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Nonprofiteer
← PEOPLES CREDIT UNION

Form 990 for tax year 2024

Filed by PEOPLES CREDIT UNION.

Totals

Total revenue
$34,998,828
Total expenses
$34,532,228
Contributions and grants received
$0
Grants paid
$82,885
Program service revenue
$31,801,752
Investment income
$3,197,076
Other revenue
$0
Total assets, end of year
$747,015,309
Total liabilities, end of year
$679,569,720
Net assets or fund balances, end of year
$67,445,589
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: Loan Interest

    total $25,831,781 · related or exempt $25,831,781

  • 2b · Program service revenue: Fee & Service Income

    total $5,969,971 · related or exempt $5,927,271 · unrelated business $42,700

  • 3 · Investment income

    total $3,198,509 · excluded $3,198,509

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

    other assets $1,433

  • 7c · Gain or loss

    other assets -$1,433

  • 7d · Net gain or loss

    total -$1,433 · excluded -$1,433

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $82,885

  • 5 · Compensation of officers, directors and key employees

    total $1,032,559

  • 7 · Other salaries and wages

    total $7,953,815

  • 8 · Pension plan contributions

    total $64,484

  • 9 · Other employee benefits

    total $941,732

  • 10 · Payroll taxes

    total $694,864

  • 11b · Fees: legal

    total $28,613

  • 11c · Fees: accounting

    total $255,295

  • 11g · Fees: other

    total $454,716

  • 12 · Advertising and promotion

    total $772,499

  • 13 · Office expenses

    total $645,028

  • 14 · Information technology

    total $392,702

  • 16 · Occupancy

    total $3,030,534

  • 17 · Travel

    total $42,062

  • 19 · Conferences, conventions and meetings

    total $133,255

  • 20 · Interest

    total $13,018,905

  • 22 · Depreciation, depletion and amortization

    total $1,233,211

  • 23 · Insurance

    total $94,884

  • 24a · Other expenses: Data Processing

    total $2,151,410

  • 24b · Other expenses: Miscellaneous Expenses

    total $1,202,669

  • 24c · Other expenses: Deposit Tax Expense

    total $297,706

  • 24d · Other expenses: UBI Tax

    total $8,400

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $15,174,646 · end of year $26,976,404

  • 2 · Savings and temporary cash investments

    beginning of year $5,736,670 · end of year $2,049,315

  • 7 · Other notes and loans receivable

    beginning of year $563,646,474 · end of year $596,147,056

  • 9 · Prepaid expenses and deferred charges

    beginning of year $695,133 · end of year $572,793

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

    $32,753,322

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

    $14,957,689

  • 10c · Land, buildings and equipment, net

    beginning of year $16,734,796 · end of year $17,795,633

  • 11 · Investments: publicly traded securities

    beginning of year $76,639,383 · end of year $63,382,747

  • 12 · Investments: other securities

    beginning of year $3,910,500 · end of year $4,046,300

  • 14 · Intangible assets

    beginning of year $7,375,075 · end of year $8,365,456

  • 15 · Other assets

    beginning of year $27,090,725 · end of year $27,679,605

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,921,762 · end of year $8,347,806

  • 23 · Secured mortgages and notes payable

    beginning of year $1,854,198 · end of year $2,054,909

  • 25 · Other liabilities

    beginning of year $640,009,331 · end of year $669,167,005

  • 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 $65,218,111 · end of year $67,445,589

Mission and programs · 2024

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.

Activities or mission (Part I)

State chartered credit union

  • 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.

  • People's maintains savings accounts for members. Total outstanding savings accounts at 12/31/24 was 31,130 for $394,201,465.

  • People's maintains demand deposit accounts for members. Total outstanding demand deposit accounts at 12/31/24 was 24,195 for $182,968,244.

