Credit Unions Chartered In The State Of Michigan

Organization Overview

Credit Unions Chartered In The State Of Michigan, operating under the name Lake Michigan Credit Union, is located in Grand Rapids, MI. The organization was established in 1956. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Lake Michigan Credit Union employed 1,868 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Lake Michigan Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.

For the year ending 12/2021, Lake Michigan Credit Union generated $490.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.4% each year . All expenses for the organization totaled $333.2m during the year ending 12/2021. While expenses have increased by 11.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

PROMOTION OF THRIFT AND PROVIDING LOW COST CREDIT AND OTHER FINANCIAL SERVICES FOR ITS MEMBERS THROUGH MUTUAL AND NONPROFIT ORGANIZATION.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SEE ADDITONAL DETAILS


SEE ADDITIONAL DETAILS


SEE ADDITIONAL DETAILS


SEE DETAILS


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Board, Officers & Key Employees

Name (title)Compensation
Sandy Jelinski
CEO
$2,491,306
Matt Adler
Mortgage Lo
$1,427,413
Zac Ellerbroek
Mortgage Lo
$1,289,448
Brent Green
Mortgage Sal
$1,232,628
Sharon Wladecki
Mortgage Lo
$1,161,963
Razi Qadri
SVP Cioo
$1,037,033

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Newco Building
Construction
$5,811,390
Black Knight Technologies
Technology
$3,155,729
At&t
Phone
$3,123,597
Jack Henry
Software
$2,425,104
Factual Data
Credit Reports
$2,670,281
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$396,417,075
Investment income $10,026,683
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $490,221,594

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