Coast Line Credit Union
- Assets
- $76.2m
- Revenue
- $3.4m
- Investments
- $170.6k
- Employees
- 8
- Location
- South Portland, ME
- Founding
- Data as of
- 12/2023
- EIN
- 01-0146437
Organization Overview
Coast Line Credit Union is located in South Portland, ME. As of 12/2023, Coast Line Credit Union employed 8 individuals. Coast Line 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 12/2023, Coast Line Credit Union generated $3.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.2% each year. All expenses for the organization totaled $2.2m during the year ending 12/2023. While expenses have increased by 5.3% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE MEMBERS WITH SAVINGS AND AFFORDABLE LOAN PRODUCTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS 3,369 MEMBERS AS OF DECEMBER 31, 2023. MEMBERS HAVE ACCESS TO A VARIETY OF LOW COST FINANCIAL SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen B Richard Chairman | OfficerTrustee | 1 | $0 |
Robert Tracy Vice Chair | OfficerTrustee | 1 | $0 |
Douglas O'donnell Treasurer | OfficerTrustee | 1 | $0 |
Rita D Thompson Board Clerk | Trustee | 1 | $0 |
Sharon Cavallaro Director | Trustee | 1 | $0 |
Theresa Heseltine Director | Trustee | 1 | $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 | $3,282,675 |
| Investment income | $0 |
| 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 | $3,414,178 |
| 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. | $325,817 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $252,236 |
| Pension plan accruals and contributions | $136,030 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,110 |
| Fees for services: Accounting | $17,770 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $24,536 |
| Advertising and promotion | $50,081 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $91,459 |
| Travel | $12,222 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $157,443 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,983 |
| Insurance | $30,717 |
| All other expenses | $19,194 |
| Total functional expenses | $2,202,438 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $466,895 |
| 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 | $37,754,755 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,090,167 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $170,646 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $36,669,947 |
| Total assets | $76,152,410 |
| Accounts payable and accrued expenses | $638,978 |
| 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 | $61,586,465 |
| Total liabilities | $62,225,443 |
| Net assets without donor restrictions | $13,926,967 |
| 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 | $76,152,410 |