2020-11-12T14:25:14-06:00 2019-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2019-01-01 720498240 PELICAN STATE CREDIT UNION PELI 2254086100 2675 ONEAL LANE BATON ROUGE LA 70816 JEFFREY CONRAD PRESIDENT/CEO 2254086100 2020-11-12 1 DOUGLAS J ORTH P01076394 3052328272 104.11.88.150 2020-11-12 09:28:37 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B2EFC313AB4EEA4760135470907D022D8B217834 2019 2022-01-07 14:23:13Z X JEFFREY CONRAD 2675 ONEAL LANE BATON ROUGE LA 70816 48572194 0 X WWW.PELICANSTATECU.COM X 1956 LA TO IMPROVE THE LIVES OF OUR MEMBERS THROUGH SAFE, COMPETITIVE PRODUCTS, AND EDUCATIONAL SERVICES. 9 9 292 13 493892 0 0 0 43358636 47143783 596713 1039603 1185068 388808 45140417 48572194 0 0 0 0 17797887 18865456 0 0 0 22513623 25681536 40311510 44546992 4828907 4025202 367266283 396477801 328203542 353306290 39062741 43171511 PROVIDING BANKING RELATED SERVICES TO OVER 55,000 MEMBERS OF WHICH MANY FALL BELOW FEDERAL AND STATE POVERTY LEVELS. MANY DO NOT QUALIFY FOR FINANCIAL SERVICES WITH BANKS, INCLUDING CHECKING ACCOUNTS AND MORTGAGE LOANS DUE TO LOW INCOME OR PRIOR CREDIT HISTORY. 0 0 LOAN PROGRAM WITH COMPETITIVE INTEREST PRICING TO ALL MEMBERS, INCLUDING MEMBERS WITH LITTLE OR POOR CREDIT HISTORY. WIDE SPECTRUM OF LENDING PRODUCTS INCLUDING AUTO LOANS WITH NO DOWN PAYMENT, MORTGAGE LENDING, CREDIT CARDS, UNSECURED LENDING AND PAYDAY ALTERNATIVE LENDING. DEPOSIT PROGRAM OFFERING VARIETY OF SAVINGS AND TRANSACTIONAL PRODUCTS, MOST WITH NO MONTHLY FEE AND ABOVE MARKET INTEREST RATES. CHECKING ACCOUNTS GEARED FOR EASY ENTRY REGARDLESS OF PRIOR CHECKING HISTORY. PARTNERS IN EDUCATION PROGRAMS; PROVIDED FREE FINANCIAL EDUCATIONAL PROGRAMS THROUGHOUT THE STATE, INCLUDING CREDIT MANAGEMENT, CREDIT REPAIR, BUDGETING, AND CHECKING ACCOUNT BALANCING. SEMINARS ARE CONDUCTED IN LOCAL K-12 SCHOOLS, COMMUNITY CENTERS, PRISONS, HOMELESS SHELTERS, AND HOSPITALS THROUGHOUT THE STATE. WE PROVIDED A FREE CREDIT COUNSELING PROGRAM TO MEMBERS, HELPING THEM CREATE BUDGETS, REBUILD CREDIT, START SAVING, AND BUILDING ASSETS. 7 EMPLOYEES ARE DEDICATED TO THIS PROGRAM FULL TIME. STAFF CONDUCTED 190 WORKSHOPS THROUGHOUT THE STATE, WITH 5643 ATTENDEES, OF WHICH 401 WERE MEMBERS AND 5242 WERE NONMEMBERS. WE ALSO TEACH FINANCIAL EDUCATION TO HIGH SCHOOL STUDENTS - LAST YEAR WE HELD 16 WORKSHOPS SPEAKING TO 470 STUDENTS. 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 14591 0 1 292 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X MELISSA OTT 2254086100 2675 ONEAL LANE BATON ROUGE LA 70816 GARY CROCKETT DIRECTOR/PRESIDENT 1.00 X 5000 0 0 JANELLE FOLSE DIRECTOR/V. PRESIDENT 1.00 X 0 0 0 DAVID GILL DIRECTOR/V. PRESIDENT 1.00 X 5000 0 0 HENRY ARYON MCGUIRE DIRECTOR 1.00 X 4000 0 0 WILLIAM MULLINIX DIRECTOR 1.00 X 4500 0 0 SHARON THORN DIRECTOR 1.00 X 5000 0 0 DAVID COLVIN DIRECTOR 1.00 X 3500 0 0 LINDA LOCKBRUNNER DIRECTOR/TREASURER 1.00 X 4500 0 0 SAMUEL MCDANEIL DIRECTOR 1.00 X 4000 0 0 JONATHAN PHILLIPS DIRECTOR 1.00 X 0 0 0 TAWANA CARMOUCHE DIRECTOR 1.00 X 0 0 0 JEFFREY CONRAD CEO/PRESIDENT 40.00 X 407217 0 31252 MELISSA OTT CHIEF FINANCIAL OFFICER 40.00 X 197717 0 23895 ANNETTE THAMES CHIEF OPERATIONS OFFICER 40.00 X 213033 0 25366 CHARLES