Civic Intelligence

Credit Unions Chartered in the State of Michigan

990 • Fiscal year 2019 • EIN 38-0893210

Jan 01, 2019 to Dec 31, 2019 • Filed on Oct 06, 2020

Organization ProfileWWW.LAFCU.COM

View Organization Page

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

42nd percentile

0.88x

Higher debt load relative to assets than 42% of similar nonprofits.

2019 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2019

Liabilities / Revenue

36th percentile

15.15x

Higher debt load relative to revenue than 36% of similar nonprofits.

2019 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2019

Net Margin

78th percentile

19%

Higher net margin than 78% of similar nonprofits.

2019 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2019

Top Officer Pay

56th percentile

$446,183

Higher top officer pay than 56% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

2019 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2019

Asset Growth

58th percentile

7.6%

Faster asset growth than 58% of similar nonprofits.

2019 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2018 to 2019

Revenue Growth

78th percentile

14%

Faster revenue growth than 78% of similar nonprofits.

2019 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets42nd percentile

Assets

Up

$746,558,780

Up $52,734,660 (+7.6%) from 2018

Net Assets

Up

$87,864,391

Up $8,510,508 (+11%) from 2018

Liabilities

Up

$658,694,389

Up $44,224,152 (+7.2%) from 2018

Revenue And Expenses
Liabilities / Revenue36th percentileNet Margin78th percentile

Revenue

Up

$43,479,866

Up $5,193,300 (+14%) from 2018

Expenses

Up

$35,430,696

Up $2,448,224 (+7.4%) from 2018

Net Income

Up

$8,049,170

Up $2,745,076 (+52%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth58th percentile

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

2019

Assets$746,558,780
Liabilities$658,694,389
Net Assets$87,864,391
Open 2019 Filing

Operations Trend

Revenue Growth78th percentile

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

2019

Revenue$43,479,866
Expenses$35,430,696
Net Income$8,049,170
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Oct 6, 2020
Return Version
2019v5.1
Gross Receipts
$43,479,866
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$496,540,823$569,842,340▲ $73,301,517
Rtn Earn Endowment Incm Other Fnds$79,353,883$87,864,391▲ $8,510,508
Investments in Publicly Traded Securities$98,814,252$55,730,522▼ $43,083,730
Savings and Temporary Cash Investments$21,080,980$38,344,807▲ $17,263,827
Land, Buildings, and Equipment, Net$21,077,206$20,696,487▼ $380,719
Investments Other Securities$19,547,075$16,196,304▼ $3,350,771
Cash and Non-Interest-Bearing Accounts$8,496,198$14,202,864▲ $5,706,666
Prepaid Expenses and Deferred Charges$1,335,085$1,711,489▲ $376,404
Accounts Receivable$1,371,989$1,567,686▲ $195,697
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$693,824,120$746,558,780▲ $52,734,660
Other Assets Total$25,560,512$28,266,281▲ $2,705,769
Liabilities
Other Liabilities$592,490,251$637,306,355▲ $44,816,104
Accounts Payable and Accrued Expenses$10,832,655$11,388,034▲ $555,379
Mortgage Notes Payable Secured by Investment Property$11,147,331$10,000,000▼ $1,147,331
Total Liabilities$614,470,237$658,694,389▲ $44,224,152
Net Assets / Fund Balance
Total Net Assets Fund Balance$79,353,883$87,864,391▲ $8,510,508
Total Liabilities and Net Assets / Fund Balance$693,824,120$746,558,780▲ $52,734,660

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$14,161,944$6,037,666$20,199,610
Equipment$2,782,237$7,989,513$10,771,750
Land$3,752,306-$3,752,306
Compensation and Service Providers
Top Officer Pay56th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Patrick SpykeCEOFT$349,471$96,712$446,183
Tamela McphersonCFOFT$166,470$37,714$204,184
Brian WixsonCIOFT$136,941$51,371$188,312
Kelli EtchisonChief Marketing OfficerFT$126,101$43,368$169,469
Jason SmithChief Lending OfficerFT$118,038$44,510$162,548
James ThelenMortgage Loan OfficerFT$58,000$98,210$156,210
Angela RuzinskyChief Membership OfficerFT$111,244$34,777$146,021

