2025-11-04T16:34:43-06:00 2024-12-31 331498605 PLANTE & MORAN PLLC 10 S RIVERSIDE PLAZA 9TH FLOOR CHICAGO IL 60606 990 2024-01-01 381250516 CREDIT UNIONS CHARTERED IN THE STATE OF 222 LAKE TRUST CREDIT UNION CRED 8882677200 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 DAVID SNODGRASS PRESIDENT & CEO 8882677200 2025-10-23 1 0 DAVID LOWENTHAL P00378651 3122071040 2025-10-23 2024 2025-03-06 01:10:19Z LAKE TRUST CREDIT UNION DAVID SNODGRASS 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 146581407 0 1359 X WWW.LAKETRUST.ORG X 1943 MI MEMBERS WILL UNDERSTAND AND EXPERIENCE THE BENEFITS OF A CREDIT UNION (CONT'D ON SCH. O) RELATIONSHIP AT A COST JUSTIFIED BY THE RESULTS. MEMBERS HAVE THE CAPABILITY TO EXERCISE CONTROL OVER THEIR FINANCIAL LIVES WHILE SHARING IN THE SUCCESS OF THE ORGANIZATION. MEMBERS EXPERIENCE REWARDS OF A MUTUALLY BENEFICIAL RELATIONSHIP BASED ON ADVOCACY AND TRUST RESULTING IN TRUST AND LOYALTY. MEMBERS VALUE THE LINK BETWEEN THEIR BENEFITS AND THEIR OWNERSHIP. 12 12 561 12 367681 0 1154622 1894661 107894242 128440585 11351340 13489709 1531324 2579048 121931528 146404003 255748 348848 0 0 43034415 46036402 0 0 0 68514772 88766735 111804935 135151985 10126593 11252018 2596794878 2640189205 2377179029 2402726674 219615849 237462531 X MEMBERS WILL UNDERSTAND AND EXPERIENCE THE BENEFITS OF A CREDIT UNION RELATIONSHIP AT A COST JUSTIFIED BY THE RESULTS. MEMBERS HAVE THE CAPABILITY TO EXERCISE CONTROL OVER THEIR FINANCIAL LIVES WHILE SHARING IN THE SUCCESS OF THE ORGANIZATION. (CONT'D ON SCH. O)MEMBERS EXPERIENCE REWARDS OF A MUTUALLY BENEFICIAL RELATIONSHIP BASED ON ADVOCACY AND TRUST RESULTING IN TRUST AND LOYALTY. MEMBERS VALUE THE LINK BETWEEN THEIR BENEFITS AND THEIR OWNERSHIP. 0 0 PROMOTED THRIFT TO 180,188 MEMBERS BY OFFERING LOANS, DEPOSITS, AND OTHER FINANCIAL PRODUCTS. 0 1 0 0 0 0 0 1 0 1 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 1 72842 0 1 561 1 1 1 0 0 0 0 0 0 0 X 12 12 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X KARA STUEWE 8882677200 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 AARON SEYBERT DIRECTOR 4.00 0.00 X 11633 0 0 KATHRYN RUSAK SECRETARY 5.00 0.00 X X 11193 0 0 JAMIE SCHRINER DIRECTOR 4.00 0.00 X 7464 0 0 SHANE LOVELLETTE DIRECTOR 4.00 0.00 X 5333 0 0 MONICA MARTINEZ DIRECTOR 4.00 0.00 X 3980 0 0 PHILIP SANTER DIRECTOR 4.00 0.00 X 3810 0 0 DENNIS TOCHMAN DIRECTOR 4.00 0.00 X 1890 0 0 JAMES BARNES DIRECTOR 4.00 0.00 X 1596 0 0 MICHAEL SOLO CHAIRPERSON 10.00 0.00 X X 1115 0 0 RICK LABER DIRECTOR 4.00 