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Nonprofiteer
← PENNSYLVANIA STATE EMPLOYEES CREDIT UNION

Form 990 for tax year 2023

Filed by PENNSYLVANIA STATE EMPLOYEES CREDIT UNION.

Totals

Total revenue
$468,672,252
Total expenses
$461,240,697
Contributions and grants received
$0
Grants paid
$463,569
Program service revenue
$390,212,606
Investment income
$63,652,657
Other revenue
$14,806,989
Total assets, end of year
$8,227,773,106
Total liabilities, end of year
$7,472,370,868
Net assets or fund balances, end of year
$755,402,238
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 $349,899,017 · related or exempt $349,899,017

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

    total $31,122,414 · related or exempt $31,122,414

  • 2c · Program service revenue: ATM INCOME

    total $4,348,927 · related or exempt $3,679,944 · unrelated business $668,983

  • 2d · Program service revenue: CHECKING ACCOUNT FEES

    total $4,842,248 · related or exempt $4,842,248

  • 3 · Investment income

    total $63,666,065 · excluded $63,666,065

  • 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 $1,529,597

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

    other assets $1,543,005

  • 7c · Gain or loss

    other assets -$13,408

  • 7d · Net gain or loss

    total -$13,408 · related or exempt -$13,408

  • 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 $14,806,989 · related or exempt $14,411,911 · unrelated business $395,078

  • 11e · Other revenue, total

    $14,806,989

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $463,569

  • 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 $4,584,307

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $58,814,561

  • 8 · Pension plan contributions

    total $6,608,174

  • 9 · Other employee benefits

    total $13,083,118

  • 10 · Payroll taxes

    total $5,064,649

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $300,500

  • 11c · Fees: accounting

    total $360,940

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $8,884,994

  • 12 · Advertising and promotion

    total $14,066,563

  • 13 · Office expenses

    total $8,392,291

  • 14 · Information technology

    total $14,595,249

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $4,034,386

  • 17 · Travel

    total $776,618

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $129,667,162

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $8,732,924

  • 23 · Insurance

    total $1,026,058

  • 24a · Other expenses: PROVISION FOR LOAN LOSSES

    total $133,830,682

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $13,889,963

  • 24c · Other expenses: ATM EXPENSE

    total $10,213,635

  • 24d · Other expenses: CHECK CARD PROGRAM EXPENSE

    total $11,159,018

  • 24e · All other expenses

    total $12,691,336

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $524,101,220 · end of year $371,904,459

  • 2 · Savings and temporary cash investments

    beginning of year $50,009,930 · end of year $50,686,376

  • 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 $6,087,094,031 · end of year $6,399,592,727

  • 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

    $154,594,561

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

    $82,101,104

  • 10c · Land, buildings and equipment, net

    beginning of year $75,817,063 · end of year $72,493,457

  • 11 · Investments: publicly traded securities

    beginning of year $1,170,387,255 · end of year $1,066,040,864

  • 12 · Investments: other securities

    beginning of year $47,216,523 · end of year $100,663,140

  • 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 $116,484,751 · end of year $166,392,083

  • 17 · Accounts payable and accrued expenses

    beginning of year $56,514,031 · end of year $37,515,233

  • 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 $16,342,567 · end of year $17,308,345

  • 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 $7,241,718,764 · end of year $7,417,547,290

  • 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 $755,842,620 · end of year $754,709,447

Mission and programs · 2023

Mission

SEE SCHEDULE O

  • AS OF DECEMBER 31, 2023, THE PENNSYLVANIA STATE EMPLOYEES CREDIT UNION HAD 591,730 MEMBERS TO WHOM IT PROVIDES DEPOSIT AND LOAN SERVICES. THERE WERE 406,366 LOANS WITH BALANCES OF $6,526,586,265 OUTSTANDING AT DECEMBER 31, 2023. SHARE DEPOSITS WERE $7,422,037,279. PSECU STRIVES TO PROVIDE ITS MEMBERS WITH HIGH QUALITY, CONVENIENT FINANCIAL PRODUCTS AND SERVICES WITH SUPERIOR PRICING.

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

Listed in Part VII

  • George W Rudolph

    CEO

    Total calculated
    $1,703,691
    From this org
    $1,438,469
    From related orgs
    $0
    Other
    $265,222
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $1,043,917
    Bonus
    $389,285
    Other
    $5,267
    Deferred
    $242,101
    Nontaxable benefits
    $23,121
    Filer's total
    $1,703,691

  • Richard L Long

    CIO

    Total calculated
    $496,171
    From this org
    $431,863
    From related orgs
    $0
    Other
    $64,308
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $312,106
    Bonus
    $101,095
    Other
    $18,662
    Deferred
    $36,300
    Nontaxable benefits
    $28,008
    Filer's total
    $496,171

  • Francis J Pudner Esq

    CHIEF RISK OFF & GEN COUNSEL

    Total calculated
    $483,917
    From this org
    $423,061
    From related orgs
    $0
    Other
    $60,856
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $321,221
    Bonus
    $98,269
    Other
    $3,571
    Deferred
    $32,615
    Nontaxable benefits
    $28,241
    Filer's total
    $483,917

  • Barbara J Bowker

    CHIEF MEMBER EXP OFFC.

