2018-10-03T14:14:59-05:00 2017-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2017-01-01 380893210 LAFCU LAFC 5176226600 106 N MARKETPLACE BOULEVARD LANSING MI 48917 PATRICK SPYKE CEO 5176226600 2018-10-02 1 ROBERT PARKS CPA P00740435 2482443000 2017 2022-09-23 18:48:47Z PATRICK SPYKE 106 N MARKETPLACE BOULEVARD LANSING MI 48917 34269343 0 X WWW.LAFCU.COM X 1936 MI COOPERATIVE FINANCIAL INSTITUTION - CREDIT UNION PROVIDING LOANS AND SAVINGS PRODUCTS AND SERVICES TO MEMBERS. 7 7 175 18 93550 -1285 0 0 28875087 29458032 2455059 3317142 1518757 989329 32848903 33764503 0 20000 0 0 13616041 14131245 0 0 0 16643391 16613682 30259432 30764927 2589471 2999576 631710317 644654560 560085303 570875044 71625014 73779516 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 12791 0 1 175 1 1 1 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 324804 0 61666 TAMELA MCPHERSON CFO 40.00 X 153018 0 21793 BRIAN WIXSON CIO 40.00 X 138180 0 40083 DONALD KILLIAN CONTROLLER 40.00 X 126895 0 38871 SHARON GILLISON SVP-HUMAN RESOURCES 40.00 X 130772 0 25025 KELLI ETCHISON SVP-MARKETING 40.00 X 111198 0 32460 MICHAEL SHUPE CLO 40.00 X 138927 0 22009 1123794 0 241907 10 0 1 0 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 ATM & CARD PROCESSING 1094947 SMITH AND JOHNSON ATTORNEY PO BOX 705 TRAVERSE CITY MI 49685 LEGAL SERVICES 627133 INFORMA BUSINESS SYSTEMS 5170 HARTSHORN DRIVE FLUSHING MI 48433 ITM & ATM SALES AND SERVICE 533619 INTELLIGENT DOCUMENT SOLUTIONS 747 E WHITCOMB AVE MADISON HEIGHTS MI 48071 STATEMENT SERVICES 230531 DIEBOLD PO BOX 643543 PITTSBURG PA 15264 ATM SERVICES 165469 13 LOAN INCOME 522100 18903666 18903666 FEE INCOME 522100 10554366 10554366 29458032 3339460 3339460 482522 504840 -22318 -22318 -22318 EQUITY IN EARNINGS OF CUSO'S 522100 895779 895779 NON-MEMBER ATM FEE INCOME 525990 93550 93550 989329 33764503 30331493 93550 3339460 15000 5000 561281 9396713 1038266 2354519 780466 31958 225569 204436 107100 923610 1338700 1260263 673793 215973 17992 2333213 58084 1260542 131184 PROVISION FOR LOAN LOSS 2600000 DEBIT AND CREDIT CARD E 2084265 MAINTENANCE 1260648 LOAN SERVICING EXPENSE 1003836 882516 30764927 9074755 10746213 34335419 23593481 370121 -455041 374899151 408592510 1233282 1075298 32871213 12228022 21410792 20643191 152465125 124773261 13312500 30647936 24609172 25037711 631710317 644654560 9121327 10583922 550963976 560291122 560085303 570875044 X 0 0 0 0 71625014 73779516 71625014 73779516 631710317 644654560 X 2999576 -322827 -522247 X X 0 1 X 1 0 3709806 3709806 19476941 5082753 14394188 9684466 7145269 2539197 20643191 MEMBERS' SHARES 560291122 560291122 X 33764503 0 33764503 0 33764503 30764927 0 30764927 0 30764927 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. THE CREDIT UNION REMAINS SUBJECT TO EXAMINATION FOR INCOME TAX RETURNS FOR YEARS ENDED AFTER DECEMBER 31, 2014. X X X 0 0 0 PATRICK SPYKE CEO 310634 0 14170 0 0 0 44959 0 16707 0 386470 0 0 0 TAMELA MCPHERSON CFO 145758 0 7260 0 0 0 21793 0 0 0 174811 0 0 0 BRIAN WIXSON CIO 131332 0 6848 0 0 0 19443 0 20640 0 178263 0 0 0 DONALD KILLIAN CONTROLLER 120580 0 6315 0 0 0 18231 0 20640 0 165766 0 0 0 SHARON GILLISON SVP-HUMAN RESOURCES 124214 0 6558 0 0 0 17879 0 7146 0 155797 0 0 0 MICHAEL SHUPE CLO 138927 0 0 0 0 0 2603 0 19406 0 160936 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 XI, LINE 9: NET UNREALIZED LOSSES ON POSTRETIREMENT BENEFITS -370,162. RECLASSIFICATION ADJUST. FOR PENSION AMORT. CREDIT INCLUDED IN NET EARNINGS -152,085. 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.