2024-10-23T10:17:06-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 380478780 PEOPLE DRIVEN CREDIT UNION PEOP 2482634100 24333 LAHSER ROAD SOUTHFIELD MI 48033 ANDREA BADICS CFO 2482634102 2024-10-22 1 0 JACK C TRACY CPA P01974742 2482443000 2024-10-17 2023 2024-10-15 13:58:12Z RENEE DEMARCO 24333 LAHSER ROAD SOUTHFIELD MI 48033 29471724 0 1359 X WWW.PEOPLEDRIVENCU.ORG X 1928 MI THE CREDIT UNION IS A MEMBER OWNED, FULL SERVICE FINANCIAL ORGANIZATION COMMITTED TO PROVIDING FINANCIAL SERVICES AND COST SAVINGS THEREBY HELPING OUR MEMBERS ACHIEVE FINANCIAL SUCCESS. 10 10 126 10 390351 0 0 0 13530514 26162169 1461122 2840785 336027 390351 15327663 29393305 0 0 0 0 6909836 9549644 0 0 0 4813099 13544198 11722935 23093842 3604728 6299463 350695772 456890223 330722050 427304480 19973722 29585743 X THE MISSION OF PEOPLE DRIVEN CREDIT UNION IS TO PROMOTE THE FINANCIAL WELL-BEING OF THE MEMBERSHIP BY FOSTERING THRIFT AND ENCOURAGING THE PRUDENT USE OF CREDIT. THIS IS ACCOMPLISHED BY PROVIDING CONVENIENT, COMPETITIVELY PRICED, QUALITY FINANCIAL SERVICES IN A WORK ENVIRONMENT THAT PROVIDES A CHALLENGING AND REWARDING CAREER FOR EMPLOYEES AND ENCOURAGES VOLUNTEER MEMBER PARTICIPATION. 0 0 PROVIDE 26,734 MEMBERS WITH REGULAR SAVINGS, CHECKING, CERTIFICATES OF DEPOSIT, AND IRA ACCOUNTS WITH AGGREGATE DEPOSIT BALANCES THAT APPROXIMATED $393,174,000 AS OF DECEMBER 31, 2023. GRANTED 7,119 LOANS TO MEMBERS INCLUDING VEHICLE, MORTGAGE, HOME EQUITY, OVERDRAFT PROTECTION, CREDIT CARD, SIGNATURE, BUSINESS, AND RECREATIONAL VEHICLE LOANS. PROVIDE ATM, DEBIT CARDS, BILL PAYMENT, MONEY ORDERS, ONLINE BANKING, OVERDRAFT/COURTESY PAY, FINANCIAL COUNSELING AND EDUCATION, AND VARIOUS INSURANCE PROGRAMS. 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 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 3653 0 1 126 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X ANDREA BADICS 2482634100 24333 LAHSER ROAD SOUTHFIELD MI 48033 MICHELLE RHODES BOARD VICE CHAIR 1.00 X 0 0 0 DENNIS W PARADOWSKI BOARD MEMBER 1.00 X 0 0 0 CAROL DOMINO BOARD SECRETARY 1.00 X 0 0 0 RONNIE WILLIAMS BOARD MEMBER 1.00 X 0 0 0 CLAUDIA HUNTER BOARD MEMBER 1.00 X 0 0 0 KAREN SANBORN BOARD CHAIR 1.00 X 0 0 0 EDGAR BUISON BOARD MEMBER 1.00 X 0 0 0 KATHLEEN BIRCHFIELD BOARD MEMBER 1.00 X 0 0 0 MARK LABERGE BOARD TREASURER 1.00 X 0 0 0 JANE MUSZYNSKI BOARD MEMBER 1.00 X 0 0 0 KATHY RAYMOR BOARD TREASURER (RESIGNED 08/2023) 1.00 X 0 0 0 RENEE D DEMARCO PRESIDENT/CEO 40.00 X 499596 0 316759 ANDREA BADICS CFO 40.00 X 169280 0 37741 BRIAN HOWELL CIO 40.00 X 176246 0 26005 EMILY ROBERTS COO 40.00 X 178914 0 36431 MARGARET LAMB CRO 40.00 X 206677 0 29672 ANN MARIE NELSON CHRO 40.00 X 177311 0 25041 JEFFREY DESHANE VP LENDING 40.00 X 149079 0 24077 SCOTT SULLIVAN VP MARKETING 40.00 X 108411 0 26825 LISA SCHWARK VP HR 40.00 X 131974 0 24898 SHELLEY FOSTER VP SOLUTIONS 40.00 X 106910 0 11631 MICHELLE