0.00 X 675 0 0 RAY SEIDL TREASURER 10.00 0.00 X X 0 0 0 JULIE BONNER-HEINE VICE CHAIRPERSON 4.00 0.00 X X 0 0 0 DAVID SNODGRASS CEO AND PRESIDENT 40.00 0.50 X 1002892 0 389342 KARA STUEWE EVP CHIEF FINANCIAL OFFICER 40.00 0.00 X 316280 0 39333 OMARI BOONE EVP GENERAL COUNSEL CRO 40.00 0.00 X 266569 0 40356 RAZI QADRI EVP CHIEF INFO & OPS OFFICER 40.00 0.00 X 286522 0 36745 KRASSIMIR KASSBOV EVP CHIEF STRATEGY OFFICER 40.00 0.00 X 296649 0 20538 THERESA DUBIEL EVP CHIEF MEMBER EXPERIENCE OFFICER 40.00 0.50 X 271158 0 22046 DAVID MORGAN EVP CHIEF LENDING OFFICER 40.00 0.00 X 250325 0 35675 BRANDALYNN WINCHESTER-MIDDLEBROOK EVP CHIEF PEOPLE & PURPOSE OFFICER 40.00 4.00 X 252042 0 22318 2991126 0 606353 74 0 1 0 FISERV PO BOX 934057 ATLANTA GA 311934057 CORE SYSTEM PROVIDER & DEBIT/ATM/CREDIT 5677810 THE CHRISTMAN COMPANY 747 EAST WHITCOMB AVE MADISON HEIGHTS MI 48071 CONSTRUCTION AND REMODELING SERVICES 3983772 INFORMA BUSINESS SYSTEMS PO BOX 415214 BOSTON MA 02241 ATM EQUIPMENT AND MAINTENANCE 1837170 PHIRE ADVERTISING & DESIGN 111 MILLER AVE ANN ARBOR MI 48104 MEDIA CAMPAIGNS AND ADVERTISING 1765678 DIGITAL FIRST HOLDINGS LLC 864 SPRING ST NW ATLANTA GA 303081007 INTERNET BANKING TOOLS 1508749 32 1894661 1894661 MEMBER LOAN INCOME 522100 102085948 102085948 FEE INCOME 522100 26354637 26354637 128440585 13622079 13620712 1367 69042 69042 16500 34296 -17796 -17796 -17796 10738 143108 -132370 -132370 -132370 INSURANCE INCOME 525990 1595201 1540683 54518 FHLB ADV/PREFUNDED INS 525990 620805 620805 NON-MEMBER ATM INCOME 525990 311796 311796 2527802 146404003 143601980 367681 539681 348848 2103460 33593787 1052669 6798641 2487845 272055 166200 116960 1854214 3416430 8538696 6583868 6356856 707798 3382565 3546514 DIVIDENDS AND INTEREST 30536855 PROVISION FOR LOAN LOSS 10967185 ATM SERVICE & OP. EXP 7970835 LOAN SERVICING 2695886 1653818 135151985 12861971 13591606 152037589 189187535 12678317 12999379 1883266486 1954964444 3841300 4846096 109831850 45363463 63044080 64468387 355001437 283646205 38277761 39457779 75785937 77027774 2596794878 2640189205 13741599 19178666 1345378 280477 97159 73354 83047000 95047000 2278947893 2288147177 2377179029 2402726674 X 16560477 16560477 0 0 203055372 220902054 219615849 237462531 2596794878 2640189205 X 11252018 6992934 -398270 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 10699098 10699098 63067603 19264718 43802885 4983229 3320682 1662547 31081920 22778063 8303857 64468387 FEDERAL HOME LOAN BANK STOCK 4068100 F MORTGAGE BACKED