2025-10-15T16:21:44-05:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2024-01-01 390402815 KOHLER CREDIT UNION KOHL 8885282595 5727 SUPERIOR AVE SHEBOYGAN WI 53083 GREG DANIELS CFO 8885282595 2025-10-13 1 0 TANYA MEDGAARDEN P01717240 5074347000 2025-10-13 2024 2025-03-06 01:10:19Z TONY KLOCKOW 5727 SUPERIOR AVE SHEBOYGAN WI 53083 40200402 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. 11 11 254 11 74951 0 0 0 25902104 33612182 1127998 4030883 0 0 27030102 37643065 38500 40000 2715832 5065712 10839055 12955244 0 0 0 10430354 12822188 24023741 30883144 3006361 6759921 617133500 713922384 571929069 646675565 45204431 67246819 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 $160 MILLION IN NEW LOANS WERE ORIGINATED AND OVER $588 MILLION IN LOAN BALANCES WERE SERVICED FOR MEMBER/OWNERS. MORE THAN $607 MILLION IN DEPOSIT ACCOUNTS WERE MAINTAINED AND OVER $5 MILLION IN DIVIDENDS WERE PAID ON DEPOSIT ACCOUNTS TO MORE THAN 54,750 MEMBER/OWNERS IN 2024. DATA PROCESSING COSTS EXCEEDING $2.1 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 1 0 0 0 0 0 0 0 0 0 0 0 0 1 16200 0 254 1 1 1 0 0 0 0 0 0 0 X 11 11 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 X 0 0 0 GREG MATCZYNSKI DIRECTOR 2.50 X 0 0 0 DAN DIEDERICHS DIRECTOR 2.50 X 0 0 0 TONY KLOCKOW PRESIDENT 50.00 X 514613 0 24954 AMY GRINNA EVP 50.00 X 104228 0 2426 DENISS MAKENJENKO CHIEF RETAIL OFFICER 50.00 X 235826 0 28608 MATT FEHRMANN CHIEF INFORMATION OFFICER 50.00 X 223656 0 18212 GREG DANIELS CFO 50.00 X 226627 0 5624 JOSEPH MILLER CHIEF LENDING OFFICER 50.00 X 184321 0 9818 MELISSA DOEBERT CHIEF PEOPLE OFFICER 50.00 X 213811 0 20218 LAURA GABRIELSE SVP MEMBER EXPERIENCE 50.00 X 149487 0 27975 DANIEL HANSON COMMERCIAL LENDING 40.00 X 148455 0 3386 DAVID DEDRICK DIRECTOR OF COMMERCIAL LENDING 50.00 X 116070 0 28206 ALISON SCHAUS CONTROLLER 40.00 X 139921 0 3459 2257015 0 172886 21 0 1 0 Q2 SOFTWARE INC PO BOX 205970 DALLAS TX 75320 SOFTWARE PROVIDER 802184 FISERV INC PO BOX 934057 ATLANTA GA 31193 DATA PROCESSING 740991 PSCU 560 CARILLON PKWY ST PETERSBURG FL 33716 DEBIT CARD PROCESSING 455142 VISA USA PO BOX 742233 LOS ANGELES CA 90074 DEBIT CARD PROCESSING 396776 CARDMEMBER SERVICE PO BOX 790408 ST LOUIS MO 63179 CORPORATE CREDIT CARD 337963 18 LOAN INTEREST 522100 25529259 25529259 OTHER INCOME 524298 5510986 5494496 16490 FEE INCOME 522100 2571937 2513476 58461 33612182 1498250 1498250 4639560 450410 2058463 498874 2581097 -48464 2532633 2532633 37643065 33537231 74951 4030883 40000 5065712 1578913 9426431 81082 1104048 764770 161402 168752 142293 5505236 920415 545617 1067830 1483567 LOAN SERVICING EXPENSE 833509 MISCELLANEOUS OPERATING 787744 EDUCATIONAL AND PROMOTI 709093 PROVISION FOR CREDIT LO 445658 51072 30883144 6687309 6814145 18467960 5486350 2111374 547471 3528650 482092163 585000108 1328381 1963080 46300756 15622445 29397491 30678311 47642211 42488949 1372500 1652200 2100190 2549936 25933921 33213184 617133500 713922384 10035719 12108960 29000000 26883700 532893350 607682905 571929069 646675565 X 0 0 0 0 45204431 67246819 45204431 67246819 617133500 713922384 X 6759921 1015319 