2025-11-17T14:59:49-06:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 380893210 LAFCU LAFC 5176226600 106 N MARKETPLACE BOULEVARD LANSING MI 48917 LESLIE RORIE CFO 5176226600 2025-11-17 1 0 AUBREY CLEGG P01076395 3052328272 2025-11-16 2024 2025-03-06 01:10:19Z PATRICK SPYKE 106 N MARKETPLACE BOULEVARD LANSING MI 48917 177489649 0 X WWW.LAFCU.COM X 1936 MI COOPERATIVE FINANCIAL INSTITUTION - CREDIT UNION PROVIDING LOANS AND SAVINGS PRODUCTS AND SERVICES TO MEMBERS. 7 7 222 16 620995 0 0 0 58196329 63270823 4719582 10181207 1627714 104037619 64543625 177489649 147792 5467775 0 0 18279367 20342535 0 0 0 38778984 43685789 57206143 69496099 7337482 107993550 1029416440 1129173408 924112202 915774042 105304238 213399366 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 1 1 1 0 1 15646 0 1 222 1 1 1 0 0 0 0 0 1 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 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 3.00 X 0 0 0 MELVIN COLEMAN BOD MEMBER 3.00 X 0 0 0 PATRICK SPYKE CEO 40.00 X 1368082 0 104845 LESLIE RORIE CFO 40.00 X 190593 0 34018 KELLI ELLSWORTH-ETCHISON CHIEF MARKETING OFCR./CHIE 40.00 X 263934 0 58378 ROBYN HOWELL SVP/COO 40.00 X 273116 0 65225 EMILY JANNERETH CHIEF TECHNOLOGY OFFICER 40.00 X 199307 0 35694 JASON SMITH CHIEF LENDING OFFICER 40.00 X 192806 0 54406 STEPHEN SCHMITT CORPORATE STRATEGIST 40.00 X 144577 0 29667 KIMBERLY AUSTIN EXECUTIVE IMPLEMENTATION OFFICER 40.00 X 140781 0 20596 AMY ADAM VP OF CARDS 40.00 X 147252 0 31132 2920448 0 433961 18 0 1 0 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 CARD PROCESSING 3209936 MDT 30230 ORCHARD LAKE RD FARMINGTON HILLS MI 48334 CORE SYSTEM PROCESSING 2046355 INFORMA BUSINESS SYSTEMS INC 5170 HARTSHORN DR FLUSHING MI 48433 ITM EQUIPMENT/SERVICE 1925662 MARQUIS SOFTWARE SOLUTIONS PO BOX 660919/DEPT 730069 DALLAS TX 752660919 MARKETING/MCIF 953419 CBTS TECHNOLOGY SOLUTIONS 1507 SOLUTIONS CENTER CHICAGO IL 606771005 TECHNOLOGY MANAGEMENT 337629 25 LOAN INCOME 522100 48163018 48163018 FEES, CHARGES, OTHER 522100 15107805 15107805 63270823 10181207 10181207 REDEMPTION OF CLASS B VISA SHARES 522100 102394790 102394790 EQUITY IN EARNINGS OF CUSO'S 522100 1021834 1021834 FINANCE & INSURANCE 520000 620995 620995 104037619 177489649 166687447 620995 10181207 X 5447775 20000 2358191 12625355 1758988 2557784 1042217 26235 288356 634678 1209483 2751821 3468605 485356 264396 652 15378580 116118 1616301 202736 PROVISION FOR LOAN LOSS 6799434 DEBIT AND CREDIT CARD E 3939809 MAINTENANCE 2862154 LOAN SERVICING EXPENSE 1969841 1671234 69496099 21584929 20528304 42371411 154464817 -1130867 4151529 801348312 770843536 2087193 2695213 39923346 19010745 20946398 20912601 87999799 98888847 18649174 19648571 35560091 37039990 1029416440 1129173408 42709952 9874954 881402250 905899088 924112202 915774042 X 0 0 0 0 105304238 213399366 105304238 213399366 1029416440 1129173408 X 107993550 326443 -224865 X X 0 1 X 1 0 3752306 3752306 21725404 8500571 13224833 14445636 10510174 3935462 20912601 SHARE ACCOUNTS 268083341 SHARE DRAFT 135377247 MONEY MARKET 172914529 IRA SHARE ACCOUNTS 5717209 TERM SHARE AND IRA CERTIFICATES 323806762 905899088 X 177489649 0 177489649 0 177489649 69496099 0 69496099 0 69496099 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE FROM FEDERAL AND STATE INCOME TAXES BUT STILL MAY BE SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). THE NET UNRELATED BUSINESS INCOME TAX IS IMMATERIAL TO THE FINANCIAL STATEMENTS AS A WHOLE. 