2024-08-12T16:38:14-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 W BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 381439781 PUBLIC SERVICE CREDIT UNION PUBL 7346418400 7665 MERRIMAN ROAD ROMULUS MI 48174 DEAN J TRUDEAU PRESIDENT/CEO 7346418400 2024-08-12 1 0 JOSEPH A ZITO CPA P00648440 2482443000 2024-08-06 2023 2024-08-08 14:25:15Z DEAN J TRUDEAU 7665 MERRIMAN ROAD ROMULUS MI 48174 30667117 0 X WWW.PSCUNOW.COM X 1951 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 6 5 159 6 1399846 0 0 4000000 18943858 24272162 1586394 2362227 0 0 20530252 30634389 10000 10000 0 0 9628870 10269611 0 0 0 9807279 16594769 19446149 26874380 1084103 3760009 391529125 415528255 363581738 381389344 27947387 34138911 TO HELP OUR MEMBERS REACH THEIR FINANCIAL GOALS. WE ARE COMMITTED TO PROVIDING EXCEPTIONAL SERVICES FROM KNOWLEDGABLE EMPLOYEES. AS A MEMBER OF THE PSCU FAMILY, EVERYONE WILL BE TREATED WITH DIGNITY AND RESPECT. 0 0 PROVIDE MEMBERS WITH REGULAR SHARES, SHARE DRAFT, MONEY MARKET, IRA, CERTIFICATE OF DEPOSIT AND CLUB ACCOUNTS. PROVIDE LOANS INCLUDING VEHICLE, MORTGAGE, HOME EQUITY, COMMERCIAL AND PERSONAL LOANS. OFFER AUTOMATED TELLER MACHINES, COURTESY PAY, WIRE TRANSFERS, GIFT CARDS, MONEY ORDERS AND VARIOUS INSURANCE PROGRAMS. 0 1 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 1 0 0 1 1 0 0 0 0 0 0 0 0 1 2927 0 1 159 1 1 1 0 0 0 0 0 0 0 X 6 5 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X PUBLIC SERVICE CREDIT UNION 7346418400 7665 MERRIMAN ROAD ROMULUS MI 48174 FREDERICK MORGAN CHAIRPERSON 2.00 X 0 0 0 CHARLIE LOWLER VICE CHAIRPERSON 2.00 X 0 0 0 EDWARD CAREY SECRETARY 2.00 X 0 0 0 NORA SHARPLEY DIRECTOR 2.00 X 0 0 0 DALE REAUME DIRECTOR 2.00 X 0 0 0 DEAN J TRUDEAU PRESIDENT/CEO, BOARD TREASURER 40.00 X X 437322 0 22458 MELISSA ESPINOZA CFO/SVP OF SUPPORT 40.00 X 221791 0 9341 DONNA FOLLBAUM COO/EVP OF BRANCH SERVICES 40.00 X 202481 0 45255 ROBERT MERCIER CLO/SVP OF SALES & LENDING 40.00 X 192672 0 55586 ANGELO FANARAS CIO/SVP OF ELECTRONIC SERVICES 40.00 X 194228 0 135156 ASHLEY CARR VP HR/SD 40.00 X 123275 0 45624 TANIS CAMPBELL VP RISK 40.00 X 122530 0 57127 BRIAN BUCZEK COMMERCIAL RELATIONSHIP MANAGER 40.00 X 124707 0 16076 DAMIKA CLARK AVP BRANCH OPERATIONS 40.00 X 110100 0 59212 DANETTE KRAHN AVP BRANCH ADMINISTRATION 40.00 X 112845 0 26729 1841951 0 472564 10 0 1 0 VISIFI INC 22 INVERNESS CTR PKWY BIRMINGHAM AL 35242 PROCESSOR 1873622 CO-OP 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 CARD PROCESSOR 1377105 PREMIER PROPERTY MAINTENANCE LLC PO BOX 531895 LIVONIA MI 48153 PROPERTY/LAWN MAINTENANCE 589786 GJ PERELLI COMPANY 231 S OLD WOODWARD AVE OAKLAND MI 48009 ARCHITECTS 572909 HOLZMAN CORKERY PLLC 28366 FRANKLIN RD SOUTHFIELD MI 48034 ATTORNEY 532049 12 4000000 4000000 LOAN INTEREST INCOME 522100 13551376 13551376 FEE AND OTHER INCOME 522100 9320940 9320940 FINANCE AND INSURANCE 520000 1399846 1399846 24272162 2359955 2359955 35000 32728 2272 2272 2272 30634389 25234543 1399846 0 10000 1516290 6250720 338205 1562932 601464 22125 118988 43605 282096 3586428 861599 927710 74982 372586 4053379 735836 95803 PROVISION FOR LOAN LOSS 4355306 LOAN SERVICING 779070 MISCELLANEOUS EXPENSES 222274 EXAM FEES 62982 26874380 5849136 4999625 5970149 16661587 6645876 7020563 5389389 5496528 247841658 257305682 721819 668704 16210362 5854627 10027942 10355735 91658873 92111313 3439702 6232794 13984581 14675724 391529125 415528255 3407515 5233732 10425210 15000000 349749013 361155612 363581738 381389344 X 0 0 0 0 27947387 34138911 27947387 34138911 391529125 415528255 X 3760009 2367200 64315 X X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2179595 2179595 9271822 2330826 6940996 939112 575056 364056 3819833 2948745 871088 10355735 AFS NEGOTIABLE CERTIFICATES 1377374 F CERTIFICATES OF DEPOSIT 3099000 