2025-11-17T13:24:45-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2024-01-01 390900961 SOUTHERN LAKES CREDIT UNION SOUT 2626941600 3000 80TH STREET KENOSHA WI 53142 JOHN LYON PRESIDENT/CEO 2626941600 2025-11-17 1 0 TANYA MEDGAARDEN P01717240 5074347000 2025-11-10 2024 2025-03-06 01:10:19Z JOHN LYON 3000 80TH STREET KENOSHA WI 53142 5608590 0 X HTTPS://WWW.SOUTHERNLAKESCU.ORG X CU 1935 WI WE WILL STRIVE TO MAKE A SIGNIFICANT DIFFERNCE IN IMPROVING THE QUALITY OF LIFE OF OUR MEMBERS AND THE COMMUNITIES WE SERVE BY PROVIDING AFFORDABLE ACCESS TO CREDIT AND FINANCIAL SERVICES. 7 7 41 7 80480 55074 0 0 3443890 4135700 1736919 1472890 0 0 5180809 5608590 0 0 178149 304766 1743988 2155521 0 0 0 2141169 2690147 4063306 5150434 1117503 458156 106526105 104915717 96884892 94804089 9641213 10111628 WE WILL STIRVE TO MAKE A SIGNIFICANT DIFFERENCE IN IMPROVING THE QUALITY OF LIFE OF OUR MEMBERS AND THE COMMUNITIES WE SERVE BY PROVIDING AFFORDABLE ACCESS TO CREDIT AND FINANCIAL SERVICES. 0 0 AS THE ONLY LOCALLY-BASED, OPEN-TO-THE-COMMUNITY FINANCIAL INSTITUTION HEADQUARTERED IN KENOSHA, WI, WE WORK TO SERVE OUR 9,902 MEMBER-OWNERS AS A SAFE, SECURE, AND FINANCIALLY-STABLE PLACE TO CONDUCT BUSINESS. OUR FOCUS IS TO SERVE OUR MEMBERS AND SUPPORT THE COMMUNITIES WE SERVE BY PROVIDING ACCESS TO AFFORDABLE CREDIT AND FINANCIAL SERVICES AT FAVORABLE RATES. WE DRIVE VALUE BACK TO OUR MEMBERS AND HELP THEM SAVE MONEY ON INTEREST BY OFFERING LOANS AT VERY COMPETITIVE RATES. AS OF DECEMBER 31, 2024, WE HAVE 4,345 LOANS OUTSTANDING TO OUR MEMBERS TOTALLING $69,637,329. WE WORK WITH BORROWERS TO IMPROVE THEIR CREDIT SO THEY PAY LESS IN INTEREST OVER THEIR LIVES AND WORK WITH FIRST-TIME BORROWERS TO UNDERSTAND LOANS AND CREDIT. IN 2024, OUR MEMBERS OBTAINED 1,203 LOANS FROM THEIR CREDIT UNION TOTALING $28,938,186. MEMBERS HAVE ENTRUSTED US WITH THEIR DEPOSITS IN SHARE, SHARE DRAFT, MONEY MARKET, IRA, HSA, AND TERM SHARE CERTIFICATE ACCOUNTS. AS OF DECEMBER 31, 2024, WE HAVE $94,294,991 IN DEPOSITS FROM OUR MEMBERS. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1869 0 41 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X JOHN LYON 2626941600 3000 80TH STREET KENSOHA WI 53142 JOHN MORRISSEY CHAIR 1.00 X X 0 0 0 THOMAS GENTHNER VICE CHAIR 1.00 X X 0 0 0 MONICA YUHAS TREASURER 1.00 X X 0 0 0 JAMES BELLER SECRETARY 1.00 X X 0 0 0 RICHARD DARULA DIRECTOR 1.00 X 0 0 0 PETER JOHNSON DIRECTOR 1.00 X 0 0 0 HELEN SCHUMACHER DIRECTOR 1.00 X 0 0 0 JOHN LYON PRESIDENT/CEO 45.00 X 150074 0 6003 ROBERT HOEPFNER VP LENDING 45.00 X 118474 0 4739 268548 0 10742 2 0 1 0 JACK HENRY PO BOX 609 MONETT MO 65708 DEBIT CARD PROCESSOR AND ANCILLARY COMPU 224283 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE RD FARMINGTON HILLS MI 48334 CORE SYSTEM PROVIDER AND SERVICE BUREAU 217572 ACCESS SOFTEK 1807 W DIEHL ROAD STE 220 NAPERVILLE IL 60563 ONLINE AND MOBILE BANKING SERVICES 109000 3 INTEREST ON LOANS AND LEASES 522100 3322063 3322063 OTHER INCOME 522100 503735 503735 FEE INCOME 522100 309902 229422 80480 4135700 1472890 1472890 5608590 4055220 80480 1472890 304766 279290 1455128 39080 230326 151697 41061 51307 431437 127620 1014894 125453 36587 144 95327 PROVISION FOR CREDIT LO 554435 LOAN SERVICING EXPENSE 160200 MISC NON-INTEREST EXPEN 39944 OPERATING FEES 11738 5150434 1123459 1101908 17742593 17867670 107516 105909 65280596 