CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN: Form 990, tax year 2014
View the entire original 990 at ProPublica ↗
- Organization
- CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN (EIN 38-1215360)
- Tax period
- 2014-01-01 to 2014-12-31
- Filed
- 2015-11-13
- IRS object ID
- 201533179349303113
- Schema version
- 2014v5.0
- 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 | 2015-11-13T09:47:24-06:00 | ReturnTs |
| Tax Period End | 2014-12-31 | 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 | 2014-01-01 | 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 | 49501 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | TERRY O'ROURKE | PersonNm |
| Person Title | CFO | PersonTitleTxt |
| Phone | 6162429790 | PhoneNum |
| Signature | 2015-11-13 | SignatureDt |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparation | 2015-11-13 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2014 | TaxYr |
| Build TS | 2016-04-25 22:37:26Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Initial Return | Yes (X) | InitialReturnInd |
| 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 | $401,770,846 | 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 | 1043 | TotalEmployeeCnt |
| Total Gross UBI | $2,480,556 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | -$199,305 | NetUnrelatedBusTxblIncmAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $135,187,221 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $157,247,899 | CYProgramServiceRevenueAmt |
| PY Investment Income | $38,507,187 | PYInvestmentIncomeAmt |
| CY Investment Income | $31,394,754 | CYInvestmentIncomeAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $173,694,408 | PYTotalRevenueAmt |
| CY Total Revenue | $188,642,653 | CYTotalRevenueAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $46,957,237 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $54,927,931 | CYSalariesCompEmpBnftPaidAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $72,725,770 | PYOtherExpensesAmt |
| CY Other Expenses | $77,306,008 | CYOtherExpensesAmt |
| PY Total Expenses | $119,683,007 | PYTotalExpensesAmt |
| CY Total Expenses | $132,233,939 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $54,011,401 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $56,408,714 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $3,041,411,625 | TotalAssetsBOYAmt |
| Total Assets EOY | $3,539,495,204 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $2,711,343,708 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $3,142,670,033 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $330,067,917 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $396,825,171 | 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 | $132,233,939 | 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 | $132,233,939 | TotalOtherProgSrvcExpenseAmt |
| Total Program Service Expenses | $132,233,939 | 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 | 1043 | 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 | TERRY OROURKE | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 6162346334 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4027 LAKE DR SE | AddressLine1Txt |
| City | GRAND RAPIDS | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 49546 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (3 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 | $4,362,265 | $0 | $192,375 | 40.00 | Yes (X) | ||
| LIST AVAILABLE UPON REQUEST | |||||||
| HIGHEST EMPL | $1,871,284 | $0 | $103,514 | 40.00 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $6,233,549 | TotalReportableCompFromOrgAmt |
| Total Other Compensation | $295,889 | 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 |
|---|---|---|---|---|---|
| NEWCO | |||||
| 3400 ROGER B CHAFFE SW | GRAND RAPIDS | MI | 49548 | BUILDING | $1,202,397 |
| AT&T | |||||
| PO BOX 5014 | CAROL STREAM | IL | 60197 | PHONE | $1,171,074 |
| FIRST AMERICAN TITLE | |||||
| 4362 CASCADE RD | GRAND RAPIDS | MI | 49546 | TITLE | $1,150,274 |
| CBC INNOVIS | |||||
| PO BOX 535595 | PITTSBURGH | PA | 15253 | CREDIT | $892,641 |
| LERETA LLC | |||||
| 1123 PARK VIEW DRIVE | COVINA | CA | 91724 | TAX | $811,480 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 62 | 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 | $86,618,968 | $86,618,968 | |
| INTERCHANGE AND OTHER | 522100 | $37,184,763 | $37,184,763 | |
| FEES AND CHARGES ON ACCOUNTS | 522291 | $18,424,145 | $18,424,145 | |
| MORTGAGE SERVICING RIGHTS | 525990 | $12,539,467 | $12,539,467 | |
| INSURANCE REVENUE | 525990 | $1,585,510 | $1,585,510 |
Total Oth Program Service Rev TotalOthProgramServiceRevGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $895,046 | TotalRevenueColumnAmt |
| Unrelated Business Revenue | $895,046 | UnrelatedBusinessRevenueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $157,247,899 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $15,960,991 | TotalRevenueColumnAmt |
| Exclusion | $15,960,991 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $159,299,646 | SecuritiesAmt |
| Other | $69,262,310 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $153,975,235 | SecuritiesAmt |
| Other | $59,152,958 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $5,324,411 | SecuritiesAmt |
| Other | $10,109,352 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $15,433,763 | TotalRevenueColumnAmt |
| Exclusion | $15,433,763 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $188,642,653 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $154,767,343 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $2,480,556 | UnrelatedBusinessRevenueAmt |
| Exclusion | $31,394,754 | ExclusionAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,362,265 | TotalAmt |
| Program Services | $4,362,265 | ProgramServicesAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $41,365,048 | TotalAmt |
| Program Services | $41,365,048 | ProgramServicesAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,394,427 | TotalAmt |
| Program Services | $1,394,427 | ProgramServicesAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,538,169 | TotalAmt |
| Program Services | $4,538,169 | ProgramServicesAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,268,022 | TotalAmt |
| Program Services | $3,268,022 | ProgramServicesAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $492,815 | TotalAmt |
