Credit Unions Chartered In The State Of Michigan

Organization Overview

Credit Unions Chartered In The State Of Michigan, operating under the name Lake Trust Credit Union, is located in Brighton, 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 Trust Credit Union employed 528 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Lake Trust 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 Trust Credit Union generated $98.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $80.8m during the year ending 12/2021. While expenses have increased by 1.8% 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.

Since 2017, Lake Trust Credit Union has awarded 65 individual grants totaling $1,256,087. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

MEMBERS WILL UNDERSTAND AND EXPERIENCE THE BENEFITS OF A CREDIT UNION (CONT'D ON SCH. O) RELATIONSHIP AT A COST JUSTIFIED BY THE RESULTS. MEMBERS HAVE THE CAPABILITY TO EXERCISE CONTROL OVER THEIR FINANCIAL LIVES WHILE SHARING IN THE SUCCESS OF THE ORGANIZATION. MEMBERS EXPERIENCE REWARDS OF A MUTUALLY BENEFICIAL RELATIONSHIP BASED ON ADVOCACY AND TRUST RESULTING IN TRUST AND LOYALTY. MEMBERS VALUE THE LINK BETWEEN THEIR BENEFITS AND THEIR OWNERSHIP.

Describe the Organization's Program Activity:

Part 3 - Line 4a

PROMOTED THRIFT TO 177,271 MEMBERS BY OFFERING LOANS, DEPOSITS, AND OTHER FINANCIAL PRODUCTS.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Fiserv
Core System Provider & Debit/atm/credit
$3,731,191
The Christman Company
Construction & Remodeling Services
$1,084,909
Avtex Solutions Llc
Workforce Software - Interaction Optimiz
$512,989
Phire Advertising & Design Llc
Media Campaigns & Advertising
$1,289,778
Doxim
Processing & Mailing Of Notices & Statem
$684,501
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $2,576,265
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$2,576,265
Total Program Service Revenue$91,285,755
Investment income $3,618,419
Tax Exempt Bond Proceeds $0
Royalties $67,956
Net Rental Income -$30,394
Net Gain/Loss on Asset Sales -$558,889
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $98,643,521

Grants Awarded

Over the last fiscal year, Credit Unions Chartered In The State Of Michigan has awarded $339,944 in support to 15 organizations.

Grant RecipientAmount

LAKE TRUST CREDIT UNION FOUNDATION

Org PageRecipient Profile

Brighton, MI

PURPOSE: COMMUNITY ASSISTANCE LAKE TRUST EMPLOYEE ASSISTANCE

$140,277

WAYNE STATE UNIVERSITY PROVOST

Org PageRecipient Profile

Detroit, MI

PURPOSE: FINANCIAL CAPABILITY PILOT

$27,500

DOWNTOWN LANSING INC

Org PageRecipient Profile

Lansing, MI

PURPOSE: SPONSORSHIP OF VARIOUS DOWNTOWN LANSING EVENTS

$21,667

UTEC

PURPOSE: ROCKET MORTGAGE CLASSIC CABANAS SPONSORSHIP

$20,000

ROSEMONT COLLEGE OF THE HOLY CHILD OF JESUS

Org PageRecipient Profile

Rosemont, PA

PURPOSE: PLATINUM SPONSORSHIP

$20,000

Howell, MI

PURPOSE: SPONSORSHIP

$13,500
View Grant Profile

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