MORGAN SR. VP OF INFORMATION SYSTEMS 40.00 X 185944 0 14990 PAIGE CORCORAN SR. VP OF LENDING 40.00 X 167477 0 16727 KATHLEEN FORD VICE PRESIDENT 40.00 X 127449 0 22362 LEIGH PORTA VICE PRESIDENT 40.00 X 123022 0 11463 BENJAMIN MANRY VICE PRESIDENT 40.00 X 126082 0 15315 SHARON COLLINS ASST VICE PRESIDENT 40.00 X 113484 0 16945 LINDSEY RICHARD VICE PRESIDENT 40.00 X 137139 0 23962 1834064 0 202277 10 0 1 0 LABARRE ASSOCIATES INC 8385 RUSHING RD EAST DENHAM SPRINGS LA 70726 FACILITY MAINTENANCE/ACHITECT 9339179 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 DATA PROCESSOR 906758 KASASA LTD PO BOX 527 LUBBOCK TX 79408 MARKETING AND SOFTWARE 454526 ALPHA OMEGA LASER INC PO BOX 36976 SHREVEPORT LA 71133 STATEMENT PRINTING 343942 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 AFTER HOURS CALL CENTER 235992 25 INCOME ON LOANS 522100 24685527 24685527 FEES/CHARGES/OTHER 522100 21964364 21964364 SHARED BRANCHING 900099 192477 192477 NON MEMBER ATMS 525990 175815 175815 WARRANTY INCOME 524298 125600 125600 47143783 1039603 1039603 OTHER NON OPERATING INCOME 522100 388808 388808 388808 48572194 48078302 493892 0 X 1319118 12157116 1035772 3296421 1057029 24767 122995 1019742 558595 1892387 662111 484148 738277 4972872 84310 1754392 597760 PROVISION FOR LOAN LOSS 6086954 VISA CREDIT/DEBIT EXPEN 2000371 MAINTENANCE 1764895 LOAN SERVICING 853462 2063498 44546992 6155110 6215421 20978259 22972502 3068131 2981593 2710615 2592419 300107828 320117011 973791 1000353 21341487 8728884 17699451 12612603 4580901 2938872 486392 506305 234741 194867 10271064 24345855 367266283 396477801 3992506 3707156 324211036 349599134 328203542 353306290 X 0 0 0 0 39062741 43171511 39062741 43171511 367266283 396477801 4025202 83568 0 X X 0 1 X 1 1 1 4723320 4723320 5193060 1151228 4041832 2237095 1094354 1142741 9188012 6483302 2704710 12612603 CIP 10368814 NCUSIF 3394485 EXECUTIVE BENEFITS - LIFE INSURANCE 3988832 ACCRUED INTEREST 1682956 INVESTMENTS IN CUSOS 150000 OTHER FIXED ASSETS 70958 PROPERTY HELD FOR SALE 4689810 24345855 MEMBER SHARES 349599134 349599134 X 48572194 0 48572194 0 48572194 44546992 0 44546992 0 44546992 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14), FROM FEDERAL INCOME TAX. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE "MORE LIKELY THAN NOT" STANDARD FOR SUSTAINABILITY UPON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN IRC SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. IN MARCH 2008, THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATE CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UBI TAX. UBI MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. MANAGEMENT HAS ASSESSED THE CREDIT UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2018, 2017, AND 2016 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. X 1 1 X X X X 0 1 0 JEFFREY CONRAD CEO/PRESIDENT 323154 0 57915 0 26148 0 28000 0 3252 0 438469 0 0 0 MELISSA OTT CHIEF FINANCIAL OFFICER 169682 0 24833 0 3202 0 17598 0 6297 0 221612 0 0 0 ANNETTE THAMES CHIEF OPERATIONS OFFICER 186583 0 22397 0 4053 0 19268 0 6098 0 238399 0 0 0 CHARLES MORGAN SR. VP OF INFORMATION SYSTEMS 160811 0 15032 0 10101 0 11086 0 3904 0 200934 0 0 0 PAIGE CORCORAN SR. VP OF LENDING 145600 0 16602 0 5275 0 14939 0 1788 0 184204 0 0 0 LINDSEY RICHARD VICE PRESIDENT 118868 0 9674 0 8597 0 13668 0 10294 0 161101 0 0 0 PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, JEFFREY CONRAD THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." 