Civic Intelligence

Credit Unions Chartered in the State of Michigan

990 • Fiscal year 2023 • EIN 38-0893210

Jan 01, 2023 to Dec 31, 2023 • Filed on Oct 23, 2024

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

25th percentile

0.90x

Higher debt load relative to assets than 25% of similar nonprofits.

2023 filings • 501(c)14 • $1B+ nonprofits • Source year 2023

Liabilities / Revenue

14th percentile

14.32x

Higher debt load relative to revenue than 14% of similar nonprofits.

2023 filings • 501(c)14 • $1B+ nonprofits • Source year 2023

Net Margin

50th percentile

11%

Higher net margin than 50% of similar nonprofits.

2023 filings • 501(c)14 • $1B+ nonprofits • Source year 2023

Top Officer Pay

9th percentile

$566,300

Higher top officer pay than 9% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

2023 filings • 501(c)14 • $1B+ nonprofits • Source year 2023

Asset Growth

58th percentile

4.4%

Faster asset growth than 58% of similar nonprofits.

2023 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2022 to 2023

Revenue Growth

37th percentile

25%

Faster revenue growth than 37% of similar nonprofits.

2023 filings • 501(c)14 • $1B+ nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets25th percentile

Assets

Up

$1,029,416,440

Up $43,154,064 (+4.4%) from 2022

Net Assets

Up

$105,304,238

Up $2,872,061 (+2.8%) from 2022

Liabilities

Up

$924,112,202

Up $40,282,003 (+4.6%) from 2022

Revenue And Expenses
Liabilities / Revenue14th percentileNet Margin50th percentile

Revenue

Up

$64,543,625

Up $12,947,046 (+25%) from 2022

Expenses

Up

$57,206,143

Up $13,856,588 (+32%) from 2022

Net Income

Down

$7,337,482

Down $909,542 (-11%) from 2022

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

2023

Assets$1,029,416,440
Liabilities$924,112,202
Net Assets$105,304,238
Open 2023 Filing

Operations Trend

Revenue Growth37th 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

2023

Revenue$64,543,625
Expenses$57,206,143
Net Income$7,337,482
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Oct 23, 2024
Return Version
2023v5.1
Gross Receipts
$64,543,625
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$783,592,129$801,348,312▲ $17,756,183
Rtn Earn Endowment Incm Other Fnds$102,432,177$105,304,238▲ $2,872,061
Investments in Publicly Traded Securities$96,642,012$87,999,799▼ $8,642,213
Savings and Temporary Cash Investments$8,068,746$42,371,411▲ $34,302,665
Cash and Non-Interest-Bearing Accounts$26,593,131$21,584,929▼ $5,008,202
Land, Buildings, and Equipment, Net$22,319,248$20,946,398▼ $1,372,850
Investments Other Securities$16,820,617$18,649,174▲ $1,828,557
Prepaid Expenses and Deferred Charges$1,958,693$2,087,193▲ $128,500
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Accounts Receivable$164,838$-1,130,867▼ $1,295,705
Total Assets$986,262,376$1,029,416,440▲ $43,154,064
Other Assets Total$30,102,962$35,560,091▲ $5,457,129
Liabilities
Other Liabilities$827,887,832$881,402,250▲ $53,514,418
Accounts Payable and Accrued Expenses$55,942,367$42,709,952▼ $13,232,415
Total Liabilities$883,830,199$924,112,202▲ $40,282,003
Net Assets / Fund Balance
Total Net Assets Fund Balance$102,432,177$105,304,238▲ $2,872,061
Total Liabilities and Net Assets / Fund Balance$986,262,376$1,029,416,440▲ $43,154,064

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$13,752,023$7,963,072$21,715,095
Equipment$3,442,069$10,198,831$13,640,900
Land$3,752,306-$3,752,306
Compensation and Service Providers
Top Officer Pay9th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Patrick SpykeCEOFT$431,541$134,759$566,300
Kelli Ellsworth-etchisonChief Marketing Ofcr./chieFT$235,412$77,156$312,568
Robyn HowellSVP/COOFT$196,786$70,588$267,374
Jason SmithChief Lending OfficerFT$161,615$67,058$228,673
Emily JannerethChief Technology OfficerFT$167,590$48,911$216,501
Angela RuzinskyChief Membership OfficerFT$155,171$59,371$214,542
Leslie RorieCFOFT$157,539$37,641$195,180
Ahmed IssawiIt ManagerFT$140,128$36,670$176,798
Kimberly AustinDirector of CollectionsFT$127,944$33,383$161,327

