2025-09-25T21:47:04-05:00 2024-12-31 861065772 DELOITTE TAX LLP 50 W FIFTH STREET SUITE 200 CINCINNATI OH 45202 990 2024-01-01 237376679 AMERICAN MUTUAL SHARE INSURANCE CORPORATION AMER 6147641900 5656 FRANTZ ROAD DUBLIN OH 430172599 CURTIS L ROBSON CFO, SECRETARY & TREASURER 6149737712 2025-09-25 1 1 DEVIN R OMO-OSAGIE P02269589 5137847100 2024 2025-03-06 01:10:19Z AMERICAN SHARE INSURANCE THERESA M MASON 5656 FRANTZ ROAD DUBLIN OH 430172599 124435976 0 X WWW.AMERICANSHARE.COM X 1974 OH PROVIDE PRIMARY AND EXCESS SHARE (DEPOSIT) INSURANCE EXCLUSIVELY TO CREDIT UNIONS. 7 7 33 0 3978407 0 0 0 0 0 6249546 10328831 3347592 3978958 9597138 14307789 0 0 0 0 6431945 6855039 0 0 0 5296569 5391155 11728514 12246194 -2131376 2061595 357462134 372066644 32672127 34053567 324790007 338013077 X TO PROVIDE PRIMARY AND EXCESS SHARE (DEPOSIT) INSURANCE TO CREDIT UNIONS IN ACCORDANCE WITH ITS STATUTORY AUTHORITY UNDER OHIO REVISED CODE SECTION 1761, AS A MEMBER-OWNED, MUTUALLY ORGANIZED SHARE GUARANTY CORPORATION, AND THE NATION'S LARGEST NON-FEDERAL INSURER OF CREDIT UNION DEPOSITS. 0 0 AMERICAN MUTUAL SHARE INSURANCE CORPORATION (ASI) PROVIDES PRIMARY AND EXCESS SHARE (DEPOSIT) INSURANCE TO CREDIT UNIONS UNDER OHIO REVISED CODE SECTION 1761, AS A MEMBER-OWNED, MUTUALLY ORGANIZED SHARE GUARANTY CORPORATION, AND THE NATION'S LARGEST NON-FEDERAL INSURER OF CONSUMER DEPOSITS. APPROXIMATELY 95 MEMBER CREDIT UNIONS IN 10 STATES WERE SERVED BY ASI IN 2024 AND THE AGGREGATE NUMBER OF INDIVIDUAL MEMBERS IN THOSE CREDIT UNIONS INSURED BY ASI IS ESTIMATED TO BE APPROXIMATELY 1.3 MILLION. 0 0 1 0 0 0 0 0 0 1 0 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 40 0 1 33 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 1 0 1 1 1 1 1 1 1 0 0 X JEFFREY P SIEFKER CO AMERICAN SHARE INSURANCE 6147641900 5656 FRANTZ ROAD DUBLIN OH 430172599 CHRISTINE K HALEY BOARD CHAIR/DIRECTOR 1.00 0.25 X X 23900 0 0 BRAD SWARTZENTUBER DIRECTOR 1.00 0.25 X 23500 0 0 JAMES C MILES VICE CHAIR/DIRECTOR 1.00 0.25 X 22000 0 0 ROSEMARIE BARTOLOMUCCI DIRECTOR 1.00 0.00 X 22000 0 0 DUSTIN CUTRISS DIRECTOR 1.00 0.00 X 20500 0 0 SCOTT ARKILLS DIRECTOR 1.00 0.00 X 20500 0 0 JOSEPH TROSCLAIR DIRECTOR (BEGIN 04/24) 1.00 0.00 X 12000 0 0 ELIZABETH A CALDERONE DIRECTOR (END 04/24) 1.00 0.00 X 8700 0 0 THERESA M MASON PRESIDENT/CEO 45.00 10.00 X 595030 0 223499 KURT R LOOSE INTERIM CFO (1/24-4/24)/EVP, COO 45.00 10.00 X 449882 0 103153 JEFFREY SIEFKER CFO/SECRETARY/TREASURER (BEGIN 4/24) 45.00 10.00 X 214922 0 54567 J PAUL MCCAFFREY CFO/SECRETARY/TREASURER (END 1/24) 45.00 10.00 X 152539 0 190 KURT G KLUTH VP INFORMATION TECHNOLOGY 45.00 10.00 X 323635 0 140952 DAVID W KETTLEHAKE VP SALES & MARKETING 45.00 10.00 X 271621 0 121489 MICHAEL D BASWELL SALES MANAGER 45.00 10.00 X 426715 0 41366 DON E GENSLER SALES MANAGER 45.00 10.00 X 336906 0 30500 SHAWN KESSINGER