CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN: Form 990, tax year 2025
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- Organization
- CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN (EIN 38-1379433)
- Tax period
- 2025-01-01 to 2025-12-31
- Filed
- 2026-05-12
- IRS object ID
- 202641329349307064
- Schema version
- 2025v4.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2026-05-12T17:02:58-05:00 | ReturnTs |
| Tax Period End | 2025-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 994260840 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DOEREN MAYHEW | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8785 SW 165TH AVE STE 303 | AddressLine1Txt |
| City | MIAMI | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 33193 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2025-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 381379433 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PFCU | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | PFCU | BusinessNameControlTxt |
| Phone | 5176477571 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 9077 CHARLOTTE HIGHWAY | AddressLine1Txt |
| City | PORTLAND | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 488758417 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | TAMMY BENGEL | PersonNm |
| Person Title | CFO | PersonTitleTxt |
| Phone | 5176477571 | PhoneNum |
| Signature | 2026-05-12 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | AUBREY CLEGG | PreparerPersonNm |
| PTIN | P01076395 | PTIN |
| Phone | 3052328272 | PhoneNum |
| Preparation | 2026-05-11 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2025 | TaxYr |
| Build TS | 2025-03-06 01:10:19Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | MICHELE MAKELEY | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 9077 CHARLOTTE HIGHWAY | AddressLine1Txt |
| City | PORTLAND | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 488758417 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $52,072,439 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.PFCU4ME.COM | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1947 | FormationYr |
| Legal Domicile State | MI | LegalDomicileStateCd |
| Activity Or Mission | PFCU WILL DELIVER FINANCIAL WELL-BEING WITH VALUE, CONVENIENCE, AND EXCEPTIONAL SERVICE. | ActivityOrMissionDesc |
| Voting Members Governing Body | 8 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 8 | VotingMembersIndependentCnt |
| Total Employee | 226 | TotalEmployeeCnt |
| Total Volunteers | 8 | TotalVolunteersCnt |
| Total Gross UBI | $137,668 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $60,314 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $41,112,399 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $44,219,112 | CYProgramServiceRevenueAmt |
| PY Investment Income | $7,437,682 | PYInvestmentIncomeAmt |
| CY Investment Income | $7,765,227 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $48,550,081 | PYTotalRevenueAmt |
| CY Total Revenue | $51,984,339 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $165,490 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $164,960 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $16,508,437 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $18,012,272 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $26,542,981 | PYOtherExpensesAmt |
| CY Other Expenses | $26,301,121 | CYOtherExpensesAmt |
| PY Total Expenses | $43,216,908 | PYTotalExpensesAmt |
| CY Total Expenses | $44,478,353 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $5,333,173 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $7,505,986 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $818,132,214 | TotalAssetsBOYAmt |
| Total Assets EOY | $834,245,780 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $735,764,595 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $741,188,517 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $82,367,619 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $93,057,263 | NetAssetsOrFundBalancesEOYAmt |
| Mission | 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. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | AT THE END OF DECEMBER 2025, PFCU SERVED 57,035 MEMBERS WITH REGULAR SHARES, CLUB ACCOUNTS, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, MONEY MARKETS AND INDIVIDUAL RETIREMENT ACCOUNTS. PFCU TOTAL ASSETS INCREASED FROM $818.1 MILLION AS OF DECEMBER 31, 2024 TO $834.2 MILLION AS OF DECEMBER 31, 2025. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | AT THE END OF DECEMBER 2025 PFCU HAD 41,287 LOANS OUTSTANDING INCLUDING PERSONAL, HOME EQUITY, MORTGAGE, AND CREDIT CARD TYPES. THE BALANCE OF TOTAL LOANS APPROXIMATED $552,312,000. | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | PFCU OFFERS AUTOMATED TELLER MACHINES AND VARIOUS INSURANCE PRODUCTS. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | Yes (1) | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | Yes (1) | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 12509 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 226 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 8 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 8 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | TAMMY BENGEL | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 5176477571 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 9077 CHARLOTTE HIGHWAY | AddressLine1Txt |