    Total calculated
    $474,844
    From this org
    $423,944
    From related orgs
    $0
    Other
    $50,900
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $313,823
    Bonus
    $100,240
    Other
    $9,881
    Deferred
    $36,300
    Nontaxable benefits
    $14,600
    Filer's total
    $474,844

  • Jose L Pascual Fernandez

    VP, HEAD OF MORTGAGE & COMM BA

    Total calculated
    $453,071
    From this org
    $394,640
    From related orgs
    $0
    Other
    $58,431
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $357,210
    Bonus
    $34,146
    Other
    $3,284
    Deferred
    $36,300
    Nontaxable benefits
    $22,131
    Filer's total
    $453,071

  • Sandra K Holzgen

    CHIEF HUMAN RESOURCE OFFICER

    Total calculated
    $433,937
    From this org
    $369,302
    From related orgs
    $0
    Other
    $64,635
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $275,251
    Bonus
    $89,376
    Other
    $4,675
    Deferred
    $33,426
    Nontaxable benefits
    $31,209
    Filer's total
    $433,937

  • Homer Renteria

    CHIEF REVENUE & LENDING OFFICE

    Total calculated
    $433,530
    From this org
    $369,289
    From related orgs
    $0
    Other
    $64,241
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $279,491
    Bonus
    $84,556
    Other
    $5,242
    Deferred
    $36,300
    Nontaxable benefits
    $27,941
    Filer's total
    $433,530

  • Gina M Seibert

    CFO

    Total calculated
    $410,748
    From this org
    $350,603
    From related orgs
    $0
    Other
    $60,145
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $270,908
    Bonus
    $67,347
    Other
    $12,348
    Deferred
    $32,628
    Nontaxable benefits
    $27,517
    Filer's total
    $410,748

  • Scott J Davis

    VP, ENTERPRISE RISK MGMT

    Total calculated
    $360,164
    From this org
    $298,216
    From related orgs
    $0
    Other
    $61,948
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $234,355
    Bonus
    $50,328
    Other
    $13,533
    Deferred
    $33,128
    Nontaxable benefits
    $28,820
    Filer's total
    $360,164

  • Darren L Neuschwander

    VP, HEAD OF CONSUMER LENDING

    Total calculated
    $340,786
    From this org
    $282,852
    From related orgs
    $0
    Other
    $57,934
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $251,221
    Bonus
    $30,480
    Other
    $1,151
    Deferred
    $28,486
    Nontaxable benefits
    $29,448
    Filer's total
    $340,786

  • Gregory A Minnich

    VP MEMBER EXP & ENGAGEMENT

    Total calculated
    $329,510
    From this org
    $269,953
    From related orgs
    $0
    Other
    $59,557
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $218,016
    Bonus
    $48,262
    Other
    $3,675
    Deferred
    $30,219
    Nontaxable benefits
    $29,338
    Filer's total
    $329,510

  • Clifton D Van Scyoc

    VP OF TECHNOLOGY

    Total calculated
    $324,605
    From this org
    $267,078
    From related orgs
    $0
    Other
    $57,527
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $212,420
    Bonus
    $44,332
    Other
    $10,326
    Deferred
    $28,617
    Nontaxable benefits
    $28,910
    Filer's total
    $324,605

  • Gregory A Smith

    FORMER OFFICER, CEO

    Total calculated
    $218,750
    From this org
    $218,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $218,750
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $218,750

  • Timothy D Grunstra

    DIRECTOR

    Total calculated
    $22,264
    From this org
    $22,264
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Shawn W Weis

    DIRECTOR

    Total calculated
    $21,699
    From this org
    $21,699
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Matthew B Wagoner

    DIRECTOR

    Total calculated
    $21,161
    From this org
    $21,161
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Leanna L Meiser

    DIRECTOR

    Total calculated
    $20,354
    From this org
    $20,354
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Joseph Sassano

    DIRECTOR

    Total calculated
    $15,819
    From this org
    $15,819
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Nicholas J Barbera

    DIRECTOR

    Total calculated
    $15,719
    From this org
    $15,719
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Michael C Ferster

    DIRECTOR

    Total calculated
    $15,619
    From this org
    $15,619
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jodi Lynne Blanch

    DIRECTOR

    Total calculated
    $15,619
    From this org
    $15,619
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • R Brian Wilbur

    DIRECTOR

    Total calculated
    $15,519
    From this org
    $15,519
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

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 $205,801 WAS INCURRED IN 2023.

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 $192,087 · assets $724,905

    Directly controlled by PSECU

Provenance

Return type
form_990
Tax year
2023
Filed
5 November 2024
IRS schema version
2023v5.1
Source object
202423109349302212

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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