Downeast Credit Union
- Assets
- $271.3m
- Revenue
- $16.1m
- Investments
- $19.2m
- Employees
- 103
- Location
- Baileyville, ME
- Founding
- Data as of
- 12/2023
- EIN
- 01-0213357
Organization Overview
Downeast Credit Union is located in Baileyville, ME. As of 12/2023, Downeast Credit Union employed 103 individuals. Downeast 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, Downeast Credit Union generated $16.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.2% each year. All expenses for the organization totaled $15.1m during the year ending 12/2023. While expenses have increased by 8.2% 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
TO PROVIDE FINANCIAL SERVICES, INCLUDING DEPOSIT ACCOUNTS AND LOANS, TO CREDIT UNION MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PROCUREMENT OF FINANCIAL SERVICES INCLUDING, BUT NOT LIMITED TO, THE EXTENSION OF LOANS AND THE HOUSING OF DEPOSITS FOR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Enman James Director | Trustee | 1 | $0 |
Whalen Mike Director | Trustee | 1 | $0 |
Curtis Robert Vice Chairman | OfficerTrustee | 1 | $0 |
Manza Joseph Secretary & Treasurer | OfficerTrustee | 1 | $0 |
Pottle Mason Chairman | OfficerTrustee | 1 | $0 |
Moses Joseph President & CEO | Officer | 40 | $355,602 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Century Vehicle Services | 12/30/23 | $624,148 |
Fiserv Inc Operating System | 12/30/23 | $583,500 |
The Plateau Group Debt Cancellation | 12/30/23 | $287,715 |
Ncr Corporation Mobile And Web Services | 12/30/23 | $269,903 |
Diebold Nixdorf Inc Security Services | 12/30/23 | $265,840 |
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 | $13,914,136 |
| Investment income | $725,409 |
| 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 | $16,106,826 |
| 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. | $627,743 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,525,054 |
| Pension plan accruals and contributions | $237,510 |
| Other employee benefits | $569,121 |
| Payroll taxes | $394,989 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,506 |
| Fees for services: Accounting | $129,838 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $580,653 |
| Advertising and promotion | $250,404 |
| Office expenses | $1,497,211 |
| Information technology | $82,318 |
| Royalties | $0 |
| Occupancy | $615,585 |
| Travel | $58,001 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,760 |
| Interest | $11,137 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $653,797 |
| Insurance | $102,464 |
| All other expenses | $12,000 |
| Total functional expenses | $15,058,388 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,999,451 |
| Savings and temporary cash investments | $15,875 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $82,591 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $222,717,030 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,468,691 |
| Net Land, buildings, and equipment | $8,095,934 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $19,179,953 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,739,852 |
| Total assets | $271,299,377 |
| Accounts payable and accrued expenses | $3,137,712 |
| 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 | $242,082,815 |
| Total liabilities | $245,220,527 |
| 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 | $26,078,850 |
| Total liabilities and net assets/fund balances | $271,299,377 |