2021-11-04T10:16:19-05:00 2020-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2020-01-01 380478780 PEOPLE DRIVEN CREDIT UNION PEOP 2482634100 24333 LAHSER ROAD SOUTHFIELD MI 48033 MARGARET LAMB CFO 2482634102 2021-10-01 1 MARGARET LAMB 999009999 JACK C TRACY CPA P01974742 2482443000 2021-10-01 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z RENEE DEMARCO 24333 LAHSER ROAD SOUTHFIELD MI 48033 13184651 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 87 7 146507 0 0 0 12917472 12264370 1277333 773774 271109 146507 14465914 13184651 0 0 0 0 5516256 5405841 0 0 0 7146500 6400811 12662756 11806652 1803158 1377999 272103137 321328525 245166283 292485341 26936854 28843184 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 1 PROVIDE 23,280 MEMBERS WITH LOANS, REGULAR SAVINGS, CHECKING, CERTIFICATES OF DEPOSIT, AND IRA ACCOUNTING TOTALING 66,811 ACCOUNTS. PROVIDED 3,711 LOANS 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 2756 0 1 87 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 488875 0 27041 RENEE D DEMARCO PRESIDENT/CEO 40.00 X 747939 0 43120 EMILY ROBERTS COO 40.00 X 134419 0 27589 JEFFREY DESHANE VP LENDING 40.00 X 132024 0 27589 BRIAN HOWELL CIO 40.00 X 140890 0 19514 SCOTT SULLIVAN VP MARKETING 40.00 X 112451 0 19120 LYNN ANGLEBRANDT VP HR 40.00 X 104904 0 17131 1861502 0 181104 7 0 1 0 MEMBER DRIVEN TECHNOLOGIES 30230 PRCHARD LAKE RD FARMINGTON HILLS MI 48334 TECHNOLOGY SERVICES 625470 HARMON MANAGEMENT LLC 417 COPPERSMITH DRIVE MASON MI 48854 GENERAL CONTRACTING 523885 SENTINEL TECHNOLOGIES INC PO BOX 85080 CHICAGO IL 606800851 CONSULTING SERVICES 523885 DIEBOLD PO BOX 643543 PITTSBURGH PA 152643543 ATM SERVICES 138187 KASASA LTD PO BOX 527 LUBBOCK TX 79408 CONSULTING SERVICES 107680 5 LOAN INCOME 522100 8770708 8770708 FEES AND CHARGES 522100 3493662 3493662 12264370 773774 773774 FINANCE AND INSURANCE 520000 146507 146507 146507 13184651 12264370 146507 773774 X 1306975 3211215 377519 531246 -21114 25957 50933 131364 97309 864099 50112 591444 OFFICE OPERATIONS 2267352 PROVISION FOR LOAN LOSS 1034048 MEMBER SERVICES 710779 LOAN SERVICING 488619 88795 11806652 8591427 9446408 24235770 15819868 895810 179885961 176906531 902983 889737 14483183 3462891 10365659 11020292 32373681 89634771 4033515 4376057 423149 329116 11290992 12009935 272103137 321328525 2623162 -1287619 242543121 293772960 245166283 292485341 X 0 0 0 0 26936854 28843184 26936854 28843184 272103137 321328525 X 1377999 553089 -24758 X X 0 1 X 1 0 1368977 1368977 11310572 2505832 8804740 1803634 957059 846575 11020292 MEMBERS SHARE ACCOUNTS 293772960 293772960 X 13184651 0 13184651 0 13184651 11806652 0 11806652 0 11806652 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 295724 0 25000 0 427215 0 28791 0 14329 0 791059 0 312309 0 MARGARET LAMB CFO 178855 0 7500 0 302520 0 17520 0 9521 0 515916 0 276510 0 EMILY ROBERTS COO 126231 0 7500 0 688 0 12623 0 14966 0 162008 0 0 0 BRIAN HOWELL CIO 132645 0 7500 0 745 0 6504 0 13010 0 160404 0 0 0 JEFFREY DESHANE VP LENDING 128336 0 3000 0 688 0 12623 0 14966 0 159613 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 AND MARGARET LAMB PARTICIPATED IN A 457(F). DURING 2020, BOTH PARTICIPANTS RECEIVED PAYOUTS AS FOLLOWS: RENEE DEMARCO: $411,326 MARGARET LAMB: $300,000 BEGINNING IN 2020, THE CREDIT UNION PROVIDED SUPPLEMENTAL RETIREMENT BENEFITS FOR THE CREDIT UNION'S CFO, MARGARET LAMB, 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 895810 0 1 1 895810 SCHEDULE L, PART II BEGINNING IN 2020, THE CREDIT UNION PROVIDED SUPPLEMENTAL RETIREMENT BENEFITS FOR THE CREDIT UNION'S CFO, MARGARET LAMB, 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 III, LINE 3 THE CREDIT UNION ELIMINATED THE KASASA CHECKING PRODUCT, HOWEVER WE ALWAYS HAD AND STILL HAVE A REGULAR CHECKING ACCOUNT PRODUCT AVAILABLE TO MEMBERS. 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 131,364. FORM 990, PART IX, LINE 24E MISCELLANEOUS 88,795. FORM 990, PART XI, LINE 9: CHANGES IN ASSUMPTIONS ON POSTRETIREMENT BENEFIT OBLIGATION -24,758. 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.