2021-11-03T21:03:02-05:00 2020-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2020-01-01 380893210 LAFCU LAFC 5176226600 106 N MARKETPLACE BOULEVARD LANSING MI 48917 PATRICK SPYKE CEO 5176226600 2021-11-02 1 PATRICK SPYKE 999009999 ROBERT PARKS CPA P00740435 2482443000 2021-11-02 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z PATRICK SPYKE 106 N MARKETPLACE BOULEVARD LANSING MI 48917 44633555 0 X WWW.LAFCU.COM X 1936 MI COOPERATIVE FINANCIAL INSTITUTION - CREDIT UNION PROVIDING LOANS AND SAVINGS PRODUCTS AND SERVICES TO MEMBERS. 7 7 160 17 114345 0 0 0 37818879 39616522 2716665 1389581 2944322 3627452 43479866 44633555 15000 23458 0 0 15134171 15141321 0 0 0 20281525 22813557 35430696 37978336 8049170 6655219 746558780 848413090 658694389 754878495 87864391 93534595 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 14559 0 1 160 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 TOM MARTINSON 5176226600 106 N MARKETPLACE BOULEVARD LANSING MI 48917 HAROLD FOSTER BOARD PRESIDENT 3.00 X 0 0 0 MELVIN PLACE BOARD VICE-PRESIDENT 3.00 X 0 0 0 JERE AUVENSHINE BOARD MEMBER 3.00 X 0 0 0 TOM MARTINSON BOARD TREASURER 3.00 X 0 0 0 TOM CULPEPPER BOARD SECRETARY 3.00 X 0 0 0 RANDY FREEMAN BOARD MEMBER 3.00 X 0 0 0 PAULETTE WARREN BOARD MEMBER 3.00 X 0 0 0 PATRICK SPYKE CEO 40.00 X 385309 0 67983 TAMELA MCPHERSON CHIEF FINANCIAL OFFICER 40.00 X 178622 0 27241 JAMES MCHALE CHIEF FINANCIAL OFFICER 40.00 X 20750 0 1531 BRIAN WIXSON CIO 40.00 X 151948 0 41400 JASON SMITH CHIEF LENDING OFFICER 40.00 X 145978 0 40887 ANGELA RUZINSKY CHIEF MEMBERSHIP OFFICER 40.00 X 119043 0 32905 KELLI ETCHISON CHIEF MARKETING OFFICER 40.00 X 134392 0 34668 KIMBERLY AUSTIN DIRECTOR COLLECTIONS 40.00 X 118733 0 18769 1254775 0 265384 10 0 1 0 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 CARD PROCESSING 1818900 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE ROAD FARMINGTON HILLS MI 48334 CORE SYSTEM PROCESSING 1554794 SENTINEL TECHNOLOGIES INC 2550 WARRENVILLE RD DOWNERS GROVE IL 60515 SOFTWARE/SERVICE 644099 SMITH & JOHNSON ATTORNEYS PC PO BOX 705 TRAVERSE CITY MI 49685 LEGAL/COLLECTION SERVICESS 492075 INFORMA BUSINESS SYSTEMS INC 5170 HARTSHORN DR FLUSHING MI 48433 ITM EQUIPMENT/SERVICE 330360 17 LOAN INCOME 522100 29064871 29064871 FEES, CHARGES, OTHER 522100 10551651 10551651 39616522 1389581 1389581 EQUITY IN EARNINGS OF CUSO'S 522100 3513107 3513107 FINANCE & INSURANCE 520000 114345 114345 3627452 44633555 43129629 114345 1389581 X 10458 13000 681436 9746962 1943976 1999077 769870 56975 220323 188580 734346 2087607 1915159 408437 92847 226 5041748 80020 1319269 237535 PROVISION FOR LOAN LOSS 3580400 DEBIT AND CREDIT CARD E 2810083 LOAN SERVICING EXPENSE 1853180 MAINTENANCE 1561480 625342 37978336 14202864 26927023 38344807 124278636 1567686 4261759 569842340 599523132 1711489 1807119 35214056 15346447 20696487 19867609 55730522 18236440 16196304 24698807 28266281 28812565 746558780 848413090 11388034 12463513 10000000 5000000 637306355 737414982 658694389 754878495 X 0 0 0 0 87864391 93534595 87864391 93534595 746558780 848413090 X 6655219 89694 -1074709 X X 0 1 X 1 0 3752306 3752306 20213037 6507898 13705139 11248713 8838549 2410164 19867609 SHARE ACCOUNTS 238679548 SHARE DRAFT 120343566 MONEY MARKET 213092357 IRA SHARE ACCOUNTS 8659375 TERM SHARE AND IRA CERTIFICATES 153417136 NON-MEMBER TERM SHARE DEP. 3223000 737414982 X 44632954 -601 -601 44633555 0 44633555 37977735 0 37977735 601 601 37978336 PART X, LINE 2: INCOME TAXES 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, 2017. PART XI, LINE 2D - OTHER ADJUSTMENTS: EXPENSES REPORTED ON 990 IN STATEMENT OF EXPENSES BUT REPORTED NET OF REVENUE IN THE AUDITED FINANCIAL STATEMENTS -601. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSES REPORTED ON 990 IN STATEMENT OF EXPENSES BUT REPORTED NET OF REVENUE IN THE AUDITED FINANCIAL STATEMENTS 601. 1 GREATER LANSING AREA MLK HOLIDAY COMMISSION PO BOX 24112 LANSING MI 48909 352405362 501(C)(3) 10458 FUNDS TO ASSIST IN COVERING EXPENSES RELATED TO MLK DAY OF ANNUAL CELEBRATION 1 0 SCHOLARSHIPS 7 13000 PART I, LINE 2: THE AMOUNTS PAID TO THE ORGANIZATIONS ARE CONSIDERED DONATIONS, NOT GRANTS, SO THERE IS NO MONITORING. X X X 0 0 0 PATRICK SPYKE CEO 352956 0 29973 0 2380 0 39900 0 28083 0 453292 0 0 0 TAMELA MCPHERSON CHIEF FINANCIAL OFFICER 164640 0 13982 0 0 0 24451 0 2790 0 205863 0 0 0 BRIAN WIXSON CIO 137945 0 11623 0 2380 0 21361 0 20039 0 193348 0 0 0 JASON SMITH CHIEF LENDING OFFICER 133680 0 9918 0 2380 0 20860 0 20027 0 186865 0 0 0 KELLI ETCHISON CHIEF MARKETING OFFICER 121864 0 10148 0 2380 0 18935 0 15733 0 169060 0 0 0 ANGELA RUZINSKY CHIEF MEMBERSHIP OFFICER 107418 0 9245 0 2380 0 17218 0 15687 0 151948 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 FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 188,580. FORM 990, PART IX, LINE 24E ATM EXPENSES 456,596. TRAINING/DEVELOPMENT/EDUCATIONS 194,977. MISCELLANEOUS -26,231. FORM 990, PART XI, LINE 9: NET UNREALIZED LOSSES ON POSTRETIREMENT BENEFITS -1,299,511. RECLASSIFICATION ADJUSTMENT FOR PENSION AMORTIZATION 224,802. 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.