2025-06-17T09:28:25-05:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 381379433 PFCU PFCU 5176477571 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 TAMMY L BENGEL CFO 5176477571 2025-06-16 1 0 AUBREY CLEGG P01076395 3052328272 2025-05-29 2024 2025-03-06 01:10:19Z MICHELE MAKELEY 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 48550081 0 X WWW.PFCU4ME.COM X 1947 MI PFCU WILL DELIVER FINANCIAL WELL-BEING WITH VALUE, CONVENIENCE, AND EXCEPTIONAL SERVICE. 8 8 232 8 150014 63909 0 0 36942502 41112399 5162334 7437682 0 0 42104836 48550081 43514 165490 0 0 15165469 16508437 0 0 0 23163254 26542981 38372237 43216908 3732599 5333173 807318625 818132214 734716777 735764595 72601848 82367619 X THE MISSION OF PFCU IS TO DELIVER FINANCIAL WELL-BEING TO ITS MEMBERS BY PROVIDING COMPREHENSIVE AND PROGRESSIVE FINANCIAL SERVICES AT FAIR AND REASONABLE RATES AND TERMS ACCOMPANIED BY FIRST-RATE SERVICE. 1 1 AT THE END OF DECEMBER 2024, PFCU SERVED 55,780 MEMBERS WITH REGULAR SHARES, CLUB ACCOUNTS, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, MONEY MARKETS AND INDIVIDUAL RETIREMENT ACCOUNTS. PFCU TOTAL ASSETS INCREASED FROM $807.3 MILLION AS OF DECEMBER 31, 2023 TO $818.1 MILLION AS OF DECEMBER 31, 2024. AT THE END OF DECEMBER 2024 PFCU HAD 36,785 LOANS INCLUDING PERSONAL, HOME EQUITY, MORTGAGE, AND CREDIT CARD TYPES. PFCU OFFERS AUTOMATED TELLER MACHINES AND VARIOUS INSURANCE PRODUCTS. 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 1 0 0 0 0 0 0 0 0 0 0 0 0 1 12064 0 1 232 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 MICHAEL WARD CHAIRPERSON 1.00 X 0 0 0 ERIN GORMAN BOD MEMBER 1.00 X 0 0 0 CHAD BURKE VICE CHAIRPERSON 1.00 X 0 0 0 ROBERT CARLTON BOD MEMBER 1.00 X 0 0 0 CHRISTINE ROCKEY SECRETARY 1.00 X 0 0 0 JOHN KUTAS BOD MEMBER 1.00 X 0 0 0 TERRY GREGORICKA TRESURER 1.00 X 0 0 0 HOLLY RIDENOUR BOD MEMBER 1.00 X 0 0 0 TAMMY L BENGEL CHIEF FINANCIAL OFFICER 40.00 X 229483 0 21354 MICHELE MAKLEY CHIEF EXECUTIVE OFFICER 40.00 X 353192 0 28078 THERESA BURGESS CHIEF MEMBER EXPERIENCE OFFICER 40.00 X 162619 0 31731 LEANNE HIXSON CHIEF LENDING OFFICER 40.00 X 176394 0 37663 SEAN KREBS CHIEF TECHNOLOGY OFFICER 40.00 X 151736 0 27453 JOSEPH KRIEGER EXECUTIVE VICE PRESIDENT 40.00 X 240012 0 43223 GURSIMRAN VIRK CHIEF RISK OFFICER 40.00 X 153779 0 34866 1467215 0 224368 16 0 1 0 THE CASE GROUP 28175 HAGGERTY RD NOVI MI 48377 CONSTRUCTION 1311095 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE RD STE 260 FARMINGTON HILLS MI 48834 CORE SYSTEM 1232161 Q2 SOFTWARE PO BOX 205970 DALLAS TX 75320 HOME BANKING SOFTWARE 938565 INFORMA BUSINESS SYSTEMS 5170 HARTSHORN DR FLUSHING MI 48433 ATMS/ITMS 553555 ARCH MI PO BOX 745451 ATLANTA GA 30374 MORTGAGE INSURANCE 262634 17 LOANS TO MEMBERS 522100 30136448 30136448 FEES/CHARGES/OTHER 522100 10825937 10825937 FINANCE AND INSURANCE 520000 150014 150014 41112399 7437682 7437682 48550081 48400067 150014 0 X 151590 13900 632107 10885812 1107719 2924757 958042 152148 59677 275328 650192 3131381 1288194 636796 282616 9157702 99574 967406 148957 UNRELATED BUSINESS INCO 9932 DEBIT/CREDIT EXPENSES 3631110 LOAN SERVICING 2307716 PROVISION FOR LOAN LOSS 2269513 1474739 43216908 6696810 7373074 74623704 103893482 603337 302552 2700000 501286715 500528205 2041535 2401803 19901729 9671485 10711598 10230244 151690588 118958417 37704600 38735600 3015170 2724290 18944568 30284547 807318625 818132214 7256104 4016358 727460673 731748237 734716777 735764595 X 0 0 0 0 72601848 82367619 72601848 82367619 807318625 818132214 5333173 4432598 0 X X 0 1 X 1 0 2070794 2070794 11060746 4573189 6487557 1146493 834450 312043 5623696 4263846 1359850 10230244 MEMBER SHARE AND SAVINGS 731748237 731748237 X 48550081 0 48550081 0 48550081 43216908 0 43216908 0 43216908 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)(14)), FROM FEDERAL AND STATE INCOME TAXES. 