TY 2018 Form 990 Schedule O

efile Public Visual Render ObjectId: 201913159349300841 - Submission: 2019-11-11 TIN: 23-0961140

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
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Attach to Form 990 or 990-EZ.
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Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2018

Open to Public
Inspection

Name of the organization

PENNSYLVANIA STATE EMPLOYEES CREDIT UNION

Employer identification number

23-0961140

Return Reference	Explanation
PART I, LINE 1 AND PART III, LINE 1	ORGANIZATION'S MISSION THE PENNSYLVANIA STATE EMPLOYEES CREDIT UNION ("PSECU") IS ORGANIZED AND OPERATED TO PROMOTE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM, AT LEGITIMATE RATES OF INTEREST, FOR PROVIDENT PURPOSES. IN ACCOMPLISHING ITS PURPOSES, PSECU CONTINUALLY STRIVES TO MAINTAIN A PROGRESSIVE AND FINANCIALLY STABLE CREDIT UNION THAT GIVES PSECU MEMBERS CONTROL OVER THEIR FINANCES. PSECU ALSO PROVIDES MEMBERS WITH A VARIETY OF HIGH QUALITY TRADITIONAL AND INNOVATIVE FINANCIAL PRODUCTS AND SERVICES, WHICH ARE CONVENIENT, WITH SUPERIOR PRICING AND AVAILABLE THROUGH SELF-SERVICE DELIVERY CHANNELS.
PART VI, QUESTION 6	ALL PSECU MEMBERS MAY EXERCISE THE RIGHT AS AN OWNER/MEMBER AND VOTE IN PSECU'S ANNUAL ELECTION OF THE BOARD OF DIRECTORS AND CREDIT COMMITTEE MEMBERS. PART VI, QUESTION 7A ALL PSECU MEMBERS MAY EXERCISE THE RIGHT AS AN OWNER/MEMBER AND VOTE IN PSECU'S ANNUAL ELECTION OF THE BOARD OF DIRECTORS AND CREDIT COMMITTEE MEMBERS. PART VI, QUESTION 7B PSECU IS A FEDERALLY INSURED, STATE CREDIT UNION, THE ACTIONS OF WHICH ARE SUBJECT TO BOTH STATE AND FEDERAL REGULATIONS. AS DETAILED IN TITLE 17 OF PA CONSOLIDATED STATUTES, ANY FUNDAMENTAL CORPORATE CHANGE IS SUBJECT TO MEMBERSHIP VOTE. PART VI, QUESTION 11B THE FORM 990 IS PREPARED BY MANAGEMENT AND REVIEWED BY A THIRD PARTY ACCOUNTING FIRM. EACH DIRECTOR RECEIVED A COPY OF THE FORM 990 WHICH IS REVIEWED AT A BOARD MEETING HELD PRIOR TO THE FILING OF THE FORM 990. PART VI, QUESTION 12C ALL SENIOR MANAGEMENT AND DIRECTORS OF PSECU ARE REQUIRED TO COMPLETE AND SIGN A CONFLICT OF INTEREST DISCLOSURE WHICH MUST BE UPDATED ON AN ANNUAL BASIS. IN ADDITION, THESE INDIVIDUALS ARE RESPONSIBLE FOR NOTIFYING PSECU'S INTERNAL AUDIT SERVICES OF POTENTIAL OR ACTUAL CONFLICTS OF INTEREST AS THEY OCCUR.
PART VI, QUESTION 15	PSECU'S BOARD OF DIRECTORS OVERSEES THE PRACTICES AND DESIGN OF PSECU'S EXECUTIVE COMPENSATION PROGRAM. THIS PROCESS CONSIDERS, BUT IS NOT LIMITED TO, AN ANNUAL BENCHMARKING REVIEW, EVALUATION OF EXECUTIVE PERFORMANCE, AND ASSESSMENT OF INCENTIVE COMPENSATION TO ENSURE THAT IT DOES NOT ENCOURAGE EXCESSIVE OR UNNECESSARY RISK TAKING. THE KEY COMPONENTS OF OUR EXECUTIVE COMPENSATION CONSIST OF BASE SALARY AND CASH INCENTIVES. THE INCENTIVES ARE LARGELY SET AROUND KEY PERFORMANCE OBJECTIVES SUCH AS ENSURING THE EFFICIENCY OF OPERATIONS, GROWTH IN MEMBERS AND LOANS, FINANCIAL SOUNDNESS, AND OTHER QUALITATIVE MEASURES. PART VI, QUESTION 19 PSECU MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC UPON REQUEST. THE FINANCIAL STATEMENTS ARE AVAILABLE ON THE COMPANY'S WEBSITE.
PART XI, LINE 9	OTHER CHANGES IN NET ASSETS CONSIST OF $114,634 OF PENSION AND POST-RETIREMENT BENEFIT ADJUSTMENTS.
FORM 990 PART IX LINE 24 - OTHER EXPENSES	DESCRIPTION:DIVIDENDS - SPECIAL TOTAL EXPENSES:22368727
FORM 990 PART IX LINE 24 - OTHER EXPENSES	DESCRIPTION:OTHER TOTAL EXPENSES:7876332

