Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $1,154,622

• 2a · Program service revenue: MEMBER LOAN INCOME

  total $83,337,888 · related or exempt $83,337,888

• 2b · Program service revenue: FEE INCOME

  total $24,556,354 · related or exempt $24,556,354

• 3 · Investment income

  total $11,290,846 · related or exempt $11,289,467 · unrelated business $1,379

• 5 · Royalties

  total $69,498 · excluded $69,498

• 6a · Gross rents

  real property $47,250

• 6b · Less rental expenses

  real property $77,217

• 6c · Rental income or loss

  real property -$29,967

• 6d · Net rental income or loss

  total -$29,967 · excluded -$29,967

• 7a · Gross sales of assets other than inventory

  other assets $370,199

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

  other assets $309,705

• 7c · Gain or loss

  other assets $60,494

• 7d · Net gain or loss

  total $60,494 · excluded $60,494

• 11a · Other revenue: INSURANCE INCOME

  total $1,204,683 · related or exempt $1,154,550 · unrelated business $50,133

• 11b · Other revenue: NON-MEMBER ATM INCOME

  total $287,110 · unrelated business $287,110

• 11e · Other revenue, total

  $1,491,793

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $255,748

• 5 · Compensation of officers, directors and key employees

  total $1,980,816

• 7 · Other salaries and wages

  total $31,381,985

• 8 · Pension plan contributions

  total $991,447

• 9 · Other employee benefits

  total $6,309,130

• 10 · Payroll taxes

  total $2,371,037

• 11b · Fees: legal

  total $121,286

• 11c · Fees: accounting

  total $198,147

• 11f · Fees: investment management

  total $129,693

• 11g · Fees: other

  total $1,649,478

• 12 · Advertising and promotion

  total $3,170,485

• 13 · Office expenses

  total $7,140,463

• 14 · Information technology

  total $7,052,796

• 16 · Occupancy

  total $6,404,701

• 17 · Travel

  total $907,822

• 20 · Interest

  total $1,425,027

• 22 · Depreciation, depletion and amortization

  total $3,322,816

• 24a · Other expenses: DIVIDENDS AND INTEREST

  total $18,833,912

• 24b · Other expenses: ATM SERVICE & OP. EXP

  total $7,200,248

• 24c · Other expenses: PROVISION FOR LOAN LOSS

  total $6,616,581

• 24d · Other expenses: LOAN SERVICING

  total $2,443,199

• 24e · All other expenses

  total $1,898,118

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $14,445,088 · end of year $12,861,971

• 2 · Savings and temporary cash investments

  beginning of year $113,641,551 · end of year $152,037,589

• 5 · Loans and receivables from officers and key people

  beginning of year $12,366,448 · end of year $12,678,317

• 7 · Other notes and loans receivable

  beginning of year $1,850,467,015 · end of year $1,883,266,486

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,717,169 · end of year $3,841,300

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

  $111,035,719

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

  $47,991,639

• 10c · Land, buildings and equipment, net

  beginning of year $63,605,888 · end of year $63,044,080

• 11 · Investments: publicly traded securities

  beginning of year $962,248

• 12 · Investments: other securities

  beginning of year $415,979,109 · end of year $355,001,437

• 14 · Intangible assets

  beginning of year $38,774,787 · end of year $38,277,761

• 15 · Other assets

  beginning of year $69,771,606 · end of year $75,785,937

• 17 · Accounts payable and accrued expenses

  beginning of year $13,855,714 · end of year $13,741,599

• 19 · Deferred revenue

  end of year $1,345,378

• 21 · Escrow or custodial account liability

  beginning of year $108,775 · end of year $97,159

• 23 · Secured mortgages and notes payable

  beginning of year $74,047,000 · end of year $83,047,000

• 25 · Other liabilities

  beginning of year $2,295,113,882 · end of year $2,278,947,893

• 29 · Capital stock, trust principal or current funds

  beginning of year $16,560,477 · end of year $16,560,477

• 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 $184,045,061 · end of year $203,055,372

The filer's explanations (Part III)

PART I, LINE 1A

BOARD MEMBERS ARE ALLOWED TO HAVE THEIR SPOUSE AND DEPENDENT MINOR CHILDREN ATTEND A CONFERENCE WITH THEM. A 1099-MISC IS ISSUED FOR EXPENSES INCURRED.

PART I, LINE 4B

PARTICIPANTS IN EXECUTIVE SERP PLANS: DAVID SNODGRASS JANE KILE KARA STUEWE THE CREDIT UNION HAS SPLIT DOLLAR PLANS IN PLACE FOR RETAINING AND INCENTIVIZING ITS KEY EXECUTIVES. THE CREDIT UNION MAKES A LOAN TO THE EXECUTIVE WHO BUYS A LIFE INSURANCE POLICY THAT CREATES A FUND FROM WHICH THE EXECUTIVE BORROWS TAX-FREE TO SUPPLEMENT RETIREMENT INCOME. FULL VESTING ON THESE ACCOUNTS IS ACHIEVED IF MAINTAIN FULL EMPLOYMENT TO VESTING DATE OR TERMINATION OF EMPLOYMENT DUE TO DISABILITY. ALL THREE PARTICIPATED IN A SPLIT DOLLAR COLLATERAL INSURANCE SUPPLEMENTAL RETIREMENT PLAN - THEIR LOANS RELATED TO THIS PLAN ARE SHOWN ON SCHEDULE L.

Disregarded entities

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

• MEMBERS FINANCIAL SERVICES LLC

  INSURANCE AND FINANCIAL SERVICES · MI · income $9,592 · assets $221,580

  Directly controlled by LAKE TRUST CREDIT UNION