CONTROLLER 45.00 10.00 X 189552 0 40199 DAN ZUBER SENIOR FINANCE MANAGER 45.00 10.00 X 181313 0 43648 CARA WIERMAN DIRECTOR, HR, ADMIN & PROGRAMS 45.00 10.00 X 174177 0 19671 3469392 0 819234 18 0 1 0 MAC MURRAY & SCHUSTER LLP 6525 W CAMPUS OVAL SUITE 210 NEW ALBANY OH 43054 OUTSIDE LEGAL COUNSEL 249199 DELOITTE & TOUCHE LLP PO BOX 844708 DALLAS TX 752844708 AUDIT SERVICES 198480 CROWE LLP 320 E JEFFERSON BLVD PO BOX 7 SOUTHBEND IN 46624 INTERNAL AUDIT OUTSOURCING 110545 3 7722436 7722436 112733770 812 110128187 0 2605583 812 2606395 2606395 MANAGEMENT FEES 524298 3479000 3479000 EXCESS INS. PREMIUMS 524298 379617 379617 LINE OF CREDIT EXPENSE 524298 119790 119790 551 551 3978958 14307789 0 3978407 10329382 2160729 3609147 348769 402848 333546 252165 443677 466568 267315 619879 402400 175625 285500 57925 123110 194431 INS. LOSSES INCURRED 1980000 PREM. TAX/STATE FILING 55096 DUES & SUBSCRIPTIONS 16028 PRINTING 656 50780 12246194 24535775 21298382 2902200 9678952 220001 335464 2357669 1504131 946297 853538 295964669 301089844 297700 297700 26366983 30508294 6228509 8004470 357462134 372066644 2779530 3544569 29892597 30508998 32672127 34053567 X 0 0 256283273 264895410 68506734 73117667 324790007 338013077 357462134 372066644 X 2061595 2549338 8612137 X 0 1 X 1 0 1500 0 1500 0 1500 1 CREDIT UNION POLITICAL ACTION COUNCIL 1807 W DIEHL ROAD PO BOX 3107 NAPERVILLE IL 605667107 363092340 1500 0 PART I-A, LINE 1: AMERICAN MUTUAL SHARE INSURANCE CORPORATION ENGAGES IN POLITICAL CAMPAIGN ACTIVITIES AND LOBBYING THAT IS LIMITED, IS NOT A PRIMARY ACTIVITY, AND IS RELATED TO ITS EXEMPT PURPOSE. IN 2024, THE CORPORATION PARTICIPATED INDIRECTLY IN CAMPAIGN ACTIVITIES THROUGH CONTRIBUTIONS TO STATE LEVEL POLITICAL CAUSES. 121045 121045 1585461 960889 624572 6565 466 6099 288400 265166 23234 356198 277610 78588 853538 INVESTMENT IN SUBSIDIARY 30508294 F 30508294 LOSS RESERVES 25345914 LOSS ADJUSTMENT EXPENSES PAYABLE 40000 PRIMARY CAP DEPOSIT & ACCRETION REFUNDS 5123084 30508998 X 14007953 0 14007953 223226 76610 299836 14307789 11946358 0 11946358 223226 76610 299836 12246194 PART X, LINE 2: AS A TAX-EXEMPT ORGANIZATION, ASI IS SUBJECT TO INCOME TAX ON ACTIVITIES THAT GENERATE NET INCOME UNRELATED TO ITS TAX-EXEMPT PURPOSE OF PROVIDING PRIMARY SHARE INSURANCE TO ITS MEMBERS. AT DECEMBER 31, 2024, ASI HAS UNRELATED BUSINESS INCOME TAX (UBIT) LOSS CARRYFORWARDS OF APPROXIMATELY $17,463,012 THAT ARE AVAILABLE TO OFFSET FUTURE UNRELATED BUSINESS INCOME. UNDER THE TAX CUTS AND JOBS ACT (THE ACT), UBIT LOSS CARRYFORWARDS THAT ORIGINATE AFTER DECEMBER 31, 2017, WILL NEVER EXPIRE; HOWEVER, THEY WILL ONLY BE AVAILABLE TO OFFSET UP TO 80% OF FUTURE TAXABLE INCOME GENERATED BY THE SAME BUSINESS ACTIVITY. UBIT LOSS CARRYFORWARDS GENERATED IN TAX YEARS PRIOR TO 2018 WILL CONTINUE TO EXPIRE AFTER 20 YEARS, AND CAN CONTINUE TO