| City | PORTLAND | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 488758417 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (15 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|
| MICHAEL WARD | |||||||
| CHAIRPERSON | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| ERIN GORMAN | |||||||
| BOD MEMBER | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| CHAD BURKE | |||||||
| VICE CHAIRPERSON | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| LEO MADARANG | |||||||
| BOD MEMBER | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| CHRISTINE ROCKEY | |||||||
| SECRETARY | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| JOHN KUTAS | |||||||
| BOD MEMBER | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| TERRY GREGORICKA | |||||||
| TRESURER | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| HOLLY RIDENOUR | |||||||
| BOD MEMBER | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| TAMMY L BENGEL | |||||||
| CHIEF FINANCIAL OFFICER | 40.00 | $252,917 | $0 | $119,288 | Yes (X) | ||
| MICHELE MAKLEY | |||||||
| CHIEF EXECUTIVE OFFICER | 40.00 | $392,454 | $0 | $240,057 | Yes (X) | ||
| THERESA BURGESS | |||||||
| CHIEF MEMBER EXPERIENCE OF | 40.00 | $188,852 | $0 | $63,053 | Yes (X) | ||
| LEANNE HIXSON | |||||||
| CHIEF LENDING OFFICER | 40.00 | $201,427 | $0 | $61,231 | Yes (X) | ||
| SEAN KREBS | |||||||
| CHIEF TECHNOLOGY OFFICER | 40.00 | $168,250 | $0 | $48,426 | Yes (X) | ||
| JOSEPH KRIEGER | |||||||
| EXECUTIVE VICE PRESIDENT | 40.00 | $268,128 | $0 | $46,923 | Yes (X) | ||
| LAURA SORENSON | |||||||
| VICE PRESIDENT OF MARKETING | 40.00 | $168,835 | $0 | $32,999 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,640,863 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $611,977 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 18 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| INFORMA BUSINESS SYSTEMS | |||||
| 5170 HARTSHORN DR | FLUSHING | MI | 48433 | ATMS/ITMS | $1,543,875 |
| MEMBER DRIVEN TECHNOLOGIES | |||||
| 30230 ORCHARD LAKE RD STE 260 | FARMINGTON HILLS | MI | 48834 | CORE SYSTEM | $1,401,031 |
| Q2 SOFTWARE | |||||
| PO BOX 205970 | DALLAS | TX | 75320 | HOME BANKING SOFTWARE | $1,224,272 |
| A & K CONSTRUCTION | |||||
| 3671 CHERRY LANE AVE SE | ADA | MI | 49301 | CONSTRUCTION | $320,524 |
| THE CASE GROUP | |||||
| 28175 HAGGERTY RD | NOVI | MI | 48377 | CONSULTING | $226,857 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 18 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| LOANS TO MEMBERS | 522100 | $33,011,937 | $33,011,937 | |
| FEES/CHARGES/OTHER | 522100 | $11,069,507 | $11,069,507 | |
| FINANCE AND INSURANCE | 520000 | $137,668 | $137,668 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $44,219,112 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $7,743,181 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $7,743,181 | RelatedOrExemptFuncIncomeAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $110,146 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $88,100 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $22,046 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $22,046 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $22,046 | RelatedOrExemptFuncIncomeAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $51,984,339 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $51,846,671 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $137,668 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $161,260 | TotalAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,700 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,004,716 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $11,418,075 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,566,336 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,003,078 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,020,067 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $189,789 | TotalAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $54,122 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $428,619 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $757,857 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,505,930 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,397,278 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $663,421 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $339,199 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,375,573 | TotalAmt |
Payments To Affiliates PaymentsToAffiliatesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $85,262 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $932,744 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $181,120 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| UNRELATED BUSINESS INCO | -$1,477 |
| LOAN SERVICING | $2,989,790 |
| DEBIT/CREDIT EXPENSES | $2,800,048 |
| PROVISION FOR LOAN LOSS | $2,750,778 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,851,068 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $44,478,353 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,373,074 | BOYAmt |
