2024-11-13T15:14:31-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 390402815 KOHLER CREDIT UNION KOHL 8885282595 5727 SUPERIOR AVE SHEBOYGAN WI 53083 GREG DANIELS CFO 8885282595 2024-11-11 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-11-11 2023 2024-10-15 13:58:12Z TONY KLOCKOW 5727 SUPERIOR AVE SHEBOYGAN WI 53083 27657205 0 1 X WWW.KOHLERCU.COM X CU 1938 WI TO ENCOURAGE THRIFT AMONG MEMBERS; TO CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST; TO PROVIDE AN OPPORTUNITY FOR EACH MEMBER TO IMPROVE THEIR RESPECTIVE ECONOMIC AND SOCIAL CONDITIONS; AND TO PERFORM THE FUNCTIONS AND EXERCISE THE POWERS DESIGNATED FOR CREDIT UNIONS UNDER APPLICABLE LAW. 9 9 208 9 73011 0 0 0 21689825 25902104 1025331 1127998 0 0 22715156 27030102 37500 38500 641350 2715832 9856050 10839055 0 0 0 9337592 10430354 19872492 24023741 2842664 3006361 576276707 617133500 535342432 571929069 40934275 45204431 X TO ENCOURAGE THRIFT AMONG MEMBERS; TO CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST; TO PROVIDE AN OPPORTUNITY FOR EACH MEMBER TO IMPROVE THEIR RESPECTIVE ECONOMIC AND SOCIAL CONDITIONS; AND TO PERFORM THE FUNCTIONS AND EXERCISE THE POWERS DESIGNATED FOR CREDIT UNIONS UNDER APPLICABLE LAW. 0 0 MORE THAN $143 MILLION IN NEW LOANS WERE ORIGINATED AND OVER $482 MILLION IN LOAN BALANCES WERE SERVICED FOR MEMBER/OWNERS. MORE THAN $532 MILLION IN DEPOSIT ACCOUNTS WERE MAINTAINED AND OVER $2.7 MILLION IN DIVIDENDS WERE PAID ON DEPOSIT ACCOUNTS TO MORE THAN 43,600 MEMBER/OWNERS IN 2023. DATA PROCESSING COSTS EXCEEDING $1.8 MILLION WERE INCURRED TO RECORD MEMBER ACCOUNT ACTIVITY AND PROVIDE MEMBERS ACCESS TO THEIR ACCOUNTS VIA HOME BANKING, ATM NETWORKS AND IN PERSON AT THE CREDIT UNION. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 9610 0 208 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X GREG DANIELS 8885282595 5727 SUPERIOR AVE SHEBOYGAN WI 53083 CHRIS LACEY CHAIRMAN 2.50 X X 0 0 0 TODD ULLMAN VICE CHAIRMAN 2.50 X X 0 0 0 JOSEPH VIRANT SECRETARY 2.50 X X 0 0 0 DAN GRUENLOH TREASURER 2.50 X X 0 0 0 BRIAN POST DIRECTOR 2.50 X 0 0 0 LAURIE LINDOW DIRECTOR 2.50 X 0 0 0 STEVEN GERNER DIRECTOR 2.50 X 0 0 0 KIM DESOMBRE-LONG DIRECTOR 2.50 X 0 0 0 JESSICA ENTRINGER-LEIKIP SECRETARY 2.50 X 0 0 0 TONY KLOCKOW PRESIDENT 50.00 X 592339 0 20815 AMY GRINNA EVP 50.00 X 293568 0 7685 GREG DANIELS CFO 50.00 X 186979 0 4423 JOSEPH MILLER CHIEF LENDING OFFICER 50.00 X 144989 0 10169 DENISS MAKENJENKO CHIEF RETAIL OFFICER 50.00 X 221893 0 5315 MATT FEHRMANN CHIEF INFORMATION OFFICER 50.00 X 181377 0 14471 MELISSA DOEBERT CHIEF PEOPLE OFFICER 50.00 X 165759 0 18314 LAURA GABRIELSE SVP MEMBER EXPERIENCE 50.00 X 134830 0 24522 DANIEL HANSON COMMERCIAL LENDING 40.00 X 135983 0 1670 DALE LIVINGSTON FORMER CHIEF LENDING OFFICER 40.00 X 133333 0 0 2191050 0 107384 16 1 1 0 FISERV INC PO BOX 94057 ATLANTA GA 60675 DATA PROCESSING 1587176 Q2 