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Nonprofiteer
← PENNSYLVANIA STATE EMPLOYEES CREDIT UNION

Form 990 for tax year 2022

Filed by PENNSYLVANIA STATE EMPLOYEES CREDIT UNION.

Totals

Total revenue
$356,564,660
Total expenses
$279,242,058
Contributions and grants received
$0
Grants paid
$388,725
Program service revenue
$318,891,588
Investment income
$31,708,851
Other revenue
$5,964,221
Total assets, end of year
$8,071,110,773
Total liabilities, end of year
$7,314,575,362
Net assets or fund balances, end of year
$756,535,411
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: INTEREST ON LOANS TO MEMBERS

    total $279,262,940 · related or exempt $279,262,940

  • 2b · Program service revenue: CREDIT CARD INTERCHANGE FEES

    total $30,916,536 · related or exempt $30,916,536

  • 2c · Program service revenue: ATM INCOME

    total $4,639,656 · related or exempt $3,941,552 · unrelated business $698,104

  • 2d · Program service revenue: CHECKING ACCOUNT FEES

    total $4,072,456 · related or exempt $4,072,456

  • 3 · Investment income

    total $31,674,050 · excluded $31,674,050

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    other assets $1,192,165

  • 7b · Less cost or other basis and sales expenses

    other assets $1,157,364

  • 7c · Gain or loss

    other assets $34,801

  • 7d · Net gain or loss

    total $34,801 · related or exempt $34,801

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: OTHER INCOME

    total $5,964,221 · related or exempt $5,599,673 · unrelated business $364,548

  • 11e · Other revenue, total

    $5,964,221

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $388,725

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $4,222,037

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $52,352,027

  • 8 · Pension plan contributions

    total $5,436,701

  • 9 · Other employee benefits

    total $11,190,118

  • 10 · Payroll taxes

    total $4,434,124

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $198,356

  • 11c · Fees: accounting

    total $260,742

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $6,964,596

  • 12 · Advertising and promotion

    total $13,175,949

  • 13 · Office expenses

    total $7,895,075

  • 14 · Information technology

    total $13,489,517

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $4,314,242

  • 17 · Travel

    total $490,542

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $53,116,796

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $8,864,219

  • 23 · Insurance

    total $950,942

  • 24a · Other expenses: PROVISION FOR LOAN LOSSES

    total $46,448,940

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $13,508,932

  • 24c · Other expenses: ATM EXPENSE

    total $11,582,110

  • 24d · Other expenses: CHECK CARD PROGRAM EXPENSE

    total $10,973,951

  • 24e · All other expenses

    total $8,983,417

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $934,407,282 · end of year $524,101,220

  • 2 · Savings and temporary cash investments

    beginning of year $44,900,933 · end of year $50,009,930

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $5,437,266,988 · end of year $6,087,094,031

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

  • 10a · Land, buildings and equipment: cost or other basis

    $149,893,380

  • 10b · Land, buildings and equipment: accumulated depreciation

    $74,076,317

  • 10c · Land, buildings and equipment, net

    beginning of year $82,163,409 · end of year $75,817,063

  • 11 · Investments: publicly traded securities

    beginning of year $1,435,228,408 · end of year $1,170,387,255

  • 12 · Investments: other securities

    beginning of year $133,520,438 · end of year $47,216,523

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $119,582,996 · end of year $116,484,751

  • 17 · Accounts payable and accrued expenses

    beginning of year $45,438,983 · end of year $56,514,031

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $15,744,060 · end of year $16,342,567

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $7,368,149,464 · end of year $7,241,718,764

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $692,791 · end of year $692,791

  • 31 · Retained earnings, endowment or other funds

    beginning of year $757,045,156 · end of year $755,842,620

Mission and programs · 2022

Mission

SEE SCHEDULE O

  • AS OF DECEMBER 31, 2022, THE PENNSYLVANIA STATE EMPLOYEES CREDIT UNION HAD 561,376 MEMBERS TO WHOM IT PROVIDES DEPOSIT AND LOAN SERVICES. THERE WERE 387,970 LOANS WITH BALANCES OF $6,145,741,925 OUTSTANDING AT DECEMBER 31, 2022. SHARE DEPOSITS WERE $7,247,524,909. PSECU STRIVES TO PROVIDE ITS MEMBERS WITH HIGH QUALITY, CONVENIENT FINANCIAL PRODUCTS AND SERVICES WITH SUPERIOR PRICING.

