2020-07-16T16:36:40-05:00 2019-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2019-01-01 381379433 PFCU PFCU 5176477571 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 TAMMY L BENGEL CFO 5176477571 2020-07-16 1 ROBERT PARKS P00740435 2482443000 104.11.88.150 2020-07-16 16:34:28 ED 3849772020197039be75 2020-07-15 P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B2EFC313AB4EEA4760135470907D022D8B217834 2019 2021-04-22 16:20:28Z HARVEY HOSKINS 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 31907773 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. 8 8 216 8 115413 28516 0 0 14823378 28050314 1742979 3857459 0 0 16566357 31907773 30484 75373 0 0 6650730 13056996 0 0 0 8443631 16286033 15124845 29418402 1441512 2489371 535594031 578173637 473423047 512554542 62170984 65619095 LOCAL PEOPLE DEDICATED TO HOMETOWN SERVICE ONE MEMBER AT A TIME, ANYTIME. 0 0 AT THE END OF DECEMBER 2019 PFCU NOW SERVES 52,154 MEMBERS WITH REGULAR SHARES, CLUB ACCOUNTS, SHARE DRAFTS, CERTIFICIATES OF DEPOSITS, MONEY MARKETS AND INDIVIDUAL RETIREMENT ACCOUNTS. AT THE END OF DECEMBER 2019 PFCU PROVIDED 37,157 LOANS INCLUDING PERSONAL, HOME EQUITY, MORTGAGE AND CREDIT CARD TYPE LOANS. AT THE END OF DECEMBER 2019 PFCU OFFERED AUTOMATED TELLER MACHINES, ITM MACHINES AND VARIOUS INSURACE 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 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 10278 0 1 216 1 1 1 0 0 0 0 0 0 0 X 8 8 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 139155 0 14424 HARVEY HOSKINS CEO 40.00 X 253433 0 35366 LEANNE HIXSON VP OF LENDING 40.00 X 109457 0 25918 ELIZABETH BLUNDY SVP OF HUMAN RESOURCES 40.00 X 106642 0 25648 JOE KRIEGER SVP LENDING 40.00 X 115505 0 27990 MICHELE MAKLEY EXECUTIVE VP 40.00 X 156940 0 15383 ANNA WILLSON PROJECT MANAGER 40.00 X 209788 0 24588 1090920 0 169317 7 0 1 0 WORLDPAY 8500 GOVERNORS HILL DR SYMMES TOWNSHIP OH 45249 DEBIT/CREDIT CARDS 1457981 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE RD STE 260 FARMINGTON HILLS MI 48834 CORE COMPUTER SYSTEM 843902 INFORMA SYSTEMS 5170 HARTSHORN DR FLUSHING MI 48433 ATMS/ITMS 603502 Q2 SOFTWARE 2975 REGENT BLVD STE 100 IRVING TX 75320 ADMINISTRATION OF HOME BANKING SOFTWARE 228772 MARQUIS 5208 TENNYSON PKWY STE 120 PLANI TX 75024 MARKETING/COMPLIANCE/STATISTICAL SOFTWAR 221220 15 LOANS TO MEMBERS 522100 19540693 19540693 FEES/CHARGES/OTHER 522100 8394208 8394208 NON MEMBER ATMS 900099 60893 60893 SHARES BRANCHING 900099 54520 54520 28050314 3857459 3857459 31907773 31792360 115413 0 65373 10000 392621 8569140 819592 2477978 797665 135172 40559 168910 919515 3420656 1301936 606161 203440 7236 2684490 36546 848562 107526 PROVISION FOR LOAN LOSS 1940156 DEBIT/CREDIT EXPENSES 1471058 LOAN SERVICING 1408053 MAINTENANCE 813720 172337 29418402 6033360 6040091 71214650 34106225 398117 607290 354087642 411528119 1469753 1531338 17455722 5895862 11927586 11559860 47570443 61918925 31293700 31550065 4387376 4146579 7211404 15185145 535594031 578173637 3230063 4034832 10000000 470192984 498519710 473423047 512554542 X 0 0 0 0 62170984 65619095 62170984 65619095 535594031 578173637 2489371 958740 0 X X 0 1 X 1 0 1642398 1642398 11483496 2815984 8667512 515979 484498 31481 3813849 2595380 1218469 11559860 PERPETUAL CONTRIBUTED CAPITAL 1131500 C FHLB STOCK 1249464 C CERTIFICATES OF DEPOSIT 29169101 C 31550065 MEMBER SHARE AND SAVINGS 498519710 498519710 X 31907773 0 31907773 0 31907773 29418402 0 29418402 0 29418402 PART X, LINE 2: INCOME TAXES THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE TAX LAWS. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE "MORE LIKELY THAN NOT" STANDARD FOR SUSTAINABILITY UPON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UBI MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. MANAGEMENT HAS ASSESSED THE CREDIT UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2019 AND 2018 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. 1 SCHOLARSHIPS 10 10000 SCHEDULE I, PART III DURING 2019, 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 0 0 0 TAMMY L BENGEL CFO 124764 0 7052 0 7339 0 13213 0 1211 0 153579 0 0 0 HARVEY HOSKINS CEO 229473 0 14117 0 9843 0 21752 0 13614 0 288799 0 0 0 MICHELE MAKLEY EXECUTIVE VP 140779 0 9676 0 6485 0 14172 0 1211 0 172323 0 0 0 ANNA WILLSON PROJECT MANAGER 176826 0 15047 0 17915 0 18346 0 6242 0 234376 0 0 0 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 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.