SECURITIES 139745380 F BANK CDS 3000000 F US GOVERNMENT & FEDERAL AGENCY SECURITIES 119840940 F RATED MUNICIPAL INSTRUMENTS 3920131 F CORPORATE BONDS 13071654 F 283646205 MEMBERS' SHARES AND SAVINGS ACCOUNTS 2288147177 2288147177 146438298 34295 34295 146404003 0 146404003 135186280 34295 34295 135151985 0 135151985 PART IV, LINE 2B: ESCROW ACCOUNTS ARE MAINTAINED FOR HOME EQUITY LOANS AND CUSTODIAL ACCOUNTS ARE MAINTAINED FOR MORTGAGES PREVIOUSLY SOLD TO FREDDIE MAC OR FANNIE MAE. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 34,295. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 34,295. 1 ALLEN NEIGHBORHOOD CENTER 1611 E KALAMAZOO ST LANSING MI 48912 383502484 501(C)(3) 13750 0 EASTSIDE LANSING FOOD CO-OP, SEED FESTIVAL, & KITCHEN INCU YR 5 NAMING SPONSORSHIPS BERISTA INC 1103 WASHINGTON AVE GRAND HAVEN MI 49417 863748383 501(C)(3) 5500 0 JAVA JAM & PUTT PUTT SPONSORSHIPS CHADTOUGH DEFEAT DIPG FOUNDATION PO BOX 907 SALINE MI 48176 474041494 501(C)(3) 10000 0 2024 CHADTOUGH GALA SPONSORSHIP DOWNTOWN LANSING INC 112 S WASHINGTON SQUARE LANSING MI 48933 386004628 501(C)(3) 42175 0 BIG RED BALL VITALITY, MIDDLE VILLAGE ANNUAL, & MACOTTA CLUB ACCELERATOR PROGRAM SPONSORSHIPS ECONOMIC DEVELOPMENT COUNCIL OF LIVINGSTON COUNTY 218 E GRAND RIVER AVE UPPER LEVEL BRIGHTON MI 48116 382488748 501(C)(3) 10000 0 ANNUAL MEMBERSHIP FOOD GATHERERS 1 CARROT WAY ANN ARBOR MI 48105 382853858 501(C)(3) 10000 0 2025 SUMMER FOOD SERVICE PROGRAM SPONSOR GLEANERS COMMUNITY FOOD BANK 2131 BEAUFAIT DETROIT MI 48207 382156255 501(C)(3) 17448 0 WOMENS POWER BREAKFAST & HARTLAND SCHOOL MOBILE FOOD PANTRY GREATER BRIGHTON AREA CHAMBER OF COMMERCE 218 E GRAND RIVER BRIGHTON MI 48116 382016858 501(C)(6) 17750 0 SPONSORSHIPS: BRIGHTON STREET FAIR, LIVINGSTON CTY CHMBR CHAMPION SPONSOR GREATER LANSING AREA MLK HOLIDAY COMMISSION PO BOX 24112 LANSING MI 48909 352405362 501(C)(3) 12500 0 2024 DIVERSITY PARTNER SPONSORSHIP GREATER LANSING FOOD BANK PO BOX 16224 LANSING MI 48901 382424756 501(C)(3) 10000 0 16TH EMPTY PLATE SPONSOR HUMBLE DESIGN INC 21420 MELROSE ST SOUTHFIELD MI 48075 270410088 501(C)(3) 7500 0 2 DAYS OF JOY SPONSORSHIP LACASA 2895 W GRAND RIVER AVE HOWELL MI 48843 382370824 501(C)(3) 10350 0 CAPITAL CAMPAIGN 2024 & GALA AD SPACE LAKE TRUST CREDIT UNION FOUNDATION 4605 S OLD US HWY 23 BRIGHTON MI 48114 455332078 501(C)(3) 100000 0 LAKE TRUST FOUNDATION ANNUAL DONATION LIGHTHOUSE OF OAKLAND COUNTY PO BOX 430508 PONTIAC MI 48342 382391381 501(C)(3) 7500 0 LAKE TRUST CREDIT UNION-GOLD