2022-10-12T12:33:05-05:00 2021-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2021-01-01 380478780 PEOPLE DRIVEN CREDIT UNION PEOP 2482634100 24333 LAHSER ROAD SOUTHFIELD MI 48033 MARGARET LAMB CFO 2482634102 2022-10-12 1 MARGARET LAMB 999009999 JACK C TRACY CPA P01974742 2482443000 2022-10-03 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z RENEE DEMARCO 24333 LAHSER ROAD SOUTHFIELD MI 48033 13451115 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. 7 7 89 7 242713 0 0 0 12264370 12135884 773774 1072518 146507 242713 13184651 13451115 0 0 0 0 5405841 6088219 0 0 0 6400811 5497284 11806652 11585503 1377999 1865612 321328525 342686404 292485341 313542124 28843184 29144280 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 21,511 MEMBERS WITH LOANS, REGULAR SAVINGS, CHECKING, CERTIFICATES OF DEPOSIT, AND IRA ACCOUNTING TOTALING 64,543 ACCOUNTS. PROVIDED 4,382 LOANS DURING 2021 INCLUDING VEHICLE, OVERDRAFT PROTECTION, MORTGAGE, HOME EQUITY, SIGNATURE, CREDIT CARD, INDIRECT, 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 2405 0 1 89 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 MARGARET M LAMB 2482634100 24333 LAHSER ROAD SOUTHFIELD MI 48033 MICHELLE RHODES BOARD MEMBER 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 SUE WILSON BOARD TREASURER 1.00 X 0 0 0 KYLE KOEPF BOARD MEMBER 1.00 X 0 0 0 CLAUDIA HUNTER BOARD CHAIR 1.00 X 0 0 0 MARGARET LAMB CFO 40.00 X 188030 0 27038 RENEE D DEMARCO PRESIDENT/CEO 40.00 X 331760 0 170430 EMILY ROBERTS COO 40.00 X 152542 0 31887 JEFFREY DESHANE VP LENDING 40.00 X 137312 0 31887 BRIAN HOWELL CIO 40.00 X 151436 0 22502 SCOTT SULLIVAN VP MARKETING 40.00 X 111223 0 18513 LYNN ANGLEBRANDT VP HR 40.00 X 103713 0 18758 1176016 0 321015 7 0 1 0 HARMON MANAGEMENT LLC 417 COPPERSMITH DRIVE MASON MI 48854 GENERAL CONTRACTING 736088 MEMBER DRIVEN TECHNOLOGIES 30230 PRCHARD LAKE RD FARMINGTON HILLS MI 48334 TECHNOLOGY SERVICES 678826 DIEBOLD PO BOX 643543 PITTSBURGH PA 152643543 ATM SERVICES 251625 STRATEGIC RESOURCE MANAGEMENT INC 51 POPLAR AVE MEMPHIS TN 38137 REVENUE ENHANCEMENT 216840 4 LOAN INCOME 522100 7612080 7612080 FEES AND CHARGES 522100 4523804 4523804 12135884 1072518 1072518 FINANCE AND INSURANCE 520000 242713 242713 242713 13451115 12135884 242713 1072518 X 717258 3996346 378196 632939 363480 36300 61533 214203 125277 968788 119931 477219 OFFICE OPERATIONS 2367035 MEMBER SERVICES 667164 LOAN SERVICING 529290 MISCELLANEOUS 138988 -208444 11585503 9446408 7857812 15819868 16536715 895810 1442841 176906531 175607211 889737 818824 15867578 4131595 11020292 11735983 89634771 111860031 4376057 4455877 329116 235083 12009935 12136027 321328525 342686404 -1287619 2346252 293772960 311195872 292485341 313542124 X 0 0 0 0 28843184 29144280 28843184 29144280 321328525 342686404 X 1865612 -2248144 683628 X X 0 1 X 1 0 1368977 1368977 12204480 2869479 9335001 2294121 1262116 1032005 11735983 MEMBERS SHARE ACCOUNTS 311195872 311195872 X 13451115 0 13451115 0 13451115 11585503 0 11585503 0 11585503 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. X X 1 1 X X X 0 1 0 RENEE D DEMARCO PRESIDENT/CEO 295874 0 20000 0 15886 0 153743 0 16687 0 502190 0 0 0 MARGARET LAMB CFO 177189 0 8000 0 2841 0 17314 0 9724 0 215068 0 0 0 EMILY ROBERTS COO 142748 0 9000 0 794 0 13935 0 17952 0 184429 0 0 0 BRIAN HOWELL CIO 142642 0 8000 0 794 0 6974 0 15528 0 173938 0 0 0 JEFFREY DESHANE VP LENDING 130518 0 6000 0 794 0 13935 0 17952 0 169199 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS PROVIDED TO THE CREDIT UNION'S OFFICIAL FAMILY (CURRENTLY 7 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, LINE 4B RENEE DEMARCO PARTICIPATED IN A 457(F). THE BENEFIT EXPENSE ACCRUED DURING 2021 WAS $125,040. THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS FOR THE CREDIT UNION'S CFO, 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 881144 0 1 1 BRIAN HOWELL KEY EMPLOYEE CASD LIFE INSURANCE PLAN X 578053 561697 0 1 1 1442841 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 11G OTHER PROFESSIONAL SERVICES 214,203. FORM 990, PART IX, LINE 24E PROVISION FOR LOAN LOSSES -208,444. FORM 990, PART XI, LINE 9: CHANGES IN ASSUMPTIONS ON POSTRETIREMENT BENEFIT OBLIGATION 683,628. 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.