2023-07-12T10:24:29-05:00 2022-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2022-01-01 381379433 PFCU PFCU 5176477571 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 TAMMY L BENGEL CFO 5176477571 2023-06-14 1 TAMMY BENGEL 999009999 0 BRANDON M WILSON P02447970 2482443000 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z MICHELE MAKELEY 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 35820851 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 8 226 8 115741 33158 0 0 30445104 32436483 2570007 3375768 0 0 33015111 35812251 85766 132754 0 0 13476885 14567055 0 0 0 13193158 15320426 26755809 30020235 6259302 5792016 778796004 790319803 706557288 723066754 72238716 67253049 X LOCAL PEOPLE DEDICATED TO HOMETOWN SERVICE ONE MEMBER AT A TIME, ANYTIME. 1 0 AS OF DECEMBER 31, 2022, PFCU SERVED 54,443 MEMBERS WITH REGULAR SHARES, CLUB ACCOUNTS, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, MONEY MARKETS AND INDIVIDUAL RETIREMENT ACCOUNTS. PFCU HAS GONE FROM A $778.8 MILLION DOLLAR CREDIT UNION IN 2021 TO $790.3 MILLION DOLLAR CREDIT UNION AT THE END OF 2022. AS OF DECEMBER 31, 2022 PFCU HAD 33,984 LOANS INCLUDING PERSONAL, HOME EQUITY, MORTGAGE AND CREDIT CARD TYPES. PFCU OFFERED AUTOMATED TELLER MACHINES WITH ATM CAPALIITIES 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 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 11130 0 1 226 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 CHAD BURKE VICE CHAIRPERSON 1.00 X 0 0 0 ERIN GORMAN BOD MEMBER 1.00 X 0 0 0 JOHN KUTAS BOD MEMBER 1.00 X 0 0 0 LEO MADARANG BOD MEMBER 1.00 X 0 0 0 FRANK MASON TREASURER 1.00 X 0 0 0 MICHAEL WARD CHAIRPERSON 1.00 X 0 0 0 DAN SCHRAUBEN SECRETARY 1.00 X 0 0 0 CHRISTINE ROCKEY BOD MEMBER 1.00 X 0 0 0 HARVEY HOSKINS CEO 40.00 X 425300 0 44985 TAMMY L BENGEL CFO 40.00 X 181493 0 17629 MICHELE MAKLEY EXECUTIVE VP 40.00 X 242663 0 19623 HEATHER SPITZLEY SVP HR 40.00 X 122979 0 31638 JOE KRIEGER SVP LENDING 40.00 X 170558 0 36402 THERESA BURGESS SVP MEMBER EXPERIENCE 40.00 X 141336 0 26883 SEAN KREBS SVP IT 40.00 X 121841 0 25108 1406170 0 202268 13 0 1 0 INFORMA BUSINESS SYSTEMS 5170 HARTSHORN DR FLUSHING MI 48433 ATMS/ITMS 1027494 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE RD STE 260 FARMINGTON HILLS MI 48834 CORE SYSTEM 981240 Q2 SOFTWARE 2975 REGENT BLVD STE 100 IRVING TX 75320 HOME BANKING SOFTWARE 784951 COPPERROCK CONSTRUCTION 601 5TH STREET NW SUITE 300 GRAND RAPIDS MI 49504 CONSTRUCTION 204165 DOXIM IDS LLC PO BOX 933472 CLEVELAND OH 44193 STATEMENTS/MAILINGS 188546 12 LOANS TO MEMBERS 522100 22040832 22040832 FEES/CHARGES/OTHER 522100 10279910 10279910 FINANCE AND INSURANCE 520000 115741 115741 32436483 3334098 3334098 50270 8600 41670 41670 41670 35812251 35696510 115741 0 X 122754 10000 669407 9396218 1014834 2648870 837726 134000 35586 230763 646062 2684811 1445478 603448 216065 2117881 78033 936845 151178 UNRELATED BUSINESS INCO 6264 DEBIT/CREDIT EXPENSES 2403525 LOAN SERVICING 1680254 MAINTENANCE 1079721 870512 30020235 5190163 6534348 71400053 65637377 694542 1110952 466900632 493014955 1900917 1869746 18794890 8733715 9852781 10061175 138511794 150728057 63233977 39022045 3572375 3306050 17538770 19035098 778796004 790319803 4559873 6570278 701997415 716496476 706557288 723066754 X 0 0 0 0 72238716 67253049 72238716 67253049 778796004 790319803 5792016 -10777683 0 X X 0 1 X 1 0 1590148 1590148 11060746 3986968 7073778 822672 579135 243537 5321324 4167612 1153712 10061175 MEMBER SHARE AND SAVINGS 716496476 716496476 X 35812251 0 35812251 0 35812251 30020235 0 30020235 0 30020235 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. 1 ARIANA MAE FOUNDATION 472264843 501(C)(3) 7868 0 CHARITABLE CONTRIBUTION GREEN GABLES HAVEN 383643202 501(C)(3) 6791 0 CHARITABLE CONTRIBUTION JACOB LADDER 842980317 501(C)(3) 7228 0 CHARITABLE CONTRIBUTION SHARED PREGNANCY WOMEN'S CENTER 382479382 501(C)(3) 6493 0 CHARITABLE CONTRIBUTION 4 0 SCHOLARSHIPS 10 10000 SCHEDULE I, PART III DURING 2022, 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 X 0 1 0 HARVEY HOSKINS CEO 282969 0 13765 0 128566 0 25417 0 19568 0 470285 0 0 0 MICHELE MAKLEY EXECUTIVE VP 222601 0 10582 0 9480 0 18324 0 1299 0 262286 0 0 0 JOE KRIEGER SVP LENDING 161773 0 8005 0 780 0 16819 0 19583 0 206960 0 0 0 TAMMY L BENGEL CFO 168707 0 8033 0 4753 0 16330 0 1299 0 199122 0 0 0 THERESA BURGESS SVP MEMBER EXPERIENCE 112199 0 5374 0 23763 0 11675 0 15208 0 168219 0 0 0 HEATHER SPITZLEY SVP HR 115346 0 5698 0 1935 0 12124 0 19514 0 154617 0 0 0 PART I, LINE 4B THE FOLLOWING EMPLOYEES REPORTED IN PART VII PARTICIPATE IN A DEFERRED CASH AGREEMENT WHICH WILL BE FUNDED BY THE CREDIT UNION OWNED LIFE INSURANCE POLICIES IN PLACE FOR EACH OF THE PARTICIPANTS: TAMMY BENGEL THERESA BURGESS HARVEY HOSKINS SEAN KREBS JOE KRIEGER MICHELE MAKLEY HEATHER SPRITZLEY OF THE INDIVIDUALS LISTED ABOVE, THE FOLLOWING RECEIVED A PAYOUT IN 2022: HARVEY HOSKINS: $120,000 THERESA BURGESS: $21,553 FORM 990, PART III, LINE 2 NEW BRANCH OPENED IN PERRY, MI. ITM MACHINES INSTALLED IN LAKE ODESSA, PORTLAND. BEGAN SELLING LOAN PARTICIPATIONS AND BUYING COMMERCIAL LOAN PARTICIPATIONS 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 COMPEASE AS A REFERENCE. THE CEO AND THE EXECUTIVE V.P. DETERMINE THE SALARY FOR THE CFO AND UTILIZE COMPEASE 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 PROVISION FOR LOAN LOSSES 739,655. MISCELLANEOUS 71,248. TRAINING/DEVELOPMENT/EDUCATION 59,609. 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.