SOFTWARE INC PO BOX 205970 DALLAS TX 75320 SOFTWARE PROVIDER 729543 PSCU 560 CARILLON PKWY ST PETERSBURG FL 33716 DEBIT CARD PROCESSING 643994 FIS PO BOX 4535 CAROL STREAM IL 60197 DEBIT CARD PROCESSING 407150 CORNERSTONE ADVISORS INC 7272 E INDIAN SCHOOL RD SCOTTSDALE AZ 83251 PROJECT MANAGMENT/CONSULTING 391287 18 LOAN INTEREST 522100 18873364 18873364 OTHER INCOME 524298 4741101 4727716 13385 FEE INCOME 522100 2287639 2228013 59626 25902104 1203366 1203366 551735 627103 -75368 -75368 -75368 27030102 25829093 73011 1127998 38500 2715832 1260967 7602325 219420 1070655 685688 70611 155686 358569 4579558 942977 494275 992655 1431107 EDUCATIONAL AND PROMOTI 625786 LOAN SERVICING EXPENSE 624924 MISCELLANEOUS OPERATING 200474 OPERATING FEES 41939 -88207 24023741 6622796 6687309 1043923 18467960 121822 2111374 460228051 482092163 1305528 1328381 43128991 13731500 28015399 29397491 52606967 47642211 753400 1372500 2100190 2100190 23478631 25933921 576276707 617133500 5947113 10035719 29000000 529395319 532893350 535342432 571929069 X 0 0 0 0 40934275 45204431 40934275 45204431 576276707 617133500 X 3006361 1578862 -315067 X X 0 1 X 1 0 5018388 5018388 22785343 6846201 15939142 1461587 529477 932110 13855344 6355822 7499522 8329 8329 29397491 MEMBER DEPOSITS 532884710 ACL OFF-BALANCE SHEET CREDIT EXPOSURES 8640 532893350 X 27105470 75368 75368 27030102 0 27030102 24099109 75368 75368 24023741 0 24023741 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AND HAS A NET OPERATING LOSS CARRYFORWARD AS OF THE 2022 CALENDAR YEAR. THE CREDIT UNION EVALUATED ITS TAX POSITION AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2022. THE CREDIT UNION'S 2020 THROUGH 2022 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: ROUNDING -1. NET LOSS ON SALE OF ASSET 75,369. PART XII, LINE 2D - OTHER ADJUSTMENTS: NET LOSS ON SALE OF ASSET 75,369. ROUNDING -1. 1 SCHOLARSHIPS 15 38500 N/A N/A PART I, LINE 2: STUDENT, OR PARENTS, MUST BE A CREDIT UNION MEMBER, HAVE A CUMULATIVE GRADE POINT AVERAGE OF 3.25 OR BETTER, PLAN TO ATTEND A 4-YEAR WISCONSIN INSTITUTION AND HAVE A HIGH SCHOOL RECORD OF ACHIEVEMENT IN SCHOLARSHIP, CHARACTER, LEADERSHIP, CITIZENSHIP AND INVOLVEMENT. X X 1 1 X X X X X 0 0 0 TONY KLOCKOW PRESIDENT 500589 0 44172 0 47578 0 2856 0 17959 0 613154 0 0 0 AMY GRINNA EVP 236639 0 35929 0 21000 0 6395 0 1290 0 301253 0 0 0 DENISS MAKENJENKO CHIEF RETAIL OFFICER 194460 0 18276 0 9157 0 5070 0 245 0 227208 0 0 0 MATT FEHRMANN CHIEF INFORMATION OFFICER 169381 0 11496 0 500 0 1040 0 13431 0 195848 0 0 0 GREG DANIELS CFO 159265 0 20033 0 7681 0 4140 0 283 0 191402 0 0 0 MELISSA DOEBERT CHIEF PEOPLE OFFICER 145976 0 12847 0 6936 0 4023 0 14291 0 184073 0 0 0 LAURA GABRIELSE SVP MEMBER EXPERIENCE 121627 0 12703 0 500 0 3294 0 21228 0 159352 0 0 0 JOSEPH MILLER CHIEF LENDING OFFICER 134989 0 9500 0 500 0 2720 0 7449 0 155158 0 0 0 DALE LIVINGSTON FORMER CHIEF LENDING OFFICER 0 0 0 0 133333 0 0 0 0 0 133333 0 0 0 PART I, LINE 1A HEALTH CLUB BENEFITS OF $2,013 FOR TONY KLOCKOW - INCLUDED IN TAXABLE COMPENSATION. TRAVEL FOR COMPANIONS OF $490 FOR GREG DANIELS - INCLUDED IN TAXABLE COMPENSATION. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF 43,616 MEMBER/OWNERS, EACH OF WHOM HAS EQUAL RIGHTS IN OWNERSHIP, GOVERANCE AND VOTING AT THE ANNUAL MEETINGS, WITH THE EXCEPTION OF THE MEMBER/OWNERS WHO ARE ELECTED TO THE BOARD OF DIRECTORS. MEMBERSHIP IN THE CREDIT UNION IS OPEN TO THOSE WHO LIVE OR WORK IN SHEBOYGAN, CALUMET, FOND DU LAC, MANITOWOC, OZAUKEE, WASHINGTON, MILWAUKEE OR WAUKESHA COUNTIES IN WISCONSIN. ADDITIONALLY, ALL EMPLOYEES AND RETIREES OF KOHLER COMPANY, POLAR WARE, CURT JOA, AND PLYMOUTH FOAM ARE ELIGIBLE FOR MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBER/OWNERS OF THE CREDIT UNION HAVE THE AUTHORITY TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS FOR 3-YEAR TERMS ON A ROTATING BASIS. CANDIDATES ARE ELECTED BY A SIMPLE PLURALITY VOTE. THE BOARD OF DIRECTORS APPOINTS A NOMINATION COMMITTEE CONSISTING OF NOT FEWER THAN THREE MEMBERS, WHO SHALL NOMINATE ONE OR MORE MEMBERS FOR EACH VACANCY ON THE BOARD. FORM 990, PART VI, SECTION A, LINE 7B BYLAWS MAY BE AMENDED BY A THREE-FOURTHS MAJORITY VOTE OF THE MEMBERS PRESENT AT ANY ANNUAL OR SPECIAL MEETING OF THE MEMBERS, IF ALL NOTICE AND OTHER REQUIREMENTS APPLICABLE TO AMENDMENT OF BYLAWS ARE SATISFIED. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO BEING FILED WITH THE IRS, A COPY OF THE IRS FORM 990 AND RELATED SCHEDULES ARE REVIEWED BY THE PRESIDENT AND CHIEF FINANCIAL OFFICER, INCLUDING A CONFIRMATION OF ACCURACY OF EVERY ANSWER AND OVERSIGHT OF APPROPRIATE CHANGES. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST REQUIREMENTS ARE PART OF THE PERSONNEL POLICY WHICH IS REQUIRED TO BE REVIEWED ANNUALLY BY DIRECTORS AND EMPLOYEES. ALSO, AT EACH MONTHLY BOARD MEETING DIRECTORS ARE ASKED IF THEY HAVE A CONFLICT OF INTEREST WITH REGARDS TO ANY AGENDA ITEM. IF A CONFLICT OF INTEREST IS IDENTIFIED , THE BOARD MEMBER IS RECUSED FROM VOTING ON THAT ITEM. ALSO, AT EACH LOAN COMMITTEE MEETING, LOAN COMMITTEE MEMBERS ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST WITH RESPECT TO ANY LOAN BROUGHT BEFORE THE COMMITTEE, AND ARE RECUSED FROM VOTING ON APPROVAL OF THE RELATED LOAN. FORM 990, PART VI, SECTION B, LINE 15 SALARY SURVEY IS COMPLETED BY AN INDEPENDENT FIRM. SALARY FOR THE CEO IS SET BY THE BOARD COMPENSATION COMMITTEE. MINUTES OF THE COMMITTEE MEETINGS ARE RECORDED. SALARY FOR ALL OTHER OFFICERS ARE DETERMINED BY THE CEO UTILIZING THE INDEPENDENT SURVEY. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION'S LOBBIES. OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN OCI 690,952. CECL ADJUSTMENT -1,006,019. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM PRIOR YEAR.