2019-11-13T08:18:44-06:00 2018-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2018-01-01 720498240 PELICAN STATE CREDIT UNION PELI 2254086100 3232 SOUTH SHERWOOD FOREST BLVD BATON ROUGE LA 70816 JEFFREY CONRAD PRESIDENT/CEO 2254086100 2019-11-11 1 DOUGLAS J ORTH P01076394 3052328272 104.11.88.150 2019-11-11 23:27:24 ES P D6BDE9C1355A337043C62404D5491373D700E221 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2018 2020-04-17 16:48:07Z JEFFREY CONRAD 3232 SOUTH SHERWOOD FOREST BLVD BATON ROUGE LA 70816 45252917 0 X WWW.PELICANSTATECU.COM X 1956 LA TO IMPROVE THE LIVES OF OUR MEMBERS THROUGH SAFE, COMPETITIVE PRODUCTS, AND EDUCATIONAL SERVICES. 9 9 313 14 504821 0 0 0 38193118 43358636 458759 596713 0 1185068 38651877 45140417 0 0 0 0 14794825 17797887 0 0 0 19467611 22513623 34262436 40311510 4389441 4828907 333983505 367266283 300177705 328203542 33805800 39062741 PROVIDING BANKING RELATED SERVICES TO OVER 53,000 MEMBERS OF WHICH MANY FALL BELOW FEDERAL AND STATE POVERTY LEVELS. MANY DO NOT QUALIFY FOR FINANCIAL SERVICES WITH BANKS, INCLUDING CHECKING ACCOUNTS AND MORTGAGE LOANS DUE TO LOW INCOME OR PRIOR CREDIT HISTORY. 0 0 LOAN PROGRAM WITH COMPETITIVE INTEREST PRICING TO ALL MEMBERS, INCLUDING MEMBERS WITH LITTLE OR POOR CREDIT HISTORY. WIDE SPECTRUM OF LENDING PRODUCTS INCLUDING AUTO LOANS WITH NO DOWN PAYMENT, MORTGAGE LENDING, CREDIT CARDS, UNSECURED LENDING AND PAYDAY ALTERNATIVE LENDING. DEPOSIT PROGRAM OFFERING VARIETY OF SAVINGS AND TRANSACTIONAL PRODUCTS, MOST WITH NO MONTHLY FEE AND ABOVE MARKET INTEREST RATES. CHECKING ACCOUNTS GEARED FOR EASY ENTRY REGARDLESS OF PRIOR CHECKING HISTORY. PARTNERS IN EDUCATION PROGRAMS; PROVIDED FREE FINANCIAL EDUCATIONAL PROGRAMS THROUGHOUT THE STATE, INCLUDING CREDIT MANAGEMENT, CREDIT REPAIR, BUDGETING, AND CHECKING ACCOUNT BALANCING. SEMINARS ARE CONDUCTED IN LOCAL HIGH SCHOOLS, COMMUNITY CENTERS, AND HOSPITALS THROUGHOUT THE STATE. WE PROVIDED FREE CREDIT COUNSELING PROGRAM TO MEMBERS, HELPING THEM CREATE BUDGETS AS WELL AS REBUILD THEIR CREDIT. SEVEN EMPLOYEES ARE DEDICATED TO THIS PROGRAM FULL TIME. STAFF CONDUCTED 196 WORKSHOPS THROUGHOUT THE STATE, WITH 7706 ATTENDEES, OF WHICH 474 WERE MEMBERS AND 7232 WERE NON-MEMBERS. WE ALSO TEACH FINANCIAL EDUCATION TO HIGH SCHOOL STUDENTS - LAST YEAR WE HELD 55 WORKSHOPS SPEAKING TO 2471 STUDENTS. 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 13569 0 1 313 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X MELISSA OTT 2254086100 3232 SOUTH SHERWOOD FOREST BLVD BATON ROUGE LA 70816 GARY CROCKETT DIRECTOR 1.00 X 0 0 0 JANELLE FOLSE DIRECTOR 1.00 X 0 0 0 DAVID GILL DIRECTOR 1.00 X 0 0 0 ARYON MCGUIRE DIRECTOR 1.00 X 0 0 0 WILLIAM MULLINIX DIRECTOR 1.00 X 0 0 0 SHARON THORN DIRECTOR 1.00 X 0 0 0 DAVID COLVIN DIRECTOR/PRESIDENT 1.00 X 0 0 0 LINDA LOCKBRUNNER DIRECTOR/V. PRESIDENT 1.00 X 0 0 0 SAMUEL MCDANEIL DIRECTOR/V. PRESIDENT 1.00 X 0 0 0 BOB WILSON DIRECTOR/TREASURER 1.00 X 0 0 0 JEFFREY CONRAD CEO/PRESIDENT 40.00 X 373686 0 