2013-11-15T10:51:13-06:00 2012-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2012-01-01 390827305 MARINE CREDIT UNION MARI 6087911543 811 MONITOR STREET LA CROSSE WI 54601 GARLAND KOCH 6087911543 2013-11-14 1 SHERRI WESSELS P00888088 5074347000 2012 2016-02-25 16:41:14Z SHAWN HANSON 811 MONITOR STREET LA CROSSE WI 54601 35989610 0 2157 X WWW.MARINECU.COM X CU 1949 WI WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. WE WILL INCREASE THE NUMBER AND PERCENTAGE OF CUSTOMERS AVAILING THEMSEVLES OF A VARIETY OF HIGH QUALITY SERVICES. 7 7 328 6 247073 -20647 0 0 36094772 35470148 -292761 556852 145272 -37390 35947283 35989610 0 0 0 1747222 13501991 17204673 0 0 0 18572157 12219105 32074148 31171000 3873135 4818610 425964974 414584266 391948100 375573145 34016874 39011121 WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. WE WILL INCREASE THE NUMBER AND PERCENTAGE OF CUSTOMERS AVAILING THEMSEVLES 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 54,394 MEMBERS HAS AT LEAST ONE SAVINGS ACCOUNT AND THESE MEMBERS HAVE OVER 33,000 CHECKING ACCOUNTS WITH MARINE. WE OFTEN PROVIDE THESE SERVICES AT A LOWER COST THAN WHAT WOULD OTHERWISE BE AVAILABLE. WE PROTECT OVER $337 MILLION OF INSURED FUNDS ON BEHALF OF OUR DEPOSITORS. CONSUMER LENDING - MARINE CREDIT UNION IS A FULL SERVICE CONSUMER LENDING INSTITUTION. IN 2012 WE GRANTED OVER 7044 CONSUMER LOANS FOR A TOTAL OF OVER $71 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 $97 MILLION. MORTGAGE LENDING - MARINE CREDIT UNION IS AN INTEGRAL PART OF THE COMMUNITIES WE SERVE BY PROVIDING OVER 667 LOANS TOTALING OVER $42 MILLION. THESE LOANS ARE USED BY BORROWERS TO PURCHASE, REFINANCE OR IMPROVE THEIR HOMES. CURRENT MORTGAGE LOANS OUTSTANDING EXCEED $167 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 11355 0 1 328 1 1 1 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 0 1 1 1 0 0 X GARLAND KOCH 6087911543 811 MONITOR STREET LA CROSSE WI 54601 ROBERT CARNEY 10.00 X X 19500 0 0 WILLIAM SACIA 1.00 X X 0 0 0 DIANNE MORRISSON 1.00 X X 0 0 0 BARBARA MUSSMAN 1.00 X X 0 0 0 STEVE ROSS 1.00 X 0 0 0 RICHARD SWANTZ 1.00 X 0 0 0 TERRY WITZKE 1.00 X 0 0 0 SHAWN HANSON 40.00 X 377544 0 26138 GARLAND KOCH 40.00 X 393414 0 17083 TIM CRUCIANI 40.00 X 66403 0 8591 GARY WALGREN 40.00 X 175781 0 9666 RICK BOWE 40.00 X 110945 0 4635 BRAD NOEL 40.00 X 218781 0 22582 JOHN GARTEN 40.00 X 0 169101 19059 KEN BROSSMAN 40.00 X 224639 0 17779 ROBERT FALLON 40.00 X 178942 0 6952 RON HUGO 40.00 X 134051 0 18580 CHARLES SNYDER 40.00 X 157366 0 24075 ERIK BEACH 40.00 X 0 133892 19439 2057366 302993 194579 19 0 1 0 FISERV 75 REMITTANCE DR STE 6969 CHICAGO IL 606866969 MAINTENANCE ON CUBE & PROLOGUE 376206 TEKSYSTEMS PO BOX 198568 ATLANTA GA 30384 CONSULTING 202101 CAROL DIGIUSTO 134 RIDINGS WAY LANCASTER PA 17601 CONSULTING 174068 STREETLINKS LENDER SOLUTIONS 2114 CENTRAL STREET STE 600 KANSAS CITY MO 64108 APPRAISALS 170928 WIPFLI PO BOX 3160 MILWAUKEE WI 532013160 AUDITING 134406 6 LOAN INTEREST 522100 20962547 20962547 FEE INCOME 522100 9409032 9313562 95470 LOAN SERVICE FEE INCOME 522100 3035358 2865516 169842 OTHER INCOME 522100 2063211 2063211 35470148 218852 218852 338000 0 338000 338000 338000 K-1 INCOME - MARINE INSURANCE SER 900099 -37390 -19151 -18239 -37390 35989610 35185685 247073 556852 1747222 1639223 12522888 288285 1578985 1175292 372120 162834 936650 214489 5493584 832147 252958 71900 319946 1308190 LOAN SERVICING EXPENSE 1160790 PROVISION FOR LOAN LOSS 599500 NCUSIF PREMIUM EXPENSE 326704 MISCELLANEOUS OPERATING 167293 31171000 5039765 45953441 41422715 6604202 3400000 319028956 311506156 626634 