PEOPLES CREDIT UNION: Form 990, tax year 2023

View the entire original 990 at ProPublica ↗

Organization: PEOPLES CREDIT UNION (EIN 05-0198580)
Tax period: 2023-01-01 to 2023-12-31
Filed: 2024-07-09
IRS object ID: 202411919349300436
Schema version: 2023v5.1
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule D
Schedule I
Schedule J
Schedule O

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2024-07-09T12:50:58-05:00	ReturnTs
Tax Period End	2023-12-31	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	010523282	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	Berry Dunn McNeil & Parker LLC	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	2211 Congress St	AddressLine1Txt
City	Portland	CityNm
State Abbreviation	ME	StateAbbreviationCd
ZIP	04102	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990	ReturnTypeCd
Tax Period Begin	2023-01-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	050198580	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	People's Credit Union	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Business Name Control	PEOP	BusinessNameControlTxt
Phone	4018468930	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	858 West Main Road	AddressLine1Txt
City	Middletown	CityNm
State Abbreviation	RI	StateAbbreviationCd
ZIP	02842	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	Patricia Carlin	PersonNm
Person Title	Head of Finance and Risk	PersonTitleTxt
Phone	4018468930	PhoneNum
Signature	2024-07-03	SignatureDt
Discuss With Paid Preparer	Yes (1)	DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

Field	Value	IRS element (for citing)
Person First	Patricia	PersonFirstNm
Person Last	Carlin	PersonLastNm

Field	Value	IRS element (for citing)
SSN	999009999	SSN

Field	Value	IRS element (for citing)
IRS Responsible Prty Info Curr	Yes (1)	IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	Joseph R Byrne	PreparerPersonNm
PTIN	P01289281	PTIN
Phone	2077752387	PhoneNum
Preparation	2024-07-03	PreparationDt

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

Field	Value	IRS element (for citing)
Trusted Customer	2	TrustedCustomerCd
Authentication Assurance Level	AAL1	AuthenticationAssuranceLevelCd
Identity Assurance Level	IAL1	IdentityAssuranceLevelCd

Field	Value	IRS element (for citing)
Tax	2023	TaxYr
Build TS	2023-04-26 12:10:37Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Principal Officer	Sean Daly	PrincipalOfficerNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	858 West Main Road	AddressLine1Txt
City	Middletown	CityNm
State Abbreviation	RI	StateAbbreviationCd
ZIP	02842	ZIPCd

Field	Value	IRS element (for citing)
Gross Receipts	$30,263,410	GrossReceiptsAmt
Group Return For Affiliates	0	GroupReturnForAffiliatesInd
Organization501c	Yes (X)	Organization501cInd
Website Address	www.peoplescu.com	WebsiteAddressTxt
Type Of Organization Other	Yes (X)	TypeOfOrganizationOtherInd
Other Organization Dsc	Cooperative Financial Institution	OtherOrganizationDsc
Formation	1922	FormationYr
Legal Domicile State	RI	LegalDomicileStateCd
Activity Or Mission	State chartered credit union	ActivityOrMissionDesc
Voting Members Governing Body	10	VotingMembersGoverningBodyCnt
Voting Members Independent	10	VotingMembersIndependentCnt
Total Employee	149	TotalEmployeeCnt
Total Volunteers	0	TotalVolunteersCnt
Total Gross UBI	$44,366	TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm	$36,152	NetUnrelatedBusTxblIncmAmt
PY Contributions Grants	$0	PYContributionsGrantsAmt
CY Contributions Grants	$0	CYContributionsGrantsAmt
PY Program Service Revenue	$24,427,498	PYProgramServiceRevenueAmt
CY Program Service Revenue	$27,829,077	CYProgramServiceRevenueAmt
PY Investment Income	$1,689,226	PYInvestmentIncomeAmt
CY Investment Income	$2,434,293	CYInvestmentIncomeAmt
PY Other Revenue	$0	PYOtherRevenueAmt
CY Other Revenue	$0	CYOtherRevenueAmt
PY Total Revenue	$26,116,724	PYTotalRevenueAmt
CY Total Revenue	$30,263,370	CYTotalRevenueAmt
PY Grants And Similar Paid	$12,360	PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid	$49,633	CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members	$0	PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members	$0	CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid	$10,061,282	PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid	$10,389,136	CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns	$0	PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$0	CYTotalFundraisingExpenseAmt
PY Other Expenses	$11,290,791	PYOtherExpensesAmt
CY Other Expenses	$18,368,818	CYOtherExpensesAmt
PY Total Expenses	$21,364,433	PYTotalExpensesAmt
CY Total Expenses	$28,807,587	CYTotalExpensesAmt
PY Revenues Less Expenses	$4,752,291	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	$1,455,783	CYRevenuesLessExpensesAmt
Total Assets BOY	$687,852,954	TotalAssetsBOYAmt
Total Assets EOY	$717,003,402	TotalAssetsEOYAmt
Total Liabilities BOY	$626,760,111	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$651,785,291	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$61,092,843	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$65,218,111	NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part III	Yes (X)	InfoInScheduleOPartIIIInd
Mission	The priority of People's Credit Union is to offer value added products and services for the benefit of our existing and prospective members. We are committed to providing convenient delivery of our products and services in a friendly, welcoming and responsive environment. To ensure ongoing confidence and trust, we will continue to promote our financial strength as an organization.	MissionDesc
Significant New Program Srvc	0	SignificantNewProgramSrvcInd
Significant Change	0	SignificantChangeInd
Desc	People's is a member-owned organization committed to providing superior financial services to the community. People's provided 15,934 loans to members. The outstanding loan balance at 12/31/23 was $566,145,358.	Desc

Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp

Field	Value	IRS element (for citing)
Desc	People's maintains savings accounts for members. Total outstanding savings accounts at 12/31/23 was 30,653 for $363,936,651.	Desc

Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp

Field	Value	IRS element (for citing)
Desc	People's maintains demand deposit accounts for members. Total outstanding demand deposit accounts at 12/31/23 was 23,800 for $191,977,410.	Desc

Prog Srvc Accom Acty Other ProgSrvcAccomActyOtherGrp

Field	Value	IRS element (for citing)
Desc	People's offers safe deposit boxes to members. The number of safe deposit boxes rented is 1,062.	Desc

Field	Value	IRS element (for citing)
Described In Section501c3	0	DescribedInSection501c3Ind
Schedule B Required	0	ScheduleBRequiredInd
Political Campaign Acty	0	PoliticalCampaignActyInd
Subject To Proxy Tax	0	SubjectToProxyTaxInd
Donor Advised Fund	0	DonorAdvisedFundInd
Conservation Easements	0	ConservationEasementsInd
Collections Of Art	0	CollectionsOfArtInd
Credit Counseling	0	CreditCounselingInd
Donor Rstr Or Quasi Endowments	0	DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment	Yes (1)	ReportLandBuildingEquipmentInd
Report Investments Other Sec	0	ReportInvestmentsOtherSecInd
Report Program Related Invst	0	ReportProgramRelatedInvstInd
Report Other Assets	0	ReportOtherAssetsInd
Report Other Liabilities	Yes (1)	ReportOtherLiabilitiesInd
Include FIN48 Footnote	0	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	Yes (1)	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	0	ConsolidatedAuditFinclStmtInd
School Operating	0	SchoolOperatingInd
Foreign Office	0	ForeignOfficeInd
Foreign Activities	0	ForeignActivitiesInd
More Than5000 K To Org	0	MoreThan5000KToOrgInd
More Than5000 K To Individuals	0	MoreThan5000KToIndividualsInd
Professional Fundraising	0	ProfessionalFundraisingInd
Fundraising Activities	0	FundraisingActivitiesInd
Gaming Activities	0	GamingActivitiesInd
Operate Hospital	0	OperateHospitalInd
Grants To Organizations	Yes (1)	GrantsToOrganizationsInd
Grants To Individuals	0	GrantsToIndividualsInd
Schedule J Required	Yes (1)	ScheduleJRequiredInd
Tax Exempt Bonds	0	TaxExemptBondsInd
Loan Outstanding	0	LoanOutstandingInd
Grant To Related Person	0	GrantToRelatedPersonInd
Business Rln With Org Mem	0	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	0	BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent	0	BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri	0	DeductibleNonCashContriInd
Deductible Art Contribution	0	DeductibleArtContributionInd
Terminate Operations	0	TerminateOperationsInd
Partial Liquidation	0	PartialLiquidationInd
Disregarded Entity	0	DisregardedEntityInd
Related Entity	0	RelatedEntityInd
Related Organization Ctrl Ent	0	RelatedOrganizationCtrlEntInd
Activities Conducted Prtshp	0	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (1)	ScheduleORequiredInd
IRP Document	5286	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Backup Wthld Compliance	Yes (1)	BackupWthldComplianceInd
Employee	149	EmployeeCnt
Employment Tax Returns Filed	Yes (1)	EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over Limit	Yes (1)	UnrelatedBusIncmOverLimitInd
Form990 T Filed	Yes (1)	Form990TFiledInd
Foreign Financial Account	0	ForeignFinancialAccountInd
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTransInd
Taxable Party Notification	0	TaxablePartyNotificationInd
Nondeductible Contributions	0	NondeductibleContributionsInd
Indoor Tanning Services	0	IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt	0	SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc	0	SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	10	GoverningBodyVotingMembersCnt
Independent Voting Member	10	IndependentVotingMemberCnt
Family Or Business Rln	0	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	0	DelegationOfMgmtDutiesInd
Change To Org Documents	0	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	0	MaterialDiversionOrMisuseInd
Members Or Stockholders	Yes (1)	MembersOrStockholdersInd
Election Of Board Members	Yes (1)	ElectionOfBoardMembersInd
Decisions Subject To Approva	0	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	Yes (1)	MinutesOfGoverningBodyInd
Minutes Of Committees	Yes (1)	MinutesOfCommitteesInd
Officer Mailing Address	0	OfficerMailingAddressInd
Local Chapters	Yes (1)	LocalChaptersInd
Policies Reference Chapters	Yes (1)	PoliciesReferenceChaptersInd
Form990 Provided To Gvrn Body	Yes (1)	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (1)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (1)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (1)	RegularMonitoringEnfrcInd
Whistleblower Policy	Yes (1)	WhistleblowerPolicyInd
Document Retention Policy	Yes (1)	DocumentRetentionPolicyInd
Compensation Process CEO	Yes (1)	CompensationProcessCEOInd
Compensation Process Other	Yes (1)	CompensationProcessOtherInd
Investment In Joint Venture	0	InvestmentInJointVentureInd
States Where Copy Of Return Is Fld	RI	StatesWhereCopyOfReturnIsFldCd
Upon Request	Yes (X)	UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	Patricia Carlin	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
Phone	4018468930	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	858 West Main Road	AddressLine1Txt
City	Middletown	CityNm
State Abbreviation	RI	StateAbbreviationCd
ZIP	02842	ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp (17 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd	OfficerOfficerInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt	Highest Compensated EmployeeHighestCompensatedEmployeeInd
Edward T Lopes Jr
Board Member	2.00	Yes (X)	Yes (X)	$10,800	$0	$0
Christopher S Ottiano MD
Board Chair	2.00	Yes (X)	Yes (X)	$14,400	$0	$0
William L Douglas Jr
Board Member	2.00	Yes (X)		$10,800	$0	$0
Alyson Adkins
Board Vice Chair	2.00	Yes (X)	Yes (X)	$12,800	$0	$0
Thomas W Vignali CPA
Board Treasurer	2.00	Yes (X)	Yes (X)	$12,400	$0	$0
Toni Lyn McGowan
Board Secretary	2.00	Yes (X)	Yes (X)	$12,800	$0	$0
Terri Marcucci Fitch
Board Member	2.00	Yes (X)		$10,400	$0	$0
Louann Lawrence
Board Member	2.00	Yes (X)		$10,000	$0	$0
Frank Newsome
Board Member	2.00	Yes (X)		$7,600	$0	$0
John Trifero
Board Member	2.00	Yes (X)		$7,600	$0	$0
Sean Daly
Head of People's Credit Union	40.00		Yes (X)	$572,017	$0	$18,487
Margaret McGill
Head of Finance & Risk	40.00		Yes (X)	$241,219	$0	$34,727
William DeWitt
Head of Member Delivery & Marketing	40.00			$259,269	$0	$43,079	Yes (X)
Timothy Jermain
Head of Lending	40.00			$128,183	$0	$13,486	Yes (X)
Karen Parent
Head of HR & Talent	40.00			$199,721	$0	$39,348	Yes (X)
Christopher Eden
Head of IS & Technology	40.00			$177,696	$0	$18,795	Yes (X)
Jane McDurman
Head of Retail Administration	40.00			$160,263	$0	$21,283	Yes (X)

