2024-11-07T12:05:18-06:00 2023-12-31 910189318 MOSS ADAMS LLP 601 W RIVERSIDE AVENUE STE 1800 SPOKANE WA 99201 990 2023-01-01 810208730 WHITEFISH CREDIT UNION ASSOCIATION WHIT 4068623525 300 BAKER AVENUE PO BOX 37 WHITEFISH MT 599370037 SCOTT BOLSTER SVP & CFO 4068623525 2024-11-06 1 0 EMINA O CRESSWELL CPA P01217304 5097472600 2024-11-06 2023 2024-10-15 13:58:12Z JAMES KENYON 300 BAKER AVENUE PO BOX 37 WHITEFISH MT 599370037 85133390 0 X WHITEFISHCU.COM X 1934 MT TO PROVIDE LOANS AND SAVINGS TO MEMBERS. 7 7 244 12 19624 0 0 0 48310313 58609514 18006604 26199823 32900 39593 66349817 84848930 288043 292645 0 0 20754189 21359785 0 0 0 38580926 62899484 59623158 84551914 6726659 297016 2160572373 2085209537 2029994446 1933776946 130577927 151432591 TO PROVIDE A FAVORABLE RETURN ON SAVINGS AND LOANS AT REASONABLE RATES TO ELIGIBLE MEMBERS. 0 0 TO PROVIDE A FAVORABLE RETURN ON SAVINGS AND LOANS AT REASONABLE RATES TO ELIGIBLE MEMBERS. MEMBERSHIP IS RESTRICTED TO THOSE INDIVIDUALS RESIDING IN MONTANA COUNTIES OF FLATHEAD, LAKE, LINCOLN, SANDERS, BROADWATER, GALLATIN, LEWIS AND CLARK, MISSOULA AND RAVALLI, AND WITHIN A 50 MILE RADIUS OF WHITEFISH MONTANA. 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 40030 0 1 244 1 1 1 0 0 0 0 0 0 0 1 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X SCOTT BOLSTER 4068623525 300 BAKER AVENUE PO BOX 37 WHITEFISH MT 599370037 FRANK BARNES BOARD CHAIRMAN 2.00 X X 0 0 0 SUE BROWN BOARD VICE CHAIRMAN 2.00 X X 0 0 0 LEO TRACY BOARD SECRETARY 2.00 X X 0 0 0 LYLE PHILLIPS BOARD DIRECTOR 2.00 X 0 0 0 TOM CULLEN BOARD DIRECTOR 2.00 X 0 0 0 SHARON KAHLE BOARD DIRECTOR 2.00 X 0 0 0 FRANK GARNER BOARD DIRECTOR 2.00 X 0 0 0 JENNIFER D ARCHER SVP OF LOAN OPERATIONS 40.00 X 178251 0 8065 SCOTT BOLSTER SVP AND CHIEF FINANCIAL OF 40.00 X 328408 0 61662 CORY J COOPMAN SVP OF IT AND PROJECT MANA 40.00 X 204195 0 10905 STEPHEN W HAUGEN SVP AND CHIEF INFORMATION 40.00 X 249242 0 61581 JAMES KENYON PRESIDENT AND CEO 40.00 X 1279825 0 353419 COLLEEN M MURPHY SVP AND CHIEF OPERATING OF 40.00 X 235259 0 59235 MATTHEW VENTURINI SVP OF LENDING 40.00 X 204258 0 10573 JOSHUA S WILSON SVP OF MARKETING 40.00 X 172365 0 10121 CHERYL MINTZ SVP OF HUMAN RESOURCES 40.00 X 179569 0 10362 TIMOTHY GAERTNER VP, MORTGAGE LOAN MANAGER 40.00 X 151105 0 9162 TOBIN SHANNON COMMERCIAL LOAN MANAGER 40.00 X 143714 0 5064 KELLY S ST ONGE VP, COMMERCIAL LOAN OFFICE 40.00 X 192762 0 9407 BARBARA STROUSE VP, MORTGAGE LOAN MANAGER 40.00 X 143337 0 3262 MOLLY DROLLINGER VP, CONTROLLER 40.00 X 141324 0 4855 MICHAEL T BLUBAUGH INV. OFFICER (FORMER CFO) 25.00 X 127306 0 7970 3930920 0 625643 26 1 1 0 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 SOFTWARE AND SERVICES 1152219 MARTEL