Evergreen Credit Union
- Assets
- $464.6m
- Revenue
- $18.4m
- Investments
- $74.7m
- Employees
- 106
- Location
- Portland, ME
- Founding
- 11/1969
- Data as of
- 12/2021
- EIN
- 01-0216328
Organization Overview
Evergreen Credit Union is located in Portland, ME. The organization was established in 1969. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Evergreen Credit Union employed 106 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Evergreen 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, Evergreen Credit Union generated $18.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.0% each year. All expenses for the organization totaled $16.7m during the year ending 12/2021. While expenses have increased by 9.7% 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 26,574 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 |
|---|---|---|---|
Jason Lindstrom CEO | Officer | 40 | $321,220 |
Kathleen Archambault CFO | Officer | 40 | $246,359 |
Timothy Verreault COO | Officer | 40 | $246,203 |
Jere Shaw VP Cml Lending | Officer | 40 | $168,128 |
Cathy Lestage VP Hr | 40 | $147,701 | |
Denis Know VP Lending | 40 | $144,305 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Synergent Core Data Processor | 12/30/21 | $1,588,906 |
St Clarie Media Group Advertising Agency | 12/30/21 | $198,838 |
Systems Engineering It Managed Services | 12/30/21 | $160,285 |
Property Valuation Services Loan Appraisal And Valuation Services | 12/30/21 | $214,425 |
Benchmark Building Contractor-remodel Work | 12/30/21 | $1,144,974 |
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 | $14,001,252 |
| Investment income | $942,318 |
| 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 | $18,374,213 |
| 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 | $1,121,949 |
| Compensation of current officers, directors, key employees. | $1,138,931 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,814,090 |
| Pension plan accruals and contributions | $301,380 |
| Other employee benefits | $1,245,452 |
| Payroll taxes | $493,604 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,573 |
| Fees for services: Accounting | $33,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,337,403 |
| Advertising and promotion | $594,543 |
| Office expenses | $1,276,520 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $552,308 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $32,484 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $667,673 |
| Insurance | $105,063 |
| All other expenses | $30,319 |
| Total functional expenses | $16,697,278 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,670,038 |
| Savings and temporary cash investments | $65,758,865 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $108,200 |
| Loans from Officers, Directors, or Controlling Persons | $8,216,344 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $299,900,212 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,128,688 |
| Net Land, buildings, and equipment | $10,250,200 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $74,697,470 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,890,775 |
| Total assets | $464,620,792 |
| Accounts payable and accrued expenses | $798,504 |
| 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 | $432,396,766 |
| Total liabilities | $433,195,270 |
| 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 | $31,425,522 |
| Total liabilities and net assets/fund balances | $464,620,792 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Granite State Credit Union Manchester, NH | $634,204,646 | $34,223,432 |
Triangle Credit Union Nashua, NH | $877,280,050 | $30,352,425 |
Bellwether Community Credit Union Manchester, NH | $557,690,894 | $21,955,180 |
Evergreen Credit Union Portland, ME | $464,620,792 | $18,374,213 |
Holy Rosary Regional Credit Union Rochester, NH | $399,129,935 | $15,434,385 |
Members First Credit Union Of Nh Manchester, NH | $244,669,595 | $9,857,819 |
State Chartered Credit Unions In Maine Sabattus, ME | $73,474,429 | $2,472,839 |
New Hampshire Postal Credit Union Manchester, NH | $56,507,236 | $1,103,748 |
Freudenberg-Nok Employees Credit Union Bristol, NH | $2,418,377 | $48,651 |