2014-11-17T09:13:36-06:00 2013-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2013-01-01 390402815 KOHLER CREDIT UNION KOHL 9204592585 850 WOODLAKE ROAD KOHLER WI 53044 JOHN EHMANN SVP/CFO 9204592585 2014-11-05 1 SHERRI WESSELS P00888088 5074347000 2013 2015-11-30 17:44:51Z TONY KLOCKOW 850 WOODLAKE ROAD KOHLER WI 53044 15221243 0 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. 9 9 140 9 48921 -22142 0 0 14890759 13950764 382021 521678 -126551 203395 15146229 14675837 13000 12000 901677 478228 5801435 5863271 0 0 0 7252431 6296356 13968543 12649855 1177686 2025982 259054232 268564550 238019494 244774172 21034738 23790378 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 $141 MILLION IN NEW LOANS WERE ORIGINATED, OVER $201 MILLION IN LOAN BALANCES WERE SERVICED, AND OVER $242 MILLION IN DEPOSIT ACCOUNTS WERE MAINTAINED FOR MEMBER/OWNERS. DIVIDENDS OF $478,228 WERE PAID ON DEPOSIT ACCOUNTS TO APPROXIMATELY 36,250 MEMBER/OWNERS IN 2013. DATA PROCESSING COSTS EXCEEDING $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 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4500 0 1 140 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X JOHN EHMANN 9204592585 850 WOODLAKE ROAD KOHLER WI 53044 CHRISTOPHER LACEY CHAIR 4.00 X 0 0 0 DONNA MEIVES DIRECTOR 2.50 X 0 0 0 PAUL WAGNER DIRECTOR 2.50 X 0 0 0 LAURIE LINDOW DIRECTOR 2.50 X 0 0 0 JOHN PERONNE VICE CHAIR 2.50 X 0 0 0 JOSEPH VIRANT SECRETARY 2.50 X 0 0 0 BRIAN POST TREASURER 2.50 X 0 0 0 TODD ULLMAN DIRECTOR 2.50 X 0 0 0 TRAVIS LEHN DIRECTOR 2.50 X 0 0 0 DENISS MAKEJENKO DIRECTOR 2.50 X 0 0 0 JOSHUA OSTERBERG DIRECTOR 2.50 X 0 0 0 TONY KLOCKOW PRESIDENT 60.00 X 213685 0 43304 KEN SACKMANN SVP/CHIEF LENDING OFFICER 60.00 X 144603 0 4028 JOHN EHMANN CFO/SFV FINANCE 60.00 X 126844 0 7350 PHIL ZASTROW SVP/CHIEF RETAIL OFFICER 60.00 X 93667 0 18389 578799 0 73071 3 0 1 0 FIS 4900 W BROWN DEER RD BROWN DEER WI 53223 DEBIT CARD PROCESSING 547462 FISERV 1250 DRUMMERS LANE VALLEY FORGE PA 19481 DATA PROCESSING 213700 CUNA MUTUAL 5910 MINERAL POINT ROAD MADISON WI 53705 BOND/INSURANCE 148157 3 LOAN INTEREST 900099 8605219 8605219 FEE INCOME 522100 3207621 3160701 46920 OTHER INCOME 524298 2137924 2135923 2001 13950764 448108 448108 618976 545406 73570 73570 73570 OTHER NON-OPERATING INCOME 900099 203395 203395 203395 14675837 14105238 48921 521678 12000 478228 651870 4120612 254952 448994 386843 4182 94839 2782987 596171 262904 772207 EDUCATIONAL AND PROMOTI 542868 PROVISION FOR LOAN LOSS 480233 LOAN SERVICING EXPENSE 380893 CORPORATE FUND ASSESSME 197023 182049 12649855 2457462 2963958 31998052 26768849 296983 285015 182617246 199433721 904544 479624 20410863 9499299 10769062 10911564 15745234 11479907 14265649 16241912 259054232 268564550 1610398 1687888 236409096 243086284 238019494 244774172 X 0 0 0 0 21034738 23790378 21034738 23790378 259054232 268564550 X 2025982 729658 X X 0 1 X 1 0 4650286 4650286 8347879 3605134 4742745 7126869 5894165 1232704 285829 285829 10911564 LOANS HELD FOR SALE 1069958 OTHER ASSETS 11909847 ACCRUED INTEREST INCOME 651121 FORECLOSED ASSETS 148200 NCUA DEPOSIT 2462786 16241912 MEMBER DEPOSITS 243086284 243086284 X 14675837 0 14675837 0 14675837 12649855 0 12649855 0 12649855 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 THE CALENDAR YEARS THROUGH 2012 FOR ACTIVITIES THEY HAVE DEEMED TAXABLE AND HAS A NET OPERATING LOSS CARRYFORWARD AS OF THE 2012 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, 2013 AND 2012. THE CREDIT UNION'S 2009 THROUGH 2012 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. 1 SCHOLARSHIPS 12 12000 PART I, LINE 2: THE CREDIT UNION PROVIDES FOUR NEW FOUR-YEAR COLLEGE SCHOLARSHIPS EACH YEAR TO MEMBERS. A MINIMUM GPA IS REQUIRED TO DISBURSE SCHOLARSHIP FUNDS AND VERIFICATION OF GRADES ARE REQUIRED ANNUALLY. X 1 1 X X X X X 0 1 0 TONY KLOCKOW PRESIDENT 198395 0 7500 0 7790 0 27080 0 16224 0 256989 0 0 0 PART I, LINE 1A HEALTH CLUB BENEFITS OF $951. PART I, LINE 4B TONY KLOCKOW - AN OBLIGATION WAS ACCRUED ($22,222). FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF 36,250 MEMBER-OWNERS, EACH OF WHICH 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, OR WASHINGTON COUNTIES IN WISCONSIN. ADDITIONALLY, ALL EMPLOYEES AND RETIREES OF KOHLER COMPANY, POLAR WARE, CURT JOA, KOHLER COMPANY AND PLYMOUTH FOAM 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 NOMINATING 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 11 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 THE 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 COMPLETED FOR THE CREDIT UNION'S OFFICERS IN 2013 BY AN INDEPENDENT CPA FIRM. SALARY IS SET BY THE BOARD COMPENSATION COMMITTEE. 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: SFAS NO. 158 IMPLEMENTATION RELATED TO DEFINED BENEFIT PLAN 729,658. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM PRIOR YEAR.