| EOY | $7,366,457 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $103,893,482 | BOYAmt |
| EOY | $114,473,920 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $302,552 | BOYAmt |
| EOY | -$117,610 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,700,000 | BOYAmt |
| EOY | $2,700,000 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $500,528,205 | BOYAmt |
| EOY | $551,136,570 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,401,803 | BOYAmt |
| EOY | $3,103,684 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $21,836,979 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $10,481,865 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,230,244 | BOYAmt |
| EOY | $11,355,114 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $118,958,417 | BOYAmt |
| EOY | $81,715,260 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $38,735,600 | BOYAmt |
| EOY | $40,001,600 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,724,290 | BOYAmt |
| EOY | $2,433,410 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $30,284,547 | BOYAmt |
| EOY | $20,077,375 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $818,132,214 | BOYAmt |
| EOY | $834,245,780 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,016,358 | BOYAmt |
| EOY | $4,260,913 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $731,748,237 | BOYAmt |
| EOY | $736,927,604 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $735,764,595 | BOYAmt |
| EOY | $741,188,517 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $82,367,619 | BOYAmt |
| EOY | $93,057,263 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $82,367,619 | BOYAmt |
| EOY | $93,057,263 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $818,132,214 | BOYAmt |
| EOY | $834,245,780 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $7,505,986 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $3,183,658 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,052,358 | OtherCostOrOtherBasisAmt |
| Book Value | $2,052,358 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $12,729,478 | OtherCostOrOtherBasisAmt |
| Depreciation | $4,865,776 | DepreciationAmt |
| Book Value | $7,863,702 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,146,493 | OtherCostOrOtherBasisAmt |
| Depreciation | $958,351 | DepreciationAmt |
| Book Value | $188,142 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $5,908,650 | OtherCostOrOtherBasisAmt |
| Depreciation | $4,657,738 | DepreciationAmt |
| Book Value | $1,250,912 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $11,355,114 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBER SHARE AND SAVINGS | Desc |
| Amt | $736,927,604 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $736,927,604 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $51,984,339 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Not Reported | $0 | RevenueNotReportedAmt |
| Revenue Subtotal | $51,984,339 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $51,984,339 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $44,478,353 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $44,478,353 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $44,478,353 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART X, LINE 2: | FormAndLineReferenceDesc |
| Explanation | THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)(14)), FROM FEDERAL AND STATE INCOME TAXES. | ExplanationTxt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (4 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceAmt | Purpose Of GrantPurposeOfGrantTxt |
|---|---|---|---|---|---|---|---|---|
| PFCU FOUNDATION | ||||||||
| 9077 CHARLOTTE HIGHWAY | PORTLAND | MI | 48875 | 993075308 | 501(C)(3) | $25,000 | $0 | CHARITABLE CONTRIBUTION TO EMPOWER INDIVIDUALS AND COMMUNITIES BY PROVIDING TOOLS AND RESOURCES THAT PROMOTE FINANCIAL LITERACY, HEALTH AND WELLNESS, AND SUSTAINABLE AGRICULTURE |
| IONIA FREE FAIR ASSOCIATION | ||||||||
| 317 S DEXTER ST | IONIA | MI | 48846 | 380680310 | $12,000 | $0 | CHARITABLE CONTRIBUTION TO THE ORGANIZATION IN SUPPORT OF THE ANNUAL AGRICULTURAL FAIR THAT IS FREE FOR ALL TO ATTEND | |
| JUNIOR ACHIEVEMENT | ||||||||
| 4090 LAKE DR SE | GRAND RAPIDS | MI | 49546 | 381557861 | $12,050 | $0 | CHARITABLE CONTRIBUTION TO THE ORGANIZATION IN SUPPORT OF ITS MISSION TO INSPIRE AND PREPARE YOUNG PEOPLE FOR SUCCESS | |
| CALEDONIA COMMUNITY SCHOOLS | ||||||||
| 9050 KRAFT AVE SE | CALEDONIA | MI | 49316 | 386002005 | $7,500 | $0 | CHARITABLE CONTRIBUTION TO SUPPORT THE SCHOOLS IN BEING A HIGH-QUALITY EARLY LEARNING EXPERIENCE THAT SUPPORTS ACADEMIC, SOCIAL, AND EMOTIONAL GROWTH | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 4 | Total501c3OrgCnt |
| Total Other Org | 0 | TotalOtherOrgCnt |
Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Type | CASH FOR CLASSROOMS (TEACHER GRANTS) | GrantTypeTxt |
| Recipient | 25 | RecipientCnt |
| Cash Grant | $3,700 | CashGrantAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE I, PART III | FormAndLineReferenceDesc |
