CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN 48 LAKE MICHIGAN CREDIT UNION (EIN 381215360) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1933

Legal Domicile

Principal Officer

JULIE LEONARD

Phone

6162429790

Tax Period

2025-01-01 to 2025-12-31

CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN 48 LAKE MICHIGAN CREDIT UNION, founded in 1933, is a major nonprofit that reported $918.2M in total revenue in fiscal year 2025. Revenue grew 11% year-over-year, indicating healthy expansion. The organization ran a surplus of $208.2M, a strong 23% operating margin.

Mission

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

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $835,275,373

Investment Income $66,852,626

Other Revenue $16,094,008

TOTAL REVENUE $918,222,007

Expense Breakdown

Grants Paid $1,346,517

Salaries & Benefits $188,841,678

Fundraising Expenses $0

Other Expenses $519,883,197

TOTAL EXPENSES $710,071,392

Year-over-Year Comparison

	2025	2024	Change
Revenue	$918,222,007	$829,413,442	+0.1%
Expenses	$710,071,392	$680,152,586	+0.0%
Net Income	$208,150,615	$149,260,856	+0.4%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

1758

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$3,681,475

Total Directors

$1,854

Key Employees

$3,406,654

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BRAD MATHIS	DIRECTOR	1.00	Director	$0	$0	$0
TIMOTHY MYERS	BOARD SECRETARY	1.00	Director	$0	$0	$0
JACK NEWBERRY	DIRECTOR	1.00	Director	$927	$0	$927
JUAN OLIVAREZ	BOARD VICE CHAIRPERSON	1.00	Director	$0	$0	$0
BOB PARTRIDGE	DIRECTOR	1.00	Director	$0	$0	$0
MIKE RICE	DIRECTOR	1.00	Director	$0	$0	$0
GRETCHEN TELLMAN-PARTRIDGE	BOARD CHAIRPERSON	1.00	Director	$0	$0	$0
BOB WHITE	DIRECTOR	1.00	Director	$927	$0	$927
DAVE BARDOLPH	BOARD TREASURER	1.00	Director	$0	$0	$0
TIM GORTSEMA	DIRECTOR	1.00	Director	$0	$0	$0
CAITLIN TOWNSEND-LAMB	DIRECTOR	1.00	Director	$0	$0	$0
CHRISTI COWDIN	CMO	40.00	Officer	$330,328	$7,788	$338,116
CHRISTOPHER ORTEGA	CIO	40.00	Officer	$475,324	$13,594	$488,918
JULIE LEONARD	CEO	40.00	Officer	$1,876,735	$24,763	$1,901,498
ERIC BURGOON	CHIEF EXPERIENCE	40.00	Officer	$927,596	$25,347	$952,943
SARAH MIKLUSICAK	CPO	40.00	Key Emp	$284,973	$7,212	$292,185
MARTIN PELTIER	CGO	40.00	Key Emp	$394,791	$25,644	$420,435
JAMES MASKELL	SVP CCO	40.00	Key Emp	$509,544	$26,917	$536,461
MARK POWELL	SVP CRO	40.00	Key Emp	$512,982	$15,667	$528,649
SARA KEMPERMAN	SVP COO	40.00	Key Emp	$562,495	$16,557	$579,052
PETER DANN	EVP CFO	40.00	Key Emp	$810,170	$27,012	$837,182
KAYLEE RAFFA	CSG	40.00	Key Emp	$199,601	$13,089	$212,690
MATTHEW ADLER	MORTGAGE LOAN ORIGINATOR	40.00	Highest	$1,645,929	$23,262	$1,669,191
ZAC ELLERBROEK	MORTGAGE LOAN ORIGINATOR	40.00	Highest	$1,365,209	$17,838	$1,383,047
EMIL IZRAILOV	MORTGAGE SALES MANAGER FH	40.00	Highest	$934,271	$18,193	$952,464
LUTHER TROOK	MORTGAGE LOAN ORIGINATOR	40.00	Highest	$796,311	$20,798	$817,109
JASON RYBA	VP REGIONAL MTG PRODUCTION	40.00	Highest	$691,254	$24,763	$716,017

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$918,222,007	$710,071,392	$15,952,719,108	$208,150,615
2024	No data	No data	No data	No data
2023	$692,047,277	$519,826,803	$13,371,002,258	$172,220,474
2022	$520,341,837	$350,744,589	$11,905,975,667	$169,597,248
2021	$490,221,594	$333,217,740	$11,670,748,024	$157,003,854
2020	$495,848,275	$331,329,406	$9,236,003,182	$164,518,869

CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN 48 LAKE MICHIGAN CREDIT UNION