BE UTILIZED FOR THE FULL AMOUNT OF THE LOSS CARRYFORWARD WITHOUT REGARD TO BUSINESS ACTIVITIES. THE UBIT LOSS CARRYFORWARDS EXPIRE AS FOLLOWS: 2027-$443,545; 2028-$1,190,190; 2029-$4,087,732; 2030-$1,459,549; 2031-$829,540; 2032-$634,305; 2033-$642,044; 2034-$638,617; 2035-$848,015; 2036-$823,368; AND 2037-$769,133. THE COMPANY ALSO HAS UBIT LOSS CARRYFORWARDS OF $5,096,974 THAT NEVER EXPIRE UNDER THE ACT. NO TAX BENEFIT HAS BEEN RECOGNIZED FOR ANY OF THESE UBIT LOSS CARRYFORWARDS SINCE MANAGEMENT HAS DETERMINED THAT NONE OF THE TAX BENEFITS WILL BE REALIZED. AS OF DECEMBER 31, 2024, THE COMPANY IS NOT AWARE OF, AND HAS NO ACCRUALS FOR, ANY UNCERTAIN TAX POSITIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: BUILDING DEPRECIATION EXPENSE 76,610. PART XII, LINE 4B - OTHER ADJUSTMENTS: BUILDING DEPRECIATION EXPENSE 76,610. X 1 1 X X X X 1 1 0 THERESA M MASON PRESIDENT/CEO 456018 0 97344 0 41668 0 212375 0 11124 0 818529 0 0 0 KURT R LOOSE INTERIM CFO (1/24-4/24)/EVP, COO 319861 0 100000 0 30021 0 92000 0 11153 0 553035 0 0 0 MICHAEL D BASWELL SALES MANAGER 151443 0 267100 0 8172 0 29333 0 12033 0 468081 0 0 0 KURT G KLUTH VP INFORMATION TECHNOLOGY 244550 0 48000 0 31085 0 107000 0 33952 0 464587 0 0 0 DAVID W KETTLEHAKE VP SALES & MARKETING 218608 0 30000 0 23013 0 98212 0 23277 0 393110 0 0 0 DON E GENSLER SALES MANAGER 135805 0 195400 0 5701 0 30500 0 0 0 367406 0 0 0 JEFFREY SIEFKER CFO/SECRETARY/TREASURER (BEGIN 4/24) 189238 0 25000 0 684 0 31950 0 22617 0 269489 0 0 0 SHAWN KESSINGER CONTROLLER 177728 0 10000 0 1824 0 17400 0 22799 0 229751 0 0 0 DAN ZUBER SENIOR FINANCE MANAGER 164600 0 10000 0 6713 0 9696 0 33952 0 224961 0 0 0 CARA WIERMAN DIRECTOR, HR, ADMIN & PROGRAMS 164849 0 8500 0 828 0 9034 0 10637 0 193848 0 0 0 J PAUL MCCAFFREY CFO/SECRETARY/TREASURER (END 1/24) 7367 0 0 0 145172 0 0 0 190 0 152729 0 0 0 PART I, LINE 1A HEALTH CLUB DUES - HEALTH CLUB DUES ARE REIMBURSABLE UNDER THE COMPANY'S PERSONNEL POLICY TO ALL EMPLOYEES FOR 50% OF THE DUES UP TO A MAXIMUM MONTHLY REIMBURSEMENT OF $50 ($600 PER YEAR MAX). TWO OFFICERS AND TWO KEY EMPLOYEE RECEIVED THIS BENEFIT IN 2024. THESE REIMBURSEMENTS ARE REPORTABLE AS TAXABLE COMPENSATION TO EMPLOYEES ON THEIR FORM W-2. PART I, LINE 4A: IN ACCORDANCE WITH THE TERMS OF AGREEMENT FOR SEPARATION OF EMPLOYMENT WITH THE ORGANIZATION, A SEVERANCE PAYMENT WAS MADE DURING THE YEAR TO THE FOLLOWING LISTED PERSON IN PART VII: - J. PAUL MCCAFFREY: $50,000 PART I, LINE 4B: ELIGIBLE EMPLOYEES PARTICIPATE IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN UNDER CODE SECTION 457(F). ANY AMOUNTS ULTIMATELY PAID UNDER THE PLAN TO AN ELIGIBLE EMPLOYEE IS REPORTED AS COMPENSATION ON FORM 990, SCHEDULE J, PART II, COLUMN B(III) IN THE YEAR PAID. NONQUALIFIED PLAN PAYMENTS WERE MADE DURING THE YEAR TO THE FOLLOWING LISTED PERSON IN PART VII: - J. PAUL