Service Credit Union
- Assets
- $0.0
- Revenue
- $158.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Portsmouth, NH
- Founding
- 11/1976
- Data as of
- 09/2020
- EIN
- 02-0240752
Organization Overview
Service Credit Union is located in Portsmouth, 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. Service 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 09/2020, Service Credit Union generated $158.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $609.5m during the year ending 09/2020. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Service Credit Union has awarded 15 individual grants totaling $473,152,688. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
CREDIT UNION OPERATED WITHOUT PROFIT FOR MUTUAL PURPOSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES VARIOUS TYPES OF LOANS, CDS, SHARE ACCOUNTS, AND IRA CDS TO MEMBERS. INTEREST ON MEMBERS' SHARE AND SAVINGS ACCOUNTS FOR THE 9 MONTH PERIOD ENDING SEPTEMBER 30, 2020 WAS $27,454,331.AS OF SEPTEMBER 30, 2020, THE CREDIT UNION CONVERTED TO A FEDERAL CREDIT UNION AND CEASED EXISTENCE AS A STATE CHARTERED TAX-EXEMPT CREDIT UNION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Araujo President/ceo | Officer | 40 | $646,413 |
Dan Clarke Svp, Member Experience | Officer | 40 | $250,647 |
Philip Von Streicher VP Overseas | 40 | $235,188 | |
Michael Porter VP Operations | 40 | $194,332 | |
Wendy Beswick VP Marketing | 40 | $190,923 | |
Michael Bergeron VP Logistics | 40 | $185,569 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wittiji Consulting It Consulting | 9/29/20 | $130,605 |
Ncr Corporation Atm Systems Provider | 9/29/20 | $4,246,059 |
Fiserv Solutions It Systems | 9/29/20 | $2,891,396 |
Blaze Partners Llc Marketing Consultant | 9/29/20 | $2,071,070 |
Avtex Solutions Phone System Support | 9/29/20 | $461,664 |
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 | $152,515,405 |
| Investment income | $4,484,896 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $91,540 |
| Net Gain/Loss on Asset Sales | $983,469 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $158,075,310 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $473,552,351 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $27,454,331 |
| Compensation of current officers, directors, key employees. | $1,597,007 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $35,215,983 |
| Pension plan accruals and contributions | $4,237,567 |
| Other employee benefits | $6,709,078 |
| Payroll taxes | $2,886,682 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $94,625 |
| Fees for services: Accounting | $160,667 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,509,036 |
| Advertising and promotion | $3,006,254 |
| Office expenses | $5,200,019 |
| Information technology | $7,241,805 |
| Royalties | $0 |
| Occupancy | $3,686,825 |
| Travel | $320,573 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,645 |
| Interest | $3,169,598 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,578,400 |
| Insurance | $367,421 |
| All other expenses | $0 |
| Total functional expenses | $609,472,276 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $0 |
Grants Awarded
Over the last fiscal year, Service Credit Union has awarded $473,152,688 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
Portsmouth, NH PURPOSE: TRANSFER OF NET ASSETS | $472,483,293 |
Concord, NH PURPOSE: CAMPUS RECREATION SPONSORSHIP | $167,940 |
Portsmouth, NH PURPOSE: UNRESTRICTED | $166,667 |
Manchester, NH PURPOSE: UNRESTRICTED | $100,000 |
Durham, NH PURPOSE: UNH STADIUM PROJECT PLEDGE | $100,000 |
Portsmouth, NH PURPOSE: PORTSMOUTH POP UP | $25,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Service Credit Union has recieved totaling $472,483,293.
| Awarding Organization | Amount |
|---|---|
Service Credit Union Portsmouth, NH PURPOSE: TRANSFER OF NET ASSETS | $472,483,293 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Service Credit Union Portsmouth, NH | $0 | $158,075,310 |
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 |