Downeast Credit Union
- Assets
- $256.5m
- Revenue
- $15.0m
- Investments
- $11.2m
- Employees
- 95
- Location
- Baileyville, ME
- Founding
- Data as of
- 12/2021
- EIN
- 01-0213357
Organization Overview
Downeast Credit Union is located in Baileyville, ME. As of 12/2021, Downeast Credit Union employed 95 individuals. Downeast 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, Downeast Credit Union generated $15.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 8.4% each year. All expenses for the organization totaled $11.0m during the year ending 12/2021. While expenses have increased by 5.5% per year over the past 6 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
TO PROVIDE FINANCIAL SERVICES, INCLUDING DEPOSIT ACCOUNTS AND LOANS, TO CREDIT UNION MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PROCUREMENT OF FINANCIAL SERVICES INCLUDING, BUT NOT LIMITED TO, THE EXTENSION OF LOANS AND THE HOUSING OF DEPOSITS FOR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Moses Joseph President & CEO | Officer | 40 | $264,013 |
Fleming Matthew CFO | Officer | 40 | $128,926 |
Lanier Tonia SVP Of Lending & Branch Op | 40 | $124,650 | |
Tomah Bette SVP Of Internal Operations | 40 | $114,009 | |
Sherrard Christopher It Director | 40 | $110,299 | |
Manza Joseph Secretary | OfficerTrustee | 1 | $6,825 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Andel Construction Branch Renovations | 12/30/21 | $446,428 |
Fiserv Operating System | 12/30/21 | $417,884 |
Ncr Corporation Mobile And Web Services | 12/30/21 | $202,202 |
Cdw Computer Harware Vendor | 12/30/21 | $128,608 |
Diebold Nixdorf Inc Security Services | 12/30/21 | $133,005 |
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 | $12,250,032 |
| Investment income | $12,923 |
| 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 | $14,995,471 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $452,717 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,492,029 |
| Pension plan accruals and contributions | $141,863 |
| Other employee benefits | $628,385 |
| Payroll taxes | $334,062 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,157 |
| Fees for services: Accounting | $145,148 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $335,171 |
| Advertising and promotion | $129,611 |
| Office expenses | $1,231,915 |
| Information technology | $62,932 |
| Royalties | $0 |
| Occupancy | $458,747 |
| Travel | $10,677 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $200 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $592,512 |
| Insurance | $91,101 |
| All other expenses | $12,000 |
| Total functional expenses | $11,020,879 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $24,221,106 |
| Savings and temporary cash investments | $26,303,152 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $79,966 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $174,955,702 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,917,649 |
| Net Land, buildings, and equipment | $8,170,261 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $11,248,864 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,619,537 |
| Total assets | $256,516,237 |
| Accounts payable and accrued expenses | $1,622,798 |
| 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 | $230,914,766 |
| Total liabilities | $232,537,564 |
| 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 | $23,978,673 |
| Total liabilities and net assets/fund balances | $256,516,237 |
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