33599 MELISSA OTT CHIEF FINANCIAL OFFICER 40.00 X 194125 0 19147 ANNETTE THAMES CHIEF OPERATIONS OFFICER 40.00 X 215773 0 18356 CHARLES MORGAN SENIOR VICE PRESIDENT 40.00 X 181862 0 5394 PAIGE CORCORAN SENIOR VICE PRESIDENT 40.00 X 162364 0 26254 KATHLEEN FORD VICE PRESIDENT 40.00 X 115928 0 19237 LEIGH PORTA VICE PRESIDENT 40.00 X 112097 0 5165 BENJAMIN MANRY VICE PRESIDENT 40.00 X 104275 0 8491 SHARON COLLINS ASST VICE PRESIDENT 40.00 X 108786 0 14017 LINDSEY RICHARD VICE PRESIDENT 40.00 X 139709 0 16479 1708605 0 166139 10 0 1 0 LABARRE ASSOCIATES INC 8385 RUSHING RD EAST DENHAM SPRINGS LA 70726 FACILITY MAINTENANCE/ACHITECT 1783548 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 DATA PROCESSOR 483492 KASASA LTD PO BOX 527 LUBBOCK TX 79408 MARKETING AND SOFTWARE 455057 ALPHA OMEGA LASER INC PO BOX 36976 SHREVEPORT LA 71133 STATEMENT PRINTING 335546 CDW DIRECT PO BOX 75723 CHICAGO IL 60675 INFORMATION TECHNOLOGY 235793 20 INCOME ON LOANS 522100 22630292 22630292 FEES/CHARGES/OTHER 522100 20223523 20223523 NON MEMBER ATMS 525990 171918 171918 SHARED BRANCHING 900099 166503 166503 WARRANTY INCOME 524298 166400 166400 43358636 604333 604333 104880 112500 -7620 -7620 -7620 OTHER NON OPERATING INCOME 522100 1185068 1185068 1185068 45140417 44635596 504821 0 X 1230560 11583585 968043 3024782 990917 22527 70345 877619 499157 1819887 635409 423069 450991 3459184 63874 1601776 559585 PROVISION FOR LOAN LOSS 6042199 VISA CREDIT/DEBIT EXPEN 1632453 MAINTENANCE 1568738 LOAN SERVICING 869286 1917524 40311510 5218555 6155110 19234660 20978259 2843170 3068131 2493020 2710615 263916906 300107828 788680 973791 26615208 8915757 18640640 17699451 4799993 4580901 7230411 486392 274614 234741 8542856 10271064 333983505 367266283 3433149 3992506 296744556 324211036 300177705 328203542 X 0 0 0 0 33805800 39062741 33805800 39062741 333983505 367266283 X 4828907 -24736 452770 X X 0 1 X 1 1 0 5863229 5863229 10144618 2110697 8033921 1613905 916584 697321 8993456 5888476 3104980 17699451 MEMBER SHARES 324211036 324211036 X 45140417 0 45140417 0 45140417 40311510 0 40311510 0 40311510 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (INTERNAL REVENUE CODE SECTION 501(C)(14), FROM FEDERAL INCOME TAX. THE INCOME TAXES TOPIC OF 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. 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 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. X 1 1 X X X X 0 1 0 JEFFREY CONRAD CEO/PRESIDENT 305012 0 49773 0 18901 0 24500 0 9099 0 407285 0 0 0 MELISSA OTT CHIEF FINANCIAL OFFICER 167781 0 23035 0 3309 0 13015 0 6132 0 213272 0 0 0 ANNETTE THAMES CHIEF OPERATIONS OFFICER 184331 0 23215 0 8227 0 12781 0 5575 0 234129 0 0 0 CHARLES MORGAN SENIOR VICE PRESIDENT 157154 0 14936 0 9772 0 375 0 5019 0 187256 0 0 0 PAIGE CORCORAN SENIOR VICE PRESIDENT 140703 0 15563 0 6098 0 24500 0 1754 0 188618 0 0 0 LINDSEY RICHARD VICE PRESIDENT 120053 0 10723 0 8933 0 6333 0 10146 0 156188 0 0 0 PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, JEFFREY