2014-11-14T12:37:42-06:00 2013-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2013-02-01 380893210 LAFCU LAFC 5176226600 106 N MARKETPLACE BOULEVARD LANSING MI 48917 ROBIN FRUCCI CEO 5176226600 2014-11-14 1 ROBERT PARKS CPA P00740435 2482443000 2013 2015-11-30 17:44:51Z X ROBIN FRUCCI 106 N MARKETPLACE BOULEVARD LANSING MI 48917 81169269 0 X WWW.LAFCU.COM X 1936 MI COOPERATIVE FINANCIAL INSTITUTION - CREDIT UNION PROVIDING LOANS AND SAVINGS PRODUCTS AND SERVICES TO MEMBERS. 7 7 167 20 110582 -1963 0 24610112 1751675 497147 26858934 0 0 11734200 0 0 12860487 24594687 2264247 533774680 560969173 471470480 495741150 62304200 65228023 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 13727 0 1 167 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 290726 0 34504 PATRICK SPYKE EVP 40.00 X 129114 0 34421 TAMELA MCPHERSON CFO 40.00 X 115103 0 37237 BRIAN WIXSON CIO 40.00 X 117487 0 36818 DONALD KILLIAN CONTROLLER 40.00 X 111235 0 35807 SHARON GILLISON SVP-HUMAN RESOURCES 40.00 X 113510 0 21250 RONALD DARLING SVP-LENDING OPERATIONS 40.00 X 108209 0 31801 985384 0 231838 7 0 1 0 MEMBER DRIVEN TECHNOLOGIES 7415 CHICAGO ROAD WARREN MI 48092 CORE SYSTEM PLATFORM 748907 INFORMA BUSINESS SYSTEMS 5170 HARTSHORN DRIVE FLUSHING MI 48433 INTERACTIVE TELLER UNITS 451775 DIEBOLD PO BOX 643543 PITTSBURGH PA 15264 ATM SERVICING 447217 HARMON MANAGEMENT LLC 417 COPPERSMITH DRIVE MASON MI 48854 CONSTRUCTION 423515 SMITH & JOHNSON 603 BAY STREET TRAVERSE CITY MI 49685 LEGAL 345056 13 LOAN INCOME 522100 16179653 16179653 FEE INCOME 522100 8430459 8430459 24610112 1629054 1629054 54310335 122621 54310335 0 0 122621 122621 122621 BARGAIN PURCHASE ON BUSINESS COMB 522100 386565 386565 NON-MEMBER ATM 525990 110582 110582 497147 26858934 24996677 110582 1751675 1228905 7515142 889212 1456906 644035 27900 99520 404603 605300 1429610 1118584 170648 14700 194116 594679 108416 INTEREST AND DIVIDEND E 2405082 ATM EXPENSE 1241893 PROVISION FOR LOAN LOSS 1197002 DEBIT AND CREDIT CARD E 939580 2308854 24594687 8200696 9165288 39769957 47742206 1115146 -74402 300883269 320705248 822307 1280525 28856543 9517708 17678494 19338835 151995955 146522885 13308856 16288588 533774680 560969173 14678102 11181655 456792378 484559495 471470480 495741150 X 0 0 0 0 62304200 65228023 62304200 65228023 533774680 560969173 X 2264247 -1153578 1813154 X X 0 1 X 1 0 3849670 3849670 17491408 3401966 14089442 7515465 6115742 1399723 19338835 AVAILABLE FOR SALE 133605452 C HELD TO MATURITY 7756315 C INVESTMENT IN CUSO'S 4327018 C FHLB STOCK 834100 C 146522885 MEMBER'S SHARES 484559495 484559495 X 29340802 2481868 2481868 26858934 0 26858934 26833761 2239074 2239074 24594687 0 24594687 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'S OPEN AUDIT PERIOD IS FOR THE FIVE YEAR PERIOD ENDED DECEMBER 31, 2013 (2009-2013). PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE EARNED WHILE THE CREDIT UNION WAS A FEDERAL CREDIT UNION 2,481,868. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES INCURRED WHILE THE CREDIT UNION WAS A FEDERAL CREDIT UNION 2,239,074. X X X 0 0 0 ROBIN FRUCCI CEO 277551 0 13175 0 0 0 30600 0 3904 0 325230 0 0 0 PATRICK SPYKE EVP 124137 0 4977 0 0 0 15976 0 18445 0 163535 0 0 0 TAMELA MCPHERSON CFO 109537 0 5566 0 0 0 15027 0 22210 0 152340 0 0 0 BRIAN WIXSON CIO 111985 0 5502 0 0 0 14618 0 22200 0 154305 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 GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: INCOME EARNED WHILE THE CREDIT UNION WAS A FEDERAL CREDIT UNION 242,794. EQUITY ACQUIRED IN BUSINESS MERGER 1,380,000. UNREALIZED GAIN ON POSTRETIREMENT BENEFITS 190,360. 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. FORM 990 EFFECTIVE FEBUARY 1, 2013, THE CREDIT UNION CONVERTED FROM A FEDERAL CREDIT UNION TO A STATE-CHARTERED CREDIT UNION IN THE STATE OF MICHIGAN. THE CREDIT UNION ALSO CHANGED ITS NAME FROM LANSING AUTOMAKERS FEDERAL CREDIT UNION TO LAFCU. IN ADDITION, EFFECTIVE APRIL 1, 2013, CENTEL CREDIT UNION MERGED INTO LAFCU.