Board Members and Trustees

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

Highest Paid Contractors

ContractorServicesLocationCompensation
Cu Cooperative Systems INCAtm & Debit Network9692 HAVEN AVE, Rancho Cucamonga, CA 91730$1,510,202
Member Driven TechnologiesCore Processing30230 ORCHARD LAKE ROAD, Farmington Hills, MI 48334$1,404,691
Informa Business SystemsItm & Atm Sales And Service5170 HARTSHORN DRIVE, Flushing, MI 48433$1,088,617
PcsuCredit Processing560 CARILLON PARKWAY, St Petersburg, FL 33716$831,156
Smith And Johnson AttorneyLegal/collection ServicesPO BOX 705, Traverse City, MI 49685$513,937
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$37,818,879
Investment Income
$2,716,665
Other Revenue
$2,944,322
Change in Net Assets
$8,049,170

Audited Revenue Reconciliation

Revenue per Audited Statements
$43,478,078
Revenue Not Reported on Financial Statements
$1,788
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$1,788
Total Revenue per Audited Statements
$43,478,078
Total Revenue per Form 990
$43,479,866
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$20,281,525
Salaries, Compensation, and Employee Benefits$15,134,171
Grants and Similar Amounts Paid$15,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$9,956,622
Interest---$5,087,676
Other Employee Benefits---$2,573,071
Office Expenses---$1,585,663
Information Technology---$1,517,773
Other Expenses---$1,381,989
Depreciation Depletion---$1,296,567
Pension Plan Contributions---$1,129,136
All Other Expenses---$994,892
Advertising---$900,919
Payroll Taxes---$824,975
Occupancy---$716,575
Current Officers, Directors, Trustees, and Key Employees---$650,367
Fees for Services Accounting---$231,479
Travel---$195,125
Fees for Services Other---$131,696
Insurance---$123,069
Payments to Affiliates---$60,623
Fees for Services Legal---$52,291
Fees for Services Management---$32,592
Conferences and Meetings---$20,783
Grants to Domestic Orgs---$15,000
Total Functional Expenses$0$0$0$35,430,696

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$35,430,696
Expenses per Audited Statements$35,428,908
Total Expenses per Audited Statements$35,428,908
Expenses Not Reported on Financial Statements$1,788
Other Expense Adjustments$1,788
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Off-sheet Music LLCLansing, MILLCContribution$7,500
The Lansing PromiseLansing, MI501(c)(3)Charitable Contribution$7,500
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
MEMBERS' SHARES$637,306,355
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 35% controlled entity
No
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
Yes
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 A, Line 7B

“Members of the credit union have the right to approve the governing body's election and removal of members of the governing body, as well as other matters that are subject to the approval of members of the credit union as they occur.”

Form 990, Part VI, Section B, Line 11B

“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

“An independent compensation database is used comprised of salary comparisons throughout the region of similarly asset sized financial institutions. Pro ratio measures are compared to market to determine where current salaries align. Recommendations for salary adjustments are made by hr to the appropriate decision makers, based on where the salary aligns and performance evaluation of the individual from the supervisor.”

Form 990, Part VI, Section C, Line 19

“The financial statements are available upon request. The governing documents and conflict of interest policy are not made available to the public.”

Filing and Contact Details

Filer

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

Signing Officer

Name
Patrick Spyke
Title
CEO
Phone
5176226600
Signed
2020-10-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patrick Spyke
Formed
1936
Legal Domicile
Mi
Voting Board Members
7
Independent Board Members
7
Employees
177
Volunteers
18

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 IX, Line 11G

“Other professional fees 131,696.”

Form 990, Part IX, Line 24E

“Training/development/educations 423,293. Atm expenses 423,222. Miscellaneous 148,377.”

FORM 990, PART XI, LINE 9:

“Net unrealized losses on postretirement benefits -774,830. Reclassification adjustment for pension amortization 23,663.”

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 ended after december 31, 2016.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Revenue in the audited financial statements”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Expenses reported on 990 in statement of expenses but reported net of revenue in the audited financial statements 1,788.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Expenses reported on 990 in statement of expenses but reported net of revenue in the audited financial statements 1,788.”

