2024-11-07T14:48:27-06:00 2023-12-31 381357951 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2023-01-01 390711674 VERVE CREDIT UNION VERV 8004489228 2900 UNIVERSAL STREET OSHKOSH WI 549033046 GLEN STITELEY CHIEF FINANCIAL OFFICER 8004489228 2024-10-08 1 1 JOSHUA NITZ CPA P01946955 2695674500 2024-10-08 2023 2024-10-15 13:58:12Z KEVIN RALOFSKY 2900 UNIVERSAL STREET OSHKOSH WI 549033046 70817765 0 X WWW.VERVEACU.COM X 1937 WI A NONPROFIT MEMBER-OWNED THRIFT INSTITUTION ORGANIZED TO PROVIDE FINANCIAL SERVICES TO INDIVIDUALS. OPERATIONS ARE PRIMARILY RELATED TO HOLDING DEPOSITS FOR AND MAKING LOANS TO MEMBERS. 8 8 330 0 188736 3708 0 0 56684941 61727742 6776347 8357378 61500 51043 63522788 70136163 0 0 0 0 21775260 21932287 0 0 0 35445345 49571255 57220605 71503542 6302183 -1367379 1533220965 1478626183 1432257841 1375847199 100963124 102778984 A NONPROFIT MEMBER-OWNED THRIFT INSTITUTION ORGANIZED TO PROVIDE FINANCIAL SERVICES TO INDIVIDUALS. OPERATIONS ARE PRIMARILY RELATED TO HOLDING DEPOSIT FOR AND MAKING LOANS TO MEMBERS. 0 0 HOLDING DEPOSITS FOR AND MAKING LOANS TO MEMBERS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 29181 0 1 330 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X GLEN STITELEY 8004489228 2900 UNIVERSAL ST PO BOX 3046 OSHKOSH WI 54902 VICTORIA BELTRAN CHAIR 1.00 0.00 X X 12000 0 0 BILL COLCLOUGH TREASURER - PART YEAR 1.00 0.00 X X 10500 0 0 MICHAEL POLLACK VICE CHAIR 1.00 0.00 X X 10500 0 0 KEVIN BORNEMANN SECRETARY 1.00 0.00 X X 10500 0 0 ERIN WINTER TREASURER 1.00 0.00 X X 1500 0 0 MARTY ARNOLD DIRECTOR - PART YEAR 1.00 0.00 X 750 0 0 BRIAN BORCHARDT DIRECTOR 1.00 0.00 X 9000 0 0 AMY DAHLKE DIRECTOR - PART YEAR 1.00 0.00 X 9000 0 0 JACOB GOSZ DIRECTOR 1.00 0.00 X 5250 0 0 ADRIENNE HARTMAN DIRECTOR 1.00 0.00 X 9000 0 0 ROBERT HERNKE DIRECTOR - PART YEAR 1.00 0.00 X 9000 0 0 TONY MAYHUGH DIRECTOR / ERM 1.00 0.00 X 4500 0 0 KEVIN RALOFSKY PRESIDENT/CEO 40.00 0.00 X 582871 0 45396 GLEN STITELEY CFO 40.00 0.00 X 262102 0 30474 KENNETH BUKSNES CHIEF CREDIT OFFICER 40.00 0.00 X 234511 0 26003 CHRIS BUTLER REGIONAL PRESIDENT 40.00 0.00 X 254104 0 26848 KARRIE DROBNICK COO - PART YEAR 40.00 0.00 X 348763 0 22950 JOHN HILL VP OF BUSINESS LENDING 40.00 0.00 X 268567 0 14569 ROBERT KETTER VP OF IT 40.00 0.00 X 178323 0 10111 REMA MOMBERG VP OF HUMAN RESOURCES 40.00 0.00 X 174214 0 9223 MIKE SIMONDS VP OF CREDIT 40.00 0.00 X 151235 0 9428 ALLISON BUCCIFERRO VP OF FINANCE 40.00 0.00 X 145345 0 9109 RYAN DIDRECKSON VP OF OPERATIONS 40.00 0.00 X 142049 0 6685 RENEE MAEDER VP OF RETAIL 40.00 0.00 X 146965 0 7367 SID SINHA TREASURY ANALYST 40.00 0.00 X 135658 0 5290 VA YOU YANG BUSINES LEDNING OFFICER 40.00 