PEOPLES CREDIT UNION: Form 990, tax year 2024
View the entire original 990 at ProPublica ↗
- Organization
- PEOPLES CREDIT UNION (EIN 05-0198580)
- Tax period
- 2024-01-01 to 2024-12-31
- Filed
- 2025-05-22
- IRS object ID
- 202541429349300014
- Schema version
- 2024v5.1
- 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 | 2025-05-22T08:56:02-05:00 | ReturnTs |
| Tax Period End | 2024-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 010523282 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Berry Dunn McNeil & Parker LLC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2211 Congress St | AddressLine1Txt |
| City | Portland | CityNm |
| State Abbreviation | ME | StateAbbreviationCd |
| ZIP | 04102 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2024-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 050198580 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | People's Credit Union | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | PEOP | BusinessNameControlTxt |
| Phone | 4018468930 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 858 West Main Road | AddressLine1Txt |
| City | Middletown | CityNm |
| State Abbreviation | RI | StateAbbreviationCd |
| ZIP | 02842 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | Patricia Carlin | PersonNm |
| Person Title | Head of Finance and Risk | PersonTitleTxt |
| Phone | 4018468930 | PhoneNum |
| Signature | 2025-05-21 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (1) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | Joseph R Byrne | PreparerPersonNm |
| PTIN | P01289281 | PTIN |
| Phone | 2077752387 | PhoneNum |
| Preparation | 2025-05-21 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2024 | TaxYr |
| Build TS | 2025-03-06 01:10:19Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | Sean Daly | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 858 West Main Road | AddressLine1Txt |
| City | Middletown | CityNm |
| State Abbreviation | RI | StateAbbreviationCd |
| ZIP | 02842 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $35,000,261 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | www.peoplescu.com | WebsiteAddressTxt |
| Type Of Organization Other | Yes (X) | TypeOfOrganizationOtherInd |
| Other Organization Dsc | Cooperative Financial Institution | OtherOrganizationDsc |
| Formation | 1922 | FormationYr |
| Legal Domicile State | RI | LegalDomicileStateCd |
| Activity Or Mission | State chartered credit union | ActivityOrMissionDesc |
| Voting Members Governing Body | 11 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 11 | VotingMembersIndependentCnt |
| Total Employee | 139 | TotalEmployeeCnt |
| Total Volunteers | 0 | TotalVolunteersCnt |
| Total Gross UBI | $42,700 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $32,292 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $27,829,077 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $31,801,752 | CYProgramServiceRevenueAmt |
| PY Investment Income | $2,434,293 | PYInvestmentIncomeAmt |
| CY Investment Income | $3,197,076 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $30,263,370 | PYTotalRevenueAmt |
| CY Total Revenue | $34,998,828 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $49,633 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $82,885 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $10,389,136 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $10,687,454 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $18,368,818 | PYOtherExpensesAmt |
| CY Other Expenses | $23,761,889 | CYOtherExpensesAmt |
| PY Total Expenses | $28,807,587 | PYTotalExpensesAmt |
| CY Total Expenses | $34,532,228 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $1,455,783 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $466,600 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $717,003,402 | TotalAssetsBOYAmt |
| Total Assets EOY | $747,015,309 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $651,785,291 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $679,569,720 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $65,218,111 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $67,445,589 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | The priority of People's Credit Union is to offer value added products and services for the benefit of our existing and prospective members. We are committed to providing convenient delivery of our products and services in a friendly, welcoming, and responsive environment. To ensure ongoing confidence and trust, we will continue to promote our financial strength as an organization. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | People's is a member-owned organization committed to providing superior financial services to the community. People's provided 15,852 loans to members. The outstanding loan balance at 12/31/24 was $597,695,524. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | People's maintains savings accounts for members. Total outstanding savings accounts at 12/31/24 was 31,130 for $394,201,465. | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | People's maintains demand deposit accounts for members. Total outstanding demand deposit accounts at 12/31/24 was 24,195 for $182,968,244. | Desc |