MIAZEK VP PROJECTS 40.00 X 103381 0 10563 MICHELE WOLLARD FORMER CEO- COMMUNITY ALLIANCE CU 0.00 X 250000 0 40180 2257779 0 609823 13 1 1 0 MEMBER DRIVEN TECHNOLOGIES 30230 PRCHARD LAKE RD FARMINGTON HILLS MI 48334 TECHNOLOGY SERVICES 1039217 INFORMA BUSINESS SYSTEMS INC 5170 HARTSHORN DRIVE FLUSHING MI 48433 ITM'S 529284 RING CENTRAL PO BOX 734232 DALLAS TX 75373 PHONE AND VIDEO 157896 SENTINEL TECHNOLOGIES INC PO BOX 85080 CHICAGO IL 60680 IT INFRASTRUCTURE 139588 SCIENAPTIC SYSTEMS INC 50 WEST 47TH STREET STE 1614 NEW YORK NY 10036 AI LOAN DECISIONING 122597 5 LOAN INCOME 522100 17948476 17948476 FEES AND CHARGES 522100 8213693 8213693 26162169 2862307 2862307 56897 78419 -21522 -21522 -21522 FINANCE AND INSURANCE 520000 390351 390351 390351 29393305 26140647 390351 2862307 X 1879673 5563876 563527 987644 554924 52955 37654 251718 203160 1230548 138450 2445520 OFFICE OPERATIONS 3397537 PROVISION FOR LOAN LOSS 3103125 LOAN SERVICING 1226146 MEMBER SERVICES 1165248 292137 23093842 18869718 20272161 13634499 33404984 1517588 1370449 208393069 292829105 867061 1002364 19400303 6356145 11090636 13044158 79069636 71307666 4579492 6903317 141050 2912097 12533023 13843922 350695772 456890223 3065051 4130314 10000000 30000000 317656999 393174166 330722050 427304480 X 0 0 0 0 19973722 29585743 19973722 29585743 350695772 456890223 X 6299463 2000275 1312283 X X 0 1 X 1 0 2218977 2218977 14187097 4333069 9854028 2994229 2023076 971153 13044158 MEMBERS SHARE ACCOUNTS 393174166 393174166 X 29393305 0 29393305 0 29393305 23093842 0 23093842 0 23093842 PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. X 1 1 X X X 1 1 0 RENEE D DEMARCO PRESIDENT/CEO 480634 0 0 0 18962 0 297376 0 19383 0 816355 0 0 0 MICHELE WOLLARD FORMER CEO- COMMUNITY ALLIANCE CU 250000 0 0 0 0 0 27500 0 12680 0 290180 0 250000 0 MARGARET LAMB CRO 185314 0 16000 0 5363 0 18285 0 11387 0 236349 0 0 0 EMILY ROBERTS COO 161338 0 16000 0 1576 0 15389 0 21042 0 215345 0 0 0 ANDREA BADICS CFO 144164 0 23500 0 1616 0 16944 0 20797 0 207021 0 0 0 ANN MARIE NELSON CHRO 159196 0 15000 0 3115 0 5905 0 19136 0 202352 0 0 0 BRIAN HOWELL CIO 158670 0 16000 0 1576 0 7766 0 18239 0 202251 0 0 0 JEFFREY DESHANE VP LENDING 139213 0 8000 0 1866 0 6817 0 17260 0 173156 0 0 0 LISA SCHWARK VP HR 128923 0 750 0 2301 0 6343 0 18555 0 156872 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS PROVIDED TO THE CREDIT UNION'S OFFICIAL FAMILY (CURRENTLY 10 BOARD MEMBERS) AND IS GOVERNED BY THE OFFICIAL FAMILY CONFERENCE POLICY WHICH STATES THAT IF IT IS DETERMINED THAT SPOUSES AND GUESTS DO NOT PLAY A SIGNIFICANT BUSINESS ROLE THE REIMBURSEMENT OF TRAVEL EXPENSES OF THE SPOUSE OR GUEST WILL BE TREATED AS INCOME. PART I, LINES 4A-B DURING 2023, MICHELE WOLLARD RECEIVED A BENEFIT PAYOUT OF $250,000. THIS BENEFIT IS REPORTED IN HER 2023 FORM W-2. HOWEVER, THIS AMOUNT WAS PREVIOUSLY ACCRUED FOR AND REPORTED IN