0.00 X 142821 0 18074 3259028 0 241527 25 0 1 0 BUSINESS LENDING GROUP LLC 2350 N CASALOMA DR SUITE 100 APPLETON WI 54913 LOAN SERVICING 1136431 CFGI HOLDINGS LLC PO BOX 791561 BALTIMORE MD 21279 ACCOUNTING ADVISORY 1078725 ENGAGE FI LLC 5550 W EXECUTIVE DR SUITE 540 TAMPA FL 33609 CONSULANT/PROJECT MANAGEMENT 323556 WIPFLI LLP PO BOX 3160 MILWAUKEE WI 53201 AUDITOR 298845 MORTGAGE CADENCE LLC 500 W MADISON ST CHICAGO IL 60661 MORTGAGE SOFTWARE 197866 5 LOAN INTEREST 522100 49079465 49079465 INTERCHANGE 522100 5899233 5899233 FEE INCOME 522100 5144606 5087969 56637 INSURANCE INCOME 522100 1029847 923347 106500 574591 574591 61727742 8380780 8380780 51043 0 51043 51043 25444 25599 628614 29586 631733 49869 -3119 -20283 -23402 -23402 70136163 61590049 188736 8357378 2745693 15064909 574429 2306683 1240573 64962 1135949 891727 2145647 5496987 2242636 3046570 264608 4614282 3387561 DIVIDENDS ON SHARES 19031571 LOAN SERVICING 3683216 OUTSIDE SERVICES 1795866 PROVISION FOR LOAN LOSS 1769673 71503542 13673378 9619446 48200847 95415381 3899924 3333064 9797760 9634409 1122409366 1049915830 1564067 1447620 50640002 15790118 36937503 34849884 234972843 216593746 390178 290510 15561776 11448284 22023387 20912970 23789936 25165039 1533220965 1478626183 16255790 17563799 201153795 88892378 1214848256 1269391022 1432257841 1375847199 X 0 0 10000000 0 90963124 102778984 100963124 102778984 1533220965 1478626183 X -1367379 5048310 -1865071 X X 0 1 X 1 0 0 1 X 9317989 9317989 25634765 6293714 19341051 2701899 1080759 1621140 12985349 8415645 4569704 34849884 DEMAND DEPOSITS 1267306759 LEASE LIABILITY - RIGHT OF USE 2084263 1269391022 X 70136163 0 70136163 0 70136163 71503542 0 71503542 0 71503542 PART IV, LINE 2B: ESCROW ACCOUNTS ARE MAINTAINED FOR HOME EQUITY LOANS. PART X, LINE 2: IN ACCORDANCE WITH GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, MANAGEMENT EVALUATED THE CREDIT UNION'S TAX POSITION AND DOES NOT BELIEVE THE CREDIT UNION HAS ANY UNCERTAIN TAX POSITIONS THAT REQUIRE DISCLOSURE OR ADJUSTMENT TO THE FINANCIAL STATEMENTS. X X 1 1 X X X X X 0 1 0 KEVIN RALOFSKY PRESIDENT/CEO 582871 0 0 0 0 0 16500 0 28896 0 628267 0 0 0 KARRIE DROBNICK COO - PART YEAR 316100 0 32663 0 0 0 12958 0 9992 0 371713 0 0 0 GLEN STITELEY CFO 262102 0 0 0 0 0 11846 0 18628 0 292576 0 0 0 JOHN HILL VP OF BUSINESS LENDING 215811 0 4000 0 48756 0 0 0 14569 0 283136 0 0 0 CHRIS BUTLER REGIONAL PRESIDENT 230032 0 24072 0 0 0 11411 0 15437 0 280952 0 0 0 KENNETH BUKSNES CHIEF CREDIT OFFICER 210361 0 24150 0 0 0 10566 0 15437 0 260514 0 0 0 ROBERT KETTER VP OF IT 167791 0 10532 0 0 0 8275 0 1836 0 188434 0 0 0 REMA MOMBERG VP OF HUMAN RESOURCES 164986 0 