Return Reference

Explanation

PART I, LINE 1 AND PART III, LINE 1

ORGANIZATION'S MISSION THE PENNSYLVANIA STATE EMPLOYEES CREDIT UNION ("PSECU") IS ORGANIZED AND OPERATED TO PROMOTE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM, AT LEGITIMATE RATES OF INTEREST, FOR PROVIDENT PURPOSES. IN ACCOMPLISHING ITS PURPOSES, PSECU CONTINUALLY STRIVES TO MAINTAIN A PROGRESSIVE AND FINANCIALLY STABLE CREDIT UNION THAT GIVES PSECU MEMBERS CONTROL OVER THEIR FINANCES. PSECU ALSO PROVIDES MEMBERS WITH A VARIETY OF HIGH QUALITY TRADITIONAL AND INNOVATIVE FINANCIAL PRODUCTS AND SERVICES, WHICH ARE CONVENIENT, WITH SUPERIOR PRICING AND AVAILABLE THROUGH SELF-SERVICE DELIVERY CHANNELS.

PART VI, QUESTION 6

ALL PSECU MEMBERS MAY EXERCISE THE RIGHT AS AN OWNER/MEMBER AND VOTE IN PSECU'S ANNUAL ELECTION OF THE BOARD OF DIRECTORS AND CREDIT COMMITTEE MEMBERS. PART VI, QUESTION 7A ALL PSECU MEMBERS MAY EXERCISE THE RIGHT AS AN OWNER/MEMBER AND VOTE IN PSECU'S ANNUAL ELECTION OF THE BOARD OF DIRECTORS AND CREDIT COMMITTEE MEMBERS. PART VI, QUESTION 7B PSECU IS A FEDERALLY INSURED, STATE CREDIT UNION, THE ACTIONS OF WHICH ARE SUBJECT TO BOTH STATE AND FEDERAL REGULATIONS. AS DETAILED IN TITLE 17 OF PA CONSOLIDATED STATUTES, ANY FUNDAMENTAL CORPORATE CHANGE IS SUBJECT TO MEMBERSHIP VOTE. PART VI, QUESTION 11B THE FORM 990 IS PREPARED BY MANAGEMENT AND REVIEWED BY A THIRD PARTY ACCOUNTING FIRM. EACH DIRECTOR RECEIVED A COPY OF THE FORM 990 WHICH IS REVIEWED AT A BOARD MEETING HELD PRIOR TO THE FILING OF THE FORM 990. PART VI, QUESTION 12C ALL SENIOR MANAGEMENT AND DIRECTORS OF PSECU ARE REQUIRED TO COMPLETE AND SIGN A CONFLICT OF INTEREST DISCLOSURE WHICH MUST BE UPDATED ON AN ANNUAL BASIS. IN ADDITION, THESE INDIVIDUALS ARE RESPONSIBLE FOR NOTIFYING PSECU'S INTERNAL AUDIT SERVICES OF POTENTIAL OR ACTUAL CONFLICTS OF INTEREST AS THEY OCCUR.

PART VI, QUESTION 15

PSECU'S BOARD OF DIRECTORS OVERSEES THE PRACTICES AND DESIGN OF PSECU'S EXECUTIVE COMPENSATION PROGRAM. THIS PROCESS CONSIDERS, BUT IS NOT LIMITED TO, AN ANNUAL BENCHMARKING REVIEW, EVALUATION OF EXECUTIVE PERFORMANCE, AND ASSESSMENT OF INCENTIVE COMPENSATION TO ENSURE THAT IT DOES NOT ENCOURAGE EXCESSIVE OR UNNECESSARY RISK TAKING. THE KEY COMPONENTS OF OUR EXECUTIVE COMPENSATION CONSIST OF BASE SALARY AND CASH INCENTIVES. THE INCENTIVES ARE LARGELY SET AROUND KEY PERFORMANCE OBJECTIVES SUCH AS ENSURING THE EFFICIENCY OF OPERATIONS, GROWTH IN MEMBERS AND LOANS, FINANCIAL SOUNDNESS, AND OTHER QUALITATIVE MEASURES. PART VI, QUESTION 19 PSECU MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC UPON REQUEST. THE FINANCIAL STATEMENTS ARE AVAILABLE ON THE COMPANY'S WEBSITE.

PART XI, LINE 9

OTHER CHANGES IN NET ASSETS CONSIST OF $114,634 OF PENSION AND POST-RETIREMENT BENEFIT ADJUSTMENTS.

FORM 990 PART IX LINE 24 - OTHER EXPENSES

DESCRIPTION:DIVIDENDS - SPECIAL TOTAL EXPENSES:22368727

FORM 990 PART IX LINE 24 - OTHER EXPENSES

DESCRIPTION:OTHER TOTAL EXPENSES:7876332

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2018

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