0 XAVIER DEGROAT AUTISM FOUNDATION PO BOX 12014 LANSING MI 48901 823455094 501(C)(3) 10000 0 TO SUPPORT AUSTISM AWARENESS, EDUCATION, AND COMMUNITY PROGRAMS GREATER LANSING FOOD BANK PO BOX 24112 LANSING MI 48909 352405362 501(C)(3) 10000 0 TO EXPAND ACCESS TO NUTRITIOUS FOOD AND PROVIDE ESSENTIAL ASSITANCE TO LOW INCOME INDIVIDUALS STABLE COMMUNITIES FOUNDATION 106 N MARKETPLACE BLVD LANSING MI 48917 332160702 501(C)(3) 5000000 0 TO SUPPORT HOUSING STABILITY INITIATIVES THAT EXPAND ACCESS TO SAFE, AFFORDABLE HOUSING 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 836417 0 531365 0 300 0 69156 0 35689 0 1472927 0 0 0 ROBYN HOWELL SVP/COO 258263 0 14493 0 360 0 38153 0 27072 0 338341 0 0 0 KELLI ELLSWORTH-ETCHISON CHIEF MARKETING OFCR./CHIE 246618 0 17074 0 242 0 37190 0 21188 0 322312 0 0 0 JASON SMITH CHIEF LENDING OFFICER 180547 0 12014 0 245 0 27334 0 27072 0 247212 0 0 0 EMILY JANNERETH CHIEF TECHNOLOGY OFFICER 186834 0 12473 0 0 0 26753 0 8941 0 235001 0 0 0 LESLIE RORIE CFO 178280 0 11790 0 523 0 25077 0 8941 0 224611 0 0 0 AMY ADAM VP OF CARDS 140797 0 5955 0 500 0 21075 0 10057 0 178384 0 0 0 STEPHEN SCHMITT CORPORATE STRATEGIST 140281 0 3968 0 328 0 20726 0 8941 0 174244 0 0 0 KIMBERLY AUSTIN EXECUTIVE IMPLEMENTATION OFFICER 131396 0 9267 0 118 0 19313 0 1283 0 161377 0 0 0 PART I, LINE 4 THE CEO, PATRICK SPYKE PARTICIPATES IN A COMPENSATION PLAN THAT IS FUNDED OVER THE COURSE OF THREE YEARS. IN THE FIRST YEAR (2024) THE BENEFIT WAS IN THE FORM OF A HYBRID BONUS PREMIUM, WHICH WAS PAID TO HIM DIRECTLY. THE AMOUNT PAID OUT DURING 2024 WAS $883,738 AND IS INCLUDED IN W-2 COMPENSATION REPORTED IN PART VII AND SCHEDULE J. 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 24E ATM EXPENSES 945,218. TRAINING/DEVELOPMENT/EDUCATIONS 476,880. MISCELLANEOUS 249,136. FORM 990, PART XI, LINE 9: POST-RETIREMENT BENEFIT PLAN: ACTUARIAL GAINS/(LOSSES) -261,857. POST-RETIREMENT BENEFIT PLAN: AMORTIZATION OF ACTUARIAL LOSS INCLUDED IN NET EARNINGS 36,992. 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. STABLE COMMUNITIES FOUNDATION 106 N MARKETPLACE BLVD LANSING MI 48917 332160702 PUBLIC CHARITY MI 501(C)(3) PF LAFCU 1 MEMBER FIRST MORTGAGE 616 44TH STREET SE GRAND RAPIDS MI 49548 383616059 MORTGAGE MI -290375 10855843 0 0 0.10810 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE RD FARMINGTON HILLS MI 48334 050554165 CORE PROCESSOR MI 1033676 16203446 0 0 0.25000 COMMERCIAL ALLIANCE 5600 CROOKS RD TROY MI 48098 812931755 COMMERCIAL LENDING MI 251646 2206115 0 0 0.14290 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 STABLE COMMUNITIES FOUNDATION B 5000000 ACTUAL CASH CONTRIBUITION