2024-11-01T09:25:08-05:00 2023-12-31 381357951 PLANTE & MORAN PLLC 2601 CAMBRIDGE CT STE 300 AUBURN HILLS MI 48326 990 2023-01-01 381250516 CREDIT UNIONS CHARTERED IN THE STATE OF 222 LAKE TRUST CREDIT UNION CRED 8882677200 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 DAVID SNODGRASS PRESIDENT & CEO 8882677200 2024-10-31 1 0 DAVID LOWENTHAL P00378651 2483757100 2024-10-31 2023 2024-10-15 13:58:12Z LAKE TRUST CREDIT UNION DAVID SNODGRASS 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 122318450 0 1359 X WWW.LAKETRUST.ORG X 1943 MI MEMBERS WILL UNDERSTAND AND EXPERIENCE THE BENEFITS OF A CREDIT UNION (CONT'D ON SCH. O) RELATIONSHIP AT A COST JUSTIFIED BY THE RESULTS. MEMBERS HAVE THE CAPABILITY TO EXERCISE CONTROL OVER THEIR FINANCIAL LIVES WHILE SHARING IN THE SUCCESS OF THE ORGANIZATION. MEMBERS EXPERIENCE REWARDS OF A MUTUALLY BENEFICIAL RELATIONSHIP BASED ON ADVOCACY AND TRUST RESULTING IN TRUST AND LOYALTY. MEMBERS VALUE THE LINK BETWEEN THEIR BENEFITS AND THEIR OWNERSHIP. 12 12 565 12 338622 0 625000 1154622 93746217 107894242 6374937 11351340 1257616 1531324 102003770 121931528 372684 255748 0 0 39706349 43034415 0 0 0 49466866 68514772 89545899 111804935 12457871 10126593 2583730909 2596794878 2383125371 2377179029 200605538 219615849 X MEMBERS WILL UNDERSTAND AND EXPERIENCE THE BENEFITS OF A CREDIT UNION RELATIONSHIP AT A COST JUSTIFIED BY THE RESULTS. MEMBERS HAVE THE CAPABILITY TO EXERCISE CONTROL OVER THEIR FINANCIAL LIVES WHILE SHARING IN THE SUCCESS OF THE ORGANIZATION. (CONT'D ON SCH. O)MEMBERS EXPERIENCE REWARDS OF A MUTUALLY BENEFICIAL RELATIONSHIP BASED ON ADVOCACY AND TRUST RESULTING IN TRUST AND LOYALTY. MEMBERS VALUE THE LINK BETWEEN THEIR BENEFITS AND THEIR OWNERSHIP. 0 0 PROMOTED THRIFT TO 179,751 MEMBERS BY OFFERING LOANS, DEPOSITS, AND OTHER FINANCIAL PRODUCTS. 0 1 0 0 0 0 0 1 0 1 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 1 65238 0 1 565 1 1 1 0 0 0 0 0 0 0 X 12 12 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X KARA STUEWE 8882677200 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 RICK LABER CHAIRPERSON 10.00 0.00 X X 3875 0 0 MICHAEL SOLO VICE CHAIRPERSON 4.00 0.00 X X 3640 0 0 RAY SEIDL TREASURER 10.00 0.00 X X 3595 0 0 KATHRYN RUSAK SECRETARY 5.00 0.00 X X 15470 0 0 JULIE BONNER-HEINE ASSISTANT SECRETARY 4.00 0.00 X X 4881 0 0 JAMES BARNES DIRECTOR 4.00 0.00 X 0 0 0 DENNIS TOCHMAN DIRECTOR 4.00 0.00 X 7008 0 0 SHANE LOVELLETTE DIRECTOR 4.00 0.00 X 5242 0 0 AARON SEYBERT DIRECTOR 4.00 0.00 X 2650 0 0 PHILIP SANTER DIRECTOR 4.00 0.00 X 2613 0 0 MONICA MARTINEZ DIRECTOR 4.00 0.00 X 0 0 0 JAMIE SCHRINER DIRECTOR 4.00 0.00 X 4505 0 0 DAVID SNODGRASS CEO AND PRESIDENT 40.00 0.50 X 963485 0 356617 KARA STUEWE EVP, CHIEF FINANCIAL OFFICER 40.00 0.00 X 287850 0 36781 ANDREA MOSHER - PART YEAR EVP, CHIEF LENDING OFFICER 40.00 0.00 X 102890 0 12711 OMARI BOONE EVP GENERAL COUNSEL CRO 40.00 0.00 X 247964 0 34639 SANDRA RADTKE COMMERCIAL SOLUTIONS OFFICER II 40.00 0.00 X 213419 0 16482 