Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $1,894,661

• 2a · Program service revenue: MEMBER LOAN INCOME

  total $102,085,948 · related or exempt $102,085,948

• 2b · Program service revenue: FEE INCOME

  total $26,354,637 · related or exempt $26,354,637

• 3 · Investment income

  total $13,622,079 · related or exempt $13,620,712 · unrelated business $1,367

• 5 · Royalties

  total $69,042 · excluded $69,042

• 6a · Gross rents

  real property $16,500

• 6b · Less rental expenses

  real property $34,296

• 6c · Rental income or loss

  real property -$17,796

• 6d · Net rental income or loss

  total -$17,796 · excluded -$17,796

• 7a · Gross sales of assets other than inventory

  other assets $10,738

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

  other assets $143,108

• 7c · Gain or loss

  other assets -$132,370

• 7d · Net gain or loss

  total -$132,370 · excluded -$132,370

• 11a · Other revenue: INSURANCE INCOME

  total $1,595,201 · related or exempt $1,540,683 · unrelated business $54,518

• 11b · Other revenue: FHLB ADV/PREFUNDED INS

  total $620,805 · excluded $620,805

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

  total $311,796 · unrelated business $311,796

• 11e · Other revenue, total

  $2,527,802

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $348,848

• 5 · Compensation of officers, directors and key employees

  total $2,103,460

• 7 · Other salaries and wages

  total $33,593,787

• 8 · Pension plan contributions

  total $1,052,669

• 9 · Other employee benefits

  total $6,798,641

• 10 · Payroll taxes

  total $2,487,845

• 11b · Fees: legal

  total $272,055

• 11c · Fees: accounting

  total $166,200

• 11f · Fees: investment management

  total $116,960

• 11g · Fees: other

  total $1,854,214

• 12 · Advertising and promotion

  total $3,416,430

• 13 · Office expenses

  total $8,538,696

• 14 · Information technology

  total $6,583,868

• 16 · Occupancy

  total $6,356,856

• 17 · Travel

  total $707,798

• 20 · Interest

  total $3,382,565

• 22 · Depreciation, depletion and amortization

  total $3,546,514

• 24a · Other expenses: DIVIDENDS AND INTEREST

  total $30,536,855

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $10,967,185

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

  total $7,970,835

• 24d · Other expenses: LOAN SERVICING

  total $2,695,886

• 24e · All other expenses

  total $1,653,818

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $12,861,971 · end of year $13,591,606

• 2 · Savings and temporary cash investments

  beginning of year $152,037,589 · end of year $189,187,535

• 5 · Loans and receivables from officers and key people

  beginning of year $12,678,317 · end of year $12,999,379

• 7 · Other notes and loans receivable

  beginning of year $1,883,266,486 · end of year $1,954,964,444

• 9 · Prepaid expenses and deferred charges

  beginning of year $3,841,300 · end of year $4,846,096

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

  $109,831,850

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

  $45,363,463

• 10c · Land, buildings and equipment, net

  beginning of year $63,044,080 · end of year $64,468,387

• 12 · Investments: other securities

  beginning of year $355,001,437 · end of year $283,646,205

• 14 · Intangible assets

  beginning of year $38,277,761 · end of year $39,457,779

• 15 · Other assets

  beginning of year $75,785,937 · end of year $77,027,774

• 17 · Accounts payable and accrued expenses

  beginning of year $13,741,599 · end of year $19,178,666

• 19 · Deferred revenue

  beginning of year $1,345,378 · end of year $280,477

• 21 · Escrow or custodial account liability

  beginning of year $97,159 · end of year $73,354

• 23 · Secured mortgages and notes payable

  beginning of year $83,047,000 · end of year $95,047,000

• 25 · Other liabilities

  beginning of year $2,278,947,893 · end of year $2,288,147,177

• 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 $203,055,372 · end of year $220,902,054

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 $10,298 · assets $231,878

  Directly controlled by LAKE TRUST CREDIT UNION