Prog Srvc Accom Acty Other ProgSrvcAccomActyOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | People's offers safe deposit boxes to members. The number of safe deposit boxes rented is 1,000. | 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 | 0 | 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 | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | 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 | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 5714 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 139 | 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 | 11 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 11 | 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 | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | Yes (1) | LocalChaptersInd |
| Policies Reference Chapters | Yes (1) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | 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 |
| States Where Copy Of Return Is Fld | RI | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Patricia Carlin | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 4018468930 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 858 West Main Road | AddressLine1Txt |
| City | Middletown | CityNm |
| State Abbreviation | RI | StateAbbreviationCd |
| ZIP | 02842 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (20 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|
| Christopher S Ottiano MD | |||||||
| Board Chair | 2.00 | Yes (X) | Yes (X) | $14,800 | $0 | $0 | |
| Edward T Lopes Jr | |||||||
| Board Vice Chair | 2.00 | Yes (X) | Yes (X) | $11,733 | $0 | $0 | |
| Thomas W Vignali CPA | |||||||
| Board Treasurer | 2.00 | Yes (X) | Yes (X) | $12,000 | $0 | $0 | |
| Toni Lyn McGowan | |||||||
| Board Secretary | 2.00 | Yes (X) | Yes (X) | $12,800 | $0 | $0 | |
| Alyson Adkins | |||||||
| Board Member | 2.00 | Yes (X) | $11,467 | $0 | $0 | ||
| Timothy J DelGiudice | |||||||
| Board Member | 2.00 | Yes (X) | $7,600 | $0 | $0 | ||
| William L Douglas Jr | |||||||
| Board Member | 2.00 | Yes (X) | $10,800 | $0 | $0 | ||
| Terri Marcucci Fitch | |||||||
| Board Member | 2.00 | Yes (X) | $10,800 | $0 | $0 | ||
| Steven Kozlowski | |||||||
| Board Member | 2.00 | Yes (X) | $7,200 | $0 | $0 | ||
| Frank Newsome | |||||||
| Board Member | 2.00 | Yes (X) | $11,103 | $0 | $0 | ||
| John Trifero | |||||||
| Board Member | 2.00 | Yes (X) | $10,800 | $0 | $0 | ||
| Louann Lawrence | |||||||
| Past Board Member | 2.00 | Yes (X) | $3,200 | $0 | $0 | ||
| Sean Daly | |||||||
| Head of People's Credit Union | 40.00 | Yes (X) | $450,935 | $0 | $23,550 | ||
| Patricia Carlin | |||||||
| Head of Finance & Risk | 40.00 | Yes (X) | $160,406 | $0 | $6,105 | ||
| Margaret McGill | |||||||
| Past Head of Finance & Risk | 40.00 | Yes (X) | $250,272 | $0 | $16,988 | ||
| William DeWitt | |||||||
| Head of Member Delivery & Marketing | 40.00 | $235,495 | $0 | $41,338 | Yes (X) | ||
| Timothy Jermain | |||||||
| Head of Lending | 40.00 | $237,996 | $0 | $25,304 | Yes (X) | ||
| Karen Parent | |||||||
| Head of HR & Talent | 40.00 | $179,624 | $0 | $41,006 | Yes (X) | ||
| Christopher Eden | |||||||
| Head of IS & Technology | 40.00 | $160,767 | $0 | $18,876 | Yes (X) | ||
| John Banks | |||||||
| Head of Mortgage Operations | 40.00 | $127,948 | $0 | $3,827 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,927,746 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $176,994 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 13 | 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 |
|---|---|---|---|---|---|
| COCC Inc | |||||
| 100 Executive Blvd | Southington | CT | 06489 | Data Processing Services | $1,511,490 |
| Alkami Technology | |||||
| 5601 Granite Parkway Suite 120 De | Plano | TX | 75024 | Information Technology | $703,623 |
| Think Stack | |||||
| 11307 York Rd Ste B | Cockeysville | MD | 210301963 | Information Technology | $407,414 |
| Fiserv Inc | |||||
| PO Box 934057 | Atlanta | GA | 311934057 | Data Processing Services | $310,996 |
| Baker Hill Solutions LLC | |||||
| 1320 City Center Drive 300 | Carmel | IN | 46032 | Consultants | $250,725 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 11 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| Loan Interest | 522100 | $25,831,781 | $25,831,781 | |
| Fee & Service Income | 522100 | $5,969,971 | $5,927,271 | $42,700 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $31,801,752 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $3,198,509 | TotalRevenueColumnAmt |