RAYNOR ZILLGITT SVP, GENERAL COUNSEL EMERITUS 40.00 0.50 X 263358 0 31806 JAMES SARVER SVP, FINANCIAL LIFE PLANNING 40.00 0.00 X 225229 0 28804 THERESA DUBIEL EVP, CHIEF MEMBER EXPERIENCE OFFICER 40.00 0.50 X 227774 0 19779 BRANDALYNN WINCHESTER-MIDDLEBROOK EVP, CHIEF PEOPLE & PURPOSE OFFICER 40.00 2.00 X 227590 0 20966 2813038 0 558585 65 0 1 0 FISERV PO BOX 934057 ATLANTA GA 311934057 CORE SYSTEM PROVIDER & DEBIT/ATM/CREDIT 4516776 PHIRE ADVERTISING & DESIGN LLC 111 MILLER AVE ANN ARBOR MI 48104 MEDIA CAMPAIGNS & ADVERTISING 1818965 THE CHRISTMAN COMPANY 208 N CAPITOL AVE LANSING MI 48933 CONSTRUCTION AND REMODELING SERVICES 1375609 BRINKS INCORPORATED 7373 SOLUTIONS CENTER CHICAGO IL 60677 BRANCH CASH DELIVERY & ATM SERVICING 795304 DOXIM PO BOX 933472 CLEVELAND OH 44193 PROCESSING & MAILING OF NOTICES & STATEM 775562 26 1154622 1154622 MEMBER LOAN INCOME 522100 83337888 83337888 FEE INCOME 522100 24556354 24556354 107894242 11290846 11289467 1379 69498 69498 47250 77217 -29967 -29967 -29967 370199 309705 60494 60494 60494 INSURANCE INCOME 525990 1204683 1154550 50133 NON-MEMBER ATM INCOME 525990 287110 287110 1491793 121931528 120338259 338622 100025 255748 1980816 31381985 991447 6309130 2371037 121286 198147 129693 1649478 3170485 7140463 7052796 6404701 907822 1425027 3322816 DIVIDENDS AND INTEREST 18833912 ATM SERVICE & OP. EXP 7200248 PROVISION FOR LOAN LOSS 6616581 LOAN SERVICING 2443199 1898118 111804935 14445088 12861971 113641551 152037589 12366448 12678317 1850467015 1883266486 3717169 3841300 111035719 47991639 63605888 63044080 962248 415979109 355001437 38774787 38277761 69771606 75785937 2583730909 2596794878 13855714 13741599 1345378 108775 97159 74047000 83047000 2295113882 2278947893 2383125371 2377179029 X 16560477 16560477 0 0 184045061 203055372 200605538 219615849 2583730909 2596794878 X 10126593 11428956 -2545238 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 10699098 10699098 59845738 17338411 42507327 3931231 3001220 930011 36559652 27652008 8907644 63044080 FEDERAL HOME LOAN BANK STOCK 4068100 F MORTGAGE BASED SECURITIES 165341812 F BANK CDS 9000000 F US GOVERNMENT & FEDERAL AGENCY SECURITIES 166548480 F RATED MUNICIPAL INSTRUMENTS 6218645 F CORPORATE BONDS 3824400 F 355001437 MEMBERS' SHARES AND SAVINGS ACCOUNTS 2278947893 2278947893 122008745 77217 77217 121931528 0 121931528 111882152 77217 77217 111804935 0 111804935 PART IV, LINE 2B: ESCROW ACCOUNTS ARE MAINTAINED FOR HOME EQUITY LOANS AND CUSTODIAL ACCOUNTS ARE MAINTAINED FOR MORTGAGES PREVIOUSLY SOLD TO FREDDIE MAC OR FANNIE MAE. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 77,217. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 77,217. 