Credit Unions Chartered In The State Of Michigan
- Assets
- $11.9b
- Revenue
- $520.3m
- Investments
- $25.4m
- Employees
- 1,735
- Location
- Grand Rapids, MI
- Founding
- 10/1956
- Data as of
- 12/2022
- EIN
- 38-1215360
Organization Overview
Credit Unions Chartered In The State Of Michigan, operating under the name Lake Michigan Credit Union, is located in Grand Rapids, MI. The organization was established in 1956. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Lake Michigan Credit Union employed 1,735 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Lake Michigan Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, Lake Michigan Credit Union generated $520.3m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 14.6% each year . All expenses for the organization totaled $350.7m during the year ending 12/2022. While expenses have increased by 14.3% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTION OF THRIFT AND PROVIDING LOW COST CREDIT AND OTHER FINANCIAL SERVICES FOR ITS MEMBERS THROUGH MUTUAL AND NONPROFIT ORGANIZATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE ADDITONAL DETAILS
SEE DETAILS
SEE ADDITIONAL DETAILS
SEE ADDITIONAL DETAILS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sandy Jelinski CEO | Officer | 40 | $2,604,713 |
Matt Adler Mortgage Lo | 40 | $1,388,481 | |
Zac Ellerbroek Mortgage Lo | 40 | $1,279,301 | |
Razi Qadri SVP Cioo | Officer | 40 | $1,140,384 |
Emil Izrailov Mortgage Lo | 40 | $844,100 | |
Corbin Buttleman Mortgage Sal | 40 | $810,640 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry Software | 12/30/22 | $3,551,480 |
Newco Building Construction | 12/30/22 | $4,423,180 |
At&t Phone | 12/30/22 | $3,040,709 |
Black Knight Technologies Technology | 12/30/22 | $2,930,481 |
Visa Processing | 12/30/22 | $2,886,522 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $460,514,936 |
| Investment income | $35,298,506 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $520,341,837 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $85,000 |
| Grants and other assistance to domestic individuals. | $65,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $6,834,001 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $122,698,590 |
| Pension plan accruals and contributions | $3,299,139 |
| Other employee benefits | $11,989,316 |
| Payroll taxes | $8,471,313 |
| Fees for services: Management | $543,732 |
| Fees for services: Legal | $799,137 |
| Fees for services: Accounting | $272,186 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8,088,655 |
| Office expenses | $11,184,780 |
| Information technology | $15,916,755 |
| Royalties | $0 |
| Occupancy | $10,356,703 |
| Travel | $1,268,254 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $73,735,546 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,840,361 |
| Insurance | $1,087,289 |
| All other expenses | $0 |
| Total functional expenses | $350,744,589 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,073,398 |
| Savings and temporary cash investments | $744,846,533 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,657,447 |
| Loans from Officers, Directors, or Controlling Persons | $71,509,718 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,888,078,133 |
| Inventories for sale or use | $40,938,435 |
| Prepaid expenses and deferred charges | $8,091,865 |
| Net Land, buildings, and equipment | $117,361,854 |
| Investments—publicly traded securities | $647,316,403 |
| Investments—other securities | $25,429,717 |
| Investments—program-related | $0 |
| Intangible assets | $100,938,707 |
| Other assets | $223,733,457 |
| Total assets | $11,905,975,667 |
| Accounts payable and accrued expenses | $85,881,680 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $63,051,213 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $200,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,303,188,020 |
| Total liabilities | $10,652,120,913 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $1,253,854,754 |
| Total liabilities and net assets/fund balances | $11,905,975,667 |
Grants Awarded
Over the last fiscal year, Credit Unions Chartered In The State Of Michigan has awarded $85,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
YMCA OF GREATER GRAND RAPIDSYMCA OF GREATER GRAND RAPIDS PURPOSE: PLAYGROUND EQUIPMENT | $40,000 |
JUNIOR ACHIEVEMENT OF MICHIGANJUNIOR ACHIEVEMENT OF MICHIGAN PURPOSE: CAPITAL CAMPAIGN | $25,000 |
AMERICAN RED CROSSAMERICAN RED CROSS PURPOSE: HURRICAN IAN RELIEF | $20,000 |