Connected Credit Union
- Assets
- $117.3m
- Revenue
- $4.2m
- Investments
- $42.5m
- Employees
- 31
- Location
- Augusta, ME
- Founding
- Data as of
- 12/2021
- EIN
- 01-0409063
Organization Overview
Connected Credit Union is located in Augusta, ME. As of 12/2021, Connected Credit Union employed 31 individuals. Connected 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, Connected Credit Union generated $4.2m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 19.7% each year . All expenses for the organization totaled $3.7m during the year ending 12/2021. While expenses have increased by 18.9% 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
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 8,396 MEMBERS AS OF 12/31/21. 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 |
|---|---|---|---|
Richard Lachance CEO | Officer | 40 | $131,720 |
Cathy Bond President | Officer | 40 | $114,595 |
Lynn Stratton Vise-President Lending | Officer | 40 | $103,023 |
Kelley Wathen CFO | Officer | 40 | $75,360 |
John Cassidy Chairman | OfficerTrustee | 0 | $0 |
Patricia Hewett Secretary | OfficerTrustee | 0 | $0 |
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 | $2,665,337 |
| Investment income | $442,006 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,533 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,204,560 |
| 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 | $282,285 |
| Compensation of current officers, directors, key employees. | $538,689 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $780,598 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $236,512 |
| 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 | $126,586 |
| Advertising and promotion | $122,249 |
| Office expenses | $43,976 |
| Information technology | $286,525 |
| Royalties | $0 |
| Occupancy | $153,730 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $44 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $153,053 |
| Insurance | $0 |
| All other expenses | $205,008 |
| Total functional expenses | $3,686,213 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,016,218 |
| Savings and temporary cash investments | $5,140,127 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $53,462,685 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $296,250 |
| Net Land, buildings, and equipment | $2,490,814 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $42,467,762 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,453,062 |
| Total assets | $117,326,918 |
| Accounts payable and accrued expenses | $107,319,209 |
| 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 | $0 |
| Total liabilities | $107,319,209 |
| 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 | $10,007,709 |
| Total liabilities and net assets/fund balances | $117,326,918 |
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