1 LAKE TRUST CREDIT UNION FOUNDATION 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 455332078 501(C)(3) 50000 0 COMMUNITY ASSISTANCE LAKE TRUST EMPLOYEE ASSISTANCE DOWNTOWN LANSING INC 401 S WASHINGTON SQUARE SUITE 101 LANSING MI 48933 383511288 501(C)(3) 16675 0 MICRO MARKET PROGRAM SUPPORT FORGOTTEN HARVEST 15000 W EIGHT MILE RD OAK PARK MI 48237 382926476 501(C)(3) 10000 0 EVENT SPONSORSHIP THE CHADTOUGH FOUNDATION PO BOX 907 SALINE MI 48176 474041494 501(C)(3) 10000 0 SPONSOR CHAMPIONS DINNER GREATER LANSING FOOD BANKS PO BOX 16224 LANSING MI 48901 382424756 501(C)(3) 10000 0 EMPTY PLATE DINNER SPONSOR LACASA 2895 WEST GRAND RIVER HOWELL MI 48843 382370824 501(C)(3) 20000 0 MISSION PARTNER IHN AT ALPHA HOUSE 4290 JACKSON ROAD ANN ARBOR MI 48103 383052598 501(C)(3) 10000 0 EVENT SPONSORSHIP THE SALVATION ARMY 16130 NORTHLAND DR SOUTHFIELD MI 48075 381370971 501(C)(3) 12500 0 CAPITAL CAMPAIGN PLEDGE WORKSKILLS FOUNDATION 100 SUMMIT ST BRIGHTON MI 48116 204595453 501(C)(3) 10000 0 MISSION PARTNER MICHIGAN STATE UNIVERSITY 426 AUDITORIUM ROAD ROOM 360 EAST LANSING MI 48824 386005984 GOV 18073 0 DONATION TO SPARTAN STRONG FUND FOOD GATHERERS 1 CARROT WAY ANN ARBOR MI 48105 382853858 501(C)(3) 10000 0 SUMMER FOOD SERVICE PROGRAM SPONSOR MUSKEGON RESCUE MISSION 2735 E APPLE AVENUE SUITE D MUSKEGON MI 49441 383525239 10000 0 SPONSORSHIP DETROIT HISPANIC DEVELOPMENT 1211 TRUMBULL STREET DETROIT MI 48216 383355698 501(C)(3) 10000 0 SPONSORSHIP MICHIGAN CHAMBER FOUNDATION 600 SOUTH WALNUT STREET LANSING MI 48933 382647323 501(C)(3) 15000 0 SPONSORSHIP/PRESENTING SPONSOR AT EVENTS 2 STONES EVENTS 524 VICTORIA SQUARE BRIGHTON MI 48116 270200464 8000 0 SPONSORSHIP REO TOWN COMMERCIAL ASSOCIATION (OURSPACE) 222 E ELM ST LANSING MI 48910 010625783 501(C)(3) 7500 0 SPONSORSHIP MICHIGAN CREDIT UNION FOUNDATION 38695 WEST SEVEN MILE ROAD LIVONIA MI 48152 386066911 501(C)(3) 7500 0 DONATION TO COOPERATIVE HEROIC IMAGINATION PROJECT 25 MONTCLAIR TERRACE SAN FRANCISCO CA 94109 271964460 501(C)(3) 6000 0 HERO ROUND TABLE SPONSOR LMTS COMMUNITY OUTREACH SERVICES 1122 W HOLMES RD SUITE 3 LANSING MI 48910 383423484 501(C)(3) 7000 0 TURKEY BOX SPONSORSHIP NO SENIOR WITHOUT CHRISTMAS PO BOX 26182 LANSING MI 48909 760840671 501(C)(3) 7500 0 GOLD SPONSOR 18 2 PART I, LINE 2: LAKE TRUST CREDIT UNION HAS OVERSIGHT OF THE LAKE TRUST CREDIT UNION FOUNDATION AND MONITORS THE USE OF THE GRANT FUNDS FOR THE FOUNDATION AND CREDIT UNION. X 1 1 X X X 0 1 0 DAVID SNODGRASS CEO AND PRESIDENT 753385 0 184000 0 26100 0 335130 0 21487 0 1320102 0 0 0 KARA STUEWE EVP, CHIEF FINANCIAL OFFICER 262814 0 10636 0 14400 0 13934 0 22847 0 324631 0 0 0 RAYNOR ZILLGITT SVP, GENERAL COUNSEL EMERITUS 252034 0 10424 0 900 0 13371 0 18435 0 295164 0 0 0 OMARI BOONE EVP GENERAL COUNSEL CRO 239156 0 8208 0 600 0 12917 0 21722 0 282603 0 0 0 JAMES SARVER SVP, FINANCIAL LIFE PLANNING 215482 0 8847 0 900 0 11255 0 17549 0 254033 0 0 0 BRANDALYNN WINCHESTER-MIDDLEBROOK EVP, CHIEF PEOPLE & PURPOSE OFFICER 217776 0 8914 0 900 0 11548 0 9418 0 248556 0 0 0 THERESA DUBIEL EVP, CHIEF MEMBER EXPERIENCE OFFICER 217515 0 8809 0 1450 0 11433 0 8346 0 247553 0 0 0 SANDRA RADTKE COMMERCIAL SOLUTIONS OFFICER II 204107 0 5412 0 3900 0 9057 0 7425 0 229901 0 0 0 PART I, LINE 1A BOARD MEMBERS ARE ALLOWED TO HAVE