2022-06-16T11:14:27-05:00 2021-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2021-01-01 381379433 PFCU PFCU 5176477571 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 TAMMY L BENGEL CFO 5176477571 2022-06-16 1 TAMMY BENGEL 999009999 BRANDON M WILSON P02447970 2482443000 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z HARVEY HOSKINS 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 33015111 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 7 222 7 104423 29823 0 0 29100100 30445104 2647135 2570007 0 0 31747235 33015111 57323 85766 0 0 13987421 13476885 0 0 0 15171125 13193158 29215869 26755809 2531366 6259302 691413181 778796004 622741229 706557288 68671952 72238716 X LOCAL PEOPLE DEDICATED TO HOMETOWN SERVICE ONE MEMBER AT A TIME, ANYTIME. 0 1 AS OF DECEMBER 31, 2021, PFCU SERVED 54,051 MEMBERS WITH REGULAR SHARES, CLUB ACCOUNTS, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, MONEY MARKETS AND INDIVIDUAL RETIREMENT ACCOUNTS. PFCU GREW IN TOTAL ASSETS FROM APPROXIMATELY $691.4 MILLION AT THE END OF 2020 TO APPROXIMATELY $778.8 MILLION AT THE END OF 2021. AS OF DECEMBER 31, 2021, PFCU PROVIDED 33,304 LOANS INCLUDING PERSONAL, HOME EQUITY, MORTGAGE AND CREDIT CARD TYPE LOANS. PFCU OFFERED AUTOMATED TELLER MACHINES WITH ATM CAPABILITIES AND VARIOUS INSURANCE PROGRAMS. 0 0 0 0 0 0 0 0 0 1 1 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 10580 0 1 222 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 DANIEL SCHRAUBEN SECRETARY 1.00 X 0 0 0 MICHAEL WARD CHAIRPERSON 1.00 X 0 0 0 RONALD GREEN BOD MEMBER 1.00 X 0 0 0 ERIN GORMAN BOD MEMBER 1.00 X 0 0 0 VIRGIL BUDD BOD MEMBER 1.00 X 0 0 0 CHAD BURKE BOD MEMBER 1.00 X 0 0 0 FRANK MASON TREASURER 1.00 X 0 0 0 BRAD MCFAUL VICE CHAIRPERSON 1.00 X 0 0 0 TAMMY L BENGEL CFO 40.00 X 163739 0 16232 HARVEY HOSKINS CEO 40.00 X 295176 0 47330 ELIZABETH BLUNDY SVP OF HUMAN RESOURCES 40.00 X 147565 0 5939 JOE KRIEGER SVP LENDING 40.00 X 143686 0 33103 MICHELE MAKLEY EXECUTIVE VP 40.00 X 198256 0 17618 CICELY VAWTER SVP INFORMATION TECHNOLOGY 40.00 X 140059 0 32106 ROBYN HERON SVP MARKETING 40.00 X 110953 0 29801 ANNA WILLSON SVP PROJECTS 40.00 X 330353 0 5799 1529787 0 187928 14 1 1 0 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE RD STE 260 FARMINGTON HILLS MI 48834 CORE SYSTEM 974518 INFORMA BUSINESS SYSTEMS 5170 HARTSHORN DR FLUSHING MI 48433 ATMS/ITMS 629534 Q2 SOFTWARE 2975 REGENT BLVD STE 100 IRVING TX 75320 ADMINISTRATION OF HOME BANKING SOFTWARE 625942 SENTINEL TECHNOLOGIES PO BOX 85080 CHICAGO IL 606800851 NETWORKING/TECH 261912 COPPERROCK CONSTRUCTION 601 5TH STREET NW SUITE 300 GRAND RAPIDS MI 49504 CONSTRUCTION 247170 12 LOANS TO MEMBERS 522100 20872604 20872604 FEES/CHARGES/OTHER 522100 9468077 9468077 FINANCE AND INSURANCE 520000 