Lafcu
Nonprofit profile at a glance
- EIN
- 380893210
- IRS 990 coverage
- 2013–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- Lansing, MI, US
- Phone
- 517-622-6600
- Rating confidence
- Limited
Reported finances
- Revenue
- $177,489,649
- Expenses
- $69,496,099
- Assets
- $1,129,173,408
- Liabilities
- $915,774,042
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
16 people listed
Executive titles in this filing
- MELVIN PLACE (BOD VICE-PRESIDENT)
- RANDY FREEMAN (BOD PRESIDENT)
- PATRICK SPYKE (CEO)
Highest reported compensation
- PATRICK SPYKE (CEO): $1,472,927 total reported compensation
- ROBYN HOWELL (SVP/COO): $338,341 total reported compensation
- KELLI ELLSWORTH-ETCHISON (CHIEF MARKETING OFCR./CHIE): $322,312 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
While promoting the credit union philosophy, we are committed to providing financial services for the changing needs of our members and helping them obtain personal financial security.
What it reported doing in 2024
Savings products - primary member service staff/50% branch operations/contact center
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- 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: 86
- Accountability: 95
- Sustainability: 78
- 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; 8th percentile among comparable filings
- Pay-setting controls: 4 of 6 controls in place; rating input score 67
- Compensation committee: Pass
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Pass
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 92.2%; rating input score 92; 24th percentile among comparable filings
- Major donor itemization: Limited
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 100%; rating input score 100; 77th 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: 60.8%; rating input score 97; 97th percentile among comparable filings
- Total-asset coverage ratio: 16.25; rating input score 95; 95th percentile among comparable filings
- Liabilities to assets ratio: 0.81; rating input score 17; 17th percentile among comparable filings
- Officer compensation ratio: 4.8%; rating input score 18; 18th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 15.7% per year; rating input score 100; 90th percentile among comparable filings
- Asset growth: 6.9% per year; rating input score 100; 51st 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: 7 of 7 board members independent · 8 of 9 filing controls reported
- Programs: 3 filed program accomplishments
- Leadership: top reported pay $1.5M · 16 people listed · 4 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $8.5M reported
- Consistency: 13 of 14 current checks pass · 1 finding to review
- Schedules: 5 filed schedules · includes grants, executive pay, and related organizations
- Filing history: 11 filing years from 2013 to 2024
- Contacts: How to reach this organization
- Money network: 12 filed money-flow records
- Related organizations: 7 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.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- 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 17/100.
- High — Sustainability: Officer compensation ratio scored 18/100.