As filed on the 2022 return.

Listed in Part VII

  • GEORGE W RUDOLPH

    CEO

    Total calculated
    $1,580,636
    From this org
    $1,095,639
    From related orgs
    $0
    Other
    $484,997
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $704,909
    Bonus
    $385,477
    Other
    $5,253
    Deferred
    $461,970
    Nontaxable benefits
    $23,027
    Filer's total
    $1,580,636

  • GREGORY A SMITH

    FORMER OFFICER, CEO

    Total calculated
    $1,075,889
    From this org
    $1,000,000
    From related orgs
    $0
    Other
    $75,889
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $1,000,000
    Deferred
    $75,889
    Nontaxable benefits
    $0
    Filer's total
    $1,075,889

  • RICHARD L LONG

    CIO

    Total calculated
    $480,101
    From this org
    $418,747
    From related orgs
    $0
    Other
    $61,354
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $297,984
    Bonus
    $102,875
    Other
    $17,888
    Deferred
    $34,710
    Nontaxable benefits
    $26,644
    Filer's total
    $480,101

  • BARBARA J BOWKER

    CHIEF MEMBER EXP OFFC.

    Total calculated
    $461,885
    From this org
    $413,516
    From related orgs
    $0
    Other
    $48,369
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $299,413
    Bonus
    $102,859
    Other
    $11,244
    Deferred
    $34,299
    Nontaxable benefits
    $14,070
    Filer's total
    $461,885

  • FRANCIS J PUDNER ESQ

    CHIEF RISK OFF & GEN COUNSEL

    Total calculated
    $443,028
    From this org
    $385,960
    From related orgs
    $0
    Other
    $57,068
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $286,703
    Bonus
    $96,348
    Other
    $2,909
    Deferred
    $33,578
    Nontaxable benefits
    $23,490
    Filer's total
    $443,028

  • SANDRA K HOLZGEN

    CHIEF HUMAN RESOURCE OFFICER

    Total calculated
    $398,608
    From this org
    $342,173
    From related orgs
    $0
    Other
    $56,435
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $247,757
    Bonus
    $90,101
    Other
    $4,315
    Deferred
    $33,584
    Nontaxable benefits
    $22,851
    Filer's total
    $398,608

  • CAROLYN M NOBLIT

    CFO (END DATE 7/6/22)

    Total calculated
    $369,868
    From this org
    $328,664
    From related orgs
    $0
    Other
    $41,204
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $145,285
    Bonus
    $95,580
    Other
    $87,799
    Deferred
    $33,507
    Nontaxable benefits
    $7,697
    Filer's total
    $369,868

  • HOMER RENTERIA

    CHIEF REVENUE & LENDING OFFICE

    Total calculated
    $360,488
    From this org
    $300,926
    From related orgs
    $0
    Other
    $59,562
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $249,871
    Bonus
    $46,281
    Other
    $4,774
    Deferred
    $33,241
    Nontaxable benefits
    $26,321
    Filer's total
    $360,488

  • SCOTT J DAVIS

    VP, ENTERPRISE RISK MGMT

    Total calculated
    $356,458
    From this org
    $294,955
    From related orgs
    $0
    Other
    $61,503
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $219,636
    Bonus
    $62,443
    Other
    $12,876
    Deferred
    $32,901
    Nontaxable benefits
    $28,602
    Filer's total
    $356,458