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 PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. JEFFREY CONRAD CEO SPLIT DOLLAR - LIFE INSURANCE X 2500000 2592419 0 1 1 2592419 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 ORGANIZATION IS MADE UP OF INDIVIDUALS WHO EACH PAY $5.00 MEMBERSHIP FEE AND DEPOSIT OF $5.00 MINIMUM BALANCE INTO A SHARE (SAVINGS) ACCOUNT. FORM 990, PART VI, SECTION A, LINE 7A ANY MEMBER WITH A $5.00 MINIMUM BALANCE (PAR VALUE OF A SHARE) IN THEIR REGULAR SHARE (SAVINGS) ACCOUNT IS ENTITLED TO A VOTE ON THE BOARD OF DIRECTORS. ELECTIONS OCCUR AT THE ANNUAL MEMBERSHIP MEETING HELD IN APRIL EACH YEAR. FORM 990, PART VI, SECTION A, LINE 7B MODIFICATIONS TO THE ARTICLES OF INCORPORATION UNDER WHICH THE CREDIT UNION IS CHARTERED ARE REQUIRED TO BE APPROVED BY A MAJORITY VOTE OF THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY SENIOR MANAGEMENT EMPLOYEES BEFORE BEING EMAILED TO THE FULL BOARD OF DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C OUR INDEPENDENT CPA FIRM IN CONJUNCTION WITH THE SUPERVISORY COMMITTEE, REVIEWS INTERNAL CONTROLS AND CONFLICTS OF INTEREST REGULARLY AND CONSISTENTLY (ANNUALLY). THIS INFORMATION IS REPORTED DIRECTLY TO THE BOARD OF DIRECTORS AND MANAGEMENT. IN BETWEEN THOSE REVIEWS OUR INTERNAL AUDIT DEPARTMENT REVIEWS THE "CONFLICT OF INTEREST" POLICY, AND REPORTS BACK TO SENIOR MANAGEMENT. ADDITIONALLY, THE CREDIT UNION SUBSCRIBES TO "ETHICSPOINT" SOFTWARE, WHERE EMPLOYEES CAN ANONYMOUSLY REPORT SUSPICIONS OR CONCERNS. THESE REPORTS ARE IMMEDIATELY COMMUNICATED TO ALL OF SENIOR MANAGEMENT AND HR UNLESS A CONCERN LIES WITH A SENIOR MANAGER, AT WHICH POINT THE REPORT WOULD BE COMMUNICATED TO ALL OTHER SENIOR MANAGERS AND A REPRESENTATIVE OF THE SUPERVISORY COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 ALL EMPLOYEES SALARIES INCLUDING KEY EMPLOYEES ARE DETERMINED BY A SALARY SOFTWARE. SOFTWARE INTEGRATED SALARY SURVEYS FROM 3 INDEPENDENT SOURCES TO FORMULATE A SALARY RANGE FOR EACH POSITION, WITH STEP INCREASES BASED ON TENURE IN POSITION. EMPLOYEES UNDERGO A PERFORMANCE REVIEW ANNUALLY WITH A SCORE THAT IS APPLIED AS A MERIT INCREASE, THE SALARY SURVEY DATA DETERMINES IF MARKET INCREASES ARE APPLICABLE IN ADDITION TO THE MERIT INCREASE. ALL EMPLOYEES WERE REVIEWED IN 2018 WITH SALARY ADJUSTMENTS. THE CEO WAS REVIEWED BY THE BOARD OF DIRECTORS AND GIVEN A MERIT INCREASE BASED ON THE SCORING OF THAT REVIEW. FORM 990, PART VI, SECTION C, LINE 19 ALL INFORMATION IS AVAILABLE UPON REQUEST, WITH FINANCIAL DATA PRESENTED TO MEMBERSHIP AT THE ANNUAL MEMBERSHIP MEETING HELD IN APRIL. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 1,019,742. FORM 990, PART IX, LINE 24E ATM EXPENSES 700,949. ON-LINE MEMBER SERVICES 627,918. MISCELLANEOUS 527,459. SHARED BRANCHING 197,802. REPOSSESSED ASSETS LOSS 68,053. FIXED ASSETS GAINS & LOSSES -58,683. 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.