CONSTRUCTION 305 HIGHWAY 83 BIGFORK MT 59911 CONSTRUCTION CONTRACTOR 691363 ALKAMI TECHNOLOGY DEPT 2223 PO BOX 122223 DALLAS TX 75312 ONLINE BANKING SERVICES 675321 CUSHING TERRELL PO BOX 30071 BILLINGS MT 59107 ARCHITECTURE, ENGINEERING, DESIGN 511644 COMPUNET INC PO BOX 35143 SEATTLE WA 98124 IT SERVICES 504790 28 LOAN INTEREST 522291 56117249 56117249 CARD INTERCHANGE FEES 522100 1274306 1274306 FEE SERVICE INCOME 522100 1217959 1198335 19624 58609514 26205943 26205943 278340 277128 7332 1212 -7332 -6120 -6120 OTHER OPERATING INCOME 523000 39593 39593 39593 84848930 58629483 19624 26199823 292645 3617327 11852143 1288042 3389654 1212619 145514 185574 916164 1869158 885134 2277578 1476576 92267 50577866 1241879 172495 LOAN SERVICING & OPERAT 1304351 CARD EXPENSES 791340 PROVISION FOR LOAN LOSS 406855 DUES & SUBSCRIPTIONS 265350 291383 84551914 3455441 3523622 167878386 115056366 4651546 4766817 1227584164 1253518516 1909282 2131883 37456674 11324512 23019920 26132162 667741678 622891760 8561500 1296400 55770456 55892011 2160572373 2085209537 10026992 20940152 150000000 200000000 1869967454 1712836794 2029994446 1933776946 X 0 0 0 0 130577927 151432591 130577927 151432591 2160572373 2085209537 X 297016 20866963 -309315 X 0 1 X 1 0 10000 10000 10000 1 NATIONAL ASSOCIATION OF FEDERALLY-INSURED CREDIT UNIONS 3138 10TH STREET NORTH ARLINGTON VA 22201 952642719 10000 5584041 5584041 22985834 5344359 17641475 8886799 5980153 2906646 26132162 MEMBER SAVINGS ACCOUNTS 1712836794 1712836794 X 84463914 398992 7332 406324 84057590 791340 791340 84848930 83767906 7332 7332 83760574 791340 791340 84551914 PART X, LINE 2: THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION ON INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSES IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATION. ACCOUNTING PRINCIPLES PRESCRIBE A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE CREDIT UNION HAD NO UNRECOGNIZED TAX POSITIONS AT DECEMBER 31, 2023 OR 2022. IT IS THE CREDIT UNION'S POLICY TO RECORD ANY PENALTIES OR INTEREST ARISING FROM FEDERAL OR STATE TAXES AS A COMPONENT OF NONINTEREST EXPENSE. PART XI, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF ASSETS 7,332. PART XI, LINE 4B - OTHER ADJUSTMENTS: CREDIT CARD EXPENSE 791,340. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF ASSETS 7,332. PART XII, LINE 4B - OTHER ADJUSTMENTS: CREDIT CARD EXPENSE 791,340. 