Saco Valley Credit Union
- Assets
- $171.4m
- Revenue
- $8.2m
- Investments
- $525.0k
- Employees
- 36
- Location
- Saco, ME
- Founding
- Data as of
- 12/2023
- EIN
- 01-0203515
Organization Overview
Saco Valley Credit Union is located in Saco, ME. As of 12/2023, Saco Valley Credit Union employed 36 individuals. Saco Valley 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, Saco Valley Credit Union generated $8.2m 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 $6.6m during the year ending 12/2023. While expenses have increased by 6.8% 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
2023
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 HAD 9,125 MEMBERS AS OF 12/31/2023. 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 |
|---|---|---|---|
Paul Gosselin Treasurer | OfficerTrustee | 5 | $0 |
Timothy Nelson Board Chairperson | OfficerTrustee | 6 | $0 |
Ed Polito Secretary | OfficerTrustee | 4 | $0 |
Roberta Manning Director | Trustee | 5 | $0 |
Aaron Case Director | Trustee | 4 | $0 |
Robert Denton Director | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Synergent Provider Of Core Banking Software | 12/30/23 | $576,455 |
Systems Engineering It Support Services | 12/30/23 | $276,262 |
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 | $6,096,668 |
| Investment income | $857,413 |
| 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 | $8,151,514 |
| 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 | $1,850,381 |
| Compensation of current officers, directors, key employees. | $427,192 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,516,928 |
| Pension plan accruals and contributions | $94,457 |
| Other employee benefits | $265,304 |
| 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 | $104,812 |
| Advertising and promotion | $216,183 |
| Office expenses | $391,888 |
| Information technology | $896,615 |
| Royalties | $0 |
| Occupancy | $455,732 |
| Travel | $44,516 |
| 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 | $19,732 |
| Total functional expenses | $6,609,217 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,597,776 |
| Savings and temporary cash investments | $11,545,000 |
| 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 | $145,105,411 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $153,188 |
| Net Land, buildings, and equipment | $4,359,178 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $524,951 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,134,987 |
| Total assets | $171,420,491 |
| Accounts payable and accrued expenses | $146,392 |
| 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 | $154,009,836 |
| Total liabilities | $154,156,228 |
| 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 | $17,264,263 |
| Total liabilities and net assets/fund balances | $171,420,491 |