2024-05-14T15:45:46-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 381379433 PFCU PFCU 5176477571 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 TAMMY L BENGEL CFO 5176477571 2024-05-09 1 TAMMY BENGEL 999009999 0 BRANDON M WILSON P02447970 2482443000 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z MICHELE MAKELEY 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 42104837 0 X WWW.PFCU4ME.COM X 1947 MI WE ARE COMMITTED TO THE COMMUNITIES THAT WE SERVE BY PROVIDING PRODUCTS AND SERVICES TO EXCEED THEIR LIFELONG GOALS. WE WILL BE OUR MEMBERS' PRIMARY FINANCIAL INSTITUTION. 7 7 235 8 135420 47280 0 0 32436483 36942502 3375768 5162334 0 0 35812251 42104836 132754 43514 0 0 14567055 15165469 0 0 0 15320426 23163254 30020235 38372237 5792016 3732599 790319803 807318625 723066754 734716777 67253049 72601848 LOCAL PEOPLE DEDICATED TO HOMETOWN SERVICE ONE MEMBER AT A TIME, ANYTIME. 0 0 AT THE END OF DECEMBER 2023, PFCU SERVED 55,449 MEMBERS WITH REGULAR SHARES, CLUB ACCOUNTS, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, MONEY MARKETS AND INDIVIDUAL RETIREMENT ACCOUNTS. PFCU TOTAL ASSETS INCREASED FROM $790.3 MILLION AS OF DECEMBER 31, 2022 TO $807.3 MILLION AS OF DECEMBER 31, 2023. AT THE END OF DECEMBER 2023 PFCU HAD 34,833 LOANS INCLUDING PERSONAL, HOME EQUITY, MORTGAGE, AND CREDIT CARD TYPES. PFCU OFFERS AUTOMATED TELLER MACHINES AND VARIOUS INSURANCE PRODUCTS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 12051 0 1 235 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X TAMMY BENGEL 5176477571 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 MICHAEL WARD CHAIRPERSON 1.00 X 0 0 0 ERIN GORMAN BOD MEMBER 1.00 X 0 0 0 CHAD BURKE VICE CHAIRPERSON 1.00 X 0 0 0 LEO MADARANG BOD MEMBER 1.00 X 0 0 0 CHRISTINE ROCKEY SECRETARY 1.00 X 0 0 0 JOHN KUTAS BOD MEMBER 1.00 X 0 0 0 TERRY GREGORICKA TRESURER 1.00 X 0 0 0 FRANK MASON TREASURER 1.00 X 0 0 0 TAMMY L BENGEL CFO 40.00 X 280501 0 20140 MICHELE MAKLEY CEO 40.00 X 297003 0 25904 THERESA BURGESS SVP MEMBER EXPERIENCE 40.00 X 134395 0 29047 LEANNE HIXSON VP OF LENDING 40.00 X 147498 0 29431 ROBYN HERON VP OF MARKETING 40.00 X 133544 0 33465 JOSEPH KRIEGER EXECUTIVE VP 40.00 X 202974 0 40478 GURSIMRAN VIRK SVP OF COMPLIANCE 40.00 X 138081 0 33986 HARVEY HOSKINS CEO - FORMER 40.00 X 127237 0 21244 1461233 0 233695 16 1 1 0 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE RD STE 260 FARMINGTON HILLS MI 48834 CORE SYSTEM 1048117 INFORMA BUSINESS SYSTEMS 5170 HARTSHORN DR FLUSHING MI 48433 ATMS/ITMS 1040337 Q2 SOFTWARE PO BOX 205970 DALLAS TX 753205970 HOME BANKING SOFTWARE 882494 DOXIM IDS LLC PO BOX 933472 CLEVELAND OH 44193 STATEMENTS/MAILINGS 178658 CDW DIRECT PO BOX 75723 CHICAGO IL 606755723 TECHNOLOGY SUPPLIES 171438 16 LOANS TO MEMBERS 522100 26030723 26030723 FEES/CHARGES/OTHER 522100 10776359 10776359 FINANCE AND INSURANCE 520000 135420 135420 36942502 5159040 5159040 3295 1 3294 3294 3294 42104836 41969416 135420 0 X 29614 13900 623548 10051836 1057797 2530898 901390 133553 37021 254920 887173 2707965 1583583 613076 297830 7263099 104003 989620 150405 UNRELATED BUSINESS INCO 7702 DEBIT/CREDIT EXPENSES 3358747 LOAN SERVICING 2390104 MAINTENANCE 1258226 1126227 38372237 6534348 6696810 65637377 74623704 1110952 603337 493014955 501286715 1869746 2041535 20405116 9693518 10061175 10711598 150728057 151690588 39022045 37704600 3306050 3015170 19035098 18944568 790319803 807318625 6570278 7256104 716496476 727460673 723066754 734716777 X 0 0 0 0 67253049 72601848 67253049 72601848 790319803 807318625 X 3732599 3884958 -2268758 X X 0 1 X 1 0 2070794 2070794 11060743 4280464 6780279 1146493 706269 440224 6127086 4706785 1420301 10711598 MEMBER SHARE AND SAVINGS 727460673 727460673 X 42104836 0 42104836 0 42104836 38372237 0 38372237 0 38372237 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. 