Evergreen Credit Union
- Assets
- $538.7m
- Revenue
- $28.4m
- Investments
- $69.9m
- Employees
- 134
- Location
- Portland, ME
- Founding
- 11/1969
- Data as of
- 12/2023
- EIN
- 01-0216328
Organization Overview
Evergreen Credit Union is located in Portland, ME. The organization was established in 1969. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Evergreen Credit Union employed 134 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Evergreen 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, Evergreen Credit Union generated $28.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 13.1% each year . All expenses for the organization totaled $24.2m during the year ending 12/2023. While expenses have increased by 13.3% 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 HAS 29,541 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 |
|---|---|---|---|
Sandra Lipsey Chair | OfficerTrustee | 1 | $0 |
Rachel Green Vice Chair | OfficerTrustee | 1 | $0 |
Julie Natale Secretary | OfficerTrustee | 1 | $0 |
Robert Dorr Treasurer | OfficerTrustee | 1 | $0 |
Chris Doe Director | Trustee | 1 | $0 |
Eric King Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Synergent Core Data Processor | 12/30/23 | $1,718,904 |
Risbara Bros Construction Building Contractor | 12/30/23 | $1,422,632 |
Systems Engineering It Managed Services | 12/30/23 | $265,563 |
Dbsi Inc Cash Recycler Vendor | 12/30/23 | $216,367 |
Karen St Clair Media Advertising Contractor | 12/30/23 | $214,080 |
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 | $22,134,453 |
| Investment income | $1,831,482 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $30,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,417,310 |
| 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 | $4,807,334 |
| Compensation of current officers, directors, key employees. | $1,300,072 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,373,246 |
| Pension plan accruals and contributions | $543,874 |
| Other employee benefits | $1,301,141 |
| Payroll taxes | $627,447 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $58,044 |
| Fees for services: Accounting | $70,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,010,556 |
| Advertising and promotion | $836,676 |
| Office expenses | $1,003,139 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,184,587 |
| Travel | $76,851 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,380 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $652,740 |
| Insurance | $102,279 |
| All other expenses | $105,527 |
| Total functional expenses | $24,172,387 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,176,884 |
| Savings and temporary cash investments | $13,839,404 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $101,097 |
| Loans from Officers, Directors, or Controlling Persons | $6,707,035 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $424,093,595 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,408,887 |
| Net Land, buildings, and equipment | $11,539,581 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $69,940,653 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,850,765 |
| Total assets | $538,657,901 |
| Accounts payable and accrued expenses | $1,928,802 |
| 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 | $9,356,425 |
| Other liabilities | $488,381,054 |
| Total liabilities | $499,666,281 |
| 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 | $38,991,620 |
| Total liabilities and net assets/fund balances | $538,657,901 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Granite State Credit Union Manchester, NH | $697,041,831 | $43,417,675 |
Triangle Credit Union Nashua, NH | $865,744,202 | $37,384,452 |
Evergreen Credit Union Portland, ME | $538,657,901 | $28,417,310 |
Bellwether Community Credit Union Manchester, NH | $594,268,573 | $22,612,270 |
Holy Rosary Regional Credit Union Rochester, NH | $413,178,224 | $16,865,040 |
Members First Credit Union Of Nh Manchester, NH | $250,462,433 | $11,487,889 |
State Chartered Credit Unions In Maine Sabattus, ME | $73,835,312 | $3,459,425 |
New Hampshire Postal Credit Union Manchester, NH | $58,488,005 | $2,919,431 |
Freudenberg-Nok Employees Credit Union Bristol, NH | $1,623,586 | $42,317 |