Maine Credit Union League
- Assets
- $3.5m
- Revenue
- $1.6m
- Investments
- $1.7m
- Employees
- 0
- Location
- Portland, ME
- Founding
- 02/1970
- Data as of
- 12/2021
- 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 12/2021, Maine Credit Union League generated $1.6m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.7%) each year. All expenses for the organization totaled $1.7m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.0%) per year over the past 7 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
2021
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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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Basil Closson Secretary | OfficerTrustee | 1 | $0 |
David Desjardins Vice Chair | OfficerTrustee | 1 | $0 |
Christine Devine Treasurer | OfficerTrustee | 1 | $0 |
Joann Bisson Chair | OfficerTrustee | 1 | $0 |
Todd Mason President/ceo | Officer | 40 | $0 |
Cris Wescott SVP - Accounting & Finance | Officer | 40 | $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 | $1,127,034 |
| Investment income | $77,475 |
| 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 | $1,622,181 |
| 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 | $832,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $62,197 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $35,025 |
| Advertising and promotion | $236,996 |
| Office expenses | $6,832 |
| 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 | $62,441 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $11,320 |
| All other expenses | $19,848 |
| Total functional expenses | $1,662,189 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,633,299 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $84,498 |
| 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 | $50,052 |
| 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 | $3,478,301 |
| Accounts payable and accrued expenses | $18,182 |
| 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 | $0 |
| Total liabilities | $18,182 |
| Net assets without donor restrictions | $3,441,076 |
| Net assets with donor restrictions | $19,043 |
| 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 | $3,478,301 |
Endowment Analysis
| Beg. Balance | $19,034 |
| Earnings | $9 |
| Ending Balance | $19,043 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Maine Credit Union League Portland, ME | $3,478,301 | $1,622,181 |
New England Conference Of Public Utilities Commissioners Inc Concord, NH | $406,487 | $389,002 |
Brotherhood Of Railroad Signalmen Winchester, NH | $31,301 | $0 |
Maine Economic Research Institute Augusta, ME | $15,425 | $0 |
National Association Of Governmental Labor Officials Augusta, ME | $180,374 | $0 |
Londonderry Police Association Londonderry, NH | $42,833 | $0 |
New England Shoe Foremen And Superintendents Association Perman Dover, NH | $191,463 | $0 |