Board Members and Trustees

NameTitle
Randy FreemanBod President(effective March 2023)
Harold FosterBod President(until February 2023)
Melvin PlaceBod Vice-president
Jere AuvenshineBod Member
Melvin ColemanBod Member
Paulette WarrenBod Member
Tom CulpepperBod Secretary
Tom MartinsonBod Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Cu Cooperative Systems INCCard Processing9692 HAVEN AVE, Rancho Cucamonga, CA 91730$2,734,294
Informa Business Systems INCItm Equipment/service5170 HARTSHORN DR, Flushing, MI 48433$2,387,040
MdtCore System Processing30230 ORCHARD LAKE RD, Farmington Hills, MI 48334$2,376,929
Grigg Media LLCMarketing1040 CLUBHOUSE DR, Lake Isabella, MI 48893$914,213
Marquis Software Solutions INCMarketing/mcifPO BOX 660919/DEPT 730069, Dallas, TX 75266-0919$613,825
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$58,196,329
Investment Income
$4,719,582
Other Revenue
$1,627,714
Change in Net Assets
$7,337,482

Audited Revenue Reconciliation

Revenue per Audited Statements
$64,543,625
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$64,543,625
Total Revenue per Form 990
$64,543,625
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$38,778,984
Salaries, Compensation, and Employee Benefits$18,279,367
Grants and Similar Amounts Paid$147,792
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$11,523,432
Interest---$11,011,455
Information Technology---$3,104,326
Office Expenses---$2,601,316
Other Employee Benefits---$2,328,573
Pension Plan Contributions---$2,139,416
Advertising---$2,070,205
Other Expenses---$1,880,510
Depreciation Depletion---$1,453,731
Current Officers, Directors, Trustees, and Key Employees---$1,341,422
All Other Expenses---$1,231,179
Payroll Taxes---$946,524
Occupancy---$459,252
Fees for Services Other---$411,364
Travel---$230,359
Fees for Services Accounting---$228,545
Insurance---$181,109
Grants to Domestic Orgs---$127,792
Payments to Affiliates---$89,375
Fees for Services Legal---$33,431
Grants to Domestic Individuals---$20,000
Conferences and Meetings---$1,277
Total Functional Expenses$0$0$0$57,206,143

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$57,206,143
Total Expenses per Audited Statements$57,206,143
Total Expenses per Form 990$57,206,143
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Reo Town Commercial AssociationLansing, MI501(c)(3)Charitable Contribution$31,535
Greater Lansing Food BankLansing, MI501(c)(3)Charitable Contribution$10,000
Xavier Degroat Autism FoundationLansing, MI501(c)(3)Charitable Contribution$7,000
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
Term Share and Ira Certificates$300,153,951
Share Accounts$267,351,355
Money Market$173,254,255
Share Draft$134,096,751
Ira Share Accounts$6,545,938
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 credit union's financial statements are available in the form of the quarterly call report on ncua.gov. 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
2024-10-23
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
214
Volunteers
17

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

“Member budget counseling 34,368. Outside consulting 376,996.”

Form 990, Part IX, Line 24E

“Atm expenses 775,980. Training/development/educations 352,267. Miscellaneous 102,932.”

FORM 990, PART XI, LINE 9:

“Post-retirement benefit plan gains/(losses) 494,506. Reclassification adjustment for post-retirement amortization expense included in net earnings 187,389. Cumulative effect from change in accounting principle -6,355,790.”

FORM 990, PART XII, LINE 2C:

“The organization has a committee that assumes responsibility for the oversight of the audit of the 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. Generally, tax years from 2020 through the current year remain open to examination.”

