Maine State Credit Union
- Assets
- $575.9m
- Revenue
- $22.4m
- Investments
- $110.0k
- Employees
- 119
- Location
- Augusta, ME
- Founding
- Data as of
- 12/2021
- EIN
- 01-0196194
Organization Overview
Maine State Credit Union is located in Augusta, ME. As of 12/2021, Maine State Credit Union employed 119 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 12/2021, Maine State Credit Union generated $22.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $17.8m during the year ending 12/2021. While expenses have increased by 4.9% per year over the past 7 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
2021
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 32,799 MEMBERS AS OF 12/31/2021. 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 |
|---|---|---|---|
Tucker Cole President/ceo | Officer | 40 | $382,447 |
Deborah L Sparrow SVP / Lending & Organizati | Officer | 40 | $223,969 |
Mark Young Svp/chief Operations Offic | Officer | 40 | $222,484 |
Stephen Wallace Executive Vice President | Officer | 40 | $194,449 |
Erin Campbell Svp/chief Financial Office | Officer | 40 | $168,629 |
Adam Kavanagh Svp/chief Operations Officer | Officer | 40 | $132,826 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Synergent Data Processing | 12/30/21 | $1,536,362 |
Alkami Data Processing | 12/30/21 | $107,896 |
Maine Today Media Advertising | 12/30/21 | $106,628 |
Workgroup Technology Partners Inc Managed It Services | 12/30/21 | $326,772 |
Jack Henry & Associates Inc Financial Services | 12/30/21 | $271,653 |
View All Vendors
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| 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 | $0 |
| Total Program Service Revenue | $16,773,264 |
| Investment income | $1,507,352 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,418,636 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,912,534 |
| Compensation of current officers, directors, key employees. | $1,463,181 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,257,698 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,057,153 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,236,345 |
| Advertising and promotion | $0 |
| Office expenses | $2,848,987 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $984,356 |
| Travel | $122,666 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $714 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $125,305 |
| Total functional expenses | $17,839,981 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,303,395 |
| Savings and temporary cash investments | $76,950,730 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $333,442,466 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $10,260,831 |
| Investments—publicly traded securities | $124,392,912 |
| Investments—other securities | $110,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $27,434,032 |
| Total assets | $575,894,366 |
| Accounts payable and accrued expenses | $2,070,003 |
| 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 | $510,189,507 |
| Total liabilities | $512,259,510 |
| 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 | $63,634,856 |
| Total liabilities and net assets/fund balances | $575,894,366 |
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