SPONSOR MICHIGAN CHAMBER FOUNDATION 600 SOUTH WALNUT STREET LANSING MI 48933 382647323 501(C)(3) 12375 0 2024 MI ATHENA LEADERSHIP SUMMIT TABLE & PRESENTING LEVEL SPONSOR NATIONAL DIVERSITY COUNCIL PO BOX 671461 DALLAS TX 75267 711037612 501(C)(3) 6000 0 2024 MI WOMEN IN LEADERSHIP SYMPOSIUM NO SENIOR WITHOUT CHRISTMAS PO BOX 26182 LANSING MI 48909 760840671 501(C)(3) 10000 0 NO SENIOR WITHOUT CHRISTMAS PLATINUM SPONSOR THE CHILDREN'S FOUNDATION 3011 WEST GRAND BOULEVARD SUITE 218 DETROIT MI 48202 320087353 501(C)(3) 10000 0 GOVERNOR'S SERVICE AWARDS 2024 SPONSOR THE SALVATION ARMY 16130 NORTHLAND DRIVE SOUTHFIELD MI 48075 381370971 501(C)(3) 12500 0 LIVINGSTON CTY CAPITAL CAMPAIGN PLEDGE VINA COMMUNITY DENTAL CENTER INC 400 E GRAND RIVER AVE BRIGHTON MI 48116 261471172 501(C)(3) 5500 0 STARS STRIPES SMILES FUNDRAISER & VINA CHARITY GOLD CLASSIC - GAME SPONSORSHIPS WORKSKILLS FOUNDATION 100 SUMMIT ST BRIGHTON MI 48116 204595453 501(C)(3) 10000 0 2024 VISION PARTNER RENEWAL 2 STONES EVENTS 524 VICTORIA SQUARE BRIGHTON MI 48116 270200464 8000 0 TURN UP THE AMP: PRESENTING PARTNER 20 2 PART I, LINE 2: LAKE TRUST CREDIT UNION HAS OVERSIGHT OF THE LAKE TRUST CREDIT UNION FOUNDATION AND MONITORS THE USE OF THE GRANT FUNDS FOR THE FOUNDATION AND CREDIT UNION. X 1 1 X X X 0 1 0 DAVID SNODGRASS CEO AND PRESIDENT 799592 0 177000 0 26300 0 365353 0 23989 0 1392234 0 0 0 KARA STUEWE EVP CHIEF FINANCIAL OFFICER 275829 0 25851 0 14600 0 14615 0 24718 0 355613 0 0 0 RAZI QADRI EVP CHIEF INFO & OPS OFFICER 280643 0 4604 0 1275 0 14701 0 22044 0 323267 0 0 0 KRASSIMIR KASSBOV EVP CHIEF STRATEGY OFFICER 247810 0 0 0 48839 0 10625 0 9913 0 317187 0 0 0 OMARI BOONE EVP GENERAL COUNSEL CRO 255963 0 10006 0 600 0 13888 0 26468 0 306925 0 0 0 THERESA DUBIEL EVP CHIEF MEMBER EXPERIENCE OFFICER 250599 0 16359 0 4200 0 13105 0 8941 0 293204 0 0 0 DAVID MORGAN EVP CHIEF LENDING OFFICER 247660 0 1765 0 900 0 12930 0 22745 0 286000 0 0 0 BRANDALYNN WINCHESTER-MIDDLEBROOK EVP CHIEF PEOPLE & PURPOSE OFFICER 227132 0 24010 0 900 0 12045 0 10273 0 274360 0 0 0 PART I, LINE 1A BOARD MEMBERS ARE ALLOWED TO HAVE THEIR SPOUSE AND DEPENDENT MINOR CHILDREN ATTEND A CONFERENCE WITH THEM. A 1099-MISC IS ISSUED FOR EXPENSES INCURRED. PART I, LINE 4B PARTICIPANTS IN EXECUTIVE SERP PLANS: DAVID SNODGRASS JANE KILE KARA STUEWE THE CREDIT UNION HAS SPLIT DOLLAR PLANS IN PLACE FOR RETAINING AND INCENTIVIZING ITS KEY EXECUTIVES. THE CREDIT UNION MAKES A LOAN TO THE EXECUTIVE WHO BUYS A LIFE INSURANCE POLICY THAT CREATES A