| Exclusion | $3,198,509 | ExclusionAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $1,433 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | -$1,433 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$1,433 | TotalRevenueColumnAmt |
| Exclusion | -$1,433 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $34,998,828 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $31,759,052 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $42,700 | UnrelatedBusinessRevenueAmt |
| Exclusion | $3,197,076 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $82,885 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,032,559 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,953,815 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $64,484 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $941,732 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $694,864 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $28,613 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $255,295 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $454,716 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $772,499 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $645,028 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $392,702 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,030,534 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $42,062 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $133,255 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $13,018,905 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,233,211 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $94,884 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| Data Processing | $2,151,410 |
| Miscellaneous Expenses | $1,202,669 |
| Deposit Tax Expense | $297,706 |
| UBI Tax | $8,400 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $34,532,228 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part X | Yes (X) | InfoInScheduleOPartXInd |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $15,174,646 | BOYAmt |
| EOY | $26,976,404 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $5,736,670 | BOYAmt |
| EOY | $2,049,315 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $563,646,474 | BOYAmt |
| EOY | $596,147,056 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $695,133 | BOYAmt |
| EOY | $572,793 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $32,753,322 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $14,957,689 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $16,734,796 | BOYAmt |
| EOY | $17,795,633 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $76,639,383 | BOYAmt |
| EOY | $63,382,747 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,910,500 | BOYAmt |
| EOY | $4,046,300 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,375,075 | BOYAmt |
| EOY | $8,365,456 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $27,090,725 | BOYAmt |
| EOY | $27,679,605 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $717,003,402 | BOYAmt |
| EOY | $747,015,309 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $9,921,762 | BOYAmt |
| EOY | $8,347,806 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,854,198 | BOYAmt |
| EOY | $2,054,909 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $640,009,331 | BOYAmt |
| EOY | $669,167,005 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $651,785,291 | BOYAmt |
| EOY | $679,569,720 | 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 | $65,218,111 | BOYAmt |
| EOY | $67,445,589 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $65,218,111 | BOYAmt |
| EOY | $67,445,589 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $717,003,402 | BOYAmt |
| EOY | $747,015,309 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $466,600 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $526,594 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $1,234,284 | OtherChangesInNetAssetsAmt |
| 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 | $5,734,117 | OtherCostOrOtherBasisAmt |
| Book Value | $5,734,117 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $20,138,912 | OtherCostOrOtherBasisAmt |
| Depreciation | $9,474,903 | DepreciationAmt |
| Book Value | $10,664,009 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $15,095 | OtherCostOrOtherBasisAmt |
| Depreciation | $12,272 | DepreciationAmt |
| Book Value | $2,823 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $6,588,812 | OtherCostOrOtherBasisAmt |
| Depreciation | $5,470,514 | DepreciationAmt |
| Book Value | $1,118,298 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $276,386 | OtherCostOrOtherBasisAmt |
| Book Value | $276,386 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $17,795,633 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| Deposits | $577,167,005 |
