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Nonprofiteer
← POLISH NATIONAL CREDIT UNION

Form 990 for tax year 2023

Filed by POLISH NATIONAL CREDIT UNION.

Totals

Total revenue
$30,406,557
Total expenses
$27,323,706
Contributions and grants received
$0
Grants paid
$295,732
Program service revenue
$27,411,244
Investment income
$3,171,412
Other revenue
-$176,099
Total assets, end of year
$727,623,520
Total liabilities, end of year
$631,942,160
Net assets or fund balances, end of year
$95,681,360
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

    total $22,853,133 · related or exempt $22,853,133

  • 2b · Program service revenue: OTHER INCOME

    total $1,672,722 · related or exempt $1,672,722

  • 2c · Program service revenue: INTERCHANGE INCOME

    total $1,494,703 · related or exempt $1,494,703

  • 2d · Program service revenue: FINANCE AND INSURANCE

    total $738,580 · unrelated business $738,580

  • 2e · Program service revenue: FEES AND CHARGES

    total $652,106 · related or exempt $652,106

  • 3 · Investment income

    total $2,983,208 · related or exempt $2,983,208

  • 7a · Gross sales of assets other than inventory

    securities $8,857,463 · other assets $416,392

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

    securities $8,784,078 · other assets $301,573

  • 7c · Gain or loss

    securities $73,385 · other assets $114,819

  • 7d · Net gain or loss

    total $188,204 · related or exempt $188,204

  • 11a · Other revenue: OTHER GAINS/(LOSSES)

    total -$176,099 · related or exempt -$176,099

  • 11e · Other revenue, total

    -$176,099

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $290,732

  • 2 · Grants to domestic individuals

    total $5,000

  • 5 · Compensation of officers, directors and key employees

    total $1,707,688

  • 7 · Other salaries and wages

    total $8,324,451

  • 8 · Pension plan contributions

    total $1,065,972

  • 9 · Other employee benefits

    total $1,380,443

  • 10 · Payroll taxes

    total $762,389

  • 11b · Fees: legal

    total $59,388

  • 11c · Fees: accounting

    total $167,739

  • 11g · Fees: other

    total $406,029

  • 12 · Advertising and promotion

    total $584,777

  • 13 · Office expenses

    total $1,431,100

  • 14 · Information technology

    total $1,485,504

  • 16 · Occupancy

    total $851,569

  • 19 · Conferences, conventions and meetings

    total $187,631

  • 20 · Interest

    total $4,726,537

  • 22 · Depreciation, depletion and amortization

    total $940,511

  • 23 · Insurance

    total $163,299

  • 24a · Other expenses: DEBIT CARD PROGRAM EXPE

    total $961,060

  • 24b · Other expenses: OTHER

    total $802,857

  • 24c · Other expenses: WEB SERVICES

    total $424,362

  • 24d · Other expenses: PROVISION FOR LOAN LOSS

    total $421,062

  • 24e · All other expenses

    total $173,606

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,781,183 · end of year $4,309,255

  • 2 · Savings and temporary cash investments

    beginning of year $17,597,031 · end of year $29,957,144

  • 4 · Accounts receivable

    beginning of year $2,612,962 · end of year $2,726,568

  • 5 · Loans and receivables from officers and key people

    beginning of year $4,844,320 · end of year $13,376,769

  • 7 · Other notes and loans receivable

    beginning of year $653,240,357 · end of year $598,641,064

  • 9 · Prepaid expenses and deferred charges

    beginning of year $595,702 · end of year $465,808

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

    $23,246,567

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

    $9,268,379

  • 10c · Land, buildings and equipment, net

    beginning of year $14,641,664 · end of year $13,978,188

  • 11 · Investments: publicly traded securities

    beginning of year $2,577,981 · end of year $2,027,100

  • 12 · Investments: other securities

    beginning of year $62,407,280 · end of year $50,412,936

  • 14 · Intangible assets

    beginning of year $2,033,673 · end of year $1,874,316

  • 15 · Other assets

    beginning of year $9,828,797 · end of year $9,854,372

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,286,138 · end of year $6,383,177