| Explanation | 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. PFCU HONORED 25 TEACHERS IN 2025 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. TEACHERS CAN BE ENTERED TO WIN BY EITHER NOMINATING THEMSELVES OR NOMINATIONS CAN BE SUBMITTED FOR A TEACHER. ENTRIES WILL BE CARRIED OVER WEEK TO WEEK, TEACHERS WILL CONTINUE TO BE ELIGIBLE TO WIN UNLESS THEY ARE SELECTED AS A WINNER. WINNERS WILL WIN A TOTAL OF UP TO $150 TO USE ON ANYTHING FOR THEIR CLASSROOM. TEACHERS ARE NOT REQUIRED TO PROVIDE RECEIPTS OR ANY FURTHER INFORMATION ONCE THEY ARE MAILED THEIR CHECK. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (7 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MICHELE MAKLEY | ||||||||||||||
| CHIEF EXECUTIVE OFFICER | $349,100 | $0 | $17,230 | $0 | $26,124 | $0 | $238,371 | $0 | $1,686 | $0 | $632,511 | $0 | $0 | $0 |
| TAMMY L BENGEL | ||||||||||||||
| CHIEF FINANCIAL OFFICER | $236,905 | $0 | $11,804 | $0 | $4,208 | $0 | $117,602 | $0 | $1,686 | $0 | $372,205 | $0 | $0 | $0 |
| JOSEPH KRIEGER | ||||||||||||||
| EXECUTIVE VICE PRESIDENT | $254,164 | $0 | $12,784 | $0 | $1,180 | $0 | $25,873 | $0 | $21,050 | $0 | $315,051 | $0 | $0 | $0 |
| LEANNE HIXSON | ||||||||||||||
| CHIEF LENDING OFFICER | $187,006 | $0 | $9,631 | $0 | $4,790 | $0 | $40,181 | $0 | $21,050 | $0 | $262,658 | $0 | $0 | $0 |
| THERESA BURGESS | ||||||||||||||
| CHIEF MEMBER EXPERIENCE OF | $178,562 | $0 | $8,961 | $0 | $1,329 | $0 | $46,496 | $0 | $16,557 | $0 | $251,905 | $0 | $0 | $0 |
| SEAN KREBS | ||||||||||||||
| CHIEF TECHNOLOGY OFFICER | $150,634 | $0 | $7,628 | $0 | $9,988 | $0 | $29,007 | $0 | $19,419 | $0 | $216,676 | $0 | $0 | $0 |
| LAURA SORENSON | ||||||||||||||
| VICE PRESIDENT OF MARKETING | $99,859 | $0 | $55,048 | $0 | $13,928 | $0 | $24,954 | $0 | $8,045 | $0 | $201,834 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 4B | FormAndLineReferenceDesc |
| Explanation | 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. CERTAIN EMPLOYEES PARTICIPATE IN A 457(F) PLAN. THE FOLLOWING AMOUNTS WERE ACCRUAL TOWARD EACH OF THE PARTICIPANTS' PLANS: MICHELE MAKLEY: $188,584 TAMMY BENGEL: $93,584 THERESA BURGESS: $19,035 SEAN KREBS: $16,205 LEANNE HIXSON: $20,458 THE CREDIT UNION OFFERS A DEFERRED CASH AGREEMENT TO CERTAIN EMPLOYEES. THE EMPLOYEES REPORTED IN PART VII WHO PARTICIPATE IN THE DEFERRED CASH AGREEMENT ARE LISTED BELOW ALONG WITH THE THE AMOUNTS ACCRUED FOR EACH DURING 2025 FOR THE FUTURE BENEFIT PAYOUT EXPECTED TO OCCUR IN THE SUBSEQUENT YEAR: MICHELE MAKLEY: $14,477 LAURA SORENSON: $14,706 THERESA BURGESS: $9,298 SEAN KREBS: $3,201 LEANNE HIXSON: $3,761 | ExplanationTxt |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | JOSEPH KRIEGER | PersonNm |
| Relationship With Org | EXECUTIVE VP | RelationshipWithOrgTxt |
| Loan Purpose | SPLIT DOLLAR | LoanPurposeTxt |
| Loan From Organization | Yes (X) | LoanFromOrganizationInd |
| Original Principal | $2,700,000 | OriginalPrincipalAmt |
| Balance Due | $2,700,000 | BalanceDueAmt |
| Default | 0 | DefaultInd |
| Board Or Committee Approval | Yes (1) | BoardOrCommitteeApprovalInd |
| Written Agreement | Yes (1) | WrittenAgreementInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $2,700,000 | TotalBalanceDueAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | FORM 990, SCH L, PART II | FormAndLineReferenceDesc |
| Explanation | 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. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 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 11G | OTHER PROFESSIONAL EXPENSES 428,619. |
| FORM 990, PART IX, LINE 24E | MAINTENANCE 1,626,176. MISCELLANEOUS 156,641. TRAINING/DEVELOPMENT/EDUCATION 68,251. |
| 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. |
Schedule R IRS990ScheduleR
Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PFCU FOUNDATION | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 9077 CHARLOTTE HIGHWAY | AddressLine1Txt |
| City | PORTLAND | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 48875 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 993075308 | EIN |
| Primary Activities | CHARITABLE | PrimaryActivitiesTxt |
| Legal Domicile State | MI | LegalDomicileStateCd |
| Exempt Code Section | 501(C)(3) | ExemptCodeSectionTxt |
| Public Charity Status | PF | PublicCharityStatusTxt |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PFCU | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Controlled Organization | 0 | ControlledOrganizationInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | 0 | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | Yes (1) | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | 0 | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | 0 | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | 0 | DivRelatedOrganizationInd |
| Asset Sale To Other Org | 0 | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | 0 | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | 0 | AssetExchangeInd |
| Rental Of Facilities To Oth Org | 0 | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | 0 | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | 0 | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | 0 | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | 0 | SharingOfFacilitiesInd |
| Paid Employees Sharing | 0 | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | 0 | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | 0 | TransferToOtherOrgInd |
| Transfer From Other Org | 0 | TransferFromOtherOrgInd |