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.
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 |
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 |
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 |
Organization Name | Assets | Revenue |
---|---|---|
Rivier University Nashua, NH | $135,744,912 | $55,240,683 |
Dexter Southfield Inc Brookline, MA | $119,216,504 | $58,438,330 |
Vna Home & Hospice South Portland, ME | $24,331,547 | $49,774,592 |
World Learning Inc Brattleboro, VT | $69,510,730 | $48,654,850 |
Community Bridges Inc Concord, NH | $17,325,387 | $49,860,729 |
The Grantham Foundation For The Protection Of The Environment Boston, MA | $585,096,833 | $210,457,800 |
St Marys Bank Manchester, NH | $1,405,116,910 | $59,217,128 |
Southwest Boston Senior Services Inc Jamaica Plain, MA | $18,738,837 | $50,976,438 |
Bridgton Hospital Bridgton, ME | $42,315,863 | $55,206,126 |
The Morningside Foundation Newton Centre, MA | $22,445,720 | $11,895,776 |
Uphams Corner Health Committee Inc Dorchester, MA | $23,283,775 | $48,958,688 |
New England Law Boston Boston, MA | $111,835,752 | $46,208,385 |