2022-11-08T09:29:43-06:00 2021-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2021-01-01 381543701 KALSEE CREDIT UNION KALS 2693827800 2501 MILLCORK KALAMAZOO MI 49001 AMBER STEVENS CFO 2693827800 2022-11-08 1 AMBER STEVENS 999009999 BRANDON M WILSON P02447970 2482443000 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z MATT LAHMAN 2501 MILLCORK KALAMAZOO MI 49001 13287278 0 1359 X WWW.KALSEE.COM X 1954 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 7 7 103 9 283548 0 0 0 12249646 12241641 448448 762089 219560 283548 12917654 13287278 0 0 0 0 4813477 5099091 0 0 0 6658877 6892374 11472354 11991465 1445300 1295813 232510221 266232925 208997578 242344344 23512643 23888581 TO BUILD RELATIONSHIPS AND CULTIVATE FINANCIAL WELLNESS, EMPOWERING PEOPLE TO FOCUS ON WHAT MATTERS. 0 0 PROVIDE 23,000 MEMBERS WITH SAVINGS, CHECKING, CLUBS, MONEY MARKET, HEALTH SAVINGS, IRA AND CERTIFICATE OF DEPOSITS ACCOUNTS. PROVIDE 13,000 MEMBERS WITH CREDIT CARD, VEHICLE, REAL ESTATE, UNSECURED, BUSINESS AND LINE OF CREDIT LOANS. OFFER ATM & DEBIT CARD, CHECK CASHING, WIRE TRANSFER, COURTESY PAY, MONEY ORDERS, CASHIER CHECKS, ELECTRONIC BANKING, FINANCIAL COUNSELING, INVESTMENT AND INSURANCE PROGRAMS TO ALL ELIGIBLE MEMBERS. 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 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 4998 0 1 103 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 0 0 1 1 1 1 0 X AMBER STEVENS 2693827800 2501 MILLCORK KALAMAZOO MI 49001 DAVID STUUT BOARD CHAIR 2.00 X 0 0 0 JOSEPH MARTIN BOARD VICE CHAIR 2.00 X 0 0 0 JODI K MILKS BOARD MEMBER 2.00 X 0 0 0 BRIAN SACKETT BOARD MEMBER 2.00 X 0 0 0 BEN DANIELSON BOARD MEMBER 2.00 X 0 0 0 RUDY CALLEN BOARD MEMBER 2.00 X 0 0 0 MICHELLE SHINEVARE BOARD SECRETARY 2.00 X 0 0 0 ERIK NORD ASSOCIATE BOARD MEMBER NO 2.00 X 0 0 0 ROD MASON ASSOCIATE BOARD MEMBER NO 2.00 X 0 0 0 AMBER STEVENS CFO 40.00 X 143015 0 20670 MATTHEW LAHMAN CEO 40.00 X 245316 0 38818 SHELDON FAWORSKI COO 40.00 X 142819 0 30062 RICHARD BAKER VP OF LENDING 40.00 X 131317 0 16662 CARRIE BOISONAULT VP MARKETING & BUSINESS DEVELOPMENT 40.00 X 105400 0 19542 767867 0 125754 5 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 ATM/DEBIT PROCESSOR 565142 CU ANSWERS 6000 28TH ST SE STE 100 GRAND RAPIDS MI 49546 CORE DATA PROCESSOR 461806 AUNALYTICS 460 STULL ST SUITE 200 SOUTH BEND IN 46601 IT INFASTRUCTURE 425439 VISA INTERNATIONAL PO BOX 742233 LOS ANGELES CA 90074 CREDIT/DEBIT CARD BRANDING 330186 NEIGHBORHOOD MORTGAGE SERVICES 975 N MAIN ST SUITE D FRANKENMUTH MI 48734 MORTGAGE PROCESSING/SERVICING 120000 5 LOAN INTEREST 522100 7619661 7619661 FEES/CHARGES 522100 4621980 4621980 12241641 762089 762089 FINANCE AND INSURANCE 520000 283548 283548 283548 13287278 12241641 283548 762089 X 447819 3249454 218844 902416 280558 4390 82253 277822 296064 485656 997401 300604 96235 36720 996637 19950 235520 55590 LOAN SERVICING 1463576 VISA/PLASTIC CARD EXPEN 602163 ATM