2016-11-08T10:07:43-06:00 2015-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2015-01-01 390827305 MARINE CREDIT UNION MARI 6087911543 811 MONITOR STREET LA CROSSE WI 54603 GARLAND KOCH CFO 6087911543 2016-05-18 1 KAREN GRIES P00078514 5074347000 2015 2017-02-10 21:41:12Z SHAWN HANSON 811 MONITOR STREET LA CROSSE WI 54603 49855047 0 2157 X WWW.MARINECU.COM X CU 1949 WI WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. 7 6 470 6 1232535 0 0 0 39271150 45757237 2766286 2186509 109720 70636 42147156 48014382 0 0 1209004 1169690 19332756 23616619 0 0 0 13470033 13802680 34011793 38588989 8135363 9425393 534927607 625381681 479898907 559418609 55028700 65963072 WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. WE WILL INCREASE THE NUMBER AND PERCENTAGE OF CUSTOMERS AVAILING THEMSELVES OF A VARIETY OF HIGH QUALITY SERVICES. 0 0 DEPOSIT TAKING - MARINE CREDIT UNION ACTS AS A FINANCIAL INTERMEDIARY IN EACH OF THE COMMUNITIES IT SERVES. EACH OF OUR 57,894 MEMBERS HAS AT LEAST ONE SAVINGS ACCOUNT AND THESE MEMBERS HAVE OVER 38,577 CHECKING ACCOUNTS WITH MARINE. WE OFTEN PROVIDE THESE SERVICES AT A LOWER COST THAN WHAT WOULD OTHERWISE BE AVAILABLE. WE PROTECT OVER $403,738,932 MILLION OF INSURED FUNDS ON BEHALF OF OUR DEPOSITORS. CONSUMER LENDING - MARINE CREDIT UNION IS A FULL SERVICE CONSUMER LENDING INSTITUTION. IN 2015 WE GRANTED OVER 13,847 CONSUMER LOANS FOR A TOTAL OF OVER $154,439,463 MILLION. THESE LOANS ARE USED BY OUR BORROWERS TO CONSOLIDATE DEBT, PURCHASE GOODS SUCH AS AUTOMOBILES AND RECREATIONAL VEHICLES AND TO FINANCE CONTINUING EDUCATION EXPENSES. THE TOTAL CONSUMER LOAN PORTFOLIO IS GREATER THAN $194,759,836 MILLION. MORTGAGE LENDING - MARINE CREDIT UNION IS AN INTEGRAL PART OF THE COMMUNITIES WE SERVE BY PROVIDING OVER 758 LOANS TOTALING OVER $74,685,018 MILLION. THESE LOANS ARE USED BY BORROWERS TO PURCHASE, REFINANCE OR IMPROVE THEIR HOMES. CURRENT MORTGAGE LOANS OUTSTANDING EXCEED $245,735,235 MILLION. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 1 0 1 11841 0 470 1 1 1 0 0 0 0 0 X 7 6 0 0 0 0 1 1 1 1 1 0 0 0 1 0 0 1 1 1 1 0 X GARLAND KOCH 6087911543 811 MONITOR STREET LA CROSSE WI 54603 RICHARD SWANTZ CHAIRMAN 10.00 0.00 X X 12000 0 0 TOM KNOTHE VICE CHAIRMAN 1.00 0.00 X X 0 0 0 ROBERT WOLF TREASURER 1.00 0.00 X X 0 0 0 ROBERT CARNEY SECRETARY 1.00 0.00 X X 0 0 0 CURT GREENO DIRECTOR 1.00 0.00 X 0 0 0 STEVE ROSS DIRECTOR 1.00 0.00 X 0 0 0 TERRY WITZKE DIRECTOR 1.00 0.00 X 0 0 0 SHAWN HANSON PRESIDENT/CEO 40.00 0.00 X 464882 0 36646 GARLAND KOCH CFO 40.00 0.00 X 501614 0 19137 TIM CRUCIANI EXECUTIVE VICE PRESIDENT 40.00 0.00 X 282729 0 28215 ADAM KEER CHIEF OPERATING OFFICER 40.00 0.00 X 285331 0 32769 PHILIP MEIRICK VP MORTGAGE LENDING 0.00 40.00 X 0 181711 31606 TROY MOEN VP OPERATIONS 40.00 0.00 X 158984 0 32289 WILLIAM SCHIRMER CHIEF HUMAN RESOURCE OFFICER 40.00 0.00 X 197462 0 26276 JOHN GARTEN CLS PRESIDENT 0.00 40.00 X 0 174267 28090 LISA DEML SR VP ADMINISTRATION 40.00 0.00 X 151148 0 21620 KENNETH DOWNS VP OF IT 40.00 0.00 X 156643 0 19247 KENNETH BROSSMAN DISTRICT MANAGER-LA CROSSE 40.00 0.00 X 140447 0 31172 MARK KLAPPERICH DISTRICT MANAGER - FOND DU LAC 40.00 0.00 X 132274 0 27377 KATIE TOLOKKEN SENIOR VP LOAN AND MEMBER SERVICES 40.00 0.00 X 131941 0 16046 2615455 355978 350490 15 0 1 0 MDT 30230 ORCHARD LAKE ROAD FARMINGTON HILLS MI 58334 CORE SYSTEM AND SUPPORT 991375 TRANSUNION PO BOX 99506 CHICAGO IL 606939506 CREDIT REPORTS 270409 DEALERTRACK PO BOX 6129 NEW YORK NY 102496129 INDIRECT LOANS 137151 STANTON CHASE 400 EAST PRATT STREET SUITE 420 BALTIMORE MD 21202 HR RECRUITING 109397 CLIFTONLARSONALLEN 220 SOUTH SIXTH STREET MINNEAPOLIS MN 554021436 AUDIT AND CONSULTING 108279 6 LOAN INTEREST 522100 31315404 31315404 FEE INCOME 522100 14235612 13037116 1198496 OTHER OPERATING INCOME 522100 206221 206221 45757237 274688 274688 346994 3405492 347900 1492765 -906 1912727 1911821 1911821 K-1 - MARINE INSURANCE SERVICES 900099 70636 36597 34039 70636 48014382 44595338 1232535 2186509 1169690 2482008 16811740 432984 2436259 1453628 75224 98498 2840429 398846 1786114 1491783 590940 458299 1165418 PROVISION FOR LOAN LOSS 2403108 MISCELLANEOUS OPERATING 1297255 LOAN SERVICING EXPENSE 1174552 MEMBER INSURANCE EXPENS 22214 38588989 77758299 84462019 5960271 17016456 7000000 9750000 391985866 452314663 25564055 28099295 33320514 16469082 15471848 16851432 4167455 8418303 7019813 8469513 534927607 625381681 5109493 8039160 124327601 138644851 350461813 412734598 479898907 559418609 X 0 0 0 0 55028700 65963072 55028700 65963072 534927607 625381681 X 9425393 1508979 X 0 1 X 1 0 3498034 3498034 18314294 6982469 11331825 287374 2237 285137 11090825 9484376 1606449 129987 129987 16851432 SHARE DRAFTS 87234589 REGULAR SHARES 121125592 MONEY MARKET SHARES 104781513 IRA/KEOGH ACCOUNT 7557525 SHARE CERTIFICATES 92035379 412734598 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION HAS FILED TAX RETURNS FOR CALENDAR YEARS 2015, 2014, AND 2013 FOR ACTIVITIES THEY HAVE DEEMED TAXABLE AND HAS A NET OPERATING LOSS CARRYFORWARD AS OF THE 2015 CALENDAR YEAR. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2015, AND 2014. THE CREDIT UNION'S 2012 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. EARNINGS AND LOSSES FROM THE CUSO, ORGANIZED AS AN LLC, FLOW AT THE ENTITY LEVEL THROUGH TO THE CREDIT UNION AND, THEREFORE, ARE NOT SUBJECT TO FEDERAL AND STATE INCOME TAXES. X 1 0 X X X X X X 0 0 0 SHAWN HANSON PRESIDENT/CEO 373612 0 80213 0 11057 0 9000 0 27646 0 501528 0 0 0 GARLAND KOCH CFO 244787 0 210000 0 46827 0 12000 0 7137 0 520751 0 0 0 TIM CRUCIANI EXECUTIVE VICE PRESIDENT 213183 0 60000 0 9546 0 10096 0 18119 0 310944 0 0 0 ADAM KEER CHIEF OPERATING OFFICER 203841 0 74300 0 7190 0 9000 0 23769 0 318100 0 0 0 PHILIP MEIRICK VP MORTGAGE LENDING 0 93461 0 86942 0 1308 0 9347 0 22259 0 213317 0 0 TROY MOEN VP OPERATIONS 157934 0 0 0 1050 0 8370 0 23919 0 191273 0 0 0 WILLIAM SCHIRMER CHIEF HUMAN RESOURCE OFFICER 135685 0 59000 0 2777 0 3440 0 22836 0 223738 0 0 0 JOHN GARTEN CLS PRESIDENT 0 142574 0 28000 0 3693 0 8105 0 19985 0 202357 0 0 LISA DEML SR VP ADMINISTRATION 114251 0 32100 0 4797 0 7449 0 14171 0 172768 0 0 0 KENNETH DOWNS VP OF IT 132061 0 22750 0 1832 0 4718 0 14529 0 175890 0 0 0 KENNETH BROSSMAN DISTRICT MANAGER-LA CROSSE 107306 0 31500 0 1641 0 7310 0 23862 0 171619 0 0 0 MARK KLAPPERICH DISTRICT MANAGER - FOND DU LAC 100876 0 26750 0 4648 0 5329 0 22048 0 159651 0 0 0 PART I, LINE 1A SHAWN HANSON, CLUB DUES: $2,371 - INCLUDED IN TAXABLE COMPENSATION SHAWN L HANSON PRESIDENT/CEO DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 3400000 3400000 0 1 1 WILLIAM SCHIRMER CHIEF HUMAN RESOURCES OFFICER DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 2200000 2200000 0 1 1 ADAM KEER CHIEF OPERATING OFFICER DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 1400000 1400000 0 1 1 TIM CRUCIANI EXECUTIVE VICE PRESIDENT DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 2200000 2200000 0 1 1 KEN BROSSMAN DISTRICT MANAGER - LA CROSSE DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 550000 550000 0 1 1 9750000 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION CONSISTS OF MEMBERS. TO BE A MEMBER, ONE MUST HAVE A SHARE/SAVINGS ACCOUNT. EACH MEMBER HAS ONE VOTE TO ELECT THE GOVERNING BODY (BOARD OF DIRECTORS). PARTICIPATION IN THIS CREDIT UNION IS LIMITED TO THOSE WHO QUALIFY FOR MEMBERSHIP AS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THIS GENERALLY CONSISTS OF BROWN, CALUMET, CHIPPEWA, COLUMBIA, CRAWFORD, DODGE, DUNN, EAU CLAIRE, GRANT, GREEN LAKE, FOND DU LAC, LA CROSSE, MANITOWOC, MARQUETTE, MILWAUKEE, OUTAGAMIE, OZAUKEE, SHEBOYGAN, VERNON, WASHINGTON, WAUKESHA, WAUSHARA AND WINNEBAGO COUNTIES IN WISCONSIN. ALLAMAKEE, CLAYTON, FAYETTE, AND WINNESHIEK COUNTIES IN IOWA, AND FILLMORE, HOUSTON, OLMSTED, AND WINONA COUNTIES IN MINNESOTA AND OTHER SELECT EMPLOYEE GROUPS WHO HAVE PETITIONED FOR MEMBERSHIP. