Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $625,000

• 2a · Program service revenue: MEMBER LOAN INCOME

  total $69,816,616 · related or exempt $69,816,616

• 2b · Program service revenue: FEE INCOME

  total $23,929,601 · related or exempt $23,929,601

• 3 · Investment income

  total $6,662,383 · related or exempt $6,635,721 · unrelated business $26,662

• 5 · Royalties

  total $70,588 · excluded $70,588

• 6a · Gross rents

  real property $55,765

• 6b · Less rental expenses

  real property $87,796

• 6c · Rental income or loss

  real property -$32,031

• 6d · Net rental income or loss

  total -$32,031 · excluded -$32,031

• 7a · Gross sales of assets other than inventory

  securities $51,777,504 · other assets $261,879

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

  securities $52,069,802 · other assets $257,027

• 7c · Gain or loss

  securities -$292,298 · other assets $4,852

• 7d · Net gain or loss

  total -$287,446 · excluded -$287,446

• 11a · Other revenue: INSURANCE INCOME

  total $963,334 · related or exempt $914,993 · unrelated business $48,341

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

  total $255,725 · unrelated business $255,725

• 11e · Other revenue, total

  $1,219,059

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $362,684

• 2 · Grants to domestic individuals

  total $10,000

• 5 · Compensation of officers, directors and key employees

  total $2,115,808

• 7 · Other salaries and wages

  total $28,819,105

• 8 · Pension plan contributions

  total $930,180

• 9 · Other employee benefits

  total $5,623,223

• 10 · Payroll taxes

  total $2,218,033

• 11b · Fees: legal

  total $105,818

• 11c · Fees: accounting

  total $126,396

• 11f · Fees: investment management

  total $142,805

• 11g · Fees: other

  total $2,423,595

• 12 · Advertising and promotion

  total $2,967,393

• 13 · Office expenses

  total $6,485,821

• 14 · Information technology

  total $6,104,053

• 16 · Occupancy

  total $5,823,258

• 17 · Travel

  total $660,246

• 20 · Interest

  total $936,810

• 22 · Depreciation, depletion and amortization

  total $3,091,520

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

  total $6,853,185

• 24b · Other expenses: PROVISION FOR LOAN LOSS

  total $4,982,325

• 24c · Other expenses: DIVIDENDS AND INTEREST

  total $4,461,696

• 24d · Other expenses: LOAN SERVICING

  total $2,576,896

• 24e · All other expenses

  total $1,725,049

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $14,571,556 · end of year $14,445,088

• 2 · Savings and temporary cash investments

  beginning of year $168,105,670 · end of year $113,641,551

• 5 · Loans and receivables from officers and key people

  beginning of year $12,062,660 · end of year $12,366,448

• 7 · Other notes and loans receivable

  beginning of year $1,647,704,898 · end of year $1,850,467,015

• 9 · Prepaid expenses and deferred charges

  beginning of year $4,287,125 · end of year $3,717,169

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

  $106,587,376

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

  $42,981,488

• 10c · Land, buildings and equipment, net

  beginning of year $65,885,341 · end of year $63,605,888

• 11 · Investments: publicly traded securities

  beginning of year $49,254,546 · end of year $962,248

• 12 · Investments: other securities

  beginning of year $435,425,254 · end of year $415,979,109

• 14 · Intangible assets

  beginning of year $37,680,484 · end of year $38,774,787

• 15 · Other assets

  beginning of year $72,006,126 · end of year $69,771,606

• 17 · Accounts payable and accrued expenses

  beginning of year $10,799,769 · end of year $13,855,714

• 21 · Escrow or custodial account liability

  beginning of year $117,971 · end of year $108,775

• 23 · Secured mortgages and notes payable

  beginning of year $16,000,000 · end of year $74,047,000

• 25 · Other liabilities

  beginning of year $2,252,019,808 · end of year $2,295,113,882

• 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 $211,485,635 · end of year $184,045,061

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 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 $9,929 · assets $211,989

  Directly controlled by LAKE TRUST CREDIT UNION