Nonprofit · EIN 38-1543701
CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN
Also known as 345 KALSEE CREDIT UNION
Tax-exempt · KALAMAZOO, MI 49003
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $19,119,292 | $17,884,799 | $1,234,493 | $277,482,700 | $253,977,278 | $23,505,422 |
| December 31, 2023 | 990 | $17,529,917 | $16,109,936 | $1,419,981 | $275,464,551 | $254,869,621 | $20,594,930 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $17,530,395
- Investment income
- $1,243,411
- Other revenue
- $345,486
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $667,306
- Other salaries and wages
- $4,256,739
- Salaries, compensation and benefits (total)
- $6,445,784
- Professional fundraising fees
- $0
- Legal fees
- $7,884
- Accounting fees
- $98,567
- Occupancy
- $330,557
- Travel
- $106,836
- Depreciation
- $382,321
Balance sheet and other
- Total assets, start of year
- $275,464,551
- Total assets, end of year
- $277,482,700
- Total liabilities, end of year
- $253,977,278
- Net assets, end of year
- $23,505,422
- Land, buildings and equipment
- $11,354,247
- Publicly traded securities
- $39,888,401
- Gross unrelated business income
- $345,486
- Gross receipts
- $19,119,292
- Employees
- 123
- Volunteers
- 8
- Year formed
- 1954
- State of legal domicile
- MI
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| MATTHEW LAHMAN | CEO Officer | 40 | $270,259 | $45,635 |
| SHELDON FAWORSKI | COO Officer | 40 | $156,099 | $40,280 |
| STEVEN SHUNKWILER | CFO Officer | 40 | $127,411 | $27,622 |
| RICHARD BAKER | VP OF LENDING Highest-paid employee | 40 | $141,476 | $11,178 |
| CARRIE BOISONAULT | VP MARKETING & BUSINESS DE Highest-paid employee | 40 | $118,992 | $9,844 |
| DAVID STUUT | BOARD CHAIR Trustee or director | 2 | $0 | $0 |
| JOSEPH MARTIN | VICE CHAIRMAN Trustee or director | 2 | $0 | $0 |
| JODI K MILKS | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| BRIAN SACKETT | DIRECTOR Trustee or director | 2 | $0 | $0 |
| BEN DANIELSON | DIRECTOR Trustee or director | 2 | $0 | $0 |
| RUDY CALLEN | BOARD TREASURER Trustee or director | 2 | $0 | $0 |
| MICHELLE SHINEVARE | BOARD SECRETARY Trustee or director | 2 | $0 | $0 |
| ERIK NORD | ASSOCIATE DIRECTOR Trustee or director | 2 | $0 | $0 |
| RODNEY MASON | DIRECTOR Trustee or director | 2 | $0 | $0 |
990 for the year ended December 31, 2023: 15 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| MATTHEW LAHMAN | CEO Officer | 40 | $260,352 | $49,858 |
| SHELDON FAWORSKI | COO Highest-paid employee | 40 | $152,244 | $40,377 |
| RICHARD BAKER | VP OF LENDING Highest-paid employee | 40 | $139,167 | $12,844 |
| AMBER JECKS | CFO Officer | 40 | $103,074 | $20,830 |
| CARRIE BOISONAULT | VP MARKETING & BUSINESS DE Highest-paid employee | 40 | $100,308 | $9,270 |
| STEVEN SHUNKWILER | CFO Officer | 40 | $55,035 | $3,434 |
| DAVID STUUT | BOARD CHAIR Trustee or director | 2 | $0 | $0 |
| JOSEPH MARTIN | BOARD VICE CHAIR Trustee or director | 2 | $0 | $0 |
| JODI K MILKS | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| BRIAN SACKETT | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| BEN DANIELSON | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| RUDY CALLEN | BOARD TREASURER Trustee or director | 2 | $0 | $0 |
| MICHELLE SHINEVARE | BOARD SECRETARY Trustee or director | 2 | $0 | $0 |
| ERIK NORD | ASSOCIATE BOARD MEMBER NO Trustee or director | 2 | $0 | $0 |
| ROD MASON | ASSOCIATE BOARD MEMBER NO Trustee or director | 2 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- PO BOX 3006, KALAMAZOO, MI 49003-3006
- Principal officer (990 for 2024)
- MATT LAHMAN, 5220 LOVERS LANE, PORTAGE, MI 49002
- Signed the 990
- STEVE SHUNKWILER, CFO
- Phone
- (269) 382-7800
- Website
- WWW.KALSEE.COM
- Return prepared by
- DOEREN MAYHEW
Mission
TO BUILD RELATIONSHIPS AND CULTIVATE FINANCIAL WELLNESS, EMPOWERING PEOPLE TO FOCUS ON WHAT MATTERS.
Program accomplishments
- PROVIDE MEMBERS WITH SAVINGS, CHECKING, CLUBS, MONEY MARKET, HEALTH SAVINGS, IRA AND CERTIFICATE OF DEPOSITS ACCOUNTS WITH AGGREGATE DEPOSIT BALANCES THAT APPROXIMATED $245,960,000 AS OF DECEMBER 31, 2024.
- PROVIDE MEMBERS WITH CREDIT CARD, VEHICLE, REAL ESTATE, UNSECURED, BUSINESS AND LINE OF CREDIT LOANS WITH AGGREGATE LOAN BALANCES THAT APPROXIMATED $197,833,000 AS OF DECEMBER 31, 2024.
- OFFER ATM & DEBIT CARD, CHECK CASHING, WIRE TRANSFER, COURTESY PAY, MONEY ORDERS, CASHIER CHECKS, ELECTRONIC BANKING, FINANCIAL COUNSELING, INVESTMENT AND INSURANCE PROGRAMS TO ALL ELIGIBLE MEMBERS.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 38-1543701
- Tax-exempt status
- 501(c)(14): State-chartered credit union
- Donations deductible
- No
- Exempt since
- 1956
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Group exemption
- 1359: CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN
- Assets (IRS master file)
- $277,482,700
- Income (IRS master file)
- $19,119,292
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $19,119,292 | $17,884,799 | $277,482,700 | XML |
| 990 | December 2023 | $17,529,917 | $16,109,936 | $275,464,551 | XML |
| 990 | December 2022 | $14,420,939 | $12,816,575 | $264,926,490 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 38-1543701).
Questions about CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN
- What is the EIN of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN?
- The employer identification number (EIN) of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN is 38-1543701.
- Is CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1956.
- Are donations to CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN?
- The 990 for the year ended December 31, 2024 names MATT LAHMAN.
- Who are the officers and directors of CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN?
- The 990 for the year ended December 31, 2024 lists 14 people; 5 received compensation from the organization, the highest $270,259 (MATTHEW LAHMAN, CEO).
- How much revenue does CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $19,119,292, expenses of $17,884,799 and total assets of $277,482,700 at year end.
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