2024-10-29T13:41:48-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 380893210 LAFCU LAFC 5176226600 106 N MARKETPLACE BOULEVARD LANSING MI 48917 PATRICK SPYKE CEO 5176226600 2024-10-23 1 0 ROBERT PARKS CPA P00740435 2482443000 2024-10-23 2023 2024-10-15 13:58:12Z PATRICK SPYKE 106 N MARKETPLACE BOULEVARD LANSING MI 48917 64543625 0 X WWW.LAFCU.COM X 1936 MI COOPERATIVE FINANCIAL INSTITUTION - CREDIT UNION PROVIDING LOANS AND SAVINGS PRODUCTS AND SERVICES TO MEMBERS. 7 7 214 17 636727 0 0 0 46787977 58196329 2769083 4719582 2039519 1627714 51596579 64543625 141311 147792 0 0 16146670 18279367 0 0 0 27061574 38778984 43349555 57206143 8247024 7337482 986262376 1029416440 883830199 924112202 102432177 105304238 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. 0 0 SAVINGS PRODUCTS - PRIMARY MEMBER SERVICE STAFF/50% BRANCH OPERATIONS/CONTACT CENTER LENDING PRODUCTS - LOAN STAFFING AND SUPPORT SERVICES, COLLECTION STAFFING. CASH OPERATIONS - 50% BRANCH OPERATIONS, SUPPORT SERVICES - ACCOUNTING. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 15421 0 1 214 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X PATRICK SPYKE 5176226600 106 N MARKETPLACE BOULEVARD LANSING MI 48917 HAROLD FOSTER BOD PRESIDENT(UNTIL FEBRUARY 2023) 3.00 X 0 0 0 MELVIN PLACE BOD VICE-PRESIDENT 3.00 X 0 0 0 TOM MARTINSON BOD TREASURER 3.00 X 0 0 0 TOM CULPEPPER BOD SECRETARY 3.00 X 0 0 0 JERE AUVENSHINE BOD MEMBER 3.00 X 0 0 0 PAULETTE WARREN BOD MEMBER 3.00 X 0 0 0 RANDY FREEMAN BOD PRESIDENT(EFFECTIVE MARCH 2023) 3.00 X 0 0 0 MELVIN COLEMAN BOD MEMBER 3.00 X 0 0 0 PATRICK SPYKE CEO 40.00 X 473374 0 92926 LESLIE RORIE CFO 40.00 X 164654 0 30526 KELLI ELLSWORTH-ETCHISON CHIEF MARKETING OFCR./CHIE 40.00 X 255966 0 56602 ROBYN HOWELL SVP/COO 40.00 X 211273 0 56101 EMILY JANNERETH CHIEF TECHNOLOGY OFFICER 40.00 X 182888 0 33613 JASON SMITH CHIEF LENDING OFFICER 40.00 X 177075 0 51598 ANGELA RUZINSKY CHIEF MEMBERSHIP OFFICER 40.00 X 170101 0 44441 AHMED ISSAWI IT MANAGER 40.00 X 153408 0 23390 KIMBERLY AUSTIN DIRECTOR OF COLLECTIONS 40.00 X 140148 0 21179 1928887 0 410376 16 0 1 0 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 CARD PROCESSING 2734294 INFORMA BUSINESS SYSTEMS INC 5170 HARTSHORN DR FLUSHING MI 48433 ITM EQUIPMENT/SERVICE 2387040 MDT 30230 ORCHARD LAKE RD FARMINGTON HILLS MI 48334 CORE SYSTEM PROCESSING 2376929 GRIGG MEDIA LLC 1040 CLUBHOUSE DR LAKE ISABELLA MI 48893 MARKETING 914213 MARQUIS SOFTWARE SOLUTIONS INC PO BOX 660919/DEPT 730069 DALLAS TX 752660919 MARKETING/MCIF 613825 22 LOAN INCOME 522100 43194768 43194768 FEES, CHARGES, OTHER 522100 15001561 15001561 58196329 4719582 4719582 EQUITY IN