FUND FROM WHICH THE EXECUTIVE BORROWS TAX-FREE TO SUPPLEMENT RETIREMENT INCOME. FULL VESTING ON THESE ACCOUNTS IS ACHIEVED IF MAINTAIN FULL EMPLOYMENT TO VESTING DATE OR TERMINATION OF EMPLOYMENT DUE TO DISABILITY. ALL THREE PARTICIPATED IN A SPLIT DOLLAR COLLATERAL INSURANCE SUPPLEMENTAL RETIREMENT PLAN - THEIR LOANS RELATED TO THIS PLAN ARE SHOWN ON SCHEDULE L. DAVID SNODGRASS PRESIDENT & CEO EXECUTIVE SERP LOAN X 6928234 8863989 0 1 1 JANE KILE RETIRED CHIEF MEMBER EXPERIENCE OFFICER EXECUTIVE SERP LOAN X 2400000 2870542 0 0 1 KARA STUEWE EVP, CHIEF FINANCIAL OFFICER EXECUTIVE SERP LOAN X 1200000 1264848 0 0 1 12999379 FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE GOVERNING BODY FORM 990, PART VI, SECTION A, LINE 7B ONLY DECISIONS SPECIFIED IN THE BYLAWS ARE REQUIRED TO BE APPROVED BY MEMBERS FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY EVP CHIEF FINANCIAL OFFICER, AVP ACCOUNTING, PRESIDENT/CEO, AND THE BOARD TREASURER/AUDIT COMMITTEE CHAIR, PRIOR TO FILING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS ANNUALLY COMPLETE THE CONFLICT OF INTEREST DOCUMENTS. EMPLOYEES ARE MONITORED BY SUPERVISOR TO ENSURE POLICY COMPLIANCE. DIRECTORS EXCUSE THEMSELVES FROM VOTING IF THERE IS A CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 BOARD OF DIRECTORS APPROVES COMPENSATION FOR CEO BASED ON RECOMMENDATION FROM BOARD EXECUTIVE COMMITTEE. CEO APPROVES COMPENSATION FOR LEADERSHIP TEAM DIRECT REPORTS AND THESE LEADERSHIP TEAM MEMBERS APPROVE COMPENSATION FOR THEIR DIRECT REPORT SVPS AND VPS WITH REVIEW BY CULTURE AND ENGAGEMENT. COMPENSATION CONSULTANT PERFORMS COMPETITIVE MARKET SURVEYS. ALSO PERFORMANCE EVALUATION COMPLETED BY BOARD EXECUTIVE COMMITTEE FOR CEO AND BY CEO FOR LEADERSHIP TEAM DIRECT REPORTS AND BY THESE LEADERSHIP TEAM MEMBERS FOR THEIR DIRECT REPORT SVPS AND VPS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: NET CHANGE IN PENSION & POST RETIREMENT HEALTH -398,270. FORM 990, PART XII, LINE 2C: THE AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE FINANCIAL STATEMENTS. MEMBERS FINANCIAL SERVICES LLC 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 364516718 INSURANCE AND FINANCIAL SERVICES MI 10298 231878 LAKE TRUST CREDIT UNION LAKE TRUST CREDIT UNION FOUNDATION 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 455332078 ECONOMIC AND COMMUNITY ENHANCEMENT THROUGH EDUCATION AND ENGAGEMENT MI 501(C)(3) LINE 7 N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 LAKE TRUST CREDIT UNION FOUNDATION B 100000 CASH PAYMENT