9228 0 0 0 8021 0 1202 0 183437 0 0 0 VA YOU YANG BUSINES LEDNING OFFICER 131385 0 2648 0 8788 0 2730 0 15344 0 160895 0 0 0 MIKE SIMONDS VP OF CREDIT 142695 0 8540 0 0 0 7194 0 2234 0 160663 0 0 0 ALLISON BUCCIFERRO VP OF FINANCE 135970 0 9375 0 0 0 6844 0 2265 0 154454 0 0 0 RENEE MAEDER VP OF RETAIL 133188 0 13777 0 0 0 6372 0 995 0 154332 0 0 0 PART I, LINE 1A OUT-OF-STATE TRAVEL EXPENSES ASSOCIATED WITH THE SPOUSE/TRAVEL PARTNER OF A DIRECTOR, ERM COMMITTEE MEMBER, C-LEVEL OFFICERS AND PRESIDENTS MAY BE REIMBURSED. THESE EXPENSES ARE TO BE KEPT SEPARATE AND THE SAME DOCUMENTATION AND REIMBURSEMENT PROCEDURES APPLY. IF REIMBURSEMENTS FOR A SPOUSE/TRAVEL PARTNER EXCEEDS $600 IN ANY CALENDAR YEAR IT WILL BE REPORTABLE AS NON-EMPLOYEE COMPENSATION AND A 1099-MISC TAX FORM WILL BE PRODUCED AND REPORTED ACCORDING TO IRS GUIDELINES. PART I, LINE 4B EXECUTIVE SHALL AT ALL TIMES HAVE THE RIGHT TO PARTICIPATE IN ANY 457 (B) PLAN THAT IS AVAILABLE TO THE OTHER EXECUTIVES OF VERVE, ACCORDING TO THE TERMS OF THE PLAN AND TO THE EXTENT PERMITTED BY LAW. VERVE SHALL ALSO FUND AN AMOUNT TO PAY PREMIUMS ON A LIFE INSURANCE POLICY THAT EXECUTIVE WILL OWN, SUBJECT TO THE TERMS AND CONDITIONS OF THE SPLIT DOLLAR AGREEMENT DATED MAY 1, 2017 BY AND BETWEEN THE EXECUTIVE AND VERVE INCORPORATED HEREIN. 457(B) EXECUTIVE SHALL AT ALL TIMES HAVE THE RIGHT TO PARTICIPATE IN ANY 457 (B) PLAN THAT IS AVAILABLE TO THE OTHER EXECUTIVES OF VERVE, ACCORDING TO THE TERMS OF THE PLAN AND TO THE EXTENT PERMITTED BY LAW. CHRISTOPHER BUTLER - NO CONTRIBUTIONS OR DISTRIBUTIONS KARRIE DROBNICK - $19,039 OF CONTRIBUTIONS WILLIAM WUSKE - NO CONTRIBUTIONS, $747.75 DISTRIBUTION SCOTT WILLMOTT - NO CONTRIBUTIONS OR DISTRIBUTIONS KEVIN RALOFSKY PRESIDENT SPLIT-DO X 5650000 6610813 0 1 1 KARRIE DROBNICK CHIEF OPERATING OFFICER SPLIT-DO X 1225000 1410430 0 1 1 SCOTT WILLMOTT CHIEF FINANCIAL OFFICER SPLIT-DO X 2300000 2564612 0 1 1 WILLIAM WUSKE CHIEF OPERATING OFFICER SPLIT-DO X 1250000 1472280 0 1 1 CHRISTOPHER BUTLER REGIONAL PRESIDENT SPLIT-DO X 400000 465885 0 1 1 12524020 FORM 990, PART VI, SECTION A, LINE 6 MEMBERS ARE INDIVIDUALS THAT MEET THE FIELD OF MEMBERSHIP REQUIREMENTS WHO HAVE DEPOSTIS WITH THE CREDIT UNION. 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 BOARD MEETING REVIEW FORM 990, PART VI, SECTION B, LINE 12C DISCUSSION IN BOARD MINUTES FORM 990, PART VI, SECTION B, LINE 15 USE CUES/CEO & EXECUTIVE SURVEYS AND ANALYSIS, AND THE BOARD REVIEWS THE INFORMATION FOR THE CEO. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE DUE TO CECL -1,865,071. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED THE OVERSIGHT PROCESS SINCE THE PRIOR YEAR.