Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

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

  total $323,831,667 · related or exempt $323,831,667

• 2b · Program service revenue: INTERCHANGE AND OTHER

  total $74,243,492 · related or exempt $74,243,492

• 2c · Program service revenue: FEES AND CHARGES ON ACCOUNTS

  total $38,941,533 · related or exempt $38,941,533

• 2d · Program service revenue: MORTGAGE SERVICING RIGHTS

  total $20,768,439 · related or exempt $20,768,439

• 2e · Program service revenue: INSURANCE REVENUE

  total $2,182,991 · unrelated business $2,182,991

• 2f · All other program service revenue

  total $546,814 · unrelated business $546,814

• 3 · Investment income

  total $35,298,506 · excluded $35,298,506

• 11a · Other revenue: GAIN ON SALE OF LOANS

  total $23,983,589 · related or exempt $23,983,589

• 11b · Other revenue: GAIN ON SALE OREO AND OTHER

  total $544,806 · related or exempt $544,806

• 11e · Other revenue, total

  $24,528,395

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $85,000

• 2 · Grants to domestic individuals

  total $65,000

• 5 · Compensation of officers, directors and key employees

  total $6,834,001

• 7 · Other salaries and wages

  total $122,698,590

• 8 · Pension plan contributions

  total $3,299,139

• 9 · Other employee benefits

  total $11,989,316

• 10 · Payroll taxes

  total $8,471,313

• 11a · Fees: management

  total $543,732

• 11b · Fees: legal

  total $799,137

• 11c · Fees: accounting

  total $272,186

• 12 · Advertising and promotion

  total $8,088,655

• 13 · Office expenses

  total $11,184,780

• 14 · Information technology

  total $15,916,755

• 16 · Occupancy

  total $10,356,703

• 17 · Travel

  total $1,268,254

• 20 · Interest

  total $73,735,546

• 22 · Depreciation, depletion and amortization

  total $7,840,361

• 23 · Insurance

  total $1,087,289

• 24a · Other expenses: LOAN SERVICING

  total $30,777,960

• 24b · Other expenses: BANK/ CARD SERVICE CHARGE

  total $15,343,434

• 24c · Other expenses: MISC EXPENSE

  total $12,404,462

• 24d · Other expenses: PROVISION FOR LOAN LOSS

  total $7,682,976

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $25,013,904 · end of year $26,073,398

• 2 · Savings and temporary cash investments

  beginning of year $2,556,937,017 · end of year $744,846,533

• 4 · Accounts receivable

  beginning of year $9,262,226 · end of year $11,657,447

• 5 · Loans and receivables from officers and key people

  beginning of year $70,659,792 · end of year $71,509,718

• 7 · Other notes and loans receivable

  beginning of year $7,575,088,107 · end of year $9,888,078,133

• 8 · Inventories for sale or use

  beginning of year $179,154,004 · end of year $40,938,435

• 9 · Prepaid expenses and deferred charges

  beginning of year $5,735,164 · end of year $8,091,865

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

  $175,377,401

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

  $58,015,547

• 10c · Land, buildings and equipment, net

  beginning of year $111,783,594 · end of year $117,361,854

• 11 · Investments: publicly traded securities

  beginning of year $806,288,553 · end of year $647,316,403

• 12 · Investments: other securities

  beginning of year $29,207,913 · end of year $25,429,717

• 14 · Intangible assets

  beginning of year $103,963,382 · end of year $100,938,707

• 15 · Other assets

  beginning of year $197,654,368 · end of year $223,733,457

• 17 · Accounts payable and accrued expenses

  beginning of year $77,947,451 · end of year $85,881,680

• 21 · Escrow or custodial account liability

  beginning of year $56,930,927 · end of year $63,051,213

• 23 · Secured mortgages and notes payable

  beginning of year $210,000,000 · end of year $200,000,000

• 25 · Other liabilities

  beginning of year $10,136,061,619 · end of year $10,303,188,020

• 31 · Retained earnings, endowment or other funds

  beginning of year $1,189,808,027 · end of year $1,253,854,754

The filer's explanations (Part III)

SCHEDULE J, PART III

THE EXECUTIVES LISTED IN SCHEDULE L PART II PARTICIPATE IN A COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN. LIFE INSURANCE PREMIUMS ARE PAID ON BEHALF OF THE EXECUTIVES AND TREATED AS LOANS. THE TOTAL LOAN AMOUNT AS OF 12/31/22 WAS 71,509,717. THE INSURANCE POLICY VALUE PROVIDES SUPPLEMENTAL RETIREMENT INCOME TO THE PLAN PARTICIPANTS. LIFE INSURANCE PREMIUM LOANS ARE ULTIMATELY REPAID FROM THE DEATH BENEFIT OF THE LIFE INSURANCE POLICY.

Disregarded entities

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

• LAKE MICHIGAN FINANCIAL GROUP LAKE MICHIGAN FINANCIAL GROUP

  FINANCIAL · MI · income $2,023,803 · assets $19,688,257

  Directly controlled by LMCU LAKE MICHIGAN CREDIT UNION