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Nonprofiteer
← PEOPLESCHOICE CREDIT UNION

Form 990 for tax year 2023

Filed by PEOPLESCHOICE CREDIT UNION.

Totals

Total revenue
$19,812,909
Total expenses
$17,905,256
Contributions and grants received
$0
Grants paid
$37,046
Program service revenue
$14,197,053
Investment income
$1,697,876
Other revenue
$3,917,980
Total assets, end of year
$356,302,662
Total liabilities, end of year
$338,553,420
Net assets or fund balances, end of year
$17,749,242
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$17,905,256

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: LOAN INCOME FROM MEMBERS

    total $14,197,053 · related or exempt $14,197,053

  • 3 · Investment income

    total $1,697,876 · excluded $1,697,876

  • 11a · Other revenue: OTHER INCOME

    total $3,008,247 · related or exempt $3,007,184 · unrelated business $1,063

  • 11b · Other revenue: SERVICE CHARGES AND FEES

    total $785,726 · related or exempt $785,726

  • 11c · Other revenue: NON-MEMBER ATM FEES

    total $46,828 · unrelated business $46,828

  • 11d · All other revenue

    total $77,179 · unrelated business $77,179

  • 11e · Other revenue, total

    $3,917,980

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $37,046

  • 4 · Benefits paid to or for members

    total $4,470,530

  • 5 · Compensation of officers, directors and key employees

    total $714,629

  • 7 · Other salaries and wages

    total $4,391,804

  • 8 · Pension plan contributions

    total $263,372

  • 9 · Other employee benefits

    total $631,275

  • 10 · Payroll taxes

    total $364,174

  • 11b · Fees: legal

    total $17,289

  • 11c · Fees: accounting

    total $195,728

  • 11g · Fees: other

    total $1,868,521

  • 12 · Advertising and promotion

    total $532,934

  • 13 · Office expenses

    total $739,850

  • 16 · Occupancy

    total $495,192

  • 17 · Travel

    total $119,106

  • 19 · Conferences, conventions and meetings

    total $8,521

  • 22 · Depreciation, depletion and amortization

    total $685,893

  • 24a · Other expenses: LOAN SERVICING/COLLECTI

    total $1,243,927

  • 24b · Other expenses: PROVISION FOR BAD DEBTS

    total $1,025,000

  • 24c · Other expenses: ASSOCIATION DUES

    total $80,906

  • 24d · Other expenses: MISCELLANEOUS

    total $19,559

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,968,331 · end of year $3,728,240

  • 2 · Savings and temporary cash investments

    beginning of year $70,856,270 · end of year $62,885,587

  • 7 · Other notes and loans receivable

    beginning of year $225,053,667 · end of year $266,634,132

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

    $15,554,728

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

    $8,482,068

  • 10c · Land, buildings and equipment, net

    beginning of year $7,226,997 · end of year $7,072,660

  • 15 · Other assets

    beginning of year $14,414,028 · end of year $15,982,043

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,122,967 · end of year $953,928

  • 23 · Secured mortgages and notes payable

    beginning of year $4,000,000 · end of year $9,578,067

  • 25 · Other liabilities

    beginning of year $300,425,750 · end of year $328,021,425

  • 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 $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $14,970,576 · end of year $17,749,242

Mission and programs · 2023

Mission

PEOPLE FIRST, ALWAYS.

Activities or mission (Part I)

PROVIDE MEMBERS WITH SAVINGS AND LOAN SERVICES.

  • THE CREDIT UNION HAS 20,637 MEMBERS AS OF 12/31/2023. MEMBERS HAVE ACCESS TO A WIDE VARIETY OF LOW COST, HIGH QUALITY SERVICES.

    Expenses $17,905,256 · Grants $37,046 · Revenue $17,989,963

As filed on the 2023 return.

Listed in Part VII

  • Lisa Parker

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Jeremy Ray

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Geoffrey Iacuessa

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Kimberly Titus

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Travis Vigneault

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Craig Pendleton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Daniel Montembeau

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Keegan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Susan Deschambault

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Luke Labbe

    CEO

    Total calculated
    $459,225
    From this org
    $430,256
    From related orgs
    $0
    Other
    $28,969
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $348,243
    Bonus
    $72,500
    Other
    $9,513
    Deferred
    $0
    Nontaxable benefits
    $28,969
    Filer's total
    $459,225

  • Adam Warfel

    CFO

    Total calculated
    $255,404
    From this org
    $214,601
    From related orgs
    $0
    Other
    $40,803
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $188,568
    Bonus
    $25,500
    Other
    $533
    Deferred
    $10,719
    Nontaxable benefits
    $30,084
    Filer's total
    $255,404

  • Kurt Schickle

    VP MORTGAGE LENDING

    Total calculated
    $192,316
    From this org
    $183,275
    From related orgs
    $0
    Other
    $9,041
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $65,411
    Bonus
    $117,528
    Other
    $336
    Deferred
    $9,041
    Nontaxable benefits
    $0
    Filer's total
    $192,316

  • John Laverriere

    VP MARKETING & TECHNOLOGY

    Total calculated
    $170,026
    From this org
    $141,918
    From related orgs
    $0
    Other
    $28,108
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $125,646
    Bonus
    $15,152
    Other
    $1,120
    Deferred
    $7,302
    Nontaxable benefits
    $20,806
    Filer's total
    $170,026

  • Michelle Beckwith

    AVP PHYSICAL BRANCH

    Total calculated
    $120,721
    From this org
    $101,951
    From related orgs
    $0
    Other
    $18,770
    Hours/week
    40

  • Daniel Dallaire

    COO

    Total calculated
    $228,460
    From this org
    $188,848
    From related orgs
    $0
    Other
    $39,612
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,860
    Bonus
    $25,500
    Other
    $488
    Deferred
    $9,528
    Nontaxable benefits
    $30,084
    Filer's total
    $228,460

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

  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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

Provenance

Return type
form_990
Tax year
2023
Filed
14 October 2024
IRS schema version
2023v5.1
Source object
202402909349301555

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