#230 of 500 · Member & Benefit Funds

Credit Unions Chartered In The State Of Michigan

EIN 38-1215360 · MI · NTEE n/a · Form 990, fiscal 2023

This IRS filing, under the group name 'Credit Unions Chartered in the State of Michigan,' corresponds to Lake Michigan Credit Union (LMCU), a state-chartered, member-owned, not-for-profit financial cooperative headquartered in Grand Rapids, Michigan. Founded in 1933, LMCU provides banking services including savings and checking accounts, mortgages, consumer and business loans, and investment services to members primarily in Michigan and Florida. It files as a 501(c)(14) tax-exempt credit union.

Financials, fiscal 2023

Revenue

$692.0M

Expenses

$519.8M

Total assets

$13.37B

Net assets

$1.38B

Operating margin

24.9%

1-year growth

33.0%

5-year growth (CAGR)

12.8%

Reserve (years of spending)

31.9

Contributions share

n/a

Programme spending

92.5%

Fundraising cost

n/a

Executive pay share

1.22%

Employees

1,703

Revenue per employee

$406K

Grants paid

$95K

Years filing

67

NFP Health Score: 72 / 100

Financial 63 · Governance 65 · Operational 100. The score is built from Form 990 line items only. It cannot measure how well an organisation delivers its mission.

Mission

To do what's best for our members.

Revenue history