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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt60
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt70
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt892926
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt930526
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1056602
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1156101
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1233613
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1351598
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1444441
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1523390
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt1621179
IRS990/Form990PartVIISectionAGrp/PersonNm0HAROLD FOSTER
IRS990/Form990PartVIISectionAGrp/PersonNm1MELVIN PLACE
IRS990/Form990PartVIISectionAGrp/PersonNm2TOM MARTINSON
IRS990/Form990PartVIISectionAGrp/PersonNm3TOM CULPEPPER
IRS990/Form990PartVIISectionAGrp/PersonNm4JERE AUVENSHINE
IRS990/Form990PartVIISectionAGrp/PersonNm5PAULETTE WARREN
IRS990/Form990PartVIISectionAGrp/PersonNm6RANDY FREEMAN
IRS990/Form990PartVIISectionAGrp/PersonNm7MELVIN COLEMAN
IRS990/Form990PartVIISectionAGrp/PersonNm8PATRICK SPYKE
IRS990/Form990PartVIISectionAGrp/PersonNm9LESLIE RORIE
IRS990/Form990PartVIISectionAGrp/PersonNm10KELLI ELLSWORTH-ETCHISON
IRS990/Form990PartVIISectionAGrp/PersonNm11ROBYN HOWELL
IRS990/Form990PartVIISectionAGrp/PersonNm12EMILY JANNERETH
IRS990/Form990PartVIISectionAGrp/PersonNm13JASON SMITH
IRS990/Form990PartVIISectionAGrp/PersonNm14ANGELA RUZINSKY
IRS990/Form990PartVIISectionAGrp/PersonNm15AHMED ISSAWI
IRS990/Form990PartVIISectionAGrp/PersonNm16KIMBERLY AUSTIN
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt70
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt8473374
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt9164654
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10255966
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt11211273
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt12182888
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt13177075
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt14170101
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt15153408
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt16140148
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/ReportableCompFromRltdOrgAmt140
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt150
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt160
IRS990/Form990PartVIISectionAGrp/TitleTxt0BOD PRESIDENT(UNTIL FEBRUARY 2023)
IRS990/Form990PartVIISectionAGrp/TitleTxt1BOD VICE-PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2BOD TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3BOD SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOD PRESIDENT(EFFECTIVE MARCH 2023)
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt9CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt10CHIEF MARKETING OFCR./CHIE
IRS990/Form990PartVIISectionAGrp/TitleTxt11SVP/COO
IRS990/Form990PartVIISectionAGrp/TitleTxt12CHIEF TECHNOLOGY OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt13CHIEF LENDING OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt14CHIEF MEMBERSHIP OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt15IT MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR OF COLLECTIONS
IRS990/Form990ProvidedToGvrnBodyInd00
IRS990/Form990TFiledInd01
IRS990/FormationYr01936
IRS990/FormerOfcrEmployeesListedInd00
IRS990/FSAuditedBasisGrp/SeparateBasisFinclStmtInd0X
IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd00
IRS990/GamingActivitiesInd00
IRS990/GoverningBodyVotingMembersCnt07
IRS990/GrantsToDomesticIndividualsGrp/TotalAmt020000
IRS990/GrantsToDomesticOrgsGrp/TotalAmt0127792
IRS990/GrantsToIndividualsInd01
IRS990/GrantsToOrganizationsInd01
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt064543625
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
IRS990/IndependentAuditFinclStmtInd01
IRS990/IndependentVotingMemberCnt07
IRS990/IndivRcvdGreaterThan100KCnt016
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartIXInd0X
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InformationTechnologyGrp/TotalAmt03104326
IRS990/InsuranceGrp/TotalAmt0181109
IRS990/InterestGrp/TotalAmt011011455
IRS990/InvestmentIncomeGrp/ExclusionAmt04719582
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt04719582
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt016820617
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt018649174
IRS990/InvestmentsPubTradedSecGrp/BOYAmt096642012
IRS990/InvestmentsPubTradedSecGrp/EOYAmt087999799
IRS990/IRPDocumentCnt015421
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt018161903
IRS990/LandBldgEquipBasisNetGrp/BOYAmt022319248
IRS990/LandBldgEquipBasisNetGrp/EOYAmt020946398
IRS990/LandBldgEquipCostOrOtherBssAmt039108301
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/NetAssetsOrFundBalancesBOYAmt0102432177
IRS990/NetAssetsOrFundBalancesEOYAmt0105304238
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt01208474