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER THEM OR THEIR SPOUSES MAY BE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS WOULD NEED TO APPROVE DECISIONS SUCH AS CHANGE OF NAME OR A MERGER DECISION. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS PREPARED BY A PUBLIC ACCOUNTING FIRM BASED ON INFORMATION SUBMITTED BY THE CREDIT UNION. AN INITIAL REVIEW OF THE FORM 990 IS PERFORMED BY THE CFO. ANY REVISIONS ARE MADE BASED ON THE INPUT OF THE CFO AND PRESENTED TO THE CEO FOR REVIEW PRIOR TO THE RETURN BEING FILED. FORM 990, PART VI, SECTION B, LINE 12 OFFICERS AND KEY EMPLOYEES ARE REQUIRED TO VERIFY THE EXISTENCE OF ANY CONFLICTS OF INTEREST ANNUALLY. CURRENTLY WE DO NOT MONITOR ANY FURTHER FOR DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 CEO: THE BOARD OF DIRECTORS APPROVES COMPENSATION AS RECOMMENDED BY THE COMPENSATION COMMITTEE. BASE COMPENSATION IS TARGETED TO THAT OF PEER FINANCIAL INSTITUTIONS OF SIMILAR SIZE AND COMPLEXITY. INCENTIVE PAY AND BASE PAY INCREASES OR DECREASES ARE DRIVEN BY THE PERFORMANCE OF THE EXECUTIVE VERSUS PRE-DETERMINED GOALS AND OBJECTIVES WHICH ARE ALIGNED WITH THE MISSION AND STRATEGY OF THE ORGANIZATION. THE CEO IS GIVEN QUARTERLY AND ANNUAL PERFORMANCE EVALUATIONS WHICH FACTOR INTO COMPENSATION DISCUSSIONS. THIS PROCESS WAS MOST RECENTLY UNDERTAKEN IN 2015. OTHER OFFICERS AND KEY EMPLOYEES: BASE COMPENSATION IS DRIVEN BY MARKETPLACE TRENDS AND OTHER COMPETITVE FACTORS. INCENTIVE PAY AND BASE PAY INCREASES ARE DRIVEN BY THE PERFORMANCE OF EACH EMPLOYEE VERSUS PRE-DETERMINED GOALS AND OBJECTIVES WHICH ARE ALIGNED WITH THE MISSION AND STRATEGY OF THE ORGANIZATION. ALL EMPLOYEES ARE EVALUATED AGAINST OBJECTIVE AND SUBJECTIVE CRITERIA ON A MONTHLY AND ANNUAL BASIS. THIS PROCESS WAS ALSO MOST RECENTLY UNDERTAKEN IN 2015. FORM 990, PART VI, SECTION C, LINE 19 BYLAWS ARE AVAILABLE UPON REQUEST AND ANNUAL FINANCIAL STATEMENTS ARE POSTED ON THE ORGANIZATION'S WEBSITE. FORM 990, PART XI, LINE 9: EQUITY ACQUIRED BY ACQUISITION 1,564,102. EQUITY ATTRIBUTABLE TO NON-CONTROLLING INTEREST 12,676. EQUITY ATTRIBUTABLE TO AOCI 2,837. K- 1 INCOME/LOSS - MARINE INSURANCE SERVICES, LLC -70,636. ADVANTAGE FINANCIAL SERVICES LLC 127 WEST AVENUE NORTH LA CROSSE WI 54601 800018187 HOLDING COMPANY WI 79662 7662805 MARINE CREDIT UNION CONSUMER LOAN SERVICES LLC 811 MONITOR STREET LA CROSSE WI 54603 270191461 MORTGAGE UNDERWRITING AND SERVICING WI 4188561 13123959 ADVANTAGE FINANCIAL SERVICE MARINE INSURANCE SERVICES 811 MONITOR STREET LA CROSSE WI 54603 263295091 INSURANCE AGENCY WI ADVANTAGE FINANCIAL SERVICES UNRELATED 993938 599376 0 1 0.95000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 MARINE INSURANCE SERVICES A 19200 FMV