2019-09-24T08:31:11-05:00 2018-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2018-06-01 381379433 PFCU PFCU 5176477571 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 TAMMY L BENGEL CFO 5176477571 2019-09-24 1 ROBERT PARKS P00740435 2482443000 64.95.240.2 2019-09-24 08:30:06 ED P A7DB26C3BB201601930FCFA0C4651552B54C26A2 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2018 2019-02-21 02:37:17Z X HARVEY HOSKINS 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 21244241 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. 11 11 200 16 56102 49555 0 14823378 1742979 0 16566357 30484 0 6650730 0 0 8443631 15124845 1441512 323312457 535594031 289910477 473423047 33401980 62170984 X LOCAL PEOPLE DEDICATED TO HOMETOWN SERVICE ONE MEMBER AT A TIME, ANYTIME. 1 0 EFFECTIVE JUNE 1, 2018 PORTLAND FEDERAL CREDIT UNION CONVERTED TO A STATE-CHARTERED CREDIT UNION AND CHANGED ITS NAME TO PFCU. EFFECTIVE JULY 1, 2018 SAGELINK CREDIT UNION MERGED INTO PFCU. AS OF DECEMBER 2018, PFCU SERVED 50,219 MEMBERS WITH REGULAR SHARES, CLUB, SHARE DRAFTS, CERTIFICATES OF DEPOSITS, MONEY MARKETS AND INDIVIDUAL RETIREMENT ACCOUNTS. AS OF DECEMBER 2018, PFCU HAD 30,953 LOANS OUTSTANDING INCLUDING PERSONAL, HOME EQUITY, MORTGAGE AND CREDIT CARD LOANS. PFCU OFFERS AUTOMATED TELLER MACHINES, ITM MACHINES AND VARIOUS INSURANCE 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4928 0 1 200 1 1 1 0 0 0 0 0 0 0 X 11 11 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 RACHEL HASKIN 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 CHARLIE SCHAUFELE 1.00 X 0 0 0 RAY VANHECEKE BOD MEMBER 1.00 X 0 0 0 HARVEY HOSKINS CEO 40.00 X 132525 0 13377 TAMMY L BENGEL CFO 40.00 X 69712 0 13064 202237 0 26441 1 0 0 0 WORLDPAY 8500 GOVERNORS HILL DR SYMMES TOWNSHIP OH 45249 DEBIT/CREDIT CARDS 754551 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE RD STE 260 FARMINGTON HILLS MI 48834 CORE COMPUTER SYSTEM 741238 INFORMA SYSTEMS 5170 HARTSHORN DR FLUSHING MI 48433 ATMS/ITMS 254190 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 DEBIT/CREDIT CARDS 228772 Q2 13785 RESEARCH BLVD STE 150 AUSTIN TX 78750 DIGITAL BANKING 200484 8 LOANS TO MEMBERS 522100 10468359 10468359 FEES/CHARGES/OTHER 522100 4298917 4298917 NON MEMBER ATMS 900099 33129 33129 SHARES BRANCHING 900099 22973 22973 14823378 1584863 1584863 4836000 4677884 158116 158116 158116 16566357 16510255 56102 0 X 30484 228678 4362292 423664 1246192 389904 17487 18850 87985 480921 1478153 675572 488111 97875 1243710 19981 400422 59706 LOAN SERVICING 1046879 PROVISION FOR LOAN LOSS 939066 DEBIT/CREDIT EXPENSES 882712 MAINTENANCE 446744 59457 15124845 1671703 6033360 14258084 71214650 14985 398117 255829227 354087642 546948 1469753 11927586 0 6360964 11927586 9337015 47570443 31558900 31293700 4387376 3734631 7211404 323312457 535594031 794415 3230063 289116062 470192984 289910477 473423047 X 0 0 0 0 33401980 62170984 33401980 62170984 323312457 535594031 X 1441512 190910 27136582 X X 0 1 X 1 0 1552527 1552527 8821308 8821308 152054 152054 1401697 1401697 11927586 PERPETUAL CONTRIBUTED CAPITAL 1131500 C FHLB STOCK 1249464 C CERTIFICATES OF DEPOSIT 28912736 C 31293700 MEMBER SHARE AND SAVINGS 470192984 470192984 X 16566357 0 16566357 0 16566357 15124845 0 15124845 0 15124845 PART X, LINE 2: 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 2017, 2016, 2015, AND 2014 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. FORM 990, PART III, LINE 2 PFCU MERGED WITH SAGELINK CREDIT UNION JULY 1ST 2018. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION FIELD OF MEMBERSHIP HAS AUTHORITY TO ELECT AND RE-ELECT EVERY TWO YEARS THE BOARD OF DIRECTORS AND THE MEMBERS OF THE SUPERVISORY COMMITTEE. FORM 990, PART VI, SECTION A, LINE 7B THE CREDIT UNION'S MEMBERSHIP VOTED ON A CHARTER CHANGE AND MERGER DURING 2018. EFFECTIVE JUNE 1, 2018 PORTLAND FEDERAL CREDIT UNION BECAME STATE CHARTERED AND CHANGED ITS' NAME TO PFCU. EFFECTIVE JULY 1ST 2018 PFCU MERGED WITH SAGELINK CREDIT UNION. 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 IX, LINE 24E MISCELLANEOUS 38,994. TRAINING/DEVELOPMENT/EDUCATION 20,463. FORM 990, PART XI, LINE 9: EQUITY ACQUIRED THROUGH MERGER 27,136,582. 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.