2021-11-03T21:01:12-05:00 2020-12-31 382492570 DOEREN MAYHEW 305 W BIG BEAVER ROAD TROY MI 48084 990 2020-01-01 381439781 PUBLIC SERVICE CREDIT UNION PUBL 7346418400 7665 MERRIMAN ROAD ROMULUS MI 48174 DEAN J TRUDEAU PRESIDENT/CEO 7346418400 2021-11-01 1 DEAN TRUDEAU 999009999 JOHN MILLER P02041965 2482443000 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z DEAN J TRUDEAU 7665 MERRIMAN ROAD ROMULUS MI 48174 19432841 0 X WWW.PSCUNOW.COM X 1951 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 7 6 179 7 1883297 0 0 0 22988942 18288702 3881 1123709 0 0 22992823 19412411 10000 10000 0 0 9442018 8452035 0 0 0 11509421 10151730 20961439 18613765 2031384 798646 293173964 337086473 260315511 303735904 32858453 33350569 TO HELP OUR MEMBERS REACH THEIR FINANCIAL GOALS. WE ARE COMMITTED TO PROVIDING EXCEPTIONAL SERVICES FROM KNOWLEDGABLE EMPLOYEES. AS A MEMBER OF THE PSCU FAMILY, EVERYONE WILL BE TREATED WITH DIGNITY AND RESPECT. 0 0 PROVIDE MEMBERS WITH REGULAR SHARES, SHARE DRAFT, MONEY MARKET, IRA, CERTIFICATE OF DEPOSIT AND CLUB ACCOUNTS. PROVIDE LOANS INCLUDING VEHICLE, MORTGAGE, HOME EQUITY, COMMERCIAL AND PERSONAL LOANS. OFFER AUTOMATED TELLER MACHINES, COURTESY PAY, WIRE TRANSFERS, GIFT CARDS, MONEY ORDERS AND VARIOUS INSURANCE PROGRAMS. 0 0 0 0 0 0 0 0 0 1 1 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 1 1 0 0 0 0 0 0 0 0 1 3923 0 1 179 1 1 1 0 0 0 0 0 0 0 X 7 6 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X PUBLIC SERVICE CREDIT UNION 7346418400 7665 MERRIMAN ROAD ROMULUS MI 48174 FREDERICK MORGAN CHAIRPERSON 2.00 X 0 0 0 JEFF KING VICE CHAIRPERSON 2.00 X 0 0 0 EDWARD CAREY SECRETARY 2.00 X 0 0 0 NORA SHARPLEY DIRECTOR 2.00 X 0 0 0 CHARLIE LOWLER DIRECTOR 2.00 X 0 0 0 DALE REAUME DIRECTOR 2.00 X 0 0 0 DEAN J TRUDEAU PRESIDENT/CEO/TREASURER 40.00 X X 346400 0 39551 SUSAN WYPUTA CFO/SVP OF SUPPORT 40.00 X 203717 0 67873 DONNA FOLLBAUM COO/EVP OF OPERATIONS 40.00 X 170024 0 35316 ROBERT MERCIER CLO/SVP OF MARKETING 40.00 X 156655 0 51625 ANGLEO FANARAS CIO/SVP OF ELECTRONIC SERVICES 40.00 X 140012 0 109142 1016808 0 303507 5 0 1 0 CO-OP 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 CARD PROCESSOR 1255843 VISIFI INC 22 INVERNESS CTR PKWY BIRMINGHAM AL 35242 PROCESSOR 825451 THE CASE GROUP 28175 HAGGERTY RD NOVI MI 48377 BUILDING/RENOVATION 619283 MATRIX TRUST PO BOX 3595 NEW YORK NY 10008 PENSION SERVICES 584417 WINDSTREAM PO BOX 9001013 LOUISVILLE KY 40290 COMMUNICATIONS 299224 11 LOAN INTEREST INCOME 522100 8756638 8756638 FEE AND OTHER INCOME 522100 7648767 7648767 FINANCE AND INSURANCE 520000 1883297 1883297 18288702 1066512 1066512 77627 20430 57197 57197 57197 19412411 17529114 1883297 0 X 10000 862881 5386473 395963 1421437 385281 24842 96515 39760 267111 3092008 845892 1439744 49243 28193 1767535 576493 82805 PROVISION FOR LOAN LOSS 1139600 LOAN SERVICING 424875 MISCELLANEOUS EXPENSES 215190 EXAM FEES 61924 18613765 7076503 7931528 9279844 13223665 167084 120857 4936803 5054388 190232629 180425932 803455 1075786 15954487 5746320 8511426 10208167 51280464 88105441 14080687 24065843 6805069 6874866 293173964 337086473 2779833 4739626 7000000 5000000 250535678 293996278 260315511 303735904 X 0 0 0 0 32858453 33350569 32858453 33350569 293173964 337086473 X 798646 579912 -886442 X X 0 1 X 1 0 2318230 2318230 7720464 1716710 6003754 1425089 945792 479297 4490704 3083818 1406886 10208167 FEDERAL AGENCY SECURITIES 21332125 F CERTIFICATES OF DEPOSIT 626026 C CO-OP NETWORK STOCK 300 C FHLB STOCK 495000 C CU SOLUTIONS GROUP STOCK 113150 C MEMBER FIRST MORTGAGE INVESTMENT 670816 C CORPORATE BONDS 4118676 F MUNICIPAL BONDS 318471 F CMOS 40613681 F INSURANCE INVESTMENTS 19722970 C MERGER INVESTMENTS 82146 F FRB ADJUSTMENT 12080 C 88105441 ALLOYA CORPORATE FEDERAL CREDIT UNION 23538804 C CORPORATE CREDIT UNION 527039 C 24065843 MEMBER SHARES AND DEPOSITS 293996278 293996278 X 19412411 0 19412411 0 19412411 18613765 0 18613765 0 18613765 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. 