2020-10-08T22:00:51-05:00 2019-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2019-01-01 380478780 PEOPLE DRIVEN CREDIT UNION PEOP 2482634100 24333 LAHSER ROAD SOUTHFIELD MI 48033 MARGARET LAMB CFO 2482634102 2020-10-08 1 JACK C TRACY CPA P01974742 2482443000 2020-10-06 64.95.240.2 2020-10-08 15:19:02 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B2EFC313AB4EEA4760135470907D022D8B217834 2019 2021-04-22 16:20:28Z RENEE DEMARCO 24333 LAHSER ROAD SOUTHFIELD MI 48033 14465914 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 7 105 7 271109 0 0 0 11925506 12917472 1322790 1277333 338690 271109 13586986 14465914 0 0 0 0 5520050 5516256 0 0 0 6574074 7146500 12094124 12662756 1492862 1803158 260418881 272103137 236096541 245166283 24322340 26936854 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 23,689 MEMBERS WITH REGULAR SAVINGS, CHECKING, CERTIFICATES OF DEPOSIT, AND IRA ACCOUNTING TOTALING 69,983 ACCOUNTS. PROVIDED 3,538 LOANS INCLUDING VEHICLE, OVERDRAFT PROTECTION, MORTGAGE, HOME EQUITY, SIGNATURE, CREDIT CARD, INDIRECT, BUSINESS AND RECREATIONAL VEHICLE LOANS. PROVIDE AUTOMATED TELLER MACHINES (ATM), DEBIT CARDS, MONEY ORDERS, BILL PAYMENT, ONLINE BANKING, FINANCIAL COUNSELING AND EDUCATION, OVERDRAFT/COURTESY PAY, 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 0 0 0 0 0 0 0 0 0 0 0 0 0 1 3114 0 1 105 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 174558 0 75441 RENEE D DEMARCO PRESIDENT/CEO 40.00 X 315056 0 124282 EMILY ROBERTS COO 40.00 X 122514 0 25231 SCOTT SULLIVAN VP MARKETING 40.00 X 104450 0 12495 716578 0 237449 4 0 1 0 HARMON MANAGEMENT LLC 417 COPPERSMITH DRIVE MASON MI 48854 GENERAL CONTRACTING 571785 MEMBER DRIVEN TECHNOLOGIES 30230 PRCHARD LAKE RD FARMINGTON HILLS MI 48334 TECHNOLOGY SERVICES 255215 DIEBOLD PO BOX 643543 PITTSBURGH PA 152643543 ATM SERVICES 200892 KASASA LTD PO BOX 527 LUBBOCK TX 79408 CONSULTING SERVICES 150205 SENTINEL TECHNOLOGIES INC PO BOX 85080 CHICAGO IL 606800851 CONSULTING SERVICES 137469 5 LOAN INCOME 522100 8709639 8709639 FEES AND CHARGES 522100 4207833 4207833 12917472 1277333 1277333 INSURANCE SALES 524298 190681 190681 NON MEMBER ATMS 525990 80428 80428 271109 14465914 12917472 271109 1277333 X 689337 3523665 413217 529504 360533 58678 13176 199004 148387 778197 117464 505591 OFFICE OPERATIONS 2104208 PROVISION FOR LOAN LOSS 1354606 MEMBER SERVICES 1344609 LOAN SERVICING 425025 97555 12662756 8851538 8902085 19360081 24235770 166812531 179885961 943544 902983 13349931 2984272 9999874 10365659 38866945 32373681 4062494 4033515 517183 423149 11004691 10980334 260418881 272103137 2699577 2623162 233396964 242543121 236096541 245166283 X 0 0 0 0 24322340 26936854 24322340 26936854 260418881 272103137 X 1803158 838171 -26815 X X 0 1 X 1 0 1368977 1368977 10712679 2212390 8500289 1268275 771882 496393 10365659 MEMBERS SHARE ACCOUNTS 242543121 242543121 X 14465914 0 14465914 0 14465914 12662756 0 12662756 0 12662756 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. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED 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 THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS HAS BEEN AN ISSUE FOR MANY YEARS. IN 2007, THE INTERNAL REVENUE SERVICE ("IRS") ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA ("TAM") TO A NUMBER OF STATE-CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. IN THESE TAMS, THE IRS RULED CERTAIN PRODUCTS AND SERVICES TO BE SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. IN LIGHT OF THE TAMS, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION'S OPEN AUDIT PERIOD IS FOR THE FOUR YEAR PERIOD ENDED DECEMBER 31, 2019 (2016-2019). X X 1 1 X X X 0 1 0 MARGARET LAMB CFO 161938 0 12100 0 520 0 65803 0 9638 0 249999 0 0 0 RENEE D DEMARCO PRESIDENT/CEO 275356 0 28000 0 11700 0 109789 0 14493 0 439338 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 2019 THE ACCRUED BENEFIT WAS $84,915 AND $57,276, RESPECTIVELY. FORM 990, PART VI, SECTION A, LINE 6 EVERY CLIENT THAT HAS AN ACCOUNT WITH OUR CREDIT UNION IS ALSO A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A 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 ANNUAL CERTIFICATION OF COMPLIANCE WITH 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 199,004. FORM 990, PART IX, LINE 24E MISCELLANEOUS 97,555. FORM 990, PART XI, LINE 9: CHANGES IN ASSUMPTIONS ON POSTRETIREMENT BENEFIT OBLIGATION -26,815. 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: AUDITED FINANCIAL STATEMENTS ARE DONE ON A FISCAL YEAR END AND TAX REPORTING IS REQUIRED ON A CALENDAR YEAR END.