Maine State Credit Union
- Assets
- $643.1m
- Revenue
- $30.2m
- Investments
- $110.0k
- Employees
- 154
- Location
- Augusta, ME
- Founding
- Data as of
- 12/2023
- EIN
- 01-0196194
Organization Overview
Maine State Credit Union is located in Augusta, ME. As of 12/2023, Maine State Credit Union employed 154 individuals. Maine State Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2023, Maine State Credit Union generated $30.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.7% each year. All expenses for the organization totaled $28.8m during the year ending 12/2023. While expenses have increased by 9.5% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE MEMBERS WITH SAVINGS AND LOAN SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS 35,440 MEMBERS AS OF 12/31/2023. MEMBERS HAVE ACCESS TO A WIDE VARIETY OF LOW COST, HIGH QUALITY SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Poirier Chairperson | OfficerTrustee | 1 | $0 |
Roland Maheux Vice Chairperson | OfficerTrustee | 1 | $0 |
George Lapointe Treasurer | OfficerTrustee | 1 | $0 |
Liz Ouellette Secretary | OfficerTrustee | 1 | $0 |
Leonard Cabana Director | Trustee | 1 | $0 |
Gary Crocker Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Workgroup Technology Partners Inc Managed It Services | 12/30/23 | $420,780 |
Synergent Data Processing | 12/30/23 | $1,650,645 |
Jack Henry & Associates Inc Financial Services | 12/30/23 | $301,557 |
Alkami Technology Inc Data Processing | 12/30/23 | $406,630 |
Longfellow Holdings Llc Landscape / Property Management | 12/30/23 | $110,475 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $55,840 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $55,840 |
| Total Program Service Revenue | $21,860,081 |
| Investment income | $3,199,103 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $41,218 |
| Net Gain/Loss on Asset Sales | $7,921 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,231,672 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $202,037 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $7,021,981 |
| Compensation of current officers, directors, key employees. | $1,507,718 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,725,855 |
| Pension plan accruals and contributions | $332,986 |
| Other employee benefits | $2,050,472 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $29,346 |
| Fees for services: Accounting | $80,578 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $12,650 |
| Fees for services: Other | $1,534,516 |
| Advertising and promotion | $645,645 |
| Office expenses | $376,592 |
| Information technology | $642,701 |
| Royalties | $0 |
| Occupancy | $1,034,786 |
| Travel | $414,081 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,179 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,015,717 |
| Insurance | $141,745 |
| All other expenses | $40,368 |
| Total functional expenses | $28,782,297 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,278,933 |
| Savings and temporary cash investments | $72,477,110 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $12,334,750 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $402,520,879 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $14,323,991 |
| Investments—publicly traded securities | $97,585,802 |
| Investments—other securities | $110,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $38,435,752 |
| Total assets | $643,067,217 |
| Accounts payable and accrued expenses | $2,864,423 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $585,749,066 |
| Total liabilities | $588,613,489 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $54,453,728 |
| Total liabilities and net assets/fund balances | $643,067,217 |
Grants Awarded
Over the last fiscal year, Maine State Credit Union has awarded $202,037 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
MAINE CREDIT UNION'S CAMPAIGN FOR ENDING HUNGER PURPOSE: TO COMBAT FOOD INSECURITY IN MAINE | $102,037 |
THE FOUNDATION FOR MAINE COMMUNITY COLLEGES PURPOSE: SCHOLARSHIPS | $94,400 |
MAINE MARITIME ACADEMY PURPOSE: SCHOLARSHIPS | $5,600 |