104423 104423 30445104 2570007 2570007 33015111 32910688 104423 0 X 75766 10000 522477 8690325 869072 2596850 798161 90271 47689 157894 659746 2350665 1251168 577487 112847 2181299 70322 1097377 148560 UNRELATED BUSINESS INCO 6263 DEBIT/CREDIT EXPENSES 1720283 LOAN SERVICING 1607353 MAINTENANCE 891153 222781 26755809 5562744 5190163 90196519 71400053 992020 694542 434868990 466900632 1878072 1900917 17774285 7921504 10797763 9852781 86772243 138511794 40656201 63233977 3859477 3572375 15829152 17538770 691413181 778796004 4633876 4559873 618107353 701997415 622741229 706557288 X 0 0 0 0 68671952 72238716 68671952 72238716 691413181 778796004 6259302 -2692538 0 X X 0 1 X 1 0 1590148 1590148 11060746 3693472 7367274 524367 516678 7689 4599024 3711354 887670 9852781 PERPETUAL CONTRIBUTED CAPITAL 1131500 C FHLB STOCK 1249500 C CERTIFICATES OF DEPOSIT 2718724 C NON-NEGOTIABLE CERTIFICATES OF DEPOSIT 58134253 C 63233977 MEMBER SHARE AND SAVINGS 701997415 701997415 X 33015111 0 33015111 0 33015111 26755809 0 26755809 0 26755809 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 LOWELL RIVERBOAT 110 RIVERWALK PLAZA LOWELL MI 49331 871323153 7500 0 CHARITABLE CONTRIBUTION PORTLAND SPLASH PAD TON PARK 259 KENT ST PORTLAND MI 48875 386007243 GOVERNMENT 10000 0 CHARITABLE CONTRIBUTION MOTHER TERESA 1120 KEYSTONE AVE LANSING MI 48911 383373796 501(C)(3) 6060 0 CHARITABLE CONTRIBUTION 1 2 SCHOLARSHIPS 10 10000 SCHEDULE I, PART III DURING 2021, 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. X 1 0 0 HARVEY HOSKINS CEO 271445 0 14395 0 9336 0 28377 0 18953 0 342506 0 0 0 ANNA WILLSON SVP PROJECTS 330353 0 0 0 0 0 0 0 5799 0 336152 0 0 0 MICHELE MAKLEY EXECUTIVE VP 182745 0 9197 0 6314 0 16441 0 1177 0 215874 0 0 0 TAMMY L BENGEL CFO 150934 0 9351 0 3454 0 15055 0 1177 0 179971 0 0 0 JOE KRIEGER SVP LENDING 135749 0 7157 0 780 0 14150 0 18953 0 176789 0 0 0 CICELY VAWTER SVP INFORMATION TECHNOLOGY 131214 0 7021 0 1824 0 13153 0 18953 0 172165 0 0 0 ELIZABETH BLUNDY SVP OF HUMAN RESOURCES 23475 0 4000 0 120090 0 2509 0 3430 0 153504 0 0 0 PART I, LINE 4A ANNA WILSON: $330,353 ELIZABETH BLUNDY: $120,000 FORM 990, PART III, LINE 3 FIS BOUGHT/MERGED WORLDPAY AS A RESULT WE UNDERWENT A CREDIT CARD CONVERSION TO THE NEW PLATFORM. WE ADDED ITM'S TO OUR LOWELL AND LANSING BRANCHES. 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. THE BOARD OF DIRECTORS COLLECTIVELY DETERMINES THE CEO'S COMPENSATION UTILIZING THE CUNA SALARY SURVEY AS A REFERENCE. THE CEO AND THE EXECUTIVE V.P. DETERMINE THE SALARY FOR THE CFO AND UTILIZE THE CUNA SALARY SURVEY AS A REFERENCE. 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 104,243. TRAINING/DEVELOPMENT/EDUCATION 81,324. MISCELLANEOUS 37,214. 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.