2025-11-19T10:24:04-06:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 381543701 KALSEE CREDIT UNION KALS 2693827800 5220 LOVERS LANE PORTAGE MI 49002 STEVE SHUNKWILER CFO 2693827807 2025-11-19 1 0 AUBREY CLEGG P01076395 3052328272 2025-11-19 2024 2025-03-06 01:10:19Z X MATT LAHMAN 5220 LOVERS LANE PORTAGE MI 49002 19119292 0 1359 X WWW.KALSEE.COM X 1954 MI PROVIDE MEMBERSHIP WITH SAVINGS, CHECKING, CLUB, MONEY MARKET, HEALTH SAVINGS, IRAS, CERTIFICATES OF DEPOSIT AND A BROAD ARRAY OF LOANS TO SATISFY OUR MEMBERS' FINANCIAL WELLNESS. 7 7 123 8 345486 0 0 0 15565386 17530395 1689068 1243411 275463 345486 17529917 19119292 0 0 0 0 6032306 6445784 0 0 0 10077630 11439015 16109936 17884799 1419981 1234493 275464551 277482700 254847649 253977278 20616902 23505422 TO BUILD RELATIONSHIPS AND CULTIVATE FINANCIAL WELLNESS, EMPOWERING PEOPLE TO FOCUS ON WHAT MATTERS. 0 0 PROVIDE MEMBERS WITH SAVINGS, CHECKING, CLUBS, MONEY MARKET, HEALTH SAVINGS, IRA AND CERTIFICATE OF DEPOSITS ACCOUNTS WITH AGGREGATE DEPOSIT BALANCES THAT APPROXIMATED $245,960,000 AS OF DECEMBER 31, 2024. PROVIDE MEMBERS WITH CREDIT CARD, VEHICLE, REAL ESTATE, UNSECURED, BUSINESS AND LINE OF CREDIT LOANS WITH AGGREGATE LOAN BALANCES THAT APPROXIMATED $197,833,000 AS OF DECEMBER 31, 2024. 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 5053 0 1 123 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 STEVEN SHUNKWILER 2693827800 5220 LOVERS LANE PORTAGE MI 49002 DAVID STUUT BOARD CHAIR 2.00 X 0 0 0 JOSEPH MARTIN VICE CHAIRMAN 2.00 X 0 0 0 JODI K MILKS BOARD MEMBER 2.00 X 0 0 0 BRIAN SACKETT DIRECTOR 2.00 X 0 0 0 BEN DANIELSON DIRECTOR 2.00 X 0 0 0 RUDY CALLEN BOARD TREASURER 2.00 X 0 0 0 MICHELLE SHINEVARE BOARD SECRETARY 2.00 X 0 0 0 ERIK NORD ASSOCIATE DIRECTOR 2.00 X 0 0 0 RODNEY MASON DIRECTOR 2.00 X 0 0 0 MATTHEW LAHMAN CEO 40.00 X 270259 0 45635 SHELDON FAWORSKI COO 40.00 X 156099 0 40280 STEVEN SHUNKWILER CFO 40.00 X 127411 0 27622 RICHARD BAKER VP OF LENDING 40.00 X 141476 0 11178 CARRIE BOISONAULT VP MARKETING & BUSINESS DE 40.00 X 118992 0 9844 814237 0 134559 5 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 ATM/DEBIT/CREDIT PROCESSING 662823 CU ANSWERS 6000 28TH ST SE STE 100 GRAND RAPIDS MI 49546 CORE DATA PROCESSOR 652183 AUNALYTICS 460 STULL ST SUITE 200 SOUTH BEND IN 46601 IT INFASTRUCTURE 462424 VISA INTERNATIONAL PO BOX 742233 LOS ANGELES CA 90074 CREDIT/DEBIT CARD BRANDING 234325 CORNELIUS 1302 ANDERSON RD CLAWSON MI 48017 IT INFASTRUCTURE 188832 5 LOAN INTEREST 522100 12342745 12342745 FEES/CHARGES 522100 5187650 5187650 17530395 1243411 1243411 FINANCE AND INSURANCE 520000 345486 345486 345486 19119292 17530395 345486 1243411 X 667306 4256739 212564 931974 377201 7884 98567 373616 336957 789169 1388668 330557 106836 40762 3089746 18001 382321 60668 LOAN SERVICING 1448190 PROVISION FOR LOAN LOSS 1346972 ATM EXPENSE 635360 VISA/PLASTIC CARD EXPEN 454878 529863 17884799 3929962 3012542 7088567 2930570 558825 798730 1595681 1667196 196450953 206487236 1376236 1475582 13587586 2233339 11763864 11354247 43035607 39888401 1955052 2368754 7709804 7499442 275464551 277482700 3637609 2017007 6000000 6000000 245210040 245960271 254847649 253977278 X 0 0 0 0 20616902 23505422 20616902 23505422 275464551 277482700 1234493 1889284 -235257 0 X X 0 1 X 1 0 3384688 3384688 7572869 1014720 6558149 160024 93687 66337 2470005 1124932 1345073 11354247 MEMBER SHARES 245960271 245960271 X 19119292 0 19119292 0 19119292 17884799 0 17884799 0 17884799 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)(14)), FROM FEDERAL AND STATE INCOME TAXES. X 1 1 X X X X 0 1 0 MATTHEW LAHMAN CEO 220241 0 34562 0 15456 0 21133 0 24502 0 315894 0 0 0 SHELDON FAWORSKI COO 133414 0 16088 0 6597 0 12714 0 27566 0 196379 0 0 0 STEVEN SHUNKWILER CFO 122313 0 4822 0 276 0 3422 0 24200 0 155033 0 0 0 RICHARD BAKER VP OF LENDING 119853 0 13548 0 8075 0 9945 0 1233 0 152654 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 IN SCHEDULE L. RUDY CALLEN FORMER CEO AND CURRENT MEMBER OF THE BOARD OF DIRECTORS SPLIT DOLLAR LIFE INSURANCE X 500000 637454 0 1 1 MATTHEW LAHMAN CEO SPLIT DOLLAR LIFE INSURANCE X 950000 1029742 0 1 1 1667196 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 FORM 990 IS THOROUGHLY REVIEWED BY THE CEO AND CFO PRIOR TO FILING. MANAGEMENT PROVIDES THE BOARD OF DIRECTORS WITH A SUMMARY OF THE 990 COMPLETION PROCESS EACH YEAR. A COMPLETE COPY OF THE 990 IS MADE AVAILABLE TO THE BOARD OF DIRECTORS UPON THEIR REQUEST. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE IS MADE UP OF SELECTED MEMBERS OF THE BOARD OF DIRECTORS. THE COMMITTEE USES COMPENSATION SURVEYS TO APPROVE COMPENSATION FOR THE CEO. THE LAST COMPENSATION REVIEW FOR THE CEO WAS PERFORMED IN 2024. 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 FOR KEY EMPLOYEES WAS PERFORMED IN 2024. 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 MAINTENANCE 438,070. FRAUD/FORGERIES/OVERDRAFT LOSSES 96,386. MISCELLANEOUS -4,593. FORM 990, PART XII, LINE 2B: AUDITED FINANCIAL STATEMENTS ARE 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.