1 HABITAT FOR HUMANITY OF IONIA 115 S DEPOT IONIA MI 48846 382835905 501(C)(3) 8006 0 CHARITABLE CONTRIBUTION WELCOME HOME VETERANS 1605 VANDEKARR RD OWOSSO MI 48867 465166773 501(C)(3) 6765 0 CHARITABLE CONTRIBUTION OLD NEWS BOYS 6255 TAYLOR DR FLINT MI 48504 386020365 501(C)(3) 6730 0 CHARITABLE CONTRIBUTION ALPHA FAMILY CENTER 519 E MAIN ST LOWELL MI 49331 061809255 501(C)(3) 8113 0 CHARITABLE CONTRIBUTION 4 0 SCHOLARSHIPS 10 10000 CASH FOR CLASSROOMS 26 3900 SCHEDULE I, PART III CONTRIBUTIONS TO ORGANIZATIONS ARE NOT GRANTS. THEY ARE CHARITABLE CONTRIBUTIONS. THEREFORE, THE CREDIT UNION DOES NOT MONITOR THE ORGANIZATION'S USE OF FUNDS SUBSEQUENT TO DISBURSEMENT. DURING 2023, SCHOLARSHIPS WERE GRANTED TO 10 HIGH SCHOOL OR HOME-SCHOOLED SENIORS. SCHOLARSHIPS ARE AWARDED TO STUDENTS BASED ON CITIZENSHIP, ATTITUDE, AND FINANCIAL NEED. APPLICANTS HAD TO BE PFCU MEMBERS IN GOOD STANDING. SCHOLARSHIP RECIPIENTS MUST ENROLL IN AN ACCREDITED UNIVERSITY, VOCATIONAL OR TECHNICAL COLLEGE IN THE FALL FOLLOWING HIGH SCHOOL GRADUATION AND THE FUNDS AWARDED MUST BE USED WITHIN ONE YEAR. PFCU HONORED 26 TEACHERS IN 2023 WITH DONATIONS THROUGH THEIR CASH FOR CLASSROOMS PROGRAM. THE CREDIT UNION'S GOAL IS TO RECOGNIZE THE DEDICATION AND HARD WORK OF TEACHERS THROUGHOUT THE COMMUNITIES THEY SERVE. TO BE ELIGIBLE TO WIN, THE APPLICANT MUST BE A CURRENT FULL-TIME, PART-TIME, OR SUBSTITUTE TEACHER OF PRE-K -12 AT A PUBLIC, PRIVATE OR CHARTER SCHOOL. X X 0 1 0 MICHELE MAKLEY CEO 276962 0 8591 0 11450 0 24331 0 1573 0 322907 0 0 0 TAMMY L BENGEL CFO 198515 0 6266 0 75720 0 18567 0 1573 0 300641 0 0 0 JOSEPH KRIEGER EXECUTIVE VP 195156 0 6764 0 1054 0 20140 0 20338 0 243452 0 0 0 LEANNE HIXSON VP OF LENDING 141482 0 4610 0 1406 0 9261 0 20170 0 176929 0 0 0 GURSIMRAN VIRK SVP OF COMPLIANCE 128656 0 4202 0 5223 0 13769 0 20217 0 172067 0 0 0 ROBYN HERON VP OF MARKETING 128562 0 4202 0 780 0 13324 0 20141 0 167009 0 0 0 THERESA BURGESS SVP MEMBER EXPERIENCE 128450 0 4113 0 1832 0 13240 0 15807 0 163442 0 0 0 HARVEY HOSKINS CEO - FORMER 123637 0 3300 0 300 0 12612 0 8632 0 148481 0 0 0 PART I, LINE 4B THE FOLLOWING EMPLOYEES REPORTED IN PART VII PARTICIPATE IN A DEFERRED CASH AGREEMENT WHICH WILL BE FUNDED BY THE CREDIT UNION OWNED LIFE INSURANCE POLICIES IN PLACE FOR EACH OF THE PARTICIPANTS: MICHELE MAKLEY TAMMY BENGEL JOSEPH KRIEGER GURSIMRAN VIRK THERESA BURGESS SEAN KREBS LEANNE HIXSON HARVEY HOSKINS FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION'S FIELD OF MEMBERSHIP HAS AUTHORITY TO ELECT AND RE-ELECT THE BOARD OF DIRECTORS AND THE MEMBERS OF THE SUPERVISORY COMMITTEE EVERY TWO YEARS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B WE HAVE ENGAGED DOEREN MAYHEW TO PREPARE FORM 990. ONCE THEY HAVE COMPLETED A DRAFT OF THE FILING, THE VICE PRESIDENT OF ACCOUNTING WILL REVIEW THE FORM. ONCE APPROVED, FORM 990 IS E-FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION HAS A CONFLICT OF INTEREST CLAUSE IN THE EMPLOYEE HANDBOOK. THIS HANDBOOK IS REVIEWED AND SIGNED BY EACH EMPLOYEE EACH YEAR. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD CHAIR PERFORMS A REVIEW OF THE CEO, USING INPUT FROM THE COLLECTIVE BOARD OF DIRECTORS. THE BOARD CHAIRMAN CONSULTS WITH THE CHRO TO DETERMINE AVERAGE INCREASES FOR THE LEADERSHIP TEAM, THEN ASSIGNS THE APPROVED INCREASE BASED ON THIS AVERAGE, TAKING INTO CONSIDERATION THE CURRENT MARKET SALARY FOR THE POSITION, USING COMPEASE. THE CEO AND EXECUTIVE V.P. DETERMINE THE SALARY FOR THE CFO USING THE COMPENSATION PROGRAM, COMPEASE" FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE NOT MADE AVAILABLE TO THE PUBLIC. QUARTERLY FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC ON THE NCUA'S WEBSITE VIA THE 5300 CALL REPORT FILING. FORM 990, PART IX, LINE 24E PROVISION FOR LOAN LOSSES 918,866. MISCELLANEOUS 107,780. TRAINING/DEVELOPMENT/EDUCATION 99,581. FORM 990, PART XI, LINE 9: EQUITY ACQUIRED THROUGH MERGER CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -2,268,758. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR.