Credit Unions Chartered In The State Of Michigan
- Assets
- $2.6b
- Revenue
- $102.0m
- Investments
- $416.0m
- Employees
- 561
- Location
- Brighton, MI
- Founding
- 10/1956
- Data as of
- 12/2022
- EIN
- 38-1250516
Organization Overview
Credit Unions Chartered In The State Of Michigan, operating under the name Lake Trust Credit Union, is located in Brighton, 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 Trust Credit Union employed 561 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Lake Trust 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 Trust Credit Union generated $102.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $89.5m during the year ending 12/2022. While expenses have increased by 2.9% per year over the past 8 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.
Since 2017, Lake Trust Credit Union has awarded 85 individual grants totaling $1,618,771. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
MEMBERS WILL UNDERSTAND AND EXPERIENCE THE BENEFITS OF A CREDIT UNION (CONT'D ON SCH. O) RELATIONSHIP AT A COST JUSTIFIED BY THE RESULTS. MEMBERS HAVE THE CAPABILITY TO EXERCISE CONTROL OVER THEIR FINANCIAL LIVES WHILE SHARING IN THE SUCCESS OF THE ORGANIZATION. MEMBERS EXPERIENCE REWARDS OF A MUTUALLY BENEFICIAL RELATIONSHIP BASED ON ADVOCACY AND TRUST RESULTING IN TRUST AND LOYALTY. MEMBERS VALUE THE LINK BETWEEN THEIR BENEFITS AND THEIR OWNERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTED THRIFT TO 181,949 MEMBERS BY OFFERING LOANS, DEPOSITS, AND OTHER FINANCIAL PRODUCTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rick Laber Chairperson | OfficerTrustee | 10 | $0 |
Michael Solo Vice Chairperson | OfficerTrustee | 4 | $0 |
Ray Seidl Treasurer | OfficerTrustee | 10 | $0 |
Kathryn Rusak Secretary | OfficerTrustee | 5 | $17,709 |
James Barnes Director | Trustee | 4 | $0 |
Dennis Tochman Director | Trustee | 4 | $7,404 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Core System Provider & Debit/atm/credit | 12/30/22 | $4,218,578 |
Phire Advertising & Design Llc Media Campaigns & Advertising | 12/30/22 | $1,751,770 |
Q2 Software Inc Commercial Online Banking System | 12/30/22 | $531,481 |
Brinks Incorporated Branch Cash Delivery & Atm Servicing | 12/30/22 | $727,152 |
Doxim Processing & Mailing Of Notices & Statem | 12/30/22 | $775,723 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $625,000 |
| 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 | $625,000 |
| Total Program Service Revenue | $93,746,217 |
| Investment income | $6,662,383 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $70,588 |
| Net Rental Income | -$32,031 |
| Net Gain/Loss on Asset Sales | -$287,446 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $102,003,770 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $362,684 |
| Grants and other assistance to domestic individuals. | $10,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,115,808 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $28,819,105 |
| Pension plan accruals and contributions | $930,180 |
| Other employee benefits | $5,623,223 |
| Payroll taxes | $2,218,033 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $105,818 |
| Fees for services: Accounting | $126,396 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $142,805 |
| Fees for services: Other | $2,423,595 |
| Advertising and promotion | $2,967,393 |
| Office expenses | $6,485,821 |
| Information technology | $6,104,053 |
| Royalties | $0 |
| Occupancy | $5,823,258 |
| Travel | $660,246 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $936,810 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,091,520 |
| Insurance | $0 |
| All other expenses | $1,725,049 |
| Total functional expenses | $89,545,899 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,445,088 |
| Savings and temporary cash investments | $113,641,551 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $12,366,448 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,850,467,015 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,717,169 |
| Net Land, buildings, and equipment | $63,605,888 |
| Investments—publicly traded securities | $962,248 |
| Investments—other securities | $415,979,109 |
| Investments—program-related | $0 |
| Intangible assets | $38,774,787 |
| Other assets | $69,771,606 |
| Total assets | $2,583,730,909 |
| Accounts payable and accrued expenses | $13,855,714 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $108,775 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $74,047,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,295,113,882 |
| Total liabilities | $2,383,125,371 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $16,560,477 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $184,045,061 |
| Total liabilities and net assets/fund balances | $2,583,730,909 |
Grants Awarded
Over the last fiscal year, Credit Unions Chartered In The State Of Michigan has awarded $362,684 in support to 20 organizations.
| Grant Recipient | Amount |
|---|---|
LAKE TRUST CREDIT UNION FOUNDATION PURPOSE: COMMUNITY ASSISTANCE LAKE TRUST EMPLOYEE ASSISTANCE | $114,173 |
DOWNTOWN LANSING INC PURPOSE: SPONSORSHIP OF VARIOUS DOWNTOWN LANSING PROGRAMS & EVENTS | $24,167 |
FORGOTTEN HARVEST PURPOSE: SPONSORSHIP OF COMEDY NIGHT EVENT | $10,000 |
GREATER LANSING AREA MLK HOLIDAY COMMISSION PURPOSE: DIVERSITY PARTNERSHIP | $12,500 |
SAINT JOSEPH MERCY HEALTH SYSTEM PURPOSE: PRESCRIPTION FOR LIFE SPONSORSHIP | $10,000 |
THE CHADTOUGH FOUNDATION PURPOSE: SPONSOR CHAMPIONS DINNER | $10,000 |