Civic Intelligence

Credit Unions Chartered in the State of Michigan

990 • Fiscal year 2014 • EIN 38-0893210

Jan 01, 2014 to Dec 31, 2014 • Filed on Aug 26, 2015

106 N Marketplace BoulevardLansing, MI 48917

(517) 622-6600

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

33rd percentile

0.88x

Higher debt load relative to assets than 33% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Liabilities / Revenue

39th percentile

16.85x

Higher debt load relative to revenue than 39% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Net Margin

23rd percentile

9.1%

Higher net margin than 23% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2014

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2014

Asset Growth

22nd percentile

2.3%

Faster asset growth than 22% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2013 to 2014

Revenue Growth

90th percentile

12%

Faster revenue growth than 90% of similar nonprofits.

2014 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2013 to 2014

Assets

Up

$573,814,707

Up $12,845,534 (+2.3%) from 2013

Net Assets

Up

$67,667,896

Up $2,439,873 (+3.7%) from 2013

Liabilities

Up

$506,146,811

Up $10,405,661 (+2.1%) from 2013

Revenue

Up

$30,044,228

Up $3,185,294 (+12%) from 2013

Expenses

Up

$27,301,910

Up $2,707,223 (+11%) from 2013

Net Income

Up

$2,742,318

Up $478,071 (+21%) from 2013

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5B$1.0B$500M$0Assets 2013: $560,969,173Liabilities 2013: $495,741,150Net Assets 2013: $65,228,0232013Assets 2014: $573,814,707Liabilities 2014: $506,146,811Net Assets 2014: $67,667,8962014Assets 2015: $600,395,423Liabilities 2015: $531,003,880Net Assets 2015: $69,391,5432015Assets 2016: $631,710,317Liabilities 2016: $560,085,303Net Assets 2016: $71,625,0142016Assets 2017: $644,654,560Liabilities 2017: $570,875,044Net Assets 2017: $73,779,5162017Assets 2018: $693,824,120Liabilities 2018: $614,470,237Net Assets 2018: $79,353,8832018Assets 2019: $746,558,780Liabilities 2019: $658,694,389Net Assets 2019: $87,864,3912019Assets 2020: $848,413,090Liabilities 2020: $754,878,495Net Assets 2020: $93,534,5952020Assets 2021: $943,734,939Liabilities 2021: $840,679,903Net Assets 2021: $103,055,0362021Assets 2022: $986,262,376Liabilities 2022: $883,830,199Net Assets 2022: $102,432,1772022Assets 2023: $1,029,416,440Liabilities 2023: $924,112,202Net Assets 2023: $105,304,2382023Assets 2024: $1,129,173,408Liabilities 2024: $915,774,042Net Assets 2024: $213,399,3662024

Highlighted filing

2014

Assets$573,814,707
Liabilities$506,146,811
Net Assets$67,667,896

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$200M$150M$100M$50M$0Revenue 2013: $26,858,934Expenses 2013: $24,594,687Net Income 2013: $2,264,2472013Revenue 2014: $30,044,228Expenses 2014: $27,301,910Net Income 2014: $2,742,3182014Revenue 2015: $32,580,239Expenses 2015: $29,621,322Net Income 2015: $2,958,9172015Revenue 2016: $32,848,903Expenses 2016: $30,259,432Net Income 2016: $2,589,4712016Revenue 2017: $33,764,503Expenses 2017: $30,764,927Net Income 2017: $2,999,5762017Revenue 2018: $38,286,566Expenses 2018: $32,982,472Net Income 2018: $5,304,0942018Revenue 2019: $43,479,866Expenses 2019: $35,430,696Net Income 2019: $8,049,1702019Revenue 2020: $44,633,555Expenses 2020: $37,978,336Net Income 2020: $6,655,2192020Revenue 2021: $46,684,897Expenses 2021: $37,007,507Net Income 2021: $9,677,3902021Revenue 2022: $51,596,579Expenses 2022: $43,349,555Net Income 2022: $8,247,0242022Revenue 2023: $64,543,625Expenses 2023: $57,206,143Net Income 2023: $7,337,4822023Revenue 2024: $177,489,649Expenses 2024: $69,496,099Net Income 2024: $107,993,5502024

Highlighted filing

2014

Revenue$30,044,228
Expenses$27,301,910
Net Income$2,742,318
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Aug 26, 2015
Return Version
2014v5.0
Gross Receipts
$108,226,645
Mission and Program Overview

Mission

While promoting the credit union philosophy, we are committed to providing financial services for the changing needs of our members and helping them obtain personal financial security.