12728369 29268017 13421929 16943198 15846088 20683470 4645504 22220236 13900506 425964974 414584266 12536550 6657041 6662388 27173588 372749162 341742516 391948100 375573145 X 0 0 0 0 34016874 39011121 34016874 39011121 425964974 414584266 X 4818610 132247 43390 X X 0 1 X 1 0 3005335 3005335 16513541 4651032 11862509 273953 273953 0 9432294 8496944 935350 42894 42894 15846088 SHARE DRAFTS 66992060 REGULAR SHARES 85303690 MONEY MARKET SHARES 97379495 SGHARE CERTIFICATES 22980817 IRA/KEOGH ACCOUNT 69086454 341742516 X DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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 2011 AND 2010 FOR ACTIVITIES THEY HAVE DEEMED TAXABLE AND HAS A NET OPERATING LOSS CARRYFORWARD AS OF THE 2011 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 ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. AS A RESULT, THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2012 AND 2011. THE CREDIT UNION'S 2009 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. THE INCOME FROM THE CUSO, ORGANIZED AS AN LLC, FLOWS THROUGH TO THE CREDIT UNION AND, THEREFORE, IS NOT SUBJECT TO FEDERAL AND STATE INCOME TAXES. X 0 0 X X X X 1 0 0 SHAWN HANSON 293206 0 71018 0 13320 0 8500 0 17638 0 403682 0 0 0 GARLAND KOCH 219224 0 130000 0 44190 0 11250 0 5833 0 410497 0 0 0 GARY WALGREN 97853 0 0 0 77928 0 5214 0 4452 0 185447 0 0 0 BRAD NOEL 175760 0 35000 0 8021 0 6444 0 16138 0 241363 0 0 0 JOHN GARTEN 0 140212 0 28000 0 889 0 7592 0 11467 0 188160 0 0 KEN BROSSMAN 71237 0 129952 0 23450 0 1733 0 16046 0 242418 0 0 0 ROBERT FALLON 136731 0 5000 0 37211 0 6308 0 644 0 185894 0 0 0 RON HUGO 77716 0 47730 0 8605 0 6151 0 12429 0 152631 0 0 0 CHARLES SNYDER 119465 0 34000 0 3901 0 7977 0 16098 0 181441 0 0 0 ERIK BEACH 0 113073 0 15000 0 5819 0 3351 0 16088 0 153331 0 0 PART I, LINE 1A SHAWN HANSON - CLUB DUES - $1,570 PART I, LINE 4A GARY WALGREN - RECEIVED SEVERANCE PAY - $65,682 RICK BOWE - RECEIVED SEVERANCE PAY - $25,385 ROBERT FALLON - RECEIVED SEVERANCE PAY - $26,538 SHAWN L HANSON PRESIDENT/CEO DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENITON X 3400000 3400000 0 1 1 3400000 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). 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 AN INITIAL REVIEW OF THE 990 IS PERFORMED BY THE CFO. ANY REVISIONS THAT NEED TO BE MADE ARE COMPLETED AND THE REVISED 990 IS PRESENTED TO THE CEO PRIOR TO THE REPORT 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 15A 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. FORM 990, PART VI, SECTION C, LINE 19 BYLAWS ARE AVAILABLE UPON REQUEST AND ANNUAL FINANCIAL STATEMENTS ARE POSTED ON THE ORGANIZATION'S WEBSITE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: EQUITY ATTRIBUTABLE TO NON-CONTROLLING INTEREST 6,000. K-1 INCOME/LOSS - MARINE INSURANCE SERVICES, LLC 37,390. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED SINCE LAST YEAR. ADVANTAGE FINANCIAL SERVICES LLC 127 WEST AVE N LA CROSSE WI 54601 800018187 HOLDING COMPANY WI 6724652 10881221 MARINE CREDIT UNION CONSUMER LOAN SERVICES LLC 811 MONITOR STREET LA CROSSE WI 54601 270191461 MORTGAGE UNDERWRITING AND SERVICING WI 6092061 15914570 ADVANTAGE FINANCIAL SERVICE MARINE INSURANCE SERVICES 811 MONITOR STREET LA CROSSE WI 54603 263295091 INSURANCE AENCY WI ADVANTAGE FINANCIAL SERVICES UNRELATED -28581 156490 0 1 0.95000 ADVISORS MANAGEMENT GROUP INC 505 KING ST STE 208 LA CROSSE WI 54601 411619602 FINANCIAL PLANNING AND PORTFOLIO MANAGEMENT WI N/A C 97591 304949 0.42500 0 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 MARINE INSURANCE SERVICES A 14400 FMV