1 FLINT PREMIER SOCCER LLC 615 S SAGINAW ST STE 8018 FLINT MI 48502 382244778 LLC 10000 0 SPONSORSHIP JUNIOR ACHIEVEMENT OF THE MICHIGAN GREAT LAKES 4090 LAKE DR SE GRAND RAPIDS MI 49546 381557861 501(C)(3) 13250 0 CHARITABLE CONTRIBUTION CALEDONIA HIGH SCHOOL 9050 KRAFT AVE SE CALEDONIA MI 49316 386002005 501(C)(3) 7500 0 CHARITABLE CONTRIBUTION IONIA FREE FAIR ASSOCIATION 317 S DEXTER ST IONIA MI 48846 380680310 501(C)(3) 7100 0 CHARITABLE CONTRIBUTION MICHIGAN 4-H FOUNDATION 446 WEST CIRCLE DRIVE ROOM 160 EAST LANSING MI 48824 381539997 501(C)(3) 35000 0 CHARITABLE CONTRIBUTION 4 1 SCHOLARSHIPS 10 10000 CASH FOR CLASSROOMS 26 3900 SCHEDULE I, PART III CONTRIBUTIONS TO ORGANIZATIONS ARE NOT GRANTS. THEY ARE CHARITABLE CONTRIBUTIONS. THEREFORE, THE CREDIT UNION DOES NOT MONITOR THE ORGANIZATION'S USE OF FUNDS SUBSEQUENT TO DISBURSEMENT. DURING 2024, 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. PFCU HONORED 26 TEACHERS IN 2024 WITH DONATIONS THROUGH THEIR CASH FOR CLASSROOMS PROGRAM. THE CREDIT UNION'S GOAL IS TO RECOGNIZE THE DEDICATION AND HARD WORK OF TEACHERS THROUGHOUT THE COMMUNITIES THEY SERVE. TO BE ELIGIBLE TO WIN, THE APPLICANT MUST BE A CURRENT FULL-TIME, PART-TIME, OR SUBSTITUTE TEACHER OF PRE-K -12 AT A PUBLIC, PRIVATE OR CHARTER SCHOOL. X 1 1 X X 0 1 0 MICHELE MAKLEY CHIEF EXECUTIVE OFFICER 313577 0 13451 0 26164 0 26421 0 1657 0 381270 0 0 0 JOSEPH KRIEGER EXECUTIVE VICE PRESIDENT 223872 0 8483 0 7657 0 22937 0 20286 0 283235 0 0 0 TAMMY L BENGEL CHIEF FINANCIAL OFFICER 217664 0 8117 0 3702 0 19697 0 1657 0 250837 0 0 0 LEANNE HIXSON CHIEF LENDING OFFICER 164084 0 6380 0 5930 0 17377 0 20286 0 214057 0 0 0 THERESA BURGESS CHIEF MEMBER EXPERIENCE OFFICER 153445 0 6202 0 2972 0 15846 0 15885 0 194350 0 0 0 GURSIMRAN VIRK CHIEF RISK OFFICER 138077 0 5345 0 10357 0 14627 0 20239 0 188645 0 0 0 SEAN KREBS CHIEF TECHNOLOGY OFFICER 139405 0 5345 0 6986 0 8780 0 18673 0 179189 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: MICHELE MAKLEY TAMMY BENGEL JOSEPH KRIEGER GURSIMRAN VIRK THERESA BURGESS SEAN KREBS LEANNE HIXSON THE EXECUTIVE VP, JOSEPH KRIEGER, PARTICIPATES IN A SUPPLEMENTAL RETIREMENT BENEFITS ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. 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 PARTICIPANT. UPON THE PARTICIPANT'S DEATH, THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. JOSEPH KRIEGER EXECUTIVE VP SPLIT DOLLAR X 2700000 2700000 0 1 1 2700000 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. 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 PARTICIPANT 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 PARTICIPANT 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 III, LINE 2 PFCU ADDED FEDNOW INSTANT PAYMENTS TO RECEIVE TRANSACTIONS ONLY. FORM 990, PART III, LINE 3 PFCU STOPPED CHARGING FEES ON 2ND REPRESENTMENT OF ACH. 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, USING INPUT FROM THE COLLECTIVE BOARD OF DIRECTORS. THE BOARD CHAIRMAN CONSULTS WITH THE CHRO TO DETERMINE AVERAGE INCREASES FOR THE LEADERSHIP TEAM, THEN ASSIGNS THE APPROVED INCREASE BASED ON THIS AVERAGE, TAKING INTO CONSIDERATION THE CURRENT MARKET SALARY FOR THE POSITION, USING COMPEASE. THE CEO AND EXECUTIVE V.P. DETERMINE THE SALARY FOR THE CFO USING THE COMPENSATION PROGRAM, COMPEASE" 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 MAINTENANCE 1,314,704. MISCELLANEOUS 116,880. TRAINING/DEVELOPMENT/EDUCATION 43,155. 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.