EARNINGS OF CUSO'S 522100 990987 990987 FINANCE & INSURANCE 520000 636727 636727 1627714 64543625 59187316 636727 4719582 X 127792 20000 1341422 11523432 2139416 2328573 946524 33431 228545 411364 2070205 2601316 3104326 459252 230359 1277 11011455 89375 1453731 181109 PROVISION FOR LOAN LOSS 7442413 DEBIT AND CREDIT CARD E 3612984 MAINTENANCE 2736153 LOAN SERVICING EXPENSE 1880510 1231179 57206143 26593131 21584929 8068746 42371411 164838 -1130867 783592129 801348312 1958693 2087193 39108301 18161903 22319248 20946398 96642012 87999799 16820617 18649174 30102962 35560091 986262376 1029416440 55942367 42709952 827887832 881402250 883830199 924112202 X 0 0 0 0 102432177 105304238 102432177 105304238 986262376 1029416440 X 7337482 1208474 -5673895 X X 0 1 X 1 0 3752306 3752306 21715095 7963072 13752023 13640900 10198831 3442069 20946398 SHARE ACCOUNTS 267351355 SHARE DRAFT 134096751 MONEY MARKET 173254255 IRA SHARE ACCOUNTS 6545938 TERM SHARE AND IRA CERTIFICATES 300153951 881402250 X 64543625 0 64543625 0 64543625 57206143 0 57206143 0 57206143 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. 0 XAVIER DEGROAT AUTISM FOUNDATION PO BOX 12014 LANSING MI 48901 823455094 501(C)(3) 7000 0 CHARITABLE CONTRIBUTION GREATER LANSING FOOD BANK PO BOX 24112 LANSING MI 48909 352405362 501(C)(3) 10000 0 CHARITABLE CONTRIBUTION REO TOWN COMMERCIAL ASSOCIATION 3003 E MICHIGAN AVE 1039 LANSING MI 48912 010625783 501(C)(3) 31535 0 CHARITABLE CONTRIBUTION 3 0 SCHOLARSHIPS 4 20000 PART I, LINE 2: AMOUNTS PAID TO CHARITABLE ORGANIZATIONS ARE CONSIDERED DONATIONS, NOT GRANTS. THEREFORE, THERE IS NO MONITORING. PART III: LAFCU IS PROUD TO SUPPORT HIGHER EDUCATION BY OFFERING THE WRITE TO EDUCATE SCHOLARSHIP ESSAY CONTEST FOR HIGH SCHOOL SENIORS ATTENDING COLLEGE IN MICHIGAN. X X X X 0 0 0 PATRICK SPYKE CEO 431541 0 41833 0 0 0 60266 0 32660 0 566300 0 0 0 KELLI ELLSWORTH-ETCHISON CHIEF MARKETING OFCR./CHIE 235412 0 20144 0 410 0 35930 0 20672 0 312568 0 0 0 ROBYN HOWELL SVP/COO 196786 0 14487 0 0 0 29675 0 26426 0 267374 0 0 0 JASON SMITH CHIEF LENDING OFFICER 161615 0 15310 0 150 0 25172 0 26426 0 228673 0 0 0 EMILY JANNERETH CHIEF TECHNOLOGY OFFICER 167590 0 15298 0 0 0 24887 0 8726 0 216501 0 0 0 ANGELA RUZINSKY CHIEF MEMBERSHIP OFFICER 155171 0 14780 0 150 0 23769 0 20672 0 214542 0 0 0 LESLIE RORIE CFO 157539 0 7115 0 0 0 21800 0 8726 0 195180 0 0 0 AHMED ISSAWI IT MANAGER 140128 0 13280 0 0 0 21486 0 1904 0 176798 0 0 0 KIMBERLY AUSTIN DIRECTOR OF COLLECTIONS 127944 0 11804 0 400 0 19088 0 2091 0 161327 0 0 0 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. 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.