| Program Services | $492,815 | ProgramServicesAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $553,460 | TotalAmt |
| Program Services | $553,460 | ProgramServicesAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $149,086 | TotalAmt |
| Program Services | $149,086 | ProgramServicesAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,060,457 | TotalAmt |
| Program Services | $3,060,457 | ProgramServicesAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,186,781 | TotalAmt |
| Program Services | $7,186,781 | ProgramServicesAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,074,956 | TotalAmt |
| Program Services | $2,074,956 | ProgramServicesAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,108,053 | TotalAmt |
| Program Services | $5,108,053 | ProgramServicesAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $426,853 | TotalAmt |
| Program Services | $426,853 | ProgramServicesAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $27,173,750 | TotalAmt |
| Program Services | $27,173,750 | ProgramServicesAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,007,534 | TotalAmt |
| Program Services | $5,007,534 | ProgramServicesAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $398,753 | TotalAmt |
| Program Services | $398,753 | ProgramServicesAmt |
Other Expenses OtherExpensesGrp (3 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt |
|---|---|---|
| LOAN SERVICING | $14,314,417 | $14,314,417 |
| BANK/ CARD SERVICE CHARGE | $7,299,872 | $7,299,872 |
| MISC EXPENSE | $4,059,221 | $4,059,221 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $132,233,939 | TotalAmt |
| Program Services | $132,233,939 | ProgramServicesAmt |
| Management And General | $0 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $167,042,238 | BOYAmt |
| EOY | $199,995,673 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $155,424 | BOYAmt |
| EOY | $67,389 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $14,634,018 | BOYAmt |
| EOY | $95,600 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,787,599,904 | BOYAmt |
| EOY | $2,367,140,723 | EOYAmt |
Inventories For Sale Or Use InventoriesForSaleOrUseGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $53,079,911 | BOYAmt |
| EOY | $125,539,275 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,228,307 | BOYAmt |
| EOY | $5,061,945 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $79,787,043 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $30,002,917 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $51,085,111 | BOYAmt |
| EOY | $49,784,126 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $876,170,413 | BOYAmt |
| EOY | $689,261,591 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $19,672,652 | BOYAmt |
| EOY | $21,159,425 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $353,889 | BOYAmt |
| EOY | $3,682,200 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $67,389,758 | BOYAmt |
| EOY | $77,707,257 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,041,411,625 | BOYAmt |
| EOY | $3,539,495,204 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,127,205 | BOYAmt |
| EOY | $17,155,405 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,489,372 | BOYAmt |
| EOY | $13,959,824 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $248,000,000 | BOYAmt |
| EOY | $403,000,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,447,727,131 | BOYAmt |
| EOY | $2,708,554,804 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,711,343,708 | BOYAmt |
| EOY | $3,142,670,033 | 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 | $330,067,917 | BOYAmt |
| EOY | $396,825,171 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $330,067,917 | BOYAmt |
| EOY | $396,825,171 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,041,411,625 | BOYAmt |
| EOY | $3,539,495,204 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $56,408,714 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $10,297,383 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $51,157 | 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 | $16,356,182 | OtherCostOrOtherBasisAmt |
| Book Value | $16,356,182 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $33,827,373 | OtherCostOrOtherBasisAmt |
| Depreciation | $8,767,225 | DepreciationAmt |
| Book Value | $25,060,148 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $531,169 | OtherCostOrOtherBasisAmt |
| Depreciation | $443,787 | DepreciationAmt |
| Book Value | $87,382 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $18,792,988 | OtherCostOrOtherBasisAmt |
| Depreciation | $13,947,599 | DepreciationAmt |
| Book Value | $4,845,389 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $10,279,331 | OtherCostOrOtherBasisAmt |
| Depreciation | $6,844,306 | DepreciationAmt |
| Book Value | $3,435,025 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $49,784,126 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | TOTAL DEPOSITS | Desc |
| Amt | $2,708,554,804 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $2,708,554,804 | 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 | $3,420,749 | $878,782 | $62,734 | $192,375 | $4,554,640 |
| LIST AVAILABLE UPON REQUEST | |||||
| HIGHEST EMPLOYEES | $1,871,284 | $103,514 | $1,974,798 | ||
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (12 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 SENIOR FINANCIAL ANALYST 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 |
| FORM 990, PART XI, LINE 9 | OCI 59,832 LIFE SAVINGS 8,675 |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp (2 entries)
| Business Name Line2DisregardedEntityName/BusinessNameLine2Txt | Address Line1USAddress/AddressLine1Txt | Address Line2USAddress/AddressLine2Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt | Business Name Line2DirectControllingEntityName/BusinessNameLine2Txt | Total IncomeTotalIncomeAmt | End Of Year AssetsEndOfYearAssetsAmt | Direct Controlling NADirectControllingNACd |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LAKE MICHIGAN FINANCIAL GROUP | |||||||||||||
| LAKE MICHIGAN FINANCIAL GROUP | PO BOX 2088 | PO BOX 2088 | GRAND RAPIDS | MI | 49501 | 454172202 | FINANCIAL | MI | LMCU | LAKE MICHIGAN CREDIT UNION | |||
| (no name) | |||||||||||||
| $1,427,511 | $8,685,175 | N/A | |||||||||||