SCHEDULE J PART II COLUMN C WITHIN THE 2022 FINAL FORM 990 RETURN FOR COMMUNITY ALLIANCE CREDIT UNION WHICH MERGED INTO PEOPLE DRIVEN CREDIT UNION EFFECTIVE AT THE CLOSE OF BUSINESS ON 12/31/2022. PER THE MERGER AGREEMENT, MICHELE WOLLARD RECEIVED CONTINUED HEALTH, DENTAL, VISION, AND DISABILITY INSURANCE THROUGH AUGUST 2023. MICHELE WOLLARD ALSO RECEIVED A 401(K) EMPLOYER CONTRIBUTION IN 2023. RENEE DEMARCO PARTICIPATED IN A 457(F). THE BENEFIT EXPENSE ACCRUED DURING 2023 WAS $125,000. THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS FOR THE CREDIT UNION'S CRO, MARGARET LAMB, AND CIO, BRIAN HOWELL THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE PARTICIPANT'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME UP TO THE PREMIUMS PAID INTO THE POLICIES. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOAN ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT. MARGARET LAMB KEY EMPLOYEE CASD LIFE INSURANCE PLAN X 899999 834685 0 1 1 BRIAN HOWELL KEY EMPLOYEE CASD LIFE INSURANCE PLAN X 578053 535764 0 1 1 1370449 SCHEDULE L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS FOR THE CREDIT UNION'S CFO, MARGARET LAMB, AND THE CIO, BRIAN HOWELL, THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE PARTICIPANT'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME UP TO THE PREMIUMS PAID INTO THE POLICIES. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOAN ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT. FORM 990, PART VI, SECTION A, LINE 6 EVERY INDIVIDUAL WHO HAS AN ACCOUNT WITH OUR CREDIT UNION IS ALSO A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A CREDIT UNION MEMBERS ELECT MEMBERS OF THE GOVERNING BODY EACH YEAR AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL 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 FORM 990 WILL NOT BE PROVIDED TO THE ORGANIZATION'S GOVERNING BODY BEFORE IT IS FILED. A REVIEW IS CONDUCTED BY THE CFO PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C OFFICIALS ARE REQUIRED TO SIGN AN ANNUAL CERTIFICATION OF COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 COMPEASE SALARY SURVEY ALONG WITH EACH EMPLOYEE'S JOB PERFORMANCE REVIEW IS USED TO DETERMINE WAGE INCREASES FOR NON-UNION STAFF. UNION STAFF COMPENSATION IS GOVERNED BY THE COLLECTIVE BARGAINING AGREEMENT. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF THE CREDIT UNION EACH MONTH IN ACCORDANCE WITH OUR BYLAWS. FORM 990, PART IX, LINE 24E MISCELLANEOUS 292,137. FORM 990, PART XI, LINE 9: NET CHANGES IN ACTUARIAL ASSUMPTIONS ON POSTRETIREMENT BENEFIT OBLIGATION 8,347. EQUITY ACQUIRED IN BUSINESS COMBINATION 3,035,328. CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -1,731,392. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM PREVIOUS YEARS. FORM 990, PART XII, LINE 2B: THE FINANCIAL STATEMENTS ARE AUDITED ON A FISCAL YEAR END AND TAX REPORTING IS REQUIRED ON A CALENDAR YEAR END.