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$1,847,968	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$0	TotReportableCompRltdOrgAmt
Total Other Compensation	$189,205	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	13	IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed	0	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	Yes (1)	TotalCompGreaterThan150KInd
Compensation From Other Srcs	0	CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp (5 entries)

Address Line1ContractorAddress/USAddress/AddressLine1Txt	CityContractorAddress/USAddress/CityNm	State AbbreviationContractorAddress/USAddress/StateAbbreviationCd	ZIPContractorAddress/USAddress/ZIPCd	ServicesServicesDesc	CompensationCompensationAmt
PW Campbell Contracting Company
109 Zeta Drive	Pittsburgh	PA	15238	Renovations/Construction	$1,495,444
COCC Inc
100 Executive Blvd	Southington	CT	06489	Data Processing Services	$1,417,733
Alkami Technology
5601 Granite Parkway Suite 120	Plano	TX	75024	Data Processing Services	$686,002
Think Stack
1300 Thames Street Suite 20	Baltimore	MD	21231	Information Technology	$412,986
Baker Hill Solutions LLC
1320 City Center Drive 300	Carmel	IN	46032	Marketing	$385,880

Field	Value	IRS element (for citing)
Cntrct Rcvd Greater Than100 K	18	CntrctRcvdGreaterThan100KCnt

Program Service Revenue ProgramServiceRevenueGrp (2 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt	Unrelated Business RevenueUnrelatedBusinessRevenueAmt
Loan Interest	522100	$22,020,265	$22,020,265
Fee & Service Income	522100	$5,808,812	$5,764,446	$44,366

Field	Value	IRS element (for citing)
Total Program Service Revenue	$27,829,077	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$2,434,269	TotalRevenueColumnAmt
Exclusion	$2,434,269	ExclusionAmt

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

Field	Value	IRS element (for citing)
Securities	$64	SecuritiesAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

Field	Value	IRS element (for citing)
Securities	$0	SecuritiesAmt
Other	$40	OtherAmt

Gain Or Loss GainOrLossGrp

Field	Value	IRS element (for citing)
Securities	$64	SecuritiesAmt
Other	-$40	OtherAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$24	TotalRevenueColumnAmt
Exclusion	$24	ExclusionAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$30,263,370	TotalRevenueColumnAmt
Related Or Exempt Func Income	$27,784,711	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$44,366	UnrelatedBusinessRevenueAmt
Exclusion	$2,434,293	ExclusionAmt

Grants To Domestic Orgs GrantsToDomesticOrgsGrp

Field	Value	IRS element (for citing)
Total	$49,633	TotalAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

Field	Value	IRS element (for citing)
Total	$976,050	TotalAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

Field	Value	IRS element (for citing)
Total	$7,782,909	TotalAmt

Pension Plan Contributions PensionPlanContributionsGrp

Field	Value	IRS element (for citing)
Total	$128,278	TotalAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

Field	Value	IRS element (for citing)
Total	$864,476	TotalAmt

Payroll Taxes PayrollTaxesGrp

Field	Value	IRS element (for citing)
Total	$637,423	TotalAmt

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$39,879	TotalAmt

Fees For Services Accounting FeesForServicesAccountingGrp

Field	Value	IRS element (for citing)
Total	$259,518	TotalAmt

Fees For Services Other FeesForServicesOtherGrp

Field	Value	IRS element (for citing)
Total	$415,307	TotalAmt

Advertising AdvertisingGrp

Field	Value	IRS element (for citing)
Total	$772,972	TotalAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$582,396	TotalAmt