1 SCHOLARSHIPS 10 10000 PART I, LINE 2: SCHOLARSHIP RECIPIENTS COMPLETE APPLICATIONS AND ARE CHOSEN BY COMMITTEE BASED ON CERTAIN CRITERIA. DOCUMENTATION IS MAINTAINED ON THE RECIPIENTS. X 1 1 X X X 0 1 0 DEAN J TRUDEAU PRESIDENT/CEO/TREASURER 258884 0 80241 0 7275 0 12819 0 26732 0 385951 0 0 0 SUSAN WYPUTA CFO/SVP OF SUPPORT 180748 0 21203 0 1766 0 42906 0 24967 0 271590 0 0 0 ANGLEO FANARAS CIO/SVP OF ELECTRONIC SERVICES 125700 0 13043 0 1269 0 79566 0 29576 0 249154 0 0 0 ROBERT MERCIER CLO/SVP OF MARKETING 136414 0 10314 0 9927 0 40087 0 11538 0 208280 0 0 0 DONNA FOLLBAUM COO/EVP OF OPERATIONS 155222 0 13271 0 1531 0 10254 0 25062 0 205340 0 0 0 PART I, LINE 4B THE FOLLOWING EMPLOYEES PARTICIPATE IN A NON-QUALIFIED 457(B) PLAN. DOLLAR AMOUNTS REPRESENT CONTRIBUTIONS MADE BY EACH RESPECTIVE PARTICIPANT DURING 2020: DEAN TRUDEAU $12,819 SUSAN WYPUTA $7,999 ROBERT MERCIER $6,314 ANGELO FANARAS $5,953 ADDITIONALLY, THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO ROBERT MERCIER, DONNA FOLLBAUM, AND ANGELO FANARAS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. SUSAN WYPUTA, SVP OF FINANCE/CFO IS COVERED UNDER A SPLIT DOLLAR INSURANCE POLICY OWNED BY THE CREDIT UNION. THE CASH SURRENDER VALUE OF THE POLICY AS OF DECEMBER 31, 2020 WAS $1,893,291. ANGELO FANARAS KEY EMPLOYEE LIFE INSURANCE X 1864000 1984380 0 1 1 ROB MERCIER KEY EMPLOYEE LIFE INSURANCE X 1357000 1451844 0 1 1 DONNA FOLLBAUM KEY EMPLOYEE LIFE INSURANCE X 1520000 1618164 0 1 1 5054388 ASHLEY CARR HR MANAGER CREDIT UNION EMPLOYEE-FAMILY RELATIONSHIP WITH PRESIDENT/CEO, DEAN TRUDEAU 86747 COMPENSATION & BENEFITS 0 DONNA GDOWSKI MARKETINGEVENTS COO CREDIT UNION EMPLOYEE-FAMILY RELATIONSHIP WITH PRESIDENT/CEO, DEAN TRUDEAU 50571 COMPENSATION & BENEFITS 0 SAM WYPUTA CREDIT UNION EMPLOYEE-FAMILY RELATIONSHIP WITH SVP SUSAN WYPUTA 56245 COMPENSATION & BENEFITS 0 BAIRD-LOWLER BOARD MEMBER LOWLER 2678 RENOVATION OF GROSSE ILE BRANCH 0 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE AND VOTING. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY A MAIL BALLOT. EACH BOARD MEMBER IS ELECTED FOR A THREE YEAR TERM. FORM 990, PART VI, SECTION A, LINE 7B CREDIT UNION DECISIONS THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE MERGERS WHERE THE CREDIT UNION IS NOT THE SURVIVING ONE AND BY-LAW CHANGES. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE PRESIDENT/CEO AND SVP OF FINANCE/CFO PRIOR TO SUBMISSION TO THE IRS. SUBSEQUENT TO FILING, THE BOARD OF DIRECTORS IS PROVIDED WITH A COPY OF THE 990 RETURNS SUBMITTED. FORM 990, PART VI, SECTION B, LINE 12C CONFLICTS OF INTEREST ARE REVIEWED AND NOTED BY THE RISK MANAGEMENT DEPARTMENT. FOLLOW UP IS ALSO PERFORMED BY THE RISK MANAGEMENT DEPARTMENT. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS FORM A COMMITTEE TO EVALUATE THE PRESIDENT/CEO. SALARY INCREASES ARE BASED ON PERFORMANCE. THE PRESIDENT/CEO PERFORMS AN ANNUAL REVIEW OF THE SVP OF FINANCE/CFO AND OTHER EXECUTIVE MANAGERS AND USES A COMPENSATION SURVEY. SALARY RECOMMENDATIONS ARE GIVEN TO THE BOARD OF DIRECTORS FOR APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. OTHER DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 39,760. FORM 990, PART XI, LINE 9: NET CHANGE IN DEFINED BENEFIT PENSION PLAN -886,442. FORM 990, PART XII, LINE 2B AUDITED FINANCIAL STATEMENTS ARE DONE ON A FISCAL YEAR-END AND TAX REPORTING IS REQUIRED ON A CALENDAR YEAR-END. FORM 990, PART XII, LINE 2C THE PROCESS OF WHICH THE ORGANIZATION'S COMITTEE OVERSEES THE AUDIT OF ITS FINANCIAL STATEMENTS HAS NOT CHANGED SINCE THE PRIOR YEAR.