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Nonprofiteer
← LAKE TRUST CREDIT UNION FOUNDATION

Form 990 for tax year 2023

Filed by LAKE TRUST CREDIT UNION FOUNDATION.

Totals

Total revenue
$375,055
Total expenses
$180,336
Contributions and grants received
$358,033
Grants paid
$179,491
Program service revenue
$0
Investment income
$5,839
Other revenue
$11,183
Total assets, end of year
$981,382
Total liabilities, end of year
$5,500
Net assets or fund balances, end of year
$975,882
Program services expenses (Part IX)
$180,336
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$180,336

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $261,880

  • 1d · Related organizations

    $50,000

  • 1f · All other contributions, gifts and grants

    $46,153

  • 3 · Investment income

    total $5,839 · excluded $5,839

  • 8a · Fundraising events: gross income

    $45,729

  • 8a · Fundraising events: contributions included on line 1c

    $261,880

  • 8b · Fundraising events: direct expenses

    $61,088

  • 8c · Net income from fundraising events

    total -$15,359 · excluded -$15,359

  • 9a · Gaming: gross income

    $40,200

  • 9b · Gaming: direct expenses

    $13,658

  • 9c · Net income from gaming

    total $26,542 · excluded $26,542

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $141,586 · program services $141,586

  • 2 · Grants to domestic individuals

    total $37,905 · program services $37,905

  • 24a · Other expenses: MISCELLANEOUS

    total $520 · program services $520

  • 24b · Other expenses: SUPPLIES

    total $325 · program services $325

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $755,890 · end of year $980,382

  • 9 · Prepaid expenses and deferred charges

    beginning of year $275 · end of year $1,000

  • 17 · Accounts payable and accrued expenses

    end of year $5,500

  • 27 · Net assets without donor restrictions

    beginning of year $726,883 · end of year $942,885

  • 28 · Net assets with donor restrictions

    beginning of year $29,282 · end of year $32,997

Mission and programs · 2023

Mission

THE LAKE TRUST CREDIT UNION FOUNDATION'S PRIMARY PURPOSE IS TO CREATE HEALTHY AND VIBRANT COMMUNITIES THROUGH EDUCATING, ENGAGING AND GIVING IN THE AREAS OF ECONOMIC EMPOWERMENT AND COMMUNITY ENHANCEMENT.

  • THE LAKE TRUST CREDIT UNION FOUNDATION AWARDED COMMUNITY ORGANIZATIONS $81,026, COMMUNITY FOOD BANKS $8,465 AND ASSISTANCE PROGRAMS THROUGHOUT MID-MICHIGAN A TOTAL OF $7,905. THIS WILL HELP TO SUPPORT COMMUNITY DEVELOPMENT AND FAMILIES IN NEED WITH FOOD AND PERSONAL SUPPLIES THROUGHOUT THE YEAR.

    Expenses $98,241 · Grants $97,396

  • LAKE TRUST CREDIT UNION FOUNDATION AWARDS GRANTS TO ORGANIZATIONS WHOSE PURPOSE AND CORE VALUE IS TO MAKE A DIFFERENCE BY INVESTING IN COMMUNITY DEVELOPMENT, HEALTH AND THE ARTS, CREATING VIBRANT NEIGHBORHOODS, A STRONGER MICHIGAN, AND A BETTER WORLD. SPECIFICALLY, THE LAKE TRUST CREDIT UNION FOUNDATION AWARDED FIVE GRANTS TOTALING $52,095. THIS WAS PROVIDED TO ASSIST WITH VARIOUS PROGRAMS IN MICHIGAN FOR HOUSING, INVESTING, AND TEEN PROGRAMS.

    Expenses $52,095 · Grants $52,095

  • THE LAKE TRUST CREDIT UNION FOUNDATION AWARDED FOUR GRADUATING MICHIGAN HIGH SCHOOL SENIORS A VARYING DOLLAR AMOUNT SCHOLARSHIP TOTALING $30,000 TO ATTEND A MICHIGAN UNIVERSITY, COLLEGE OR VOCATIONAL SCHOOL.

    Expenses $30,000 · Grants $30,000

As filed on the 2023 return.

Listed in Part VII

  • David Snodgrass

    BOARD OF DIRECTORS, PRESIDENT

    Total calculated
    $1,320,102
    From this org
    $0
    From related orgs
    $963,485
    Other
    $356,617
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $753,385 related
    Bonus
    $0 + $184,000 related
    Other
    $0 + $26,100 related
    Deferred
    $0 + $335,130 related
    Nontaxable benefits
    $0 + $21,487 related
    Filer's total
    $0 + $1,320,102 related

  • Raynor Zillgitt

    BOARD OF DIRECTORS, SECRETARY

    Total calculated
    $295,164
    From this org
    $0
    From related orgs
    $263,358
    Other
    $31,806
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $252,034 related
    Bonus
    $0 + $10,424 related
    Other
    $0 + $900 related
    Deferred
    $0 + $13,371 related
    Nontaxable benefits
    $0 + $18,435 related
    Filer's total
    $0 + $295,164 related

  • Brandalynn Winchester-Middlebrook

    BOARD OF DIRECTORS, TREASURER

    Total calculated
    $248,556
    From this org
    $0
    From related orgs
    $227,590
    Other
    $20,966
    Hours/week
    2 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $217,776 related
    Bonus
    $0 + $8,914 related
    Other
    $0 + $900 related
    Deferred
    $0 + $11,548 related
    Nontaxable benefits
    $0 + $9,418 related
    Filer's total
    $0 + $248,556 related

  • Theresa Dubiel

    BOARD OF DIRECTORS

    Total calculated
    $248,625
    From this org
    $0
    From related orgs
    $227,774
    Other
    $20,851
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $217,515 related
    Bonus
    $0 + $8,809 related
    Other
    $0 + $1,450 related
    Deferred
    $0 + $11,433 related
    Nontaxable benefits
    $0 + $9,418 related
    Filer's total
    $0 + $248,625 related

  • Linda Douglas

    BOARD OF DIRECTORS

    Total calculated
    $227,564
    From this org
    $0
    From related orgs
    $194,047
    Other
    $33,517
    Hours/week
    0.5 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $185,598 related
    Bonus
    $0 + $7,849 related
    Other
    $0 + $600 related
    Deferred
    $0 + $10,104 related
    Nontaxable benefits
    $0 + $23,413 related
    Filer's total
    $0 + $227,564 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
DAVID SNODGRASS PARTICIPATED IN A SPLIT DOLLAR COLLATERAL INSURANCE SUPPLEMENTAL RETIREMENT PLAN BUT DID NOT RECEIVE A DISTRIBUTION OR HAVE AN AMOUNT VEST IN THE PLAN.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
25 September 2024
IRS schema version
2023v5.1
Source object
202442709349300409

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