Information Technology InformationTechnologyGrp

Field	Value	IRS element (for citing)
Total	$320,269	TotalAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$2,747,473	TotalAmt

Travel TravelGrp

Field	Value	IRS element (for citing)
Total	$34,541	TotalAmt

Conferences Meetings ConferencesMeetingsGrp

Field	Value	IRS element (for citing)
Total	$144,459	TotalAmt

Interest InterestGrp

Field	Value	IRS element (for citing)
Total	$8,075,004	TotalAmt

Depreciation Depletion DepreciationDepletionGrp

Field	Value	IRS element (for citing)
Total	$1,564,176	TotalAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$104,642	TotalAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDesc	TotalTotalAmt
Data Processing	$2,140,605
Miscellaneous Expenses	$883,177
Deposit Tax Expense	$276,000
UBI Tax	$8,400

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$28,807,587	TotalAmt

Field	Value	IRS element (for citing)
Info In Schedule O Part X	Yes (X)	InfoInScheduleOPartXInd

Cash Non Interest Bearing CashNonInterestBearingGrp

Field	Value	IRS element (for citing)
BOY	$18,241,624	BOYAmt
EOY	$15,174,646	EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$5,545,653	BOYAmt
EOY	$5,736,670	EOYAmt

Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp

Field	Value	IRS element (for citing)
BOY	$535,195,075	BOYAmt
EOY	$563,646,474	EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

Field	Value	IRS element (for citing)
BOY	$595,569	BOYAmt
EOY	$695,133	EOYAmt

Field	Value	IRS element (for citing)
Land Bldg Equip Cost Or Other Bss	$32,106,171	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$15,371,375	LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

Field	Value	IRS element (for citing)
BOY	$15,456,101	BOYAmt
EOY	$16,734,796	EOYAmt

Investments Pub Traded Sec InvestmentsPubTradedSecGrp

Field	Value	IRS element (for citing)
BOY	$79,110,445	BOYAmt
EOY	$76,639,383	EOYAmt

Investments Other Securities InvestmentsOtherSecuritiesGrp

Field	Value	IRS element (for citing)
BOY	$3,728,500	BOYAmt
EOY	$3,910,500	EOYAmt

Intangible Assets IntangibleAssetsGrp

Field	Value	IRS element (for citing)
BOY	$5,373,179	BOYAmt
EOY	$7,375,075	EOYAmt

Other Assets Total OtherAssetsTotalGrp

Field	Value	IRS element (for citing)
BOY	$24,606,808	BOYAmt
EOY	$27,090,725	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$687,852,954	BOYAmt
EOY	$717,003,402	EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

Field	Value	IRS element (for citing)
BOY	$8,262,230	BOYAmt
EOY	$9,921,762	EOYAmt

Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp

Field	Value	IRS element (for citing)
BOY	$1,954,435	BOYAmt
EOY	$1,854,198	EOYAmt

Other Liabilities OtherLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$616,543,446	BOYAmt
EOY	$640,009,331	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$626,760,111	BOYAmt
EOY	$651,785,291	EOYAmt

Field	Value	IRS element (for citing)
Org Does Not Follow FASB117	Yes (X)	OrgDoesNotFollowFASB117Ind

Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp

Field	Value	IRS element (for citing)
BOY	$61,092,843	BOYAmt
EOY	$65,218,111	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$61,092,843	BOYAmt
EOY	$65,218,111	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$687,852,954	BOYAmt
EOY	$717,003,402	EOYAmt

Field	Value	IRS element (for citing)
Info In Schedule O Part XI	Yes (X)	InfoInScheduleOPartXIInd
Reconcilation Revenue Expnss	$1,455,783	ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst	$1,791,104	NetUnrlzdGainsLossesInvstAmt
Other Changes In Net Assets	$878,382	OtherChangesInNetAssetsAmt
Info In Schedule O Part XII	Yes (X)	InfoInScheduleOPartXIIInd
Method Of Accounting Accrual	Yes (X)	MethodOfAccountingAccrualInd
Accountant Compile Or Review	0	AccountantCompileOrReviewInd
FS Audited	Yes (1)	FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

