2017-11-13T09:05:33-06:00 2016-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2016-01-01 381543701 KALSEE CREDIT UNION KALS 2693827800 2501 MILLCORK KALAMAZOO MI 49001 MATT LAHMAN CEO 2693827800 2017-11-10 1 ROBERT PARKS CPA P00740435 2482443000 50.235.194.18 2017-11-10 14:07:55 ES P 062293E64DF58CF8D35332F263D6456F83B37FCF 062293E64DF58CF8D35332F263D6456F83B37FCF 2016 2017-02-10 21:41:12Z MATT LAHMAN 2501 MILLCORK KALAMAZOO MI 49001 11091664 0 1359 X WWW.KALSEE.COM X 1954 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 7 6 84 7 434853 -213343 0 0 9282973 10297771 157352 359040 439606 434853 9879931 11091664 0 0 0 0 3168816 3386414 0 0 0 5556084 7910516 8724900 11296930 1155031 -205266 163458448 167146802 145437515 149183331 18020933 17963471 TO PROVIDE AND PROMOTE A WIDE RANGE OF FINANCIAL SERVICES TO HELP OUR MEMBERS GAIN PERSONAL FINANCIAL SUCCESS. 0 0 PROVIDE 24,000 MEMBERS WITH SAVINGS, CHECKING, CLUBS, MONEY MARKET, INDIVIDUAL RETIREMENT AND CERTIFICATES OF DEPOSIT ACCOUNTS TOTALING $127,373,789. PROVIDE CREDIT CARDS, VEHICLES, REAL ESTATE, CONSTRUCTION, UNSECURED, BUSINESS, AND LINE OF CREDIT LOANS. OFFER ATM AND DEBIT CARDS, CHECK CASHING, WIRE TRANSFERS, COURTESY PAY, MONEY ORDERS, ELECTRONIC BANKING, FINANCIAL COUNSELING, INVESTMENTS 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 2050 0 1 84 1 1 1 0 0 0 0 0 X 7 6 1 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 CHAIRMAN 2.00 X 0 0 0 JOSEPH MARTIN VICE CHAIRMAN 2.00 X 0 0 0 RONALD NEMEDI BOARD MEMBER 2.00 X 0 0 0 ROBERT MOORE BOARD MEMBER 2.00 X 0 0 0 BEN DANIELSON BOARD MEMBER 2.00 X 0 0 0 RUDY CALLEN CEO 60.00 X X 81513 0 25835 MICHELLE SHINEVARE BOARD SECRETARY 2.00 X 0 0 0 AMBER STEVENS CFO 60.00 X 97792 0 21914 MATTHEW LAHMAN CEO 60.00 X 142607 0 20393 321912 0 68142 1 0 1 0 VANTIV HOLDING LLC 8500 GOVERNORS HILL DRIVE SYMMES TOWNSHIP OH 45249 ATM/DEBIT CARD PROCESSOR 547067 CU ANSWERS 6000 28TH ST SE STE 100 GRAND RAPIDS MI 49546 CORE DATA PROCESSOR 463558 SECANT TECHNOLOGIES 6395 TECHNOLOGY AVE KALAMAZOO MI 49009 IT SERVICES 170049 FIS 3031 N ROCKY POINT TAMPA FL 33607 VISA PROCESSOR 116718 4 LOAN INTEREST 522100 7288787 7288787 FEES/CHARGES 522100 3008984 3008984 10297771 359040 359040 FINANCIAL SERVICES 525990 169577 169577 SHARED BRANCH SERVICES 525990 104158 104158 NON-MEMBER ATM FEES 525990 98648 98648 62470 62470 434853 11091664 10297771 434853 359040 390054 2082332 73082 632941 208005 28480 190059 1109 233902 436302 687612 266321 94635 41716 754075 25662 282385 44270 PROVISION FOR LOAN LOSS 2426818 LOAN SERVICING 1161200 ATM EXPENSE 626395 MAINTENANCE 191045 418530 11296930 2680080 1150513 15315613 881214 664268 500000 500000 127291566 122749945 877413 701444 8023135 1935215 6180108 6087920 17544727 12436315 3249626 2882382 4253714 4658402 163458448 167146802 4450675 1202863 140986840 147980468 145437515 149183331 X 0 0 0 0 18020933 17963471 18020933 17963471 163458448 167146802 X -205266 56992 90812 X X 0 1 X 1 0 1726565 1726565 5572728 1516066 4056662 723842 419149 304693 6087920 MEMBER SHARES 147980468 147980468 X 11091664 0 11091664 0 11091664 11296930 0 11296930 0 11296930 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 1 1 0 MATTHEW LAHMAN CEO 142607 0 0 0 0 0 0 0 20393 0 163000 0 0 0 PART I, LINE 1A BEACON CLUB MEMBERSHIP - THIS MEMBERSHIP IS FOR KEY EMPLOYEE'S TO TAKE CLIENTS TO LUNCH/DINNER FOR BUSINESS PURPOSES ONLY. IN THE EVENT A KEY EMPLOYEE UTILIZES THE ACCOUNT FOR PERSONAL REASONS, THEY ARE RESPONSIBLE FOR THE COSTS. KALSEE PAYS $50 ANNUALLY FOR 10 EMPLOYEES WHICH INCLUDE THE CEO, COO, CFO, AND THE BOARD OF DIRECTORS. ALSO SAM'S CLUB MEMBERSHIPS - 8 CARDS FOR MANAGEMENT TEAM. PART I, LINES 4A-B RUDY CALLEN, CEO, PARTICIPATES IN A SPLIT DOLLAR LIFE INSURANCE PLAN WITH A CASH VALUE OF $500,000. HE RECEIVED A RETIREMENT BONUS OF $25,000 IN 2016. RUDY CALLEN CEO AND TREASURER SPLIT DOLLAR LIFE INSURANCE X 500000 500000 0 1 1 500000 FORM 990, PART VI, SECTION A, LINE 2 BEN DANIELSON BOARD MEMBER AND EMILY DANIELSON EMPLOYEE HAVE A FAMILY RELATIONSHIP. SPECIFICALLY, EMILY IS THE SISTER OF BEN DANIELSON. 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 2015. 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 2015. 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 XI, LINE 9: RETIREE HEALTH BENEFITS 158 - OCI 10,890. SHARED BRANCHING SETTLEMENT 79,922. 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. 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.