Saco Valley Credit Union
- Assets
- $163.7m
- Revenue
- $5.4m
- Investments
- $545.1k
- Employees
- 34
- Location
- Saco, ME
- Founding
- Data as of
- 12/2021
- EIN
- 01-0203515
Organization Overview
Saco Valley Credit Union is located in Saco, ME. As of 12/2021, Saco Valley Credit Union employed 34 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 12/2021, Saco Valley Credit Union generated $5.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $4.9m during the year ending 12/2021. While expenses have increased by 3.9% 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
2021
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 8,772 MEMBERS AS OF 12/31/2021. 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 |
|---|---|---|---|
Kevin Partridge President/ceo | Officer | 50 | $197,241 |
Kevin Foley Chief Lending Officer | 45 | $124,744 | |
Benjamin Gosselin VP Of Finance | Officer | 45 | $104,033 |
Ed Polito Secretary | OfficerTrustee | 4 | $0 |
Timothy Nelson Board Chairperson | OfficerTrustee | 6 | $0 |
Paul Gosselin Treasurer | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Systems Engineering It Support Services | 12/30/20 | $151,665 |
Synergent Provider Of Core Banking Software | 12/30/20 | $455,476 |
View All Vendors
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 | $4,329,004 |
| Investment income | $45,142 |
| 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 | $5,439,528 |
| 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 | $938,609 |
| Compensation of current officers, directors, key employees. | $383,943 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,366,166 |
| Pension plan accruals and contributions | $74,526 |
| Other employee benefits | $199,026 |
| 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 | $79,389 |
| Advertising and promotion | $152,129 |
| Office expenses | $293,951 |
| Information technology | $736,252 |
| Royalties | $0 |
| Occupancy | $147,617 |
| Travel | $14,156 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,400 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $220,238 |
| Insurance | $0 |
| All other expenses | $29,712 |
| Total functional expenses | $4,904,816 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,361,023 |
| Savings and temporary cash investments | $23,130,000 |
| 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 | $118,971,559 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $151,000 |
| Net Land, buildings, and equipment | $1,927,373 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $545,124 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,637,139 |
| Total assets | $163,723,218 |
| Accounts payable and accrued expenses | $203,257 |
| 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 | $148,775,085 |
| Total liabilities | $148,978,342 |
| 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 | $14,744,876 |
| Total liabilities and net assets/fund balances | $163,723,218 |
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