Cooperative financial institution - credit union providing loans and savings products and services to members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$320,705,248$346,873,916▲ $26,168,668
Investments Other Securities$146,522,885$139,978,695▼ $6,544,190
Rtn Earn Endowment Incm Other Fnds$65,228,023$67,667,896▲ $2,439,873
Savings and Temporary Cash Investments$47,742,206$36,741,827▼ $11,000,379
Land, Buildings, and Equipment, Net$19,338,835$20,433,585▲ $1,094,750
Cash and Non-Interest-Bearing Accounts$9,165,288$8,889,551▼ $275,737
Prepaid Expenses and Deferred Charges$1,280,525$1,158,334▼ $122,191
Accounts Receivable$-74,402$569,929▲ $644,331
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$560,969,173$573,814,707▲ $12,845,534
Other Assets Total$16,288,588$19,168,870▲ $2,880,282
Liabilities
Other Liabilities$484,559,495$493,209,306▲ $8,649,811
Accounts Payable and Accrued Expenses$11,181,655$12,937,505▲ $1,755,850
Total Liabilities$495,741,150$506,146,811▲ $10,405,661
Net Assets / Fund Balance
Total Net Assets Fund Balance$65,228,023$67,667,896▲ $2,439,873
Total Liabilities and Net Assets / Fund Balance$560,969,173$573,814,707▲ $12,845,534

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$14,599,858$3,788,102$18,387,960
Equipment$1,984,057$6,548,010$8,532,067
Land$3,849,670-$3,849,670
Other Securities$688,100--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robin FrucciCEOFT$292,523$68,156$360,679
Patrick SpykeEvpFT$168,390$49,205$217,595
Brian WixsonCIOFT$118,059$44,816$162,875
Tamela McphersonCFOFT$115,068$45,569$160,637
Sharon GillisonSVP-human ResourcesFT$117,853$32,706$150,559
Donald KillianControllerFT$107,302$43,089$150,391

Board Members and Trustees

NameTitle
Harold FosterBoard President
Melvin PlaceBoard Vice-president
John LewisBoard Member
Paulette WarrenBoard Member
Tom CulpepperBoard Member
Tom MartinsonBoard Secretary
Jere AuvenshineBoard Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Harmon Management LLCConstruction417 COPPERSMITH DRIVE, Mason, MI 48854$777,713
Member Driven TechnologiesCore System Platform7415 CHICAGO ROAD, Warren, MI 48092$775,832
Cu Cooperative Systems INCAtm & Card Processing9692 HAVEN AVE, Rancho Cucamonga, CA 91730$694,706
Informa Business SystemsInteractive Teller Units5170 HARTSHORN DRIVE, Flushing, MI 48433$602,638
PscuCredit Processing560 CARILLON PARKWAY, St Petersburg, FL 33716$587,513
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$27,341,243
Investment Income
$2,017,885
Other Revenue
$685,100
Change in Net Assets
$2,742,318

Audited Revenue Reconciliation

Revenue per Audited Statements
$30,044,228
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$30,044,228
Total Revenue per Form 990
$30,044,228
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$14,310,121
Salaries, Compensation, and Employee Benefits$12,991,789
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$8,180,291
All Other Expenses---$2,277,258
Other Employee Benefits---$1,719,160
Office Expenses---$1,538,374
Current Officers, Directors, Trustees, and Key Employees---$1,301,430
Occupancy---$1,229,597
Other Expenses---$1,059,069
Pension Plan Contributions---$1,058,768
Depreciation Depletion---$818,403
Payroll Taxes---$732,140
Advertising---$685,955
Interest---$211,546
Travel---$183,168
Fees for Services Accounting---$128,633
Insurance---$117,920
Fees for Services Other---$81,910
Fees for Services Legal---$31,732
Total Functional Expenses$0$0$0$27,301,910

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$27,301,910
Total Expenses per Audited Statements$27,301,910
Total Expenses per Form 990$27,301,910
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
MEMBER'S SHARES$493,209,306
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

All account holders are referred to as members.