  • 21 · Escrow or custodial account liability

    beginning of year $2,656,572 · end of year $2,523,884

  • 23 · Secured mortgages and notes payable

    beginning of year $50,523,008 · end of year $41,418,440

  • 25 · Other liabilities

    beginning of year $623,752,039 · end of year $581,616,659

  • 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 $91,943,193 · end of year $95,681,360

Mission and programs · 2023

Mission

PNCU IS A NON-PROFIT ORGANIZATION THAT IS OWNED BY THE MEMBERS. EACH MEMBER MUST OPEN AN ACCOUNT TO BECOME A MEMBER. EACH MEMBER IS ALLOWED TO CAST ONE VOTE AT THE ANNUAL MEETING. THE SLATE OF THE BOARD OF DIRECTORS IS VOTED BY THE MEMBERS. PNCU HAS 13 BOARD MEMBERS WHO ARE VOLUNTEERS. THEY ARE NOT COMPENSATED FINANCIALLY IN ANY WAY.

Activities or mission (Part I)

AS A MEMBER-OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE, POLISH NATIONAL CREDIT UNION IS COMMITTED TO OUR MEMBERS. WE WILL UPHOLD OUR FUNDAMENTAL RESPONSIBILITY TO ACTIVELY SERVE PEOPLE WITHIN OUR FIELD OF MEMBERSHIP, AND AS APPROPRIATE, THE COMMUNITIES THEY LIVE IN. WE WILL TREAT ALL MEMBERS WITH RESPECT AND DIGNITY AND WE WILL OFFER HONEST, FAIR DEALS TO ALL MEMBERS. WE WILL DELIVER A RANGE OF LOW-COST PRODUCTS AND SERVICES TO THE DIVERSE ECONOMIC AND SOCIAL MAKE-UP OF OUR MEMBERS AND POTENTIAL MEMBERS. WE WILL LOOK FOR BETTER WAYS TO REACH THE UNDER-SERVED IN OUR FIELD OF MEMBERSHIP AND WE WILL CONTINUALLY, IN ALL FACETS OF OPERATION, DEMONSTRATE THE VALUE OF MEMBERSHIP IN OUR CREDIT UNION.WE WILL MONITOR AND COMMUNICATE OUR SERVICE IN A MEANINGFUL WAY SO THAT MEMBERS, POTENTIAL MEMBERS, LEGISLATORS, REGULATORS AND THE COMMUNITY AT LARGE WILL UNDERSTAND AND APPRECIATE THE UNIQUE ROLE THAT MEMBER-OWNED FINANCIAL COOPERATIVES PLAY IN THEIR LIVES.

  • THE CREDIT UNION MAINTAINED 49,616 DEPOSIT ACCOUNTS APPROXIMATING $581,617,000 AS OF DECEMBER 31, 2023. DIVIDENDS AND INTEREST INCOME ON MEMBER DEPOSITS APPROXIMATED $3,433,000 FOR THE YEAR ENDED DECEMBER 31, 2023. AS OF DECEMBER 31, 2023, THE CREDIT UNION HAD 7,599 LOANS OUTSTANDING TOTALING APPROXIMATELY $600,967,000. ADDITIONALLY, APPROXIMATELY 595 SAFE DEPOSIT BOXES WERE USED BY MEMBERS DURING 2023.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • JAMES P KELLY

    PRESIDENT & CEO

    Total calculated
    $785,173
    From this org
    $714,940
    From related orgs
    $0
    Other
    $70,233
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $489,454
    Bonus
    $18,357
    Other
    $207,129
    Deferred
    $38,750
    Nontaxable benefits
    $31,483
    Filer's total
    $785,173

  • EDWARD CZEPIEL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • BENJAMIN DAVIS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • WILLIAM JEBB