MCCAFFREY $47,112 - DAVID W. KETTLEHAKE $20,100 FORM 990, PART VI, SECTION A, LINE 6 THE COMPANY HAS ONLY TWO CLASSES OF MEMBERSHIP, THAT OF A "PARTICIPATING PRIMARY CREDIT UNION AND "PARTICIPATING EXCESS CREDIT UNION" AS DEFINED UNDER BOTH THE COMPANY'S CODE OF REGULATIONS AND ITS GOVERNING STATUTE (OHIO REVISED CODE SECTION 1761.01(J)). WHETHER CLASSIFIED AS PARTICIPATING PRIMARY CREDIT UNION OR A PARTICIPATING EXCESS CREDIT UNION, A PARTICIPATING CREDIT UNION REMAINS IN GOOD STANDING (INCLUDING ITS VOTING RIGHTS DESCRIBED BELOW) AS LONG AS THE PARTICIPATING CREDIT UNION HAS PAID IN FULL ITS CAPITAL CONTRIBUTION OR ANY APPLICABLE PREMIUMS, FEES OR ASSESSMENTS (ORC SECTION 1761.07(F)). EACH PARTICIPATING CREDIT UNION HAS ONE VOTE (ORC SECTION 1761.07(G)) AND EACH PARTICIPATING CREDIT UNION HAS THE SAME PRIVILEGES, BENEFITS AND OBLIGATION OF PARTICIPATION AS ALL OTHER PARTICIPATING CREDIT UNIONS OF THE COMPANY (ORC SECTION 1761.07(E)). UNDER THE COMPANY'S CODE OF REGULATIONS, AN ANNUAL MEETING OF PARTICIPATING CREDIT UNIONS IS HELD WITHIN 120 DAYS OF YEAR END AT WHICH MEETING EACH PARTICIPATING CREDIT UNION MAY CAST ONE VOTE IN PERSON OR BY PROXY BALLOT, VOTING ON DIRECTORS OF THE COMPANY. DIRECTORS ARE ELECTED FOR THREE-YEAR TERMS AND THE TERMS ARE STAGGERED SO THAT APPROXIMATELY ONE-THIRD OF THE BOARD SEATS ARE UP FOR ELECTION EACH YEAR. THE NUMBER OF DIRECTORS SHALL BE SET AT NO LESS THAN FIVE (5) AND NOT MORE THAN ELEVEN (11) UNDER THE CODE OF REGULATIONS. PARTICIPATING CREDIT UNIONS MAY ALSO HAVE RIGHTS TOWARDS ANY NET ASSETS OF THE COMPANY IN THE EVENT OF A DISSOLUTION OF THE COMPANY, BUT ONLY AFTER SETTLING ANY RECORDED, CONTINGENT AND CONTRACTUAL LIABILITIES, AND ALL COSTS OF DISSOLUTION (ORC SECTION 1761.10(I). FORM 990, PART VI, SECTION A, LINE 7A SEE FORM 990, PART VI, SECTION A, LINE 6 DESCRIPTION IN SCHEDULE O ABOVE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE PROVIDED TO THE COMPANY'S BOARD OF DIRECTORS AS PART OF THEIR ADVANCE MANAGEMENT PACKAGE FOR THE BOARD MEETING THAT IS SCHEDULED FOR SEPTEMBER 11, 2025 PRIOR TO FILING THE FORM AND WILL BE REVIEWED IN THE PRESENCE OF THE CEO AND CFO. FORM 990, PART VI, SECTION B, LINE 12C AS PART OF ITS BOARD POLICY AND PERSONNEL POLICY, THE COMPANY ANNUALLY REQUIRES EACH BOARD MEMBER, MEMBER OF MANAGEMENT AND ALL OTHER COMPANY EMPLOYEES TO COMPLETE AND SIGN ITS "ANNUAL ACKNOWLEDGEMENT OF BUSINESS CODE OF CONDUCT AND ETHICS AND DISCLOSURE OF POTENTIAL CONFLICTS OF INTEREST" FORM. THE COMPLETED FORMS ARE RETAINED BY THE COMPANY AND A SUMMARY OF ALL THE RESPONSES IS SUBMITTED TO THE COMPANY'S BOARD FOR THEIR REVIEW AND CONSIDERATION, WHICH WAS LAST DONE IN APRIL 2025. THE POLICIES REFERRED TO ABOVE AND THE FORM ITSELF ALSO REQUIRE THAT THE BOARD MEMBER, MANAGEMENT MEMBER, AND/OR EMPLOYEE INFORM THE COMPANY PROMPTLY IN WRITING OF ANY CHANGE IN THE