent | false | BusinessRlnWithOfficerEntInd |
| Deductible Non Cash Contri | false | DeductibleNonCashContriInd |
| Deductible Art Contribution | false | DeductibleArtContributionInd |
| Terminate Operations | false | TerminateOperationsInd |
| Partial Liquidation | false | PartialLiquidationInd |
| Disregarded Entity | Yes (true) | DisregardedEntityInd |
| Related Entity | false | RelatedEntityInd |
| Related Organization Ctrl Ent | false | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | false | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (true) | ScheduleORequiredInd |
| IRP Document | 0 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (true) | BackupWthldComplianceInd |
| Employee | 1152 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (true) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (true) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (true) | Form990TFiledInd |
| Foreign Financial Account | false | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | false | TaxablePartyNotificationInd |
| Nondeductible Contributions | false | NondeductibleContributionsInd |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 11 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 11 | IndependentVotingMemberCnt |
| Family Or Business Rln | Yes (true) | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | false | DelegationOfMgmtDutiesInd |
| Change To Org Documents | false | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (true) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (true) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (true) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (true) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (true) | MinutesOfCommitteesInd |
| Officer Mailing Address | false | OfficerMailingAddressInd |
| Local Chapters | Yes (true) | LocalChaptersInd |
| Policies Reference Chapters | Yes (true) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | false | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (true) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (true) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (true) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (true) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (true) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (true) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (true) | CompensationProcessOtherInd |
| Investment In Joint Venture | Yes (true) | InvestmentInJointVentureInd |
| Written Policy Or Procedure | Yes (true) | WrittenPolicyOrProcedureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | LAKE MICHIGAN CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 6162346830 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 5540 GLENWOOD HILLS PKWY SE | AddressLine1Txt |
| City | GRAND RAPIDS | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 49512 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (5 entries)
| TitleTitleTxt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Average Hours Per WeekAverageHoursPerWeekRt | OfficerOfficerInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|
| LIST AVAILABLE UPON REQUEST | |||||||
| BOARD MEMBER | Yes (X) | $0 | $0 | $0 | |||
| LIST AVAILABLE UPON REQUEST | |||||||
| STRATEGY GRO | $3,932,638 | $0 | $279,109 | 40.00 | Yes (X) | ||
| SANDY JELINSKI | |||||||
| CEO | $0 | $0 | $0 | 40.00 | Yes (X) | ||
| PETER DANN | |||||||
| CFO | $0 | $0 | $0 | 40.00 | Yes (X) | ||
| LIST AVAILABLE UPON REQUEST | |||||||
| HIGHEST EMPL | $2,512,945 | $0 | $114,615 | 40.00 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $6,445,583 | TotalReportableCompFromOrgAmt |
| Total Other Compensation | $393,724 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 2 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | false | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (true) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| FIRST AMERICAN TITLE | |||||
| 4362 CASCADE RD | GRAND RAPIDS | MI | 49546 | TITLE | $5,964,537 |
| NEWCO | |||||
| 3400 ROGER B CHAFFE SW | GRAND RAPIDS | MI | 49548 | BUILDING | $3,225,300 |
| AT&T | |||||
| PO BOX 5014 | CAROL STREAM | IL | 60197 | PHONE | $2,104,354 |
| TRANSNATION TITLE | |||||
| 921 N DIVISION AVE | GRAND RAPIDS | MI | 49503 | TAX | $2,075,304 |
| CBC INNOVIS | |||||
| PO BOX 535595 | PITTSBURGH | PA | 15253 | CREDIT | $1,211,046 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 79 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (5 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| INTEREST ON MEMBER LOANS | 522291 | $112,671,279 | $112,671,279 | |
| INTERCHANGE AND OTHER | 522100 | $42,133,684 | $42,133,684 | |
| MORTGAGE SERVICING RIGHTS | 522291 | $20,509,195 | $20,509,195 | |
| FEES AND CHARGES ON ACCOUNTS | 525990 | $20,244,194 | $20,244,194 | |