1 WHITEFISH COMMUNITY FOUNDATION PO BOX 1060 WHITEFISH MT 59937 810533002 501(C)(3) 66000 0 COMMUNITY FOOD BANKS, LOCAL MUSEUM, AND SCHOOL EDUCATIONAL FUND LOGAN HEALTH 310 SUNNYVIEW LANE KALISPELL MT 59901 311703013 501(C)(3) 15000 0 SUPPORT FOR CHILDREN'S TOY DRIVE AND SUPPORT EMERGENCY RESCUE TEAM FVCC FOUNDATION 777 GRANDVIEW DRIVE KALISPELL MT 59901 810365752 501(C)(3) 8000 0 SCHOLARSHIP FOR LOCAL STUDENTS WHITEFISH LEGACY PARTNERS PO BOX 1895 WHITEFISH MT 59937 200674119 501(C)(3) 10000 0 SUPPORT OF CONSERVATION OF LOCAL TRAIL GLACIER INSTITUTE PO BOX 1444 COLUMBIA FALLS MT 59912 363345632 501(C)(3) 10000 0 SUPPORT FOR RESTORATION OF BIG CREEK FLATHEAD LIVESTOCK SALE ORGANIZATION 15 DEPOT PARK KALISPELL MT 59901 923434029 501(C)(3) 13837 0 SUPPORT FOR ANNUAL FAIR BENEFITING LOCAL YOUTH WHITEFISH THEATRE COMPANY 1 CENTRAL AVE WHITEFISH MT 59937 810381173 501(C)(3) 10000 0 SUPPORT FOR THE ARTS IN LOCAL COMMUNITY BOB MARSHALL WILDERNESS PO BOX 190688 HUNGRY HORSE MT 59919 311597921 501(C)(3) 7000 0 SUPPORT CONSERVATION OF LOCAL WILDERNESS AREA COLUMBIA FALLS HIGH SCHOOL 610 13TH STREET WEST COLUMBIA FALLS MT 59912 473806450 501(C)(3) 6350 0 SUPPORT FOR LOCAL SCHOOL FLATHEAD VALLEY SKI EDUCATION FOUNDATION PO BOX 623 WHITEFISH MT 59937 237300629 501(C)(3) 5410 0 SUPPORT FOR YOUTH SKIING 10 0 PART I, LINE 2: THE SVP OF MARKETING MONITORS CHARITABLE DONATIONS. THE DONATIONS WERE MADE TO KNOWN LOCAL CHARITABLE ORGANIZATIONS AND THEREFORE NO FURTHER MONITORING IS DONE TO ENSURE THAT THE FUNDS ARE NOT USED OUTSIDE THE U.S. X X X 1 1 X 0 1 0 JAMES KENYON PRESIDENT AND CEO 593675 0 74736 0 611414 0 349225 0 4194 0 1633244 0 544977 0 SCOTT BOLSTER SVP AND CHIEF FINANCIAL OF 269955 0 36248 0 22205 0 58111 0 3551 0 390070 0 0 0 STEPHEN W HAUGEN SVP AND CHIEF INFORMATION 195533 0 33147 0 20562 0 55880 0 5701 0 310823 0 0 0 COLLEEN M MURPHY SVP AND CHIEF OPERATING OF 189000 0 32875 0 13384 0 55684 0 3551 0 294494 0 0 0 CORY J COOPMAN SVP OF IT AND PROJECT MANA 173063 0 19711 0 11421 0 5204 0 5701 0 215100 0 0 0 MATTHEW VENTURINI SVP OF LENDING 162000 0 31750 0 10508 0 4872 0 5701 0 214831 0 0 0 KELLY S ST ONGE VP, COMMERCIAL LOAN OFFICE 168622 0 11026 0 13114 0 5213 0 4194 0 202169 0 0 0 CHERYL MINTZ SVP OF HUMAN RESOURCES 155004 0 14458 0 10107 0 4661 0 5701 0 189931 0 0 0 JENNIFER D ARCHER SVP OF LOAN OPERATIONS 140400 0 18350 0 19501 0 4514 0 3551 0 186316 0 0 0 JOSHUA S WILSON SVP OF MARKETING 147096 0 18629 0 6640 0 4420 0 5701 0 182486 0 0 0 TIMOTHY GAERTNER VP, MORTGAGE LOAN MANAGER 112528 0 29877 0 8700 0 3461 0 5701 0 160267 0 0 0 MICHAEL T BLUBAUGH INV. OFFICER (FORMER CFO) 110000 0 0 0 17306 0 3776 0 4194 0 135276 0 0 0 PART I, LINE 1A THE CREDIT UNION PURCHASES SKI AND GOLF PASSES FOR EXECUTIVES, JAMES KENYON, SCOTT BOLSTER AND STEVE HAUGEN, AS WELL AS SOME SPOUSE TRAVEL TO NATIONAL CONFERENCES. THESE ARE A TAXABLE FRINGE BENEFIT TO THE RECIPIENT. THE ORGANIZATION ALSO COMPUTES GROSS-UP PAYMENTS RELATED TO THESE TAXABLE FRINGE BENEFITS. PART I, LINE 4B PRESIDENT AND CEO: $339,355 ACCRUAL AND $544,977 PAYOUT FROM THE 457F PLAN SVP AND CHIEF FINANCIAL OFFICER: $50,000 ACCRUAL OF 457(F) PLAN SVP AND CHIEF INFORMATION OFFICER: $50,000 ACCRUAL OF 457(F) PLAN SVP AND CHIEF OPERATING OFFICER: $50,000 ACCRUAL OF 457(F) PLAN JENNIFER ARCHER SVP OF LOAN OPERATIONS PERSONAL LOAN X 998058 967908 0 1 1 SCOTT T BOLSTER SVP AND CHIEF FINANCIAL OFFICER PERSONAL LOAN X 353066 48676 0 1 1 SUSAN S BROWN BOARD DIRECTOR PERSONAL LOAN X 28175 293 0 1 1 CORY J COOPMAN SVP OF IT AND PROJECT MANAGEMENT PERSONAL LOAN X 359212 211916 0 1 1 THOMAS E CULLEN BOARD VICE CHAIRMAN PERSONAL LOAN X 600000 443485 0 1 1 STEPHEN W HAUGEN SVP AND CHIEF INFORMATION OFFICER PERSONAL LOAN X 721012 682431 0 1 1 JAMES A KENYON PRESIDENT AND CEO PERSONAL LOAN X 1500000 1197629 0 1 1 COLLEEN M MURPHY SVP AND CHIEF OPERATING OFFICER PERSONAL LOAN X 337589 281708 0 1 1 LEO W TRACY BOARD DIRECTOR PERSONAL LOAN X 257287 14685 0 1 1 MATTHEW VENTURINI SVP OF LENDING PERSONAL LOAN X 710000 707909 0 1 1 JOSHUA S WILSON SVP OF MARKETING PERSONAL LOAN X 584580 209775 0 1 1 FRANK D BARNES BOARD DIRECTOR PERSONAL LOAN X 5000 402 0 1 1 4766817 FORM 990, PART VI, SECTION A, LINE 6 WHITEFISH CREDIT UNION ASSOCIATION HAS MEMBERS WHO ELECT ONE OR MORE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7A WHITEFISH CREDIT UNION HAS MEMBERS WHO ELECT ONE OR MORE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B MEMBERSHIP APPROVES BOARD OF DIRECTORS DECISIONS AT THE ANNUAL MEETINGS. FORM 990, PART VI, SECTION B, LINE 11B THE CFO IS CHARGED WITH REVIEWING THE FINAL FORM 990. THE CEO AND EACH BOARD MEMBER ARE PROVIDED WITH A COPY OF THE FORM 990 FOR THEIR SUBSEQUENT REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C WHITEFISH CREDIT UNION ASSOCIATION HAS A FULL TIME COMPLIANCE STAFF AND INTERNAL AUDIT STAFF WHO ARE RESPONSIBLE FOR MONITORING AND ENFORCING THE WRITTEN CONFLICT OF INTEREST POLICY. BOARD MEMBERS SIGN A CONFLICT OF INTEREST POLICY WHEN THEY JOIN THE BOARD IN WHICH THEY DISCLOSE CURRENT CONFLICTS AND AGREE TO INFORM THE BOARD OF ANY CONFLICTS THAT ARISE IN THE FUTURE. THE POLICY IS REVIEWED AND APPROVED ANNUALLY BY THE BOARD. FORM 990, PART VI, SECTION B, LINE 15 ALL EMPLOYEES' POSITIONS ARE ASSIGNED A PAY GRADE WITHIN A 3RD PARTY APPLICATION, BALANCED COMPENSATION. THE CEO'S PAY GRADE WAS LAST REVIEWED WITH THE REST OF THE COMPANY'S PAY GRADES IN 2023. ALL SALARIES ARE THEN SUBJECT TO ANNUAL BOARD REVIEW AND APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE WHITEFISH CREDIT UNION WILL MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC IN A TIMELY MANNER UPON REQUEST. TO OBTAIN THIS INFORMATION, THE ORGANIZATION SHOULD BE CONTACTED DIRECTLY. FORM 990, PART XI, LINE 9: ADOPTION OF ASC 326 -309,315.