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • HENRY LENART

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • STANLEY MATRAS

    CLERK OF THE BOARD

    Total calculated
    $0
    Hours/week
    5

  • ROBERT MORITKO

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    5

  • JOHN MURPHY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • RALPH SLATE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • MICHAEL WOISHNIS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • DR ANTHONY ZEPKO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • GARY ZIEMBA

    BOARD CHAIRMAN

    Total calculated
    $0
    Hours/week
    5

  • MICHAEL SUGRUE

    EVP

    Total calculated
    $393,074
    From this org
    $323,868
    From related orgs
    $0
    Other
    $69,206
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $251,413
    Bonus
    $40,304
    Other
    $32,151
    Deferred
    $36,343
    Nontaxable benefits
    $32,863
    Filer's total
    $393,074

  • CHARLOTTE HANSEN

    CFO/SVP

    Total calculated
    $295,949
    From this org
    $230,597
    From related orgs
    $0
    Other
    $65,352
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $196,409
    Bonus
    $33,370
    Other
    $818
    Deferred
    $29,461
    Nontaxable benefits
    $35,891
    Filer's total
    $295,949

  • KIRK BURNHAM

    SVP OPERATIONS

    Total calculated
    $233,492
    From this org
    $179,160
    From related orgs
    $0
    Other
    $54,332
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,196
    Bonus
    $16,518
    Other
    $446
    Deferred
    $22,908
    Nontaxable benefits
    $31,424
    Filer's total
    $233,492

  • JEFFREY CHIRGWIN

    PRESIDENT, PNCU INSURANCE

    Total calculated
    $293,845
    From this org
    $0
    From related orgs
    $249,162
    Other
    $44,683
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $243,903 related
    Bonus
    $0 + $2,885 related
    Other
    $0 + $2,374 related
    Deferred
    $0 + $31,478 related
    Nontaxable benefits
    $0 + $13,205 related
    Filer's total
    $0 + $293,845 related

  • KATHI DONAHUE

    SVP COMMERCIAL LENDING

    Total calculated
    $299,589
    From this org
    $244,836
    From related orgs
    $0
    Other
    $54,753
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $199,307
    Bonus
    $44,272
    Other
    $1,257
    Deferred
    $30,364
    Nontaxable benefits
    $24,389
    Filer's total
    $299,589

  • NANCY MIRKIN

    VP COMMERCIAL LENDING

    Total calculated
    $267,300
    From this org
    $212,819
    From related orgs
    $0
    Other
    $54,481
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $172,286
    Bonus
    $39,276
    Other
    $1,257
    Deferred
    $27,130
    Nontaxable benefits
    $27,351
    Filer's total
    $267,300

  • BONNIE RAYMOND

    SENIOR VICE PRESIDENT MEMBER EXPERIENCE

    Total calculated
    $223,342
    From this org
    $173,141
    From related orgs
    $0
    Other
    $50,201
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,904
    Bonus
    $6,980
    Other
    $1,257
    Deferred
    $22,901
    Nontaxable benefits
    $27,300
    Filer's total
    $223,342

  • CHRISTOPHER CASALE

    FINANCIAL SERVICES PROGRAM

    Total calculated
    $204,475
    From this org
    $178,575
    From related orgs
    $0
    Other
    $25,900
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,995
    Bonus
    $28,923
    Other
    $3,657
    Deferred
    $21,936
    Nontaxable benefits
    $3,964
    Filer's total
    $204,475

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 · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 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)

FORM 990, SCH J, LINE 4B
THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO JAMES P. KELLY, MICHAEL SUGRUE, AND BONNIE RAYMOND THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN. AT SPECIFIED TIMES, THE PARTICIPANTS 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. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON.

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

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.

  • PNCU INSURANCE SERVICES LLC

    PROPERTY AND CASUALTY INSURANCE AGENCY · MA · income -$281,256 · assets $1,526,079

    Directly controlled by POLISH NATIONAL CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
14 August 2024
IRS schema version
2023v5.1
Source object
202432299349301333

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