Field	Value	IRS element (for citing)
Separate Basis Fincl Stmt	Yes (X)	SeparateBasisFinclStmtInd

Field	Value	IRS element (for citing)
Audit Committee	Yes (1)	AuditCommitteeInd
Federal Grant Audit Required	0	FederalGrantAuditRequiredInd

Schedule D IRS990ScheduleD

Land LandGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$4,155,259	OtherCostOrOtherBasisAmt
Book Value	$4,155,259	BookValueAmt

Buildings BuildingsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$21,055,585	OtherCostOrOtherBasisAmt
Depreciation	$9,814,270	DepreciationAmt
Book Value	$11,241,315	BookValueAmt

Leasehold Improvements LeaseholdImprovementsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$15,095	OtherCostOrOtherBasisAmt
Depreciation	$11,955	DepreciationAmt
Book Value	$3,140	BookValueAmt

Equipment EquipmentGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$6,704,888	OtherCostOrOtherBasisAmt
Depreciation	$5,545,150	DepreciationAmt
Book Value	$1,159,738	BookValueAmt

Other Land Buildings OtherLandBuildingsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$175,344	OtherCostOrOtherBasisAmt
Book Value	$175,344	BookValueAmt

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$16,734,796	TotalBookValueLandBuildingsAmt

Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)

DescDesc	AmtAmt
Deposits	$556,009,331
Federal Home Loan Bank Advances	$84,000,000

Field	Value	IRS element (for citing)
Total Liability	$640,009,331	TotalLiabilityAmt
Total Rev Etc Audited Fincl Stmt	$32,323,668	TotalRevEtcAuditedFinclStmtAmt
Net Unrealized Gains Invst	$1,791,104	NetUnrealizedGainsInvstAmt
Other Revenue	$269,194	OtherRevenueAmt
Revenue Not Reported	$2,060,298	RevenueNotReportedAmt
Revenue Subtotal	$30,263,370	RevenueSubtotalAmt
Revenue Not Reported Fincl Stmt	$0	RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990	$30,263,370	TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt	$28,807,588	TotExpnsEtcAuditedFinclStmtAmt
Expenses Not Reported	$0	ExpensesNotReportedAmt
Expenses Subtotal	$28,807,588	ExpensesSubtotalAmt
Expenses Not Rpt Fincl Stmt	$0	ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990	$28,807,588	TotalExpensesPerForm990Amt

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Part XI, Line 2d - Other Adjustments:	FormAndLineReferenceDesc
Explanation	Unrealized Gain on Post Retirement Plans 269,194.	ExplanationTxt

Schedule I IRS990ScheduleI

Field	Value	IRS element (for citing)
Grant Records Maintained	0	GrantRecordsMaintainedInd

Recipient Table RecipientTable

Recipient Business Name RecipientBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	Martin Luther King Community Center Incorporated	BusinessNameLine1Txt

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	20 Dr Marcus Wheatland Blvd	AddressLine1Txt
City	Newport	CityNm
State Abbreviation	RI	StateAbbreviationCd
ZIP	02840	ZIPCd

Field	Value	IRS element (for citing)
Recipient EIN	050271882	RecipientEIN
IRC Section	501(c)(3)	IRCSectionDesc
Cash Grant	$6,000	CashGrantAmt
Non Cash Assistance	$0	NonCashAssistanceAmt
Purpose Of Grant	Sponsorship for "A Night by the Narragansett" event. The MLK center promotes health, fights hunger, supports families, educates kids and engages seniors.	PurposeOfGrantTxt

Field	Value	IRS element (for citing)
Total501c3 Org	1	Total501c3OrgCnt
Total Other Org	0	TotalOtherOrgCnt

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	Part I, Line 2:	FormAndLineReferenceDesc
Explanation	The Organization has made donations to various 501(c)(3) organizations. The Organization did not monitor the use of funds to these organizations.	ExplanationTxt

Schedule J IRS990ScheduleJ

Field	Value	IRS element (for citing)
Discretionary Spending Acct	Yes (X)	DiscretionarySpendingAcctInd
Written Policy Ref T And E Expnss	Yes (1)	WrittenPolicyRefTAndEExpnssInd
Substantiation Required	Yes (1)	SubstantiationRequiredInd
Compensation Survey	Yes (X)	CompensationSurveyInd
Board Or Committee Approval	Yes (X)	BoardOrCommitteeApprovalInd
Severance Payment	0	SeverancePaymentInd
Supplemental Nonqual Rtr Plan	0	SupplementalNonqualRtrPlanInd
Equity Based Comp Arrngm	0	EquityBasedCompArrngmInd

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (6 entries)

TitleTitleTxt	Base Compensation Filing OrgBaseCompensationFilingOrgAmt	Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt	Bonus Filing OrganizationBonusFilingOrganizationAmount	Bonus Related OrganizationsBonusRelatedOrganizationsAmt	Other Compensation Filing OrgOtherCompensationFilingOrgAmt	Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt	Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt	Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt	Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt	Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt	Total Compensation Filing OrgTotalCompensationFilingOrgAmt	Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt	Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt	Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt
Sean Daly
Head of People's Credit Union	$444,505	$0	$113,695	$0	$13,817	$0	$18,487	$0	$0	$0	$590,504	$0	$0	$0
William DeWitt
Head of Member Delivery & Marketing	$226,280	$0	$24,667	$0	$8,322	$0	$17,183	$0	$25,896	$0	$302,348	$0	$0	$0
Margaret McGill
Head of Finance & Risk	$209,457	$0	$22,198	$0	$9,564	$0	$15,304	$0	$19,423	$0	$275,946	$0	$0	$0
Karen Parent
Head of HR & Talent	$179,010	$0	$19,469	$0	$1,242	$0	$13,626	$0	$25,722	$0	$239,069	$0	$0	$0
Christopher Eden
Head of IS & Technology	$159,684	$0	$17,233	$0	$779	$0	$11,712	$0	$7,083	$0	$196,491	$0	$0	$0
Jane McDurman
Head of Retail Administration	$139,068	$0	$15,312	$0	$5,883	$0	$10,252	$0	$11,031	$0	$181,546	$0	$0	$0

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (9 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
Form 990, Part VI, Section A, line 6	People's Credit Union is owned by its members.
Form 990, Part VI, Section A, line 7a	All People's Credit Union members are encouraged to attend the annual meeting, where they may vote to elect the volunteer Board of Directors who oversee the Credit Union's operations. Each member in good standing receives one vote, regardless of their account balance.
Form 990, Part VI, Section B, line 11b	The Form 990 is reviewed by the CFO and by the Board of Directors.
Form 990, Part VI, Section B, line 12c	The Board of Directors, Supervisory Committee and all employees certify annually as to potential conflicts of interest.
Form 990, Part VI, Section B, line 15	Peer information is obtained through surveys and utilized in benchmarking compensation.
Form 990, Part VI, Section C, line 19	Consolidated financial statements are posted in each branch lobby. Financial information is reported quarterly to the federal regulator and available to the public on their website. The Organization also makes its governing documents and conflict of interest policy available to public upon request.
Form 990, Part X, Line 10: Land, Buildings, and Equipment	Section 1.263(a)-3(n) Election: People's Credit Union 858 West Main Road Middletown, RI 02842 EIN 05-0198580 People's Credit Union is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n).
Form 990, Part XI, line 9:	Unrealized Gain on Post Retirement Plans 269,194. Adoption of ASU No. 2016-13 609,188.
Form 990, Part XI, Line 9: Other Changes in Net Assets:	On January 1, 2023, the Credit Union adopted Accounting Standards Update (ASU) No. 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, Accounting Standards Codifications (ASC) 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Credit Union adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost, and off-balance-sheet credit exposures. Results for reporting periods beginning after January 1, 2023 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable U.S. GAAP. The Credit Union recorded a net increase to retained earnings of $609,000 as of January 1, 2023 for the cumulative effect of adopting ASC 326. The transition adjustment includes a $616,000 impact due to a reduction in the allowance for credit losses (ACL) and a $7,000 impact due to an increase in the allowance for credit losses on off-balance sheet credit exposures.