Granite State Credit Union
- Assets
- $634.2m
- Revenue
- $34.2m
- Investments
- $46.2m
- Employees
- 193
- Location
- Manchester, NH
- Founding
- 11/1976
- Data as of
- 12/2022
- EIN
- 02-0227484
Organization Overview
Granite State Credit Union is located in Manchester, NH. The organization was established in 1976. 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 12/2022, Granite State Credit Union employed 193 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Granite State 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 12/2022, Granite State Credit Union generated $34.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.3% each year. All expenses for the organization totaled $29.4m during the year ending 12/2022. While expenses have increased by 5.6% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
DEPOSITS AND LENDING TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEPOSITS AND LENDING TO CREDIT UNION MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Denise L Barstow President/ceo | Officer | 45 | $595,037 |
Michele M Plaza Executive Vice President | Officer | 45 | $334,613 |
Karen L Laplume Executive Vice President | Officer | 45 | $278,430 |
Lisa R Barowski Executive Vice President/cfo | Officer | 45 | $262,358 |
Lisa D Egan Vice President - Hr | 45 | $164,660 | |
Willie House VP - It | 45 | $159,061 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
John Papciak Dba P&s Janitorial Janitorial | 12/30/22 | $137,229 |
Snowcap Technologies Llc Information Technology | 12/30/22 | $1,172,250 |
Boutin Law Pllc Legal | 12/30/22 | $167,847 |
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 | $22,981,260 |
| Investment income | $1,352,919 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$218,632 |
| 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 | $34,223,432 |
| 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. | $1,470,438 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,538,615 |
| Pension plan accruals and contributions | $771,652 |
| Other employee benefits | $2,000,700 |
| Payroll taxes | $810,024 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,375 |
| Fees for services: Accounting | $187,387 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $834,333 |
| Advertising and promotion | $761,083 |
| Office expenses | $1,053,379 |
| Information technology | $2,278,244 |
| Royalties | $0 |
| Occupancy | $1,175,299 |
| Travel | $55,360 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $30,635 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,909,500 |
| Insurance | $145,565 |
| All other expenses | $117,903 |
| Total functional expenses | $29,408,308 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,262,090 |
| Savings and temporary cash investments | $33,429,984 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,940 |
| Loans from Officers, Directors, or Controlling Persons | $1,557,648 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $492,639,530 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $991,125 |
| Net Land, buildings, and equipment | $28,872,475 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $46,191,273 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $22,241,581 |
| Total assets | $634,204,646 |
| Accounts payable and accrued expenses | $4,739,042 |
| 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 | $578,725,695 |
| Total liabilities | $583,464,737 |
| 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 | $50,739,909 |
| Total liabilities and net assets/fund balances | $634,204,646 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Metro Credit Union Chelsea, MA | $2,510,941,078 | $92,937,477 |
Northeast Credit Union Portsmouth, NH | $1,982,489,459 | $75,179,197 |
Jeanne Darc Credit Union Lowell, MA | $1,792,528,408 | $59,293,841 |
Vermont State Employees Credit Union Montpelier, VT | $1,088,463,473 | $48,370,084 |
Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |
St Annes Credit Union Of Fall River Mass Fall River, MA | $1,266,762,131 | $34,865,858 |
Granite State Credit Union Manchester, NH | $634,204,646 | $34,223,432 |
Leominster Credit Union Leominster, MA | $813,719,349 | $30,410,755 |
St Marys Credit Union Inc Marlborough, MA | $985,400,554 | $32,310,700 |
Triangle Credit Union Nashua, NH | $877,280,050 | $30,352,425 |
Align Credit Union Lowell, MA | $748,085,438 | $24,193,748 |