Peopleschoice Credit Union
- Assets
- $306.1m
- Revenue
- $14.0m
- Investments
- $0.0
- Employees
- 77
- Location
- Saco, ME
- Founding
- Data as of
- 12/2021
- EIN
- 01-6015389
Organization Overview
Peopleschoice Credit Union is located in Saco, ME. As of 12/2021, Peopleschoice Credit Union employed 77 individuals. Peopleschoice 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, Peopleschoice Credit Union generated $14.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 9.1% each year. All expenses for the organization totaled $12.5m during the year ending 12/2021. While expenses have increased by 8.2% 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
PROVIDE MEMBERS WITH SAVINGS AND LOAN SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS 19,442 MEMBERS AS OF 12/31/2021. MEMBERS HAVE ACCESS TO A WIDE VARIETY OF LOW COST, HIGH QUALITY SERVICES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Luke Labbe President | Officer | 40 | $382,844 |
Shannon Kashinsky Cpo | 40 | $263,197 | |
Kurt Schickle Avp Mortgage Lending | 40 | $236,482 | |
Adam Warfel CFO | Officer | 40 | $181,891 |
Kyle Soule Mortgage Loan Originator | 40 | $160,176 | |
John Laverriere VP Marketing + It | 40 | $132,655 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Synergent Data Processing Services | 12/30/17 | $388,898 |
Bp Cleaning And Home Maintenance Janitorial Services | 12/30/17 | $152,752 |
First Data Home Banking Service Provider | 12/30/17 | $115,723 |
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 | $8,973,721 |
| Investment income | $477,664 |
| 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 | $13,957,386 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $18,767 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,567,297 |
| Compensation of current officers, directors, key employees. | $564,735 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,284,082 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| 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 | $873,238 |
| Advertising and promotion | $0 |
| Office expenses | $1,816,707 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $767,331 |
| Travel | $91,664 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $29,071 |
| Total functional expenses | $12,458,218 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $73,545,915 |
| Savings and temporary cash investments | $40,239,793 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $171,475,769 |
| 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 | $0 |
| Net Land, buildings, and equipment | $7,396,815 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,466,217 |
| Total assets | $306,124,509 |
| Accounts payable and accrued expenses | $1,569,052 |
| 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 | $3,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $281,513,517 |
| Total liabilities | $286,082,569 |
| 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 | $20,041,940 |
| Total liabilities and net assets/fund balances | $306,124,509 |
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