2016-09-19T07:25:05-05:00 2015-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2015-01-01 380893210 LAFCU LAFC 5176226600 106 N MARKETPLACE BOULEVARD LANSING MI 48917 PATRICK SPYKE CEO 5176226600 2016-08-19 1 ROBERT PARKS CPA P00740435 2482443000 2015 2017-02-10 21:41:12Z PATRICK SPYKE 106 N MARKETPLACE BOULEVARD LANSING MI 48917 102633393 0 X WWW.LAFCU.COM X 1936 MI COOPERATIVE FINANCIAL INSTITUTION - CREDIT UNION PROVIDING LOANS AND SAVINGS PRODUCTS AND SERVICES TO MEMBERS. 7 7 170 20 74703 -986 0 0 27341243 28902043 2017885 1835602 685100 1842594 30044228 32580239 0 0 0 0 12991789 13536878 0 0 0 14310121 16084444 27301910 29621322 2742318 2958917 573814707 600395423 506146811 531003880 67667896 69391543 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 1 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 13433 0 1 170 1 1 1 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X JERE AUVENSHINE 5176226600 106 N MARKETPLACE BOULEVARD LANSING MI 48917 HAROLD FOSTER BOARD PRESIDENT 3.00 X X 0 0 0 MELVIN PLACE BOARD VICE-PRESIDENT 3.00 X X 0 0 0 JERE AUVENSHINE BOARD TREASURER 3.00 X X 0 0 0 TOM MARTINSON BOARD SECRETARY 3.00 X X 0 0 0 TOM CULPEPPER BOARD MEMBER 3.00 X 0 0 0 JOHN LEWIS BOARD MEMBER 3.00 X 0 0 0 PAULETTE WARREN BOARD MEMBER 3.00 X 0 0 0 ROBIN FRUCCI CEO 40.00 X 339135 0 55379 PATRICK SPYKE EVP 40.00 X 186923 0 43215 TAMELA MCPHERSON CFO 40.00 X 139574 0 22458 BRIAN WIXSON CIO 40.00 X 131185 0 39157 DONALD KILLIAN CONTROLLER 40.00 X 118355 0 38134 SHARON GILLISON SVP-HUMAN RESOURCES 40.00 X 122682 0 26619 NASSIM FRANGLE SENIOR TEAM COLLECTIONS 40.00 X 102144 0 17397 1139998 0 242359 7 0 1 0 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 ATM & CARD PROCESSING 1104464 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT PROCESSING 648027 SENTINEL TECHNOLOGIES INC 2550 WARRENVILLE ROAD DOWNERS GROVE IL 60515 NETWORK SERVICES 546584 MEMBER DRIVEN TECHNOLOGIES 7415 CHICAGO ROAD WARREN MI 48092 CORE SYSTEM PLATFORM 449553 HARMON MANAGEMENT LLC 417 COPPERSMITH DRIVE MASON MI 48854 CONSTRUCTION 427729 21 LOAN INCOME 522100 19655159 19655159 FEE INCOME 522100 9246884 9246884 28902043 1899261 1899261 69871544 117951 69871544 181610 0 -63659 -63659 -63659 EQUITY IN EARNINGS OF CUSO'S 522100 1767891 1767891 NON-MEMBER ATM 525990 74703 74703 1842594 32580239 30669934 74703 1835602 1504864 8402753 1105394 1771921 751946 28487 143001 61202 835389 1493568 1263018 244510 170690 956192 119167 PROVISION FOR LOAN LOSS 3663300 INTEREST AND DIVIDEND E 2185030 DEBIT AND CREDIT CARD E 1561990 LOAN SERVICING EXPENSE 951113 2407787 29621322 8889551 8033854 36741827 59955185 569929 385046 346873916 379259070 1158334 1398136 32646555 11222988 20433585 21423567 139978695 109288608 19168870 20651957 573814707 600395423 12937505 8375966 493209306 522627914 506146811 531003880 X 0 0 0 0 67667896 69391543 67667896 69391543 573814707 600395423 X 2958917 -497254 -738016 X X 0 1 X 1 0 4518049 4518049 18298446 4193444 14105002 9830060 7029544 2800516 21423567 AVAILABLE FOR SALE 97685959 F HELD TO MATURITY 3792780 C INVESTMENT IN CUSO'S 7326869 C FHLB STOCK 483000 C 109288608 MEMBER'S SHARES 522627914 522627914 X 32580239 0 32580239 0 32580239 29621322 0 29621322 0 29621322 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 ENDING AFTER DECEMBER 31, 2012. X X X 0 0 0 ROBIN FRUCCI CEO 324626 0 14509 0 0 0 50343 0 5036 0 394514 0 0 0 PATRICK SPYKE EVP 178370 0 8553 0 0 0 27003 0 16212 0 230138 0 0 0 TAMELA MCPHERSON CFO 133304 0 6270 0 0 0 19899 0 2559 0 162032 0 0 0 BRIAN WIXSON CIO 125155 0 6030 0 0 0 19161 0 19996 0 170342 0 0 0 DONALD KILLIAN CONTROLLER 112714 0 5641 0 0 0 17761 0 20373 0 156489 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 B, LINE 11 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 ANNUAL WAGE AND BENEFIT COMPENSATION COMPARISONS ARE OBTAINED FROM INDEPENDENT THIRD PARTIES. THE CEO HAS AN ANNUAL REVIEW BY THE BOARD OF DIRECTORS. KEY EMPLOYEES HAVE AN ANNUAL REVIEW BY THE CEO. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: NET UNREALIZED LOSSES ON POSTRETIREMENT BENEFITS -738,016. 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.