Cport Credit Union
- Assets
- $419.6m
- Revenue
- $26.6m
- Investments
- $10.9m
- Employees
- 145
- Location
- Portland, ME
- Founding
- Data as of
- 12/2022
- EIN
- 01-0079380
Organization Overview
Cport Credit Union is located in Portland, ME. As of 12/2022, Cport Credit Union employed 145 individuals. Cport 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, Cport Credit Union generated $26.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.9% each year . All expenses for the organization totaled $18.5m during the year ending 12/2022. While expenses have increased by 14.1% 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
2022
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 29,994 MEMBERS AS OF 12/31/2022. 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 |
|---|---|---|---|
Eugene Ardito President/ceo/director | OfficerTrustee | 40 | $444,856 |
James Cloutier Treasurer | OfficerTrustee | 1 | $0 |
Traverse Fournier Vice Chairman | OfficerTrustee | 1 | $0 |
Quincy Hentzel Secretary | OfficerTrustee | 1 | $0 |
Scott Paquet Chairman | OfficerTrustee | 1 | $0 |
Keith Canning Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Shield Compliance Mrb System Processing And Other Related | 12/30/22 | $778,996 |
Synergent Core Processing And Related Services | 12/30/22 | $1,507,319 |
Alkami Technology Online Banking Provider | 12/30/22 | $559,405 |
Systems Engineering Information Tech. Services | 12/30/22 | $422,866 |
Tetrapoint Cash Transit Services | 12/30/22 | $275,515 |
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 | $23,979,552 |
| Investment income | $1,900,875 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $11,289 |
| 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 | $26,576,030 |
| 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 | $1,649,034 |
| Compensation of current officers, directors, key employees. | $646,658 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,004,743 |
| Pension plan accruals and contributions | $201,672 |
| Other employee benefits | $364,726 |
| Payroll taxes | $494,800 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $30,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,421,461 |
| Advertising and promotion | $468,223 |
| Office expenses | $1,080,342 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $535,084 |
| Travel | $120,065 |
| 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 | $899,213 |
| Insurance | $124,074 |
| All other expenses | $158,011 |
| Total functional expenses | $18,548,372 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,369,730 |
| Savings and temporary cash investments | $82,528,999 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $3,122,760 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $298,484,576 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $12,398,470 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,943,945 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,800,213 |
| Total assets | $419,648,693 |
| Accounts payable and accrued expenses | $6,945,928 |
| 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 | $376,189,855 |
| Total liabilities | $383,135,783 |
| 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 | $36,512,910 |
| Total liabilities and net assets/fund balances | $419,648,693 |