Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON MEMBER LOA

  total $597,695,511 · related or exempt $597,695,511

• 2b · Program service revenue: MORTGAGE INCOME

  total $65,272,799 · related or exempt $65,272,799

• 2c · Program service revenue: INTERCHANGE INCOME

  total $41,846,328 · related or exempt $41,846,328

• 2d · Program service revenue: FEES AND CHARGES

  total $24,542,100 · related or exempt $24,542,100

• 2e · Program service revenue: FINANCE AND INSURANCE

  total $7,537,105 · unrelated business $7,537,105

• 2f · All other program service revenue

  total $7,116,109 · related or exempt $7,116,109

• 3 · Investment income

  total $70,367,204 · excluded $70,367,204

• 6a · Gross rents

  real property $112,851

• 6b · Less rental expenses

  real property $114,480

• 6c · Rental income or loss

  real property -$1,629

• 6d · Net rental income or loss

  total -$1,629 · related or exempt -$1,629

• 7a · Gross sales of assets other than inventory

  other assets $203,131

• 7b · Less cost or other basis and sales expenses

  other assets $7,633

• 7c · Gain or loss

  other assets $195,498

• 7d · Net gain or loss

  total $195,498 · related or exempt $195,498

• 11a · Other revenue: OTHER NON-INTEREST INC

  total $14,842,417 · related or exempt $14,842,417

• 11e · Other revenue, total

  $14,842,417

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $215,000

• 2 · Grants to domestic individuals

  total $74,000

• 5 · Compensation of officers, directors and key employees

  total $12,814,328

• 7 · Other salaries and wages

  total $127,053,796

• 8 · Pension plan contributions

  total $3,660,420

• 9 · Other employee benefits

  total $13,993,161

• 10 · Payroll taxes

  total $9,608,823

• 11a · Fees: management

  total $896,729

• 11b · Fees: legal

  total $2,135,486

• 11c · Fees: accounting

  total $337,246

• 11g · Fees: other

  total $2,512,501

• 12 · Advertising and promotion

  total $9,071,892

• 13 · Office expenses

  total $14,842,445

• 14 · Information technology

  total $20,081,511

• 16 · Occupancy

  total $13,658,430

• 17 · Travel

  total $685,170

• 19 · Conferences, conventions and meetings

  total $290,436

• 20 · Interest

  total $350,648,139

• 22 · Depreciation, depletion and amortization

  total $9,361,298

• 23 · Insurance

  total $1,353,208

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $29,398,865

• 24b · Other expenses: LOAN SERVICING

  total $20,775,663

• 24c · Other expenses: BANK/CARD SERVICES CHAR

  total $15,667,892

• 24d · Other expenses: VISA EXPENSES

  total $12,879,309

• 24e · All other expenses

  total $8,136,838

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $24,669,475 · end of year $27,903,519

• 2 · Savings and temporary cash investments

  beginning of year $637,076,021 · end of year $1,343,692,342

• 4 · Accounts receivable

  beginning of year $17,685,203 · end of year $22,576,363

• 5 · Loans and receivables from officers and key people

  beginning of year $68,821,305 · end of year $73,769,751

• 7 · Other notes and loans receivable

  beginning of year $11,531,604,961 · end of year $11,983,303,755

• 9 · Prepaid expenses and deferred charges

  beginning of year $8,340,501 · end of year $6,317,269

• 10a · Land, buildings and equipment: cost or other basis

  $198,013,139

• 10b · Land, buildings and equipment: accumulated depreciation

  $70,928,077

• 10c · Land, buildings and equipment, net

  beginning of year $121,444,065 · end of year $127,085,062

• 11 · Investments: publicly traded securities

  beginning of year $572,733,538 · end of year $516,921,451

• 12 · Investments: other securities

  beginning of year $37,771,142 · end of year $45,979,942

• 14 · Intangible assets

  beginning of year $99,148,278 · end of year $97,363,220

• 15 · Other assets

  beginning of year $251,707,769 · end of year $282,456,721

• 17 · Accounts payable and accrued expenses

  beginning of year $112,724,759 · end of year $90,858,408

• 21 · Escrow or custodial account liability

  beginning of year $58,284,876 · end of year $37,827,521

• 23 · Secured mortgages and notes payable

  beginning of year $570,000,000 · end of year $510,000,000

• 25 · Other liabilities

  beginning of year $11,249,376,394 · end of year $12,352,630,740

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $1,380,616,229 · end of year $1,536,052,726

The filer's explanations (Part III)

PART I, LINES 4A-B

ALICIA FORCE - $340,089 KEVIN SMITH - $80,770 THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO CERTAIN EXECUTIVES THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AS PER THE CONTRACTUAL AGREEMENT, LIFE INSURANCE PREMIUMS ARE PAID ON BEHALF OF THE OFFICERS AND TREATED AS LOANS. THE EXECUTIVE IS THE SOLE OWNER OF THE POLICY AND HAS ASSIGNED THE LIFE INSURANCE POLICIES AS COLLATERAL TO THE CREDIT UNION AS SECURITY FOR THE REPAYMENT OF THE PREMIUMS. SEE SCHEDULE L FOR FURTHER DETAILS.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• LAKE MICHIGAN FINANCIAL GROUP

  FINANCIAL · MI · income $2,220,718 · assets $24,031,109

  Directly controlled by LAKE MICHIGAN CREDIT UNION