Raw XML AppendixShowing 400 of 613 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/PersonNm1MELVIN PLACE
IRS990/Form990PartVIISectionAGrp/PersonNm2JERE AUVENSHINE
IRS990/Form990PartVIISectionAGrp/PersonNm3TOM MARTINSON
IRS990/Form990PartVIISectionAGrp/PersonNm4TOM CULPEPPER
IRS990/Form990PartVIISectionAGrp/PersonNm5RANDY FREEMAN
IRS990/Form990PartVIISectionAGrp/PersonNm6PAULETTE WARREN
IRS990/Form990PartVIISectionAGrp/PersonNm7PATRICK SPYKE
IRS990/Form990PartVIISectionAGrp/PersonNm8TAMELA MCPHERSON
IRS990/Form990PartVIISectionAGrp/PersonNm9BRIAN WIXSON
IRS990/Form990PartVIISectionAGrp/PersonNm10JASON SMITH
IRS990/Form990PartVIISectionAGrp/PersonNm11ANGELA RUZINSKY
IRS990/Form990PartVIISectionAGrp/PersonNm12KELLI ETCHISON
IRS990/Form990PartVIISectionAGrp/PersonNm13JAMES THELEN
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt7369377
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt8175773
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt9145165
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10122385
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt11111244
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt12132987
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt13116620
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt80
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt90
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt100
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt110
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt120
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt130
IRS990/Form990PartVIISectionAGrp/TitleTxt0BOARD PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1BOARD VICE-PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt3BOARD TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt8CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt9CIO
IRS990/Form990PartVIISectionAGrp/TitleTxt10CHIEF LENDING OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt11CHIEF MEMBERSHIP OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt12CHIEF MARKETING OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt13MORTGAGE LOAN OFFICER
IRS990/Form990ProvidedToGvrnBodyInd00
IRS990/Form990TFiledInd01
IRS990/FormationYr01936
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt07
IRS990/GrantsToDomesticOrgsGrp/TotalAmt015000
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd01
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt043479866
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt07
IRS990/IndivRcvdGreaterThan100KCnt011
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIXInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InformationTechnologyGrp/TotalAmt01517773
IRS990/InsuranceGrp/TotalAmt0123069
IRS990/InterestGrp/TotalAmt05087676
IRS990/InvestmentIncomeGrp/ExclusionAmt02716665
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt02716665
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt019547075
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt016196304
IRS990/InvestmentsPubTradedSecGrp/BOYAmt098814252
IRS990/InvestmentsPubTradedSecGrp/EOYAmt055730522
IRS990/IRPDocumentCnt014352
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt014027179
IRS990/LandBldgEquipBasisNetGrp/BOYAmt021077206
IRS990/LandBldgEquipBasisNetGrp/EOYAmt020696487
IRS990/LandBldgEquipCostOrOtherBssAmt034723666
IRS990/LegalDomicileStateCd0MI
IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt011147331
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt010000000
IRS990/NetAssetsOrFundBalancesBOYAmt079353883
IRS990/NetAssetsOrFundBalancesEOYAmt087864391
IRS990/NetUnrelatedBusTxblIncmAmt0-11188
IRS990/NetUnrlzdGainsLossesInvstAmt01212505
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt0716575
IRS990/OfficeExpensesGrp/TotalAmt01585663
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt025560512
IRS990/OtherAssetsTotalGrp/EOYAmt028266281
IRS990/OtherChangesInNetAssetsAmt0-751167
IRS990/OtherEmployeeBenefitsGrp/TotalAmt02573071
IRS990/OtherExpensesGrp/Desc0DEBIT AND CREDIT CARD E
IRS990/OtherExpensesGrp/Desc1PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc2MAINTENANCE
IRS990/OtherExpensesGrp/Desc3LOAN SERVICING EXPENSE
IRS990/OtherExpensesGrp/TotalAmt02554228
IRS990/OtherExpensesGrp/TotalAmt11883786
IRS990/OtherExpensesGrp/TotalAmt21513799
IRS990/OtherExpensesGrp/TotalAmt31381989
IRS990/OtherLiabilitiesGrp/BOYAmt0592490251
IRS990/OtherLiabilitiesGrp/EOYAmt0637306355
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/BusinessCd1522100
IRS990/OtherRevenueMiscGrp/BusinessCd2525990
IRS990/OtherRevenueMiscGrp/Desc0NON OPERATING GAIN
IRS990/OtherRevenueMiscGrp/Desc1EQUITY IN EARNINGS OF CUSO'S
IRS990/OtherRevenueMiscGrp/Desc2NON-MEMBER ATM FEE INCOME
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt01867755
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt1975532
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt01867755
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1975532
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt2101035
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt0101035
IRS990/OtherRevenueTotalAmt02944322
IRS990/OtherSalariesAndWagesGrp/TotalAmt09956622
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0496540823
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0569842340
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/TotalAmt060623
IRS990/PayrollTaxesGrp/TotalAmt0824975
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt01129136
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt01335085
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt01711489
IRS990/PrincipalOfficerNm0PATRICK SPYKE
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/Desc0LOAN INCOME
IRS990/ProgramServiceRevenueGrp/Desc1FEE INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt026001249
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt111817630
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt026001249
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt111817630
IRS990/ProgSrvcAccomActy2Grp/Desc0LENDING PRODUCTS - LOAN STAFFING AND SUPPORT SERVICES, COLLECTION STAFFING.
IRS990/ProgSrvcAccomActy3Grp/Desc0CASH OPERATIONS - 50% BRANCH OPERATIONS, SUPPORT SERVICES - ACCOUNTING.
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt025000
IRS990/PYInvestmentIncomeAmt03300353
IRS990/PYOtherExpensesAmt018279824
IRS990/PYOtherRevenueAmt0974701
IRS990/PYProgramServiceRevenueAmt034011512
IRS990/PYRevenuesLessExpensesAmt05304094
IRS990/PYSalariesCompEmpBnftPaidAmt014677648
IRS990/PYTotalExpensesAmt032982472
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt038286566
IRS990/ReconcilationRevenueExpnssAmt08049170
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt079353883
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt087864391
IRS990/SavingsAndTempCashInvstGrp/BOYAmt021080980
IRS990/SavingsAndTempCashInvstGrp/EOYAmt038344807
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt014161944
IRS990ScheduleD/BuildingsGrp/DepreciationAmt06037666
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt020199610
IRS990ScheduleD/EquipmentGrp/BookValueAmt02782237
IRS990ScheduleD/EquipmentGrp/DepreciationAmt07989513
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt010771750
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt01788
IRS990ScheduleD/ExpensesSubtotalAmt035428908
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt03752306
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt03752306
IRS990ScheduleD/OtherExpensesNotIncludedAmt01788
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0637306355
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MEMBERS' SHARES
IRS990ScheduleD/OtherRevenuesNotIncludedAmt01788
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt01788
IRS990ScheduleD/RevenueSubtotalAmt043478078
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 ENDED AFTER DECEMBER 31, 2016.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1REVENUE IN THE AUDITED FINANCIAL STATEMENTS
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2EXPENSES REPORTED ON 990 IN STATEMENT OF EXPENSES BUT REPORTED NET OF REVENUE IN THE AUDITED FINANCIAL STATEMENTS 1,788.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3EXPENSES REPORTED ON 990 IN STATEMENT OF EXPENSES BUT REPORTED NET OF REVENUE IN THE AUDITED FINANCIAL STATEMENTS 1,788.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XI, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3PART XII, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt020696487
IRS990ScheduleD/TotalExpensesPerForm990Amt035430696
IRS990ScheduleD/TotalLiabilityAmt0637306355
IRS990ScheduleD/TotalRevenuePerForm990Amt043479866
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt043478078
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt035428908
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/RecipientTable/CashGrantAmt07500
IRS990ScheduleI/RecipientTable/CashGrantAmt17500
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(C)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc1LLC
IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc0CHARITABLE CONTRIBUTION
IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc1CONTRIBUTION
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0CHARITABLE CONTRIBUTION
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1CONTRIBUTION
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0THE LANSING PROMISE
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1OFF-SHEET MUSIC LLC
IRS990ScheduleI/RecipientTable/RecipientEIN0453363322
IRS990ScheduleI/RecipientTable/RecipientEIN1271173244
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0330 MARSHALL STREET
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt1PO BOX 13264
IRS990ScheduleI/RecipientTable/USAddress/CityNm0LANSING
IRS990ScheduleI/RecipientTable/USAddress/CityNm1LANSING
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0MI
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd1MI