EXPENSE 563576 MAINTENANCE 271144 107073 11991465 1339141 3041138 17893646 28924123 505128 1797524 1552846 1539486 156782539 161524374 940310 1092762 13909760 3049235 7569159 10860525 18766219 46719249 21414706 4219733 5746527 6514011 232510221 266232925 2283870 2405142 206713708 239939202 208997578 242344344 X 0 0 0 0 23512643 23888581 23512643 23888581 232510221 266232925 X 1295813 -818692 -101183 X X 0 1 X 1 0 3810121 3810121 7914860 2042553 5872307 2184779 1006682 1178097 10860525 MEMBER SHARES 239939202 239939202 X 13287278 0 13287278 0 13287278 11991465 0 11991465 0 11991465 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. X X 1 1 X X X X 0 1 0 MATTHEW LAHMAN CEO 178024 0 58292 0 9000 0 15023 0 23795 0 284134 0 0 0 SHELDON FAWORSKI COO 108900 0 27919 0 6000 0 13222 0 16840 0 172881 0 0 0 AMBER STEVENS CFO 109081 0 27934 0 6000 0 9085 0 11585 0 163685 0 0 0 PART I, LINE 1A SAM'S CLUB MEMBERSHIP WITH 8 CARDS FOR THE MANAGEMENT TEAM. BRONSON ATHLETIC CLUB MEMBERSHIP, HEALTH CLUB MEMBERSHIP FOR MATT LAHMAN, PRESIDENT AND CEO. PART I, LINE 4B MATTHEW LAHMAN PARTICIPATED IN A SPLIT DOLLAR COLLATERAL INSURANCE SUPPLEMENTAL RETIREMENT PLAN. THE LOAN RELATED TO THIS PLAN IS REPORTED ON SCHEDULE L. RUDY CALLEN FORMER CEO AND CURRENT MEMBER OF THE BOARD OF DIRECTORS SPLIT DOLLAR LIFE INSURANCE X 500000 601926 0 1 1 MATTHEW LAHMAN CEO SPLIT DOLLAR LIFE INSURANCE X 950000 937560 0 1 1 1539486 SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE AND VOTING. FORM 990, PART VI, SECTION A, LINE 7A BOARD MEMBERS ARE NOMINATED AND THEN ELECTED BY MAIL VOTE BY THE MEMBERSHIP. RESULTS OF THE MAIL VOTE ARE ANNOUNCED AT THE ANNUAL MEETING. EACH BOARD MEMBER IS ELECTED FOR A 3 YEAR TERM. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS THOROUGHLY REVIEWED BY THE CFO AND THE CEO PRIOR TO FILING. A COPY IS MADE AVAILABLE TO THE BOARD OF DIRECTORS FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE IS MADE UP OF SELECTED BOARD OF DIRECTORS MEMBERS, WHICH USE COMPENSATION SURVEYS TO APPROVE COMPENSATION FOR THE CEO. THE LAST COMPENSATION REVIEW WAS PERFORMED IN 2021. KEY EMPLOYEE COMPENSATION IS DETERMINED BY REVIEWS CONDUCTED BY THE CEO AND HUMAN RESOURCES AND ARE APPROVED BY THE BOARD OF DIRECTORS. THE LAST COMPENSATION REVIEW WAS PERFORMED IN 2021. FORM 990, PART VI, SECTION C, LINE 19 MONTHLY FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION'S LOBBIES. THE GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST AT THE MAIN OFFICE. FORM 990, PART IX, LINE 24E MISCELLANEOUS 83,842. PROVISION FOR LOAN LOSSES 23,231. FORM 990, PART XI, LINE 9: SHARED BRANCHING SETTLEMENT -101,183. FORM 990, PART XII, LINE 2B: AUDITED FINANCIAL STATEMENTS ARE DONE ON A FISCAL YEAR END AND TAX REPORTING IS REQUIRED ON A CALENDAR YEAR END. THERE ARE NO REVENUE OR EXPENSE ITEMS REPORTED IN THE AUDITED FINANCIAL STATEMENTS THAT ARE NOT REPORTED IN FORM 990. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR.