Maine Credit Union League
- Assets
- $3.8m
- Revenue
- $1.9m
- Investments
- $1.7m
- Employees
- 0
- Location
- Portland, ME
- Founding
- 02/1970
- Data as of
- 12/2022
- EIN
- 01-0248224
Organization Overview
Maine Credit Union League is located in Portland, ME. The organization was established in 1970. According to its NTEE Classification (W03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maine Credit Union League is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Maine Credit Union League generated $1.9m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $1.7m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.6%) per year over the past 8 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE LEAGUE PROVIDES EDUCATION, TRAINING AND PROMOTION OF CREDIT UNION SERVICES TO MEMBER CREDIT UNIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HELP CREDIT UNIONS SUCCEED, AND IMPROVE THE FINANCIAL LIVES OF THEIR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John A Doe Vice Chair | OfficerTrustee | 1 | $0 |
Basil Closson Secretary | OfficerTrustee | 1 | $0 |
Jason Lindstrom Director | Trustee | 1 | $0 |
Julie Marquis Director | Trustee | 1 | $0 |
Christine Devine Treasurer | OfficerTrustee | 1 | $0 |
David Desjardins Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
St Clair Media Group Marketing Services | 12/30/18 | $130,693 |
Samorock Llc Venues For Conferences | 12/30/18 | $105,153 |
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 | $1,379,442 |
| Investment income | $88,454 |
| 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 | $1,880,069 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $852,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $66,364 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $53,072 |
| Advertising and promotion | $131,409 |
| Office expenses | $10,848 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $41,400 |
| Travel | $22,800 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $129,527 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $11,894 |
| All other expenses | $20,807 |
| Total functional expenses | $1,686,509 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,920,829 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $96,508 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $31,359 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,710,452 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,759,148 |
| Accounts payable and accrued expenses | $33,103 |
| Grants payable | $0 |
| Deferred revenue | $71,648 |
| 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 | $0 |
| Total liabilities | $104,751 |
| Net assets without donor restrictions | $3,635,221 |
| Net assets with donor restrictions | $19,176 |
| 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 | $3,759,148 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Maine Credit Union League Portland, ME | $3,759,148 | $1,880,069 |
New Hampshire Water Works Association Inc Concord, NH | $78,626 | $264,797 |
Maine Economic Research Institute Augusta, ME | $1,747 | $0 |
Brotherhood Of Railroad Signalmen Winchester, NH | $33,557 | $0 |
Londonderry Police Association Londonderry, NH | $29,668 | $0 |