2023-11-09T12:04:57-06:00 2022-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2022-01-01 380893210 LAFCU LAFC 5176226600 106 N MARKETPLACE BOULEVARD LANSING MI 48917 PATRICK SPYKE CEO 5176226600 2023-11-07 1 PATRICK SPYKE 999009999 0 ROBERT PARKS CPA P00740435 2482443000 2023-11-07 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z PATRICK SPYKE 106 N MARKETPLACE BOULEVARD LANSING MI 48917 51829615 0 X WWW.LAFCU.COM X 1936 MI COOPERATIVE FINANCIAL INSTITUTION - CREDIT UNION PROVIDING LOANS AND SAVINGS PRODUCTS AND SERVICES TO MEMBERS. 7 7 193 17 465488 0 0 0 43377911 46787977 1255284 2769083 2051702 2039519 46684897 51596579 13000 141311 0 0 14859066 16146670 0 0 0 22135441 27061574 37007507 43349555 9677390 8247024 943734939 986262376 840679903 883830199 103055036 102432177 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 15407 0 1 193 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 PATRICK SPYKE 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 TOM MARTINSON BOARD TREASURER 3.00 X 0 0 0 TOM CULPEPPER BOARD SECRETARY 3.00 X 0 0 0 JERE AUVENSHINE BOARD MEMBER 3.00 X 0 0 0 PAULETTE WARREN BOARD MEMBER 3.00 X 0 0 0 RANDY FREEMAN BOARD MEMBER 3.00 X 0 0 0 PATRICK SPYKE CEO 40.00 X 451108 0 45510 JAMES MCHALE CHIEF FINANCIAL OFFICER 40.00 X 178257 0 58120 KELLY ELLSWORTH-ETCHISON CHIEF MARKETING OFCR./CHIE 40.00 X 216307 0 27004 AHMED ISSAWI IT MANAGER 40.00 X 136219 0 8066 ANGELA RUZINSKY CHIEF MEMBERSHIP OFFICER 40.00 X 156049 0 28610 EMILY JANNERETH CHIEF TECHNOLOGY OFFICER 40.00 X 163581 0 14616 JASON SMITH CHIEF LENDING OFFICER 40.00 X 164085 0 32017 ROBYN HOWELL CHIEF HUMAN RESOURCE OFFIC 40.00 X 154200 0 29103 1619806 0 243046 17 0 1 0 MDT 30230 ORCHARD LAKE RD FARMINGTON HILLS MI 48334 CORE SYSTEM PROCESSING 2171243 INFORMA BUSINESS SYSTEMS INC 5170 HARTSHORN DR FLUSHING MI 48433 ITM EQUIPMENT/SERVICE 1889155 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 CARD PROCESSING 1484784 DOBIE CONSTRUCTION INC 15733 S HINMAN RD EAGLE MI 48822 CONSTRUCTION 1097811 SMITH & JOHNSON ATTORNEYS PC PO BOX 705 TRAVERSE CITY MI 49685 LEGAL/COLLECTION SERVICESS 561914 17 LOAN INCOME 522100 35323794 35323794 FEES, CHARGES, OTHER 522100 11464183 11464183 46787977 2707763 2707763 294356 233036 61320 61320 61320 EQUITY IN EARNINGS OF CUSO'S 522100 1574031 1574031 FINANCE & INSURANCE 520000 465488 465488 2039519 51596579 48423328 465488 2707763 X 131311 10000 976306 10185581 2059362 2159251 766170 37761 134797 603248 1201056 2484116 2854669 385151 175329 303 4114503 76199 1322955 136830 PROVISION FOR LOAN LOSS 5009700 DEBIT AND CREDIT CARD E 3335234 MAINTENANCE 2397445 LOAN SERVICING EXPENSE 1980926 811352 43349555 43728490 26593131 69840038 8068746 2464181 164838 657609504 783592129 1994048 1958693 39452315 17133067 20165656 22319248 101213784 96642012 15672944 16820617 31046294 30102962 943734939 986262376 17768528 55942367 822911375 827887832 840679903 883830199 X 0 0 0 0 103055036 102432177 103055036 102432177 943734939 986262376 X 8247024 -10956753 2086870 X X 0 1 X 1 0 3752306 3752306 21587419 7432960 14154459 14112590 9700107 4412483 22319248 SHARE ACCOUNTS 278383164 SHARE DRAFT 131299368 MONEY MARKET 229642795 IRA SHARE ACCOUNTS 8054683 TERM SHARE AND IRA CERTIFICATES 180507822 827887832 X 51596579 0 51596579 0 51596579 43349555 0 43349555 0 43349555 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. GENERALLY, TAX YEARS FROM 2019 THROUGH THE CURRENT YEAR REMAIN OPEN TO EXAMINATION. 1 XAVIER DEGROAT AUTISM FOUNDATION PO BOX 12014 LANSING MI 48901 823455094 501(C)(3) 10000 0 CHARITABLE CONTRIBUTION 1 0 SCHOLARSHIPS 4 10000 PART I, LINE 2: AMOUNTS PAID TO CHARITABLE ORGANIZATIONS ARE CONSIDERED DONATIONS, NOT GRANTS. THEREFORE, THERE IS NO MONITORING. PART III: LAFCU IS PROUD TO SUPPORT HIGHER EDUCATION BY OFFERING THE WRITE TO EDUCATE SCHOLARSHIP ESSAY CONTEST FOR HIGH SCHOOL SENIORS ATTENDING COLLEGE IN MICHIGAN. X X X X 0 0 0 PATRICK SPYKE CEO 412465 0 38643 0 0 0 6100 0 39410 0 496618 0 0 0 KELLY ELLSWORTH-ETCHISON CHIEF MARKETING OFCR./CHIE 200162 0 16064 0 81 0 4350 0 22654 0 243311 0 0 0 JAMES MCHALE CHIEF FINANCIAL OFFICER 161757 0 16500 0 0 0 3715 0 54405 0 236377 0 0 0 JASON SMITH CHIEF LENDING OFFICER 149386 0 14385 0 314 0 3349 0 28668 0 196102 0 0 0 ANGELA RUZINSKY CHIEF MEMBERSHIP OFFICER 142695 0 13354 0 0 0 2476 0 26134 0 184659 0 0 0 ROBYN HOWELL CHIEF HUMAN RESOURCE OFFIC 141883 0 12209 0 108 0 3142 0 25961 0 183303 0 0 0 EMILY JANNERETH CHIEF TECHNOLOGY OFFICER 149729 0 13512 0 340 0 2441 0 12175 0 178197 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 CREDIT UNION'S FINANCIAL STATEMENTS ARE AVAILABLE IN THE FORM OF THE QUARTERLY CALL REPORT ON NCUA.GOV. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 24E ATM EXPENSES 696,509. TRAINING/DEVELOPMENT/EDUCATIONS 308,654. MISCELLANEOUS -82,811. SHARE INSURANCE PREMIUM -111,000. FORM 990, PART XI, LINE 9: POST-RETIREMENT BENEFIT PLAN GAINS (LOSSES) 1,819,937. RECLASSIFICATION ADJUSTMENT FOR POST-RETIREMENT AMORTIZATION EXPENSE INCLUDED IN NET EARNINGS 266,933. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM PREVIOUS YEARS.