  • People's offers safe deposit boxes to members. The number of safe deposit boxes rented is 1,000.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Christopher S Ottiano MD

    Board Chair

    Total calculated
    $14,800
    From this org
    $14,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Edward T Lopes Jr

    Board Vice Chair

    Total calculated
    $11,733
    From this org
    $11,733
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Thomas W Vignali CPA

    Board Treasurer

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Toni Lyn McGowan

    Board Secretary

    Total calculated
    $12,800
    From this org
    $12,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Alyson Adkins

    Board Member

    Total calculated
    $11,467
    From this org
    $11,467
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Timothy J DelGiudice

    Board Member

    Total calculated
    $7,600
    From this org
    $7,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • William L Douglas Jr

    Board Member

    Total calculated
    $10,800
    From this org
    $10,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Terri Marcucci Fitch

    Board Member

    Total calculated
    $10,800
    From this org
    $10,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Steven Kozlowski

    Board Member

    Total calculated
    $7,200
    From this org
    $7,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Frank Newsome

    Board Member

    Total calculated
    $11,103
    From this org
    $11,103
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • John Trifero

    Board Member

    Total calculated
    $10,800
    From this org
    $10,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Louann Lawrence

    Past Board Member

    Total calculated
    $3,200
    From this org
    $3,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Sean Daly

    Head of People's Credit Union

    Total calculated
    $474,485
    From this org
    $450,935
    From related orgs
    $0
    Other
    $23,550
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $444,505
    Bonus
    $0
    Other
    $6,430
    Deferred
    $23,550
    Nontaxable benefits
    $0
    Filer's total
    $474,485

  • Patricia Carlin

    Head of Finance & Risk

    Total calculated
    $166,511
    From this org
    $160,406
    From related orgs
    $0
    Other
    $6,105
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,664
    Bonus
    $0
    Other
    $1,742
    Deferred
    $4,673
    Nontaxable benefits
    $1,432
    Filer's total
    $166,511

  • Margaret McGill

    Past Head of Finance & Risk

    Total calculated
    $267,260
    From this org
    $250,272
    From related orgs
    $0
    Other
    $16,988
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $73,869
    Bonus
    $0
    Other
    $176,403
    Deferred
    $11,837
    Nontaxable benefits
    $5,151
    Filer's total
    $267,260

  • William DeWitt

    Head of Member Delivery & Marketing

    Total calculated
    $276,833
    From this org
    $235,495
    From related orgs
    $0
    Other
    $41,338
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $225,826
    Bonus
    $105
    Other
    $9,564
    Deferred
    $17,614
    Nontaxable benefits
    $23,724
    Filer's total
    $276,833

  • Timothy Jermain

    Head of Lending

    Total calculated
    $263,300
    From this org
    $237,996
    From related orgs
    $0
    Other
    $25,304
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $234,432
    Bonus
    $0
    Other
    $3,564
    Deferred
    $7,200
    Nontaxable benefits
    $18,104
    Filer's total
    $263,300

  • Karen Parent

    Head of HR & Talent

    Total calculated
    $220,630
    From this org
    $179,624
    From related orgs
    $0
    Other
    $41,006
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,382
    Bonus
    $0
    Other
    $1,242
    Deferred
    $14,082
    Nontaxable benefits
    $26,924
    Filer's total
    $220,630

  • Christopher Eden

    Head of IS & Technology

    Total calculated
    $179,643
    From this org
    $160,767
    From related orgs
    $0
    Other
    $18,876
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $159,988
    Bonus
    $0
    Other
    $779
    Deferred
    $11,509
    Nontaxable benefits
    $7,367
    Filer's total
    $179,643

  • John Banks

    Head of Mortgage Operations

    Total calculated
    $131,775
    From this org
    $127,948
    From related orgs
    $0
    Other
    $3,827
    Hours/week
    40

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

  • 1a · Discretionary spending account
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Part I, Line 4a
Margaret McGill, Past Head of Finance & Risk, received severance pay of $173,304 during 2024.

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
2024
Filed
21 May 2025
IRS schema version
2024v5.1
Source object
202541429349300014

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