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$746,558,780
Liabilities
$658,694,389
Net assets
$87,864,391
Revenue
$43,479,866
Expenses
$35,430,696
Net income
$8,049,170
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1,129$916$213$177$69.5$108
2023Detailed filing. Detailed filing data is available for this year.$1,029$924$105$64.5$57.2$7.34
2022Detailed filing. Detailed filing data is available for this year.$986$884$102$51.6$43.3$8.25
2021Detailed filing. Detailed filing data is available for this year.$944$841$103$46.7$37.0$9.68
2020Detailed filing. Detailed filing data is available for this year.$848$755$93.5$44.6$38.0$6.66
2019Detailed filing. Detailed filing data is available for this year.$747$659$87.9$43.5$35.4$8.05
2018Detailed filing. Detailed filing data is available for this year.$694$614$79.4$38.3$33.0$5.30
2017Detailed filing. Detailed filing data is available for this year.$645$571$73.8$33.8$30.8$3.00
2016Detailed filing. Detailed filing data is available for this year.$632$560$71.6$32.8$30.3$2.59
2015Detailed filing. Detailed filing data is available for this year.$600$531$69.4$32.6$29.6$2.96
2014Detailed filing. Detailed filing data is available for this year.$574$506$67.7$30.0$27.3$2.74
2013Detailed filing. Detailed filing data is available for this year.$561$496$65.2$26.9$24.6$2.26