Form 990, Part VI, Section A, Line 7A

The credit union membership elects the board of directors which govern the operations of the credit union.

Form 990, Part VI, Section B, Line 11

The ceo and cfo will review the 990 prior to filing.

Form 990, Part VI, Section B, Line 12C

Annual disclosure statements are completed.

Form 990, Part VI, Section B, Line 15

Annual wage and benefit compensation comparisons are obtained from independent third parties. The ceo has an annual review by the board of directors. Key employees have an annual review by the ceo.

Form 990, Part VI, Section C, Line 19

The governing documents and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Lafcu
EIN
38-0893210
Phone
5176226600
Address
106 N MARKETPLACE BOULEVARD, LANSING, MI 48917

Signing Officer

Name
Robin Frucci
Title
CEO
Phone
5176226600
Signed
2015-08-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robin Frucci
Formed
1936
Legal Domicile
Mi
Voting Board Members
7
Independent Board Members
7
Employees
176
Volunteers
20

Preparer

Firm
Doeren Mayhew
Address
305 WEST BIG BEAVER ROAD, TROY, MI 48084
Preparer
Robert Parks CPA
Phone
2482443000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Net unrealized losses on postretirement benefits -682,934.

FORM 990, PART XII, LINE 2C:

The organization has a committee that assumes responsibility for the oversight of the audit of its financial statements and the selection of an independent accountant. This process has not changed from previous years.

Financial Statement Notes

PART X, LINE 2:

The credit union is exempt, by statute, from federal and state income taxes. The credit union is a state-chartered credit union described in internal revenue code ("irc") section 501(c)(14). As such, the credit union is exempt from federal taxation of income derived from the performance of activities that are in furtherance of its exempt purposes. However, irc section 511 imposes a tax on the unrelated business income (as defined in section 512) derived by state-chartered credit unions. Many states have similar laws. The specific application of section 512 to the various activities conducted by state-chartered credit unions has been an issue for many years. In 2007, the internal revenue service ("irs") issued a series of technical advice memoranda ("tam") to a number of state-chartered credit unions located throughout the country. In these tams, the irs ruled certain products and services to be subject to taxation as unrelated business income. In light of the tams, the credit union has assessed its activities and any potential federal or state income tax liability. In the opinion of management, any liability arising from federal or state taxation of activities deemed to be unrelated to its exempt purpose is not expected to have a material effect on the credit union's financial condition or results of operations. The credit union remains subject to examination for income tax returns for years ending after december 31, 2011.

Raw XML AppendixShowing 400 of 569 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0BOARD PRESIDENT
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IRS990/Form990PartVIISectionAGrp/TitleTxt3BOARD SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt10CIO
IRS990/Form990PartVIISectionAGrp/TitleTxt11CONTROLLER
IRS990/Form990PartVIISectionAGrp/TitleTxt12SVP-HUMAN RESOURCES
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IRS990/MissionDesc0WHILE PROMOTING THE CREDIT UNION PHILOSOPHY, WE ARE COMMITTED TO PROVIDING FINANCIAL SERVICES FOR THE CHANGING NEEDS OF OUR MEMBERS AND HELPING THEM OBTAIN PERSONAL FINANCIAL SECURITY.
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IRS990/OtherAssetsTotalGrp/EOYAmt019168870
IRS990/OtherChangesInNetAssetsAmt0-682934
IRS990/OtherEmployeeBenefitsGrp/TotalAmt01719160
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IRS990/ProgSrvcAccomActy2Grp/Desc0LENDING PRODUCTS - LOAN STAFFING AND SUPPORT SERVICES, COLLECTION STAFFING.
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBER'S SHARES
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IRS990ScheduleD/OtherSecuritiesGrp/Desc0AVAILABLE FOR SALE
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE ("IRC") SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS HAS BEEN AN ISSUE FOR MANY YEARS. IN 2007, THE INTERNAL REVENUE SERVICE ("IRS") ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA ("TAM") TO A NUMBER OF STATE-CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. IN THESE TAMS, THE IRS RULED CERTAIN PRODUCTS AND SERVICES TO BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. IN LIGHT OF THE TAMS, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL CONDITION OR RESULTS OF OPERATIONS. THE CREDIT UNION REMAINS SUBJECT TO EXAMINATION FOR INCOME TAX RETURNS FOR YEARS ENDING AFTER DECEMBER 31, 2011.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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