THEIR SPOUSE AND DEPENDENT MINOR CHILDREN ATTEND A CONFERENCE WITH THEM. A 1099-MISC IS ISSUED FOR EXPENSES INCURRED. PART I, LINE 4B PARTICIPANTS IN EXECUTIVE SERP PLANS: DAVID SNODGRASS JANE KILE KARA STUEWE THE CREDIT UNION HAS SPLIT DOLLAR PLANS IN PLACE FOR RETAINING AND INCENTIVIZING ITS KEY EXECUTIVES. THE CREDIT UNION MAKES A LOAN TO THE EXECUTIVE WHO BUYS A LIFE INSURANCE POLICY THAT CREATES A FUND FROM WHICH THE EXECUTIVE BORROWS TAX-FREE TO SUPPLEMENT RETIREMENT INCOME. FULL VESTING ON THESE ACCOUNTS IS ACHIEVED IF MAINTAIN FULL EMPLOYMENT TO VESTING DATE OR TERMINATION OF EMPLOYMENT DUE TO DISABILITY. ALL THREE PARTICIPATED IN A SPLIT DOLLAR COLLATERAL INSURANCE SUPPLEMENTAL RETIREMENT PLAN - THEIR LOANS RELATED TO THIS PLAN ARE SHOWN ON SCHEDULE L. DAVID SNODGRASS PRESIDENT & CEO EXECUTIVE SERP LOAN X 6928234 8622939 0 1 1 JANE KILE RETIRED CHIEF MEMBER EXPERIENCE OFFICER EXECUTIVE SERP LOAN X 2400000 2806930 0 1 1 KARA STUEWE EVP, CHIEF FINANCIAL OFFICER EXECUTIVE SERP LOAN X 1200000 1248448 0 0 1 12678317 FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE GOVERNING BODY FORM 990, PART VI, SECTION A, LINE 7B ONLY DECISIONS SPECIFIED IN THE BYLAWS ARE REQUIRED TO BE APPROVED BY MEMBERS FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY EVP CHIEF FINANCIAL OFFICER, AVP ACCOUNTING (CURRENTLY VACANT), PRESIDENT/CEO, AND THE BOARD TREASURER/AUDIT COMMITTEE CHAIR, PRIOR TO FILING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS ANNUALLY COMPLETE THE CONFLICT OF INTEREST DOCUMENTS. EMPLOYEES ARE MONITORED BY SUPERVISOR TO ENSURE POLICY COMPLIANCE. DIRECTORS EXCUSE THEMSELVES FROM VOTING IF THERE IS A CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 BOARD OF DIRECTORS APPROVES COMPENSATION FOR CEO BASED ON RECOMMENDATION FROM BOARD EXECUTIVE COMMITTEE. CEO APPROVES COMPENSATION FOR LEADERSHIP TEAM DIRECT REPORTS AND THESE LEADERSHIP TEAM MEMBERS APPROVE COMPENSATION FOR THEIR DIRECT REPORT SVPS AND VPS WITH REVIEW BY CULTURE AND ENGAGEMENT. COMPENSATION CONSULTANT PERFORMS COMPETITIVE MARKET SURVEYS. ALSO PERFORMANCE EVALUATION COMPLETED BY BOARD EXECUTIVE COMMITTEE FOR CEO AND BY CEO FOR LEADERSHIP TEAM DIRECT REPORTS AND BY THESE LEADERSHIP TEAM MEMBERS FOR THEIR DIRECT REPORT SVPS AND VPS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: NET CHANGE IN PENSION & POST RETIREMENT HEALTH -382,861. CUMULATIVE CHANGE IN ACCOUNTING PRINCIPLE -2,162,377. FORM 990, PART XII, LINE 2C: THE AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE FINANCIAL STATEMENTS. MEMBERS FINANCIAL SERVICES LLC 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 364516718 INSURANCE AND FINANCIAL SERVICES MI 9592 221580 LAKE TRUST CREDIT UNION LAKE TRUST CREDIT UNION FOUNDATION 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 455332078 ECONOMIC AND COMMUNITY ENHANCEMENT THROUGH EDUCATION AND ENGAGEMENT MI 501(C)(3) LINE 7 N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 LAKE TRUST CREDIT UNION FOUNDATION B 50000 CASH PAYMENT