STATEMENT MADE IN THE SIGNED FORMS. ALL NEW DIRECTORS, MANAGEMENT MEMBERS AND EMPLOYEES ARE REQUIRED TO ALSO COMPETE AND SIGN THE FORM UPON THEIR START DATE. BOARD MEMBERS MUST ABSTAIN FROM DISCUSSION AND VOTING ON ANY MATTERS IN WHICH THEY HAVE REPORTED A POTENTIAL CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION OF THE CEO IS SET BY THE EXECUTIVE COMPENSATION COMMITTEE OF THE BOARD ("COMPENSATION COMMITTEE OR "COMMITTEE"), WHICH MEETS AS A COMMITTEE OF THE WHOLE BOARD (EXCLUDING THE CEO). THE COMPENSATION COMMITTEE REVIEWS THE CEO'S PERFORMANCE ANNUALLY AND PREPARES A FORMAL WRITTEN REVIEW OF THEIR FINDINGS. THE COMMITTEE/BOARD ALSO PERIODICALLY (GENERALLY EVERY TWO YEARS) OBTAINS AN INDEPENDENT SALARY STUDY, LAST PREPARED AS OF MARCH 2024, BY PAY GOVERNANCE, WHICH PROVIDES SALARY DATA FOR ALL OFFICER POSITIONS AND MOST OTHER COMPANY POSITIONS. ONCE PERFORMED AND AVAILABLE, THE COMMITTEE REVIEWS THE SALARY STUDY AND ACCEPTS IT AS PART OF ITS DELIBERATIONS, WHICH ARE DOCUMENTED, ALONG WITH THE COMMITTEE'S CONCLUSIONS, IN THE COMPENSATION COMMITTEE MINUTES. THE SALARY STUDY ALSO PROVIDES DATA ON BONUSES FOR DIFFERENT POSITIONS, WHICH IS USED BY THE COMPENSATION COMMITTEE TO ARRIVE AT THE CEO'S ANNUAL BONUS AWARD, IF ANY. THE CEO IS GIVEN AUTHORITY BY THE BOARD, UNDER THE COMPANY'S BOARD POLICY, TO SET ALL OTHER OFFICER AND EMPLOYEE SALARIES AND BONUS AWARDS, AND IS SUBJECT TO GUIDANCE PROVIDED WITHIN THE INDEPENDENT SALARY STUDY THAT IS PROVIDED TO THE BOARD. DURING PERIODS IN WHICH THE INDEPENDENT SALARY STUDY IS NOT OBTAINED (SUCH AS FOR 2021 AND 2023, THE "OFF" CYCLE YEARS), THE COMPANY PURCHASES SPECIFIC SALARY INFORMATION FOR ITS VARIOUS POSITIONS. THE REVIEW OF THE CEO'S SALARY, BONUS AND OTHER COMPENSATION MATTERS WAS LAST PERFORMED BY THE COMPENSATION COMMITTEE AS OF APRIL 24, 2024 (FOR ESTABLISHMENT OF 2024 SALARY AND 2023 BONUS AWARDS). FORM 990, PART VI, SECTION C, LINE 19 QUARTERLY FINANCIAL STATEMENTS AND ANNUAL AUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE COMPANY'S MEMBERS/INSURED POLICYHOLDERS AT ITS WEBSITE UNDER THE "POLICYHOLDERS" SECTION. ANY DOCUMENTS OPEN FOR PUBLIC INSPECTION ARE ALSO AVAILABLE UPON REQUEST. FORM 990, PART VII CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC J. PAUL MCCAFFREY - 7679 HEATHERWOOD LN, DUBLIN, OH 43017. FORM 990, PART XI, LINE 9: NET CHANGE IN PARTICIPATING CREDIT UNIONS' CAPITAL CONTRIBUTIONS 8,612,137. EXCESS SHARE INSURANCE CORPORATION 5656 FRANTZ ROAD DUBLIN OH 43017 311383517 EXCESS DEPOSIT INSURANCE FOR CREDIT UNIONS OH AMERICAN MUTUAL SHARE INSURANCE CORPORATION C 10081722 106888897 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 EXCESS SHARE INSURANCE CORPORATION L 3479000 COST SHARING ALLOCATION EXCESS SHARE INSURANCE CORPORATION Q 1494424 COST EXCESS SHARE INSURANCE CORPORATION Q 3251076 COST SHARING ALLOCATION