| INSURANCE REVENUE | 525990 | $1,257,145 | $1,257,145 |
Total Oth Program Service Rev TotalOthProgramServiceRevGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $426,410 | TotalRevenueColumnAmt |
| Unrelated Business Revenue | $426,410 | UnrelatedBusinessRevenueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $197,241,907 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $9,871,434 | TotalRevenueColumnAmt |
| Exclusion | $9,871,434 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $61,538,163 | SecuritiesAmt |
| Other | $99,243,970 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $61,110,976 | SecuritiesAmt |
| Other | $77,003,297 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $427,187 | SecuritiesAmt |
| Other | $22,240,673 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $22,667,860 | TotalRevenueColumnAmt |
| Exclusion | $22,667,860 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $229,781,201 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $195,558,352 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $1,683,555 | UnrelatedBusinessRevenueAmt |
| Exclusion | $32,539,294 | ExclusionAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,884,909 | TotalAmt |
| Management And General | $3,884,909 | ManagementAndGeneralAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $51,020,813 | TotalAmt |
| Program Services | $51,020,813 | ProgramServicesAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,737,651 | TotalAmt |
| Program Services | $1,737,651 | ProgramServicesAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,892,432 | TotalAmt |
| Program Services | $4,892,432 | ProgramServicesAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,740,643 | TotalAmt |
| Program Services | $3,740,643 | ProgramServicesAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $772,553 | TotalAmt |
| Program Services | $772,553 | ProgramServicesAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $649,740 | TotalAmt |
| Program Services | $649,740 | ProgramServicesAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $140,858 | TotalAmt |
| Program Services | $140,858 | ProgramServicesAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,481,312 | TotalAmt |
| Program Services | $3,481,312 | ProgramServicesAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,151,439 | TotalAmt |
| Program Services | $5,151,439 | ProgramServicesAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,778,278 | TotalAmt |
| Program Services | $4,778,278 | ProgramServicesAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,912,506 | TotalAmt |
| Program Services | $4,912,506 | ProgramServicesAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $558,539 | TotalAmt |
| Program Services | $558,539 | ProgramServicesAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $32,610,076 | TotalAmt |
| Program Services | $32,610,076 | ProgramServicesAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,757,672 | TotalAmt |
| Program Services | $4,757,672 | ProgramServicesAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $439,825 | TotalAmt |
| Program Services | $439,825 | ProgramServicesAmt |
Other Expenses OtherExpensesGrp (3 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt |
|---|---|---|
| LOAN SERVICING | $18,718,131 | $18,718,131 |
| BANK/ CARD SERVICE CHARGE | $8,675,409 | $8,675,409 |
| MISC EXPENSE | $5,978,002 | $5,978,002 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $156,900,788 | TotalAmt |
| Program Services | $153,015,879 | ProgramServicesAmt |
| Management And General | $3,884,909 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $199,995,673 | BOYAmt |
| EOY | $312,717,860 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $67,389 | BOYAmt |
| EOY | $195,025 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $95,600 | BOYAmt |
| EOY | $222,092 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,367,140,723 | BOYAmt |
| EOY | $3,055,039,600 | EOYAmt |
Inventories For Sale Or Use InventoriesForSaleOrUseGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $125,539,275 | BOYAmt |
| EOY | $79,668,372 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $5,061,945 | BOYAmt |
| EOY | $5,842,385 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $90,210,810 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $31,575,612 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $49,784,126 | BOYAmt |
| EOY | $58,635,198 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $689,261,591 | BOYAmt |
| EOY | $457,505,326 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $21,159,425 | BOYAmt |
| EOY | $21,780,254 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,682,200 | BOYAmt |
| EOY | $3,606,559 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $77,707,257 | BOYAmt |
| EOY | $93,010,383 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,539,495,204 | BOYAmt |
| EOY | $4,088,223,054 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $17,155,405 | BOYAmt |
| EOY | $19,231,863 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $13,959,824 | BOYAmt |
| EOY | $12,828,241 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $403,000,000 | BOYAmt |
| EOY | $453,000,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,708,554,804 | BOYAmt |
| EOY | $3,134,275,579 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,142,670,033 | BOYAmt |
| EOY | $3,619,335,683 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow SFAS117 | Yes (X) | OrgDoesNotFollowSFAS117Ind |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $396,825,171 | BOYAmt |
| EOY | $468,887,371 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $396,825,171 | BOYAmt |
| EOY | $468,887,371 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,539,495,204 | BOYAmt |
| EOY | $4,088,223,054 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $72,880,413 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $403,802 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$1,222,015 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | false | AccountantCompileOrReviewInd |
| FS Audited | Yes (true) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (true) | AuditCommitteeInd |
| Federal Grant Audit Required | false | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Agent Trustee Etc | false | AgentTrusteeEtcInd |
| Incl Escrow Custodial Acct Liab | Yes (true) | InclEscrowCustodialAcctLiabInd |
| Explanation Provided | Yes (X) | ExplanationProvidedInd |
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $18,529,777 | OtherCostOrOtherBasisAmt |
| Book Value | $18,529,777 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $42,004,543 | OtherCostOrOtherBasisAmt |
| Depreciation | $9,842,465 | DepreciationAmt |
| Book Value | $32,162,078 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $643,544 | OtherCostOrOtherBasisAmt |
| Depreciation | $227,483 | DepreciationAmt |
| Book Value | $416,061 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $20,020,252 | OtherCostOrOtherBasisAmt |
| Depreciation | $15,060,466 | DepreciationAmt |
| Book Value | $4,959,786 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $9,012,694 | OtherCostOrOtherBasisAmt |
| Depreciation | $6,445,198 | DepreciationAmt |
| Book Value | $2,567,496 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $58,635,198 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | TOTAL DEPOSITS | Desc |
| Amt | $3,134,275,579 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $3,134,275,579 | TotalLiabilityAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE D, PAGE 2, PART IV, LINE 2B | FormAndLineReferenceDesc |
| Explanation | THE CREDIT UNION ACTS AS CUSTODIAN FOR RETAIL MORTGAGES | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Written Policy Ref T And E Expnss | Yes (true) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (true) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | false | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | false | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | false | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (2 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt |
|---|---|---|---|---|---|
| LIST AVAILABLE UPON REQUEST | |||||
| STRATEGY GROUP | $2,843,102 | $1,041,807 | $47,729 | $279,109 | $4,211,747 |
| LIST AVAILABLE UPON REQUEST | |||||
| HIGHEST EMPLOYEES | $353,650 | $2,106,735 | $52,560 | $114,615 | $2,627,560 |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (11 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PAGE 2, PART III, LINE 4D | PROVIDING LOW LOAN RATES AND HIGH DEPOSIT RATES TO OUR MEMBER OWNERS. |
| 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 |
| 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 OCI 0 LIFE SAVINGS -2,000 OCI -1,220,015 TOTAL -1,222,015 |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | LAKE MICHIGAN FINANCIAL GROUP | BusinessNameLine1Txt |
| Business Name Line2 | LAKE MICHIGAN FINANCIAL GROUP | BusinessNameLine2Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 2088 | AddressLine1Txt |
| Address Line2 | PO BOX 2088 | AddressLine2Txt |
| City | GRAND RAPIDS | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 49501 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 454172202 | EIN |
| Primary Activities | FINANCIAL | PrimaryActivitiesTxt |
| Legal Domicile State | MI | LegalDomicileStateCd |
| Total Income | $1,062,210 | TotalIncomeAmt |
| End Of Year Assets | $9,449,506 | EndOfYearAssetsAmt |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | LMCU | BusinessNameLine1Txt |
| Business Name Line2 | LAKE MICHIGAN CREDIT UNION | BusinessNameLine2Txt |