Five County Credit Union
- Assets
- $350.0m
- Revenue
- $17.0m
- Investments
- $6.9m
- Employees
- 159
- Location
- Bath, ME
- Founding
- Data as of
- 12/2021
- EIN
- 01-0261795
Organization Overview
Five County Credit Union is located in Bath, ME. As of 12/2021, Five County Credit Union employed 159 individuals. Five County 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, Five County Credit Union generated $17.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $14.7m during the year ending 12/2021. While expenses have increased by 0.5% 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
DELIVERING RELATIONSHIP SERVICES WITH TRUSTED SOLUTIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FIVE COUNTY CREDIT UNION'S FIELD OF MEMBERSHIP INCLUDES PERSONS WHO LIVE OR WORK IN THE COUNTIES OF ANDROSCOGGIN, CUMBERLAND, LINCOLN, KENNEBEC, SAGADAHOC, WALDO, SOMERSET, AND KNOX, MAINE, ALL ACTIVE AND RETIRED EMPLOYEES OF BATH IRON WORKS, AND RELATIVES OF ELIGIBLE MEMBERS. THE CREDIT UNION'S PRIMARY ACTIVITY IS PROVIDING LOANS TO MEMBERS AND THEIR FAMILIES. AS OF 12/31/21, FIVE COUNTY CREDIT UNION SERVES 27,400 MEMBERS AND HAS TOTAL DEPOSITS OF $317,651,154. IN ADDITION, THE CREDIT UNION HAS 15,730 OUTSTANDING LOANS TO MEMBERS WITH A TOTAL BALANCE OF $213,568,894 AT 12/31/2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Julie A Marquis Secretary, Treasurer & CEO | OfficerTrustee | 40 | $334,826 |
Kenneth H Stockford SVP Finance & Technology/c | Officer | 40 | $173,274 |
Terri Ryan SVP Administration | 40 | $159,651 | |
Michael Foley SVP Support Services | 40 | $154,386 | |
Lynn Farmer VP Human Resources | 40 | $132,380 | |
Jennifer Andersen SVP Retail Services | 40 | $121,851 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Synergent Service Bureau | 12/30/21 | $979,057 |
Consolidated Communications Communications | 12/30/21 | $165,659 |
White Pine Landscaping Inc Landscaping/plowing | 12/30/21 | $104,172 |
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 | $13,004,849 |
| Investment income | $951,469 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $20,956 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,981,136 |
| 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 | $537,698 |
| Compensation of current officers, directors, key employees. | $580,865 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,962,471 |
| Pension plan accruals and contributions | $535,024 |
| Other employee benefits | $683,397 |
| Payroll taxes | $485,033 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $24,347 |
| Fees for services: Accounting | $147,021 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $254,606 |
| Advertising and promotion | $356,795 |
| Office expenses | $0 |
| Information technology | $176,955 |
| Royalties | $0 |
| Occupancy | $1,275,493 |
| Travel | $45,004 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,045,554 |
| Insurance | $123,544 |
| All other expenses | $2,499,123 |
| Total functional expenses | $14,732,930 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,979,969 |
| Savings and temporary cash investments | $103,004,761 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $956,327 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $212,577,811 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $488,067 |
| Net Land, buildings, and equipment | $11,141,997 |
| Investments—publicly traded securities | $1,177,040 |
| Investments—other securities | $6,914,831 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,721,267 |
| Total assets | $349,962,070 |
| Accounts payable and accrued expenses | $3,983,509 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $50,022 |
| 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 | $317,601,132 |
| Total liabilities | $321,634,663 |
| 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 | $28,327,407 |
| Total liabilities and net assets/fund balances | $349,962,070 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Five County Credit Union has recieved totaling $6,000.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of North Central Massachusetts Inc Fitchburg, MA PURPOSE: Disaster Relief | $6,000 |
Peer Organizations
| 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 |