  • GINA M SEIBERT

    CFO

    Total calculated
    $335,122
    From this org
    $285,150
    From related orgs
    $0
    Other
    $49,972
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $234,022
    Bonus
    $43,390
    Other
    $7,738
    Deferred
    $28,586
    Nontaxable benefits
    $21,386
    Filer's total
    $335,122

  • CLIFTON D VAN SCYOC

    VP OF TECHNOLOGY

    Total calculated
    $301,214
    From this org
    $248,465
    From related orgs
    $0
    Other
    $52,749
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $194,434
    Bonus
    $44,009
    Other
    $10,022
    Deferred
    $27,025
    Nontaxable benefits
    $25,724
    Filer's total
    $301,214

  • GREGORY A MINNICH

    VP MEMBER EXP & ENGAGEMENT

    Total calculated
    $301,115
    From this org
    $248,267
    From related orgs
    $0
    Other
    $52,848
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $207,825
    Bonus
    $37,210
    Other
    $3,232
    Deferred
    $28,117
    Nontaxable benefits
    $24,731
    Filer's total
    $301,115

  • JODI L HARNER

    AVP

    Total calculated
    $288,551
    From this org
    $248,929
    From related orgs
    $0
    Other
    $39,622
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $195,512
    Bonus
    $43,390
    Other
    $10,027
    Deferred
    $26,531
    Nontaxable benefits
    $13,091
    Filer's total
    $288,551

  • FRANK A BRINER III

    AVP

    Total calculated
    $267,130
    From this org
    $214,154
    From related orgs
    $0
    Other
    $52,976
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $167,879
    Bonus
    $38,633
    Other
    $7,642
    Deferred
    $23,723
    Nontaxable benefits
    $29,253
    Filer's total
    $267,130

  • THOMAS J RUBACK

    CCO (END DATE 1/1/22)

    Total calculated
    $237,658
    From this org
    $216,181
    From related orgs
    $0
    Other
    $21,477
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $5,213
    Bonus
    $76,764
    Other
    $134,204
    Deferred
    $21,477
    Nontaxable benefits
    $0
    Filer's total
    $237,658

  • TIMOTHY D GRUNSTRA

    DIRECTOR

    Total calculated
    $22,705
    From this org
    $22,705
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • SHAWN W WEIS

    DIRECTOR

    Total calculated
    $20,760
    From this org
    $20,760
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • MATTHEW B WAGONER

    DIRECTOR

    Total calculated
    $19,700
    From this org
    $19,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • LEANNA L MEISER

    DIRECTOR

    Total calculated
    $19,275
    From this org
    $19,275
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • MICHAEL C FERSTER

    DIRECTOR

    Total calculated
    $16,925
    From this org
    $16,925
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • JODI LYNNE BLANCH

    DIRECTOR

    Total calculated
    $15,920
    From this org
    $15,920
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • JOSEPH SASSANO

    DIRECTOR

    Total calculated
    $15,360
    From this org
    $15,360
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • NICHOLAS BARBERA

    DIRECTOR

    Total calculated
    $15,060
    From this org
    $15,060
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • R BRIAN WILBUR

    DIRECTOR

    Total calculated
    $15,060
    From this org
    $15,060
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4(B)
GEORGE W. RUDOLPH PARTICIPATED IN SUPPLEMENT NONQUALIFIED RETIREMENT PLANS FOR WHICH INCOME OF $428,420 WAS INCURRED IN 2022. GREGORY A. SMITH PARTICPATED SUPPLEMENT NONQUALIFIED RETIREMENT PLANS FOR WHICH INCOME OF $75,889 WAS INCURRED IN 2022. HE ALSO RECEIVED PAYMENTS FROM THE PLANS OF $1,000,000 WHICH IS INCLUDED IN PART II, COLUMN (B)(III).

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • PSECU PROTECT LLC

    CUSO · PA · income $100,806 · assets $661,317

    Directly controlled by PSECU

Provenance

Return type
form_990
Tax year
2022
Filed
16 October 2023
IRS schema version
2022v5.0
Source object
202332909349301328

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