Maine State Credit Union
- Assets
- $454.0m
- Revenue
- $20.7m
- Investments
- $110.0k
- Employees
- 98
- Location
- Augusta, ME
- Founding
- Data as of
- 12/2019
- EIN
- 01-0196194
Organization Overview
Maine State Credit Union is located in Augusta, ME. As of 12/2019, Maine State Credit Union employed 98 individuals.
For the year ending 12/2019, Maine State Credit Union generated $20.7m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $17.9m during the year ending 12/2019. While expenses have increased by 7.1% per year over the past 5 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
2019
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 30,222 MEMBERS AS OF 12/31/2019. 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 | $320,734 |
Deborah L Sparrow Svp/chief Lending Officer | Officer | 40 | $183,238 |
Mark Young Svp/chief Operations Offic | Officer | 40 | $177,371 |
Erin Campbell Svp/chief Financial Office | Officer | 40 | $124,859 |
Angela Harvey Director Of Human Resources | 40 | $116,549 | |
Stephen Wallace VP Of Lending And Branch Administration | 40 | $105,524 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Element Design Consulting | 12/30/19 | $318,178 |
Jack Henry & Associates Inc Financial Services | 12/30/19 | $270,295 |
Synergent Data Processing | 12/30/19 | $1,308,762 |
Workgroup Technology Partners Inc Managed It Services | 12/30/19 | $221,740 |
Wh Demmons Inc Hvac Firm | 12/30/19 | $259,727 |
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 | $15,455,697 |
| Investment income | $1,844,009 |
| 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 | $20,717,237 |
| 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 | $3,474,336 |
| Compensation of current officers, directors, key employees. | $915,672 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,898,402 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,164,952 |
| 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 | $1,061,233 |
| Advertising and promotion | $0 |
| Office expenses | $2,481,384 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $891,608 |
| Travel | $272,144 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $22,137 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $120,509 |
| Total functional expenses | $17,924,353 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,339,457 |
| Savings and temporary cash investments | $70,631,962 |
| 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 | $322,810,995 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $8,469,954 |
| Investments—publicly traded securities | $32,451,582 |
| Investments—other securities | $110,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $15,144,415 |
| Total assets | $453,958,365 |
| Accounts payable and accrued expenses | $2,120,699 |
| 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 | $395,936,388 |
| Total liabilities | $398,057,087 |
| 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 | $55,901,278 |
| Total liabilities and net assets/fund balances | $453,958,365 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sisters Of Saint Ann Anna Maria College Paxton, MA | $53,104,648 | $48,953,571 |
Peabody Essex Museum Inc Salem, MA | $744,344,002 | $55,752,290 |
Noble And Greenough School Dedham, MA | $296,315,709 | $52,902,949 |
Family Health Center Of Worcester Inc Worcester, MA | $21,349,121 | $51,005,573 |
Pinkerton Academy Derry, NH | $84,999,106 | $50,814,999 |
Rivier University Nashua, NH | $127,299,502 | $50,041,895 |
Vna Home & Hospice South Portland, ME | $12,667,197 | $48,586,531 |
Down East Community Hospital Machias, ME | $34,835,177 | $50,232,566 |
Springwell Inc Waltham, MA | $21,002,244 | $49,797,029 |
Douglas A Thom Clinic Inc Natick, MA | $16,447,378 | $47,901,525 |
Beth Israel Lahey Health Inc Hcsr Cambridge, MA | $36,494,434 | $49,576,092 |
Houlton Regional Hospital Houlton, ME | $23,834,079 | $47,621,728 |