| Federal Home Loan Bank Advances | $92,000,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $669,167,005 | TotalLiabilityAmt |
| Total Rev Etc Audited Fincl Stmt | $36,759,706 | TotalRevEtcAuditedFinclStmtAmt |
| Net Unrealized Gains Invst | $526,594 | NetUnrealizedGainsInvstAmt |
| Other Revenue | $1,234,284 | OtherRevenueAmt |
| Revenue Not Reported | $1,760,878 | RevenueNotReportedAmt |
| Revenue Subtotal | $34,998,828 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $34,998,828 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $34,532,228 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $34,532,228 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $34,532,228 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Part XI, Line 2d - Other Adjustments: | FormAndLineReferenceDesc |
| Explanation | Unrealized Gain on Post Retirement Plans 1,234,284. | ExplanationTxt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | 0 | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (2 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceAmt | Purpose Of GrantPurposeOfGrantTxt |
|---|---|---|---|---|---|---|---|---|
| Farm Fresh Rhode Island | ||||||||
| 10 Sims Avenue | Providence | RI | 02909 | 204625643 | 501(c)(3) | $10,000 | $0 | Donation to organization as Day of Purpose Partner |
| Bike Newport | ||||||||
| 62 Broadway | Newport | RI | 02840 | 453804746 | 501(c)(3) | $10,000 | $0 | Bike Garage Sponsorship |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 2 | Total501c3OrgCnt |
| Total Other Org | 0 | TotalOtherOrgCnt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Part I, Line 2: | FormAndLineReferenceDesc |
| Explanation | The Organization has made donations to various 501(c)(3) organizations. The Organization did not monitor the use of funds to these organizations. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Discretionary Spending Acct | Yes (X) | DiscretionarySpendingAcctInd |
| 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 | Yes (1) | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sean Daly | ||||||||||||||
| Head of People's Credit Union | $444,505 | $0 | $0 | $0 | $6,430 | $0 | $23,550 | $0 | $0 | $0 | $474,485 | $0 | $0 | $0 |
| William DeWitt | ||||||||||||||
| Head of Member Delivery & Marketing | $225,826 | $0 | $105 | $0 | $9,564 | $0 | $17,614 | $0 | $23,724 | $0 | $276,833 | $0 | $0 | $0 |
| Margaret McGill | ||||||||||||||
| Past Head of Finance & Risk | $73,869 | $0 | $0 | $0 | $176,403 | $0 | $11,837 | $0 | $5,151 | $0 | $267,260 | $0 | $0 | $0 |
| Timothy Jermain | ||||||||||||||
| Head of Lending | $234,432 | $0 | $0 | $0 | $3,564 | $0 | $7,200 | $0 | $18,104 | $0 | $263,300 | $0 | $0 | $0 |
| Karen Parent | ||||||||||||||
| Head of HR & Talent | $178,382 | $0 | $0 | $0 | $1,242 | $0 | $14,082 | $0 | $26,924 | $0 | $220,630 | $0 | $0 | $0 |
| Christopher Eden | ||||||||||||||
| Head of IS & Technology | $159,988 | $0 | $0 | $0 | $779 | $0 | $11,509 | $0 | $7,367 | $0 | $179,643 | $0 | $0 | $0 |
| Patricia Carlin | ||||||||||||||
| Head of Finance & Risk | $158,664 | $0 | $0 | $0 | $1,742 | $0 | $4,673 | $0 | $1,432 | $0 | $166,511 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Part I, Line 4a | FormAndLineReferenceDesc |
| Explanation | Margaret McGill, Past Head of Finance & Risk, received severance pay of $173,304 during 2024. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Form 990, Part VI, Section A, line 6 | People's Credit Union is owned by its members. |
| Form 990, Part VI, Section A, line 7a | All People's Credit Union members are encouraged to attend the annual meeting, where they may vote to elect the volunteer Board of Directors who oversee the Credit Union's operations. Each member in good standing receives one vote, regardless of their account balance. |
| Form 990, Part VI, Section B, line 11b | The Form 990 is reviewed by the CFO and by the Board of Directors. |
| Form 990, Part VI, Section B, line 12c | The Board of Directors, Supervisory Committee and all employees certify annually as to potential conflicts of interest. |
| Form 990, Part VI, Section B, line 15 | Peer information is obtained through surveys and utilized in benchmarking compensation. |
| Form 990, Part VI, Section C, line 19 | Consolidated financial statements are posted in each branch lobby. Financial information is reported quarterly to the federal regulator and available to the public on their website. The Organization also makes its governing documents and conflict of interest policy available to public upon request. |
| Form 990, Part X, Line 10: Land, Buildings, and Equipment | Section 1.263(a)-3(n) Election: People's Credit Union 858 West Main Road Middletown, RI 02842 EIN 05-0198580 People's Credit Union is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n). |
| Form 990, Part XI, line 9: | Unrealized Gain on Post Retirement Plans 1,234,284. Adoption of ASU No. 2016-13 |