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt0459252
IRS990/OfficeExpensesGrp/TotalAmt02601316
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt030102962
IRS990/OtherAssetsTotalGrp/EOYAmt035560091
IRS990/OtherChangesInNetAssetsAmt0-5673895
IRS990/OtherEmployeeBenefitsGrp/TotalAmt02328573
IRS990/OtherExpensesGrp/Desc0PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc1DEBIT AND CREDIT CARD E
IRS990/OtherExpensesGrp/Desc2MAINTENANCE
IRS990/OtherExpensesGrp/Desc3LOAN SERVICING EXPENSE
IRS990/OtherExpensesGrp/TotalAmt07442413
IRS990/OtherExpensesGrp/TotalAmt13612984
IRS990/OtherExpensesGrp/TotalAmt22736153
IRS990/OtherExpensesGrp/TotalAmt31880510
IRS990/OtherLiabilitiesGrp/BOYAmt0827887832
IRS990/OtherLiabilitiesGrp/EOYAmt0881402250
IRS990/OtherRevenueMiscGrp/BusinessCd0522100
IRS990/OtherRevenueMiscGrp/BusinessCd1520000
IRS990/OtherRevenueMiscGrp/Desc0EQUITY IN EARNINGS OF CUSO'S
IRS990/OtherRevenueMiscGrp/Desc1FINANCE & INSURANCE
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt0990987
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0990987
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1636727
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt0636727
IRS990/OtherRevenueTotalAmt01627714
IRS990/OtherSalariesAndWagesGrp/TotalAmt011523432
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0783592129
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0801348312
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/TotalAmt089375
IRS990/PayrollTaxesGrp/TotalAmt0946524
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt02139416
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt01958693
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt02087193
IRS990/PrincipalOfficerNm0PATRICK SPYKE
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/BusinessCd1522100
IRS990/ProgramServiceRevenueGrp/Desc0LOAN INCOME
IRS990/ProgramServiceRevenueGrp/Desc1FEES, CHARGES, OTHER
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt043194768
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt115001561
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt043194768
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt115001561
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/PYGrantsAndSimilarPaidAmt0141311
IRS990/PYInvestmentIncomeAmt02769083
IRS990/PYOtherExpensesAmt027061574
IRS990/PYOtherRevenueAmt02039519
IRS990/PYProgramServiceRevenueAmt046787977
IRS990/PYRevenuesLessExpensesAmt08247024
IRS990/PYSalariesCompEmpBnftPaidAmt016146670
IRS990/PYTotalExpensesAmt043349555
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt051596579
IRS990/ReconcilationRevenueExpnssAmt07337482
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0102432177
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0105304238
IRS990/SavingsAndTempCashInvstGrp/BOYAmt08068746
IRS990/SavingsAndTempCashInvstGrp/EOYAmt042371411
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt013752023
IRS990ScheduleD/BuildingsGrp/DepreciationAmt07963072
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt021715095
IRS990ScheduleD/EquipmentGrp/BookValueAmt03442069
IRS990ScheduleD/EquipmentGrp/DepreciationAmt010198831
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt013640900
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt057206143
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt03752306
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt03752306
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0267351355
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1134096751
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2173254255
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt36545938
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt4300153951
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SHARE ACCOUNTS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1SHARE DRAFT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2MONEY MARKET
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3IRA SHARE ACCOUNTS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4TERM SHARE AND IRA CERTIFICATES
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt064543625
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. GENERALLY, TAX YEARS FROM 2020 THROUGH THE CURRENT YEAR REMAIN OPEN TO EXAMINATION.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt020946398
IRS990ScheduleD/TotalExpensesPerForm990Amt057206143
IRS990ScheduleD/TotalLiabilityAmt0881402250
IRS990ScheduleD/TotalRevenuePerForm990Amt064543625
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt064543625
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt057206143
IRS990ScheduleI/GrantRecordsMaintainedInd00
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt020000
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0SCHOLARSHIPS
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt04

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,029,416,440
Liabilities
$924,112,202
Net assets
$105,304,238
Revenue
$64,543,625
Expenses
$57,206,143
Net income
$7,337,482
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