CONRAD THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANT 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. JEFFREY CONRAD CEO SPLIT DOLLAR - LIFE INSURANCE X 2500000 2710615 0 1 1 2710615 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 ORGANIZATION IS MADE UP OF INDIVIDUALS WHO EACH PAY $5.00 MEMBERSHIP FEE AND DEPOSIT OF $5.00 MINIMUM BALANCE INTO A SHARE (SAVINGS) ACCOUNT. FORM 990, PART VI, SECTION A, LINE 7A ANY MEMBER WITH A $5.00 MINIMUM BALANCE (PAR VALUE OF A SHARE) IN THEIR REGULAR SHARE (SAVINGS) ACCOUNT IS ENTITLED TO A VOTE ON THE BOARD OF DIRECTORS. ELECTIONS OCCUR AT THE ANNUAL MEMBERSHIP MEETING HELD IN APRIL EACH YEAR. FORM 990, PART VI, SECTION A, LINE 7B MODIFICATIONS TO THE ARTICLES OF INCORPORATION UNDER WHICH THE CREDIT UNION IS CHARTERED ARE REQUIRED TO BE APPROVED BY A MAJORITY VOTE OF THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY SENIOR MANAGEMENT EMPLOYEES BEFORE BEING EMAILED TO THE FULL BOARD OF DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C OUR INDEPENEDENT CPA FIRM IN CONJUNCTION WITH THE SUPERVISORY COMMITTEE, REVIEWS INTERNAL CONTROLS AND CONFLICTS OF INTEREST REGULARLY AND CONSISTENTLY (ANNUALLY). THIS INFORMATION IS REPORTED DIRECTLY TO THE BOARD OF DIRECTORS AND MANAGEMENT. IN BETWEEN THOSE REVIEWS OUR INTERNAL AUDIT DEPARTMENT REVIEWS THE "CONFLICT OF INTEREST" POLICY, AND REPORTS BACK TO SENIOR MANAGEMENT. ADDITIONALLY, THE CREDIT UNION SUBSCRIBES TO "ETHICSPOINT" SOFTWARE, WHERE EMPLOYEES CAN ANONYMOUSLY REPORT SUSPICIONS OR CONCERNS. THESE REPORTS ARE IMMEDIATELY COMMUNICATED TO ALL OF SENIOR MANAGEMENT AND HR UNLESS A CONCERN LIES WITH A SENIOR MANAGER, AT WHICH POINT THE REPORT WOULD BE COMMUNICATED TO ALL OTHER SENIOR MANAGERS AND A REPRESENTATIVE OF THE SUPERVISORY COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 ALL EMPLOYEES SALARIES INCLUDING KEY EMPLOYEES ARE DETERMINED BY A SALARY SOFTWARE. SOFTWARE INTEGRATED SALARY SURVEYS FROM 3 INDEPENDENT SOURCES TO FORMULATE A SALARY RANGE FOR EACH POSITION, WITH STEP INCREASES BASED ON TENURE IN POSITION. EMPLOYEES UNDERGO A PERFORMANCE REVIEW ANNUALLY WITH A SCORE THAT IS APPLIED AS A MERIT INCREASE, THE SALARY SURVEY DATA DETERMINES IF MARKET INCREASES ARE APPLICABLE IN ADDITION TO THE MERIT INCREASE. ALL EMPLOYEES WERE REVIEWED IN 2018 WITH SALARY ADJUSTMENTS. THE CEO WAS REVIEWED BY THE BOARD OF DIRECTORS AND GIVEN A MERIT INCREASE BASED ON THE SCORING OF THAT REVIEW. FORM 990, PART VI, SECTION C, LINE 19 ALL INFORMATION IS AVAILABLE UPON REQUEST, WITH FINANCIAL DATA PRESENTED TO MEMBERSHIP AT THE ANNUAL MEMBERSHIP MEETING HELD IN APRIL. FORM 990, PART IX, LINE 24E MISCELLANEOUS 662,763. ATM EXPENSES 531,322. ON-LINE MEMBER SERVICES 524,541. SHARED BRANCHING 198,898. FORM 990, PART XI, LINE 9: EQUITY ACQUIRED THROUGH MERGER 452,770. 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. FORM 990, PART XII, LINE 3B: THE CREDIT UNION IS IN THE PROCESS OF UNDERGOING A SINGLE AUDIT.