69726809 425249 497644 3835450 3038547 685026 796903 18886454 12626563 973189 973189 1302023 1219122 106526105 104915717 1336687 459671 52535 49292 95495670 94295126 96884892 94804089 X 0 0 0 0 9641213 10111628 9641213 10111628 106526105 104915717 458156 12259 0 X 0 0 0 0 1 X 127937 127937 2386184 1809073 577111 1321329 1229474 91855 796903 HTM INVESTMENTS 12255000 C AFS SEURITIES 371563 F 12626563 MEMBER DEPOSITS 94295126 94295126 X PART IV, LINE 2B: THE ORGANIZATION IS THE TRUSTEE OF CERTAIN MEMBERS' ESCROW FUNDS AND HAS FIDUCIARY RESPONSIBILITY FOR THE ADMINISTRATION AND DISTRIBUTION OF THESE FUNDS FOR MEMBERS OF THE ORGANIZATION. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM MOST 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 POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF JUNE 30, 2024 AND 2023. THE CREDIT UNION'S 2021 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X X 0 0 0 JOHN LYON PRESIDENT/CEO 137124 0 12950 0 0 0 6003 0 0 0 156077 0 0 0 FORM 990, PART I, LINE 5 SOUTHERN LAKES CREDIT UNION HAS 41 EMPLOYEES. THESE EMPLOYEES ARE COMPENSATED BY INSPERITY, AN UNRELATED ORGANZIATION. SOUTHERN LAKES REIMBURSES INPERITY FOR THE COMPENSATION. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS ARE OWNERS OF A SHARE OF THE CREDIT UNION REPRESENTED BY A MININUM DEPOSIT IN SHARE ACCOUNT. MEMBERSHIP IS OPEN TO INDIVIDUALS LIVING OR WORKING IN THE COUNTIES OF KENOSHA, RACINE, WALWORTH, MILWAUKEE, ROCK, AND WAUKESHA IN WISCONSIN AND THE COUNTIES OF LAKE AND MCHENRY IN ILLINOIS. FORM 990, PART VI, SECTION A, LINE 7A BOARD OF DIRECTORS IS ELECTED BY MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B PER THE BY-LAWS, CERTAIN DECISIONS REQUIRE MEMBERSHIP APPROVAL. FORM 990, PART VI, SECTION B, LINE 11B SENIOR MANAGEMENT AND THE CEO WILL REVIEW FROM 990 PRIOR TO ITS SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C NO DIRECTOR, OFFICER, COMMITTEE MEMBER, AGENT OR EMPLOYEE OF THIS CREDIT UNION SHALL IN ANY MANNER, DIRECTLY OR INDIRECTLY, PARTICIPATE IN THE DELIBERATION UPON OR THE DETERMINATION OF ANY QUESTION AFFECTING HIS OR HER PECUNIARY OR PERSONAL INTEREST OR THE PECUNIARY INTEREST OF ANY ORGANIZATION OR ASSOCIATION IN WHICH THE PERSON IS DIRECTLY OR INDIRECTLY INTERESTED. IN THE EVENT OF DISQUALIFICATION OF ANY DIRECTOR OR MEMBER OFTHE CREDIT COMMITTEE RESPECTING ANY MATTER PRESENTED TO THE BOARD OR CREDIT COMMITTEE FOR DELIBERATION OR DETERMINATION, SUCH DIRECTOR OR COMMITTEE MEMBER SHALL WITHDRAW FROM THE DELIBERATION OR DETERMINATION. IF A DIRECTOR OR CREDIT COMMITTEE MEMBER WITHDRAWS FROM ANY DELIBERATION OR DETERMINATION, THE REMAINING QUALIFIED DIRECTORS OR CREDIT COMMITTEE MEMBERS PRESENT AT THE MEETING MAY EXERCISE ALL POWERS OF THE BOARD OR CREDIT COMMITTEE, PROVIDED THE NUMBER OF DIRECTORS OR CREDIT COMMITTEE MEMBERS PRESENT, INCLUDING THE DISQUALIFIED DIRECTORS OR MEMBERS, CONSTITUTES A QUORUM. FORM 990, PART VI, SECTION B, LINE 15 VARIOUS SOURCES OF COMPARATIVE DATA ARE USED, AND RANGES ARE DETERMINED FOR EACH POSITION. THESE RANGES ARE REVIEWED AGAINST INDUSTRY STANDARDS EACH YEAR AND ARE ADJUSTED AS NECESSARY. THE BOARD REVIEWS THE CEO PERFORMANCE AND COMPENSATION ANNUALLY, AND THE CEO REVIEWS THE PERFORMANCE AND COMPENSATION OF KEY EMPLOYEES ANNUALLY. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 THESE DOCUMENTS ARE MADE AVAILABLE UPON REQUEST.