C CMOS/MBSS/SBAS 39582725 F CO-OP NETWORK STOCK 300 C CORPORATE BONDS 3599076 F CU SOLUTIONS GROUP STOCK 202647 C FEDERAL AGENCY SECURITIES 33307807 F FHLB STOCK 467600 C FRB ADJUSTMENT 5496 C INSURANCE INVESTMENTS 4490088 C INVESTMENT IN CURQL FUND 1711604 C MEMBER FIRST MORTGAGE INVESTMENT 670816 C MUNICIPAL BONDS 191650 F MUTUAL FUNDS 3405130 F 92111313 MEMBER SHARES AND DEPOSITS 361155612 361155612 X 30794748 160359 160359 30634389 0 30634389 26874380 0 26874380 0 26874380 PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 SCHOLARSHIPS 10 10000 PART I, LINE 2: SCHOLARSHIP RECIPIENTS COMPLETE APPLICATIONS AND ARE CHOSEN BY COMMITTEE BASED ON CERTAIN CRITERIA. DOCUMENTATION IS MAINTAINED ON THE RECIPIENTS. X 1 1 X X X 0 1 0 DEAN J TRUDEAU PRESIDENT/CEO, BOARD TREASURER 360067 0 69960 0 7295 0 0 0 22458 0 459780 0 0 0 ANGELO FANARAS CIO/SVP OF ELECTRONIC SERVICES 174687 0 17725 0 1816 0 109448 0 25708 0 329384 0 0 0 ROBERT MERCIER CLO/SVP OF SALES & LENDING 166474 0 17497 0 8701 0 42764 0 12822 0 248258 0 0 0 DONNA FOLLBAUM COO/EVP OF BRANCH SERVICES 182990 0 17544 0 1947 0 12186 0 33069 0 247736 0 0 0 MELISSA ESPINOZA CFO/SVP OF SUPPORT 201489 0 18206 0 2096 0 8777 0 564 0 231132 0 0 0 TANIS CAMPBELL VP RISK 112383 0 8930 0 1217 0 32746 0 24381 0 179657 0 0 0 DAMIKA CLARK AVP BRANCH OPERATIONS 104588 0 4351 0 1161 0 33669 0 25543 0 169312 0 0 0 ASHLEY CARR VP HR/SD 112882 0 8930 0 1463 0 20059 0 25565 0 168899 0 0 0 PART I, LINE 4B ADDITIONALLY, THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO ROBERT MERCIER, DONNA FOLLBAUM, AND ANGELO FANARAS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANTS 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. ANGELO FANARAS KEY EMPLOYEE LIFE INSURANCE X 1864000 2161048 0 1 1 ROBERT MERCIER KEY EMPLOYEE LIFE INSURANCE X 1357000 1573252 0 1 1 DONNA FOLLBAUM KEY EMPLOYEE LIFE INSURANCE X 1520000 1762228 0 1 1 5496528 ASHLEY CARR HR MANAGER CREDIT UNION EMPLOYEE-FAMILY RELATIONSHIP WITH PRESIDENT/CEO, DEAN TRUDEAU 123275 COMPENSATION & BENEFITS 0 DONNA GDOWSKI MARKETINGEVENTS COO CREDIT UNION EMPLOYEE-FAMILY RELATIONSHIP WITH PRESIDENT/CEO, DEAN TRUDEAU 46908 COMPENSATION & BENEFITS 0 FORM 990, 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 THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE AND VOTING. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY A MAIL BALLOT. EACH BOARD MEMBER IS ELECTED FOR A THREE YEAR TERM. FORM 990, PART VI, SECTION A, LINE 7B CREDIT UNION DECISIONS THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE MERGERS WHERE THE CREDIT UNION IS NOT THE SURVIVING ONE AND BY-LAW CHANGES. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE PRESIDENT/CEO AND CFO/SVP OF SUPPORT PRIOR TO SUBMISSION TO THE IRS. SUBSEQUENT TO FILING, THE BOARD OF DIRECTORS IS PROVIDED WITH A COPY OF THE 990 RETURN SUBMITTED. FORM 990, PART VI, SECTION B, LINE 12C CONFLICTS OF INTEREST ARE REVIEWED AND NOTED BY THE RISK MANAGEMENT DEPARTMENT. FOLLOW UP IS ALSO PERFORMED BY THE RISK MANAGEMENT DEPARTMENT. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS FORM A COMMITTEE TO EVALUATE THE PRESIDENT/CEO. SALARY INCREASES ARE BASED ON PERFORMANCE. THE PRESIDENT/CEO PERFORMS AN ANNUAL REVIEW OF THE CFO/SVP OF SUPPORT AND OTHER EXECUTIVE MANAGERS AND USES A COMPENSATION SURVEY. SALARY RECOMMENDATIONS ARE GIVEN TO THE BOARD OF DIRECTORS FOR APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. OTHER DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPON REQUEST. FORM 990, PART XI, LINE 9: NET CHANGE IN DEFINED BENEFIT PENSION PLAN 480,088. CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -415,773. FORM 990, PART XII, LINE 2C THE PROCESS OF WHICH THE ORGANIZATION'S COMMITTEE OVERSEES THE AUDIT OF ITS FINANCIAL STATEMENTS HAS NOT CHANGED SINCE THE PRIOR YEAR.