14267148 X X 0 1 X 1 0 5338388 5338388 25364927 7485737 17879190 1461587 637266 824321 14108038 7499442 6608596 27816 27816 30678311 MEMBER DEPOSITS 607682905 607682905 X 35110432 -2532633 -2532633 37643065 0 37643065 28350510 -2532634 -2532634 30883144 0 30883144 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 AS UNRELATED BUSINESS INCOME. THE CREDIT UNION EVALUATED ITS TAX POSITION AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2024 AND 2023. THE CREDIT UNION'S 2021 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: ROUNDING NET GAIN ON SALE OF ASSET -2,532,633. PART XII, LINE 2D - OTHER ADJUSTMENTS: NET GAIN ON SALE OF ASSETS -2,532,633. ROUNDING -1. 1 SCHOLARSHIPS 16 40000 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 402201 0 46484 0 65928 0 4938 0 20016 0 539567 0 0 0 DENISS MAKENJENKO CHIEF RETAIL OFFICER 218076 0 17250 0 500 0 5655 0 22953 0 264434 0 0 0 MATT FEHRMANN CHIEF INFORMATION OFFICER 206931 0 16225 0 500 0 3119 0 15093 0 241868 0 0 0 MELISSA DOEBERT CHIEF PEOPLE OFFICER 197599 0 15712 0 500 0 5047 0 15171 0 234029 0 0 0 GREG DANIELS CFO 210248 0 15879 0 500 0 5245 0 379 0 232251 0 0 0 JOSEPH MILLER CHIEF LENDING OFFICER 133021 0 5002 0 46298 0 2730 0 7088 0 194139 0 0 0 LAURA GABRIELSE SVP MEMBER EXPERIENCE 136810 0 12177 0 500 0 3687 0 24288 0 177462 0 0 0 DANIEL HANSON COMMERCIAL LENDING 112152 0 36153 0 150 0 3262 0 124 0 151841 0 0 0 PART I, LINE 1A HEALTH CLUB BENEFITS OF $2,013 FOR TONY KLOCKOW - INCLUDED IN TAXABLE COMPENSATION. TRAVEL FOR COMPANIONS OF $148 FOR CHRISTINE MURRAY - INCLUDED IN TAXABLE COMPENSATION. HEALTH CLUB BENEFITS OF $19,781 FOR DANIEL HANSON - INCLUDED IN TAXABLE COMPENSATION. MICHAEL STEIMLE FORMER EXECUTIVE SPLIT DOLLAR X 2050000 1786106 0 1 1 MARK SEIDL VP - STRATEGIC INITIATIVES SPLIT DOLLAR X 500000 435636 0 1 1 SHERI LAU VP - STRATEGIC INITIATIVES SPLIT DOLLAR X 500000 435636 0 1 1 PAUL WOJTA FORMER EXECUTIVE SPLIT DOLLAR X 500000 435636 0 1 1 PAUL EGGERT VP - MORTGAGE & BUSINESS LENDING SPLIT DOLLAR X 500000 435636 0 1 1 3528650 SCHEDULE L, PART II TOTAL LOAN BALANCE ON SPLIT DOLLAR LOANS IS $4,738,094. THIS AMOUNT WAS DISCOUNTED TO $3,528,650 DUE TO FAIR VALUE ACCOUNTING APPLIED DURING A BUSINESS COMBINATION. LOAN BALANCES ARE SHOWN BELOW FOR EACH PARTICIPANT:MICHAEL STEIMLE: $2,428,207MARK SEIDL: $592,246SHERI LAU: $592,246PAUL WOJTA: $592,246PAUL EGGERT: $533,149 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF 54,755 MEMBER/OWNERS, EACH OF WHOM HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE 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, WAUKESHA, DOOR, KEWAUNEE, OR BROWN COUNTIES IN WISCONSIN. ADDITIONALLY, ALL EMPLOYEES AND RETIREES OF KOHLER COMPANY, CTR CORPORATION, POLAR WARE, CURT JOA, PLYMOUTH FOAM, ST. NICHOLAS HOSPITAL, WISCONSIN ALUMINUM FOUNDRY ALONG WITH ANY PAST MEMBER OF ST. NICHOLAS CREDIT UNION WISCONSIN ALUMINUM FOUNDRY EMPLOYEES CREDIT UNION OR SHIPBUILDERS CREDIT UNION 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 867,122. EQUITY ACQUIRED IN MERGER 13,400,025. ROUNDING 1. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM PRIOR YEAR.