Lake Michigan Credit Union

Legal name: Credit Unions Chartered in the State of Michigan 48 Lake Michigan Credit Union

Nonprofit profile at a glance

EIN
381215360
IRS 990 coverage
2010–2025
Official website data refreshed
Sep 2026
Forms available
Form 990 2025, Form 990-N 2013
Location
Grand Rapids, MI, USA
Phone
(800) 242-9790
Rating confidence
Limited

Official website

Reported finances

Revenue
$918,222,007
Expenses
$710,071,392
Assets
$15,952,719,108
Liabilities
$14,174,787,786

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

27 people listed

Executive titles in this filing

  • JULIE LEONARD (CEO)

Highest reported compensation

  • JULIE LEONARD (CEO): $1,901,498 total reported compensation
  • MATTHEW ADLER (MORTGAGE LOAN ORIGINATOR): $1,669,191 total reported compensation
  • ZAC ELLERBROEK (MORTGAGE LOAN ORIGINATOR): $1,383,047 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To do what's best for our members.

What it reported doing in 2025

Lake Michigan credit union offers numerous loan products to meet its members' needs. As of december 31, 2025, the credit union had approximately 290,500 outstanding loans to members that aggregated approximately $13,178,913,000. Loan products include automobile, residential mortgage, commercial mortgage, credit card and personal loans.

Operating model

Revenue model
Other-operating. 92% of the money available for current operations came from other operating revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 90
  • Accountability: 95
  • Sustainability: 77
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 10th percentile among comparable filings
  • Pay-setting controls: 6 of 6 controls in place; rating input score 100
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 95.9%; rating input score 96; 35th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 65th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 22.7%; rating input score 85; 85th percentile among comparable filings
  • Total-asset coverage ratio: 22.47; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.89; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 1.8%; rating input score 67; 67th percentile among comparable filings

Growth

  • Program expense growth: -24.7% per year; rating input score 0; 2nd percentile among comparable filings
  • Revenue growth: 12.2% per year; rating input score 100; 80th percentile among comparable filings
  • Asset growth: 12.6% per year; rating input score 100; 80th percentile among comparable filings

Details

  • What they do: 4 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 11 of 11 board members independent · 8 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $1.9M · 27 people listed · 6 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $15.7M reported
  • Consistency: 12 of 13 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 13 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 79 filed money-flow records
  • Related organizations: 52 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Growth: Program expense growth scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.