Connected Credit Union
- Assets
- $119.0m
- Revenue
- $5.9m
- Investments
- $48.3m
- Employees
- 25
- Location
- Augusta, ME
- Founding
- Data as of
- 12/2023
- EIN
- 01-0409063
Organization Overview
Connected Credit Union is located in Augusta, ME. As of 12/2023, Connected Credit Union employed 25 individuals. Connected 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, Connected Credit Union generated $5.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.3% each year . All expenses for the organization totaled $4.8m during the year ending 12/2023. While expenses have increased by 17.5% 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
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 8,186 MEMBERS AS OF 12/31/23. 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 |
|---|---|---|---|
John Cassidy Chairman Thru May | OfficerTrustee | 0 | $0 |
Patricia Suga Chairman Effective June | OfficerTrustee | 0 | $0 |
Heather Browne Director | Trustee | 0 | $0 |
Dennis Scates Director | Trustee | 0 | $0 |
Hannah Doble Director | Trustee | 0 | $0 |
Miles Whitlock Director | Trustee | 0 | $0 |
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 | $3,238,510 |
| Investment income | $1,286,235 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,860 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,874,203 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $4,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $744,888 |
| Compensation of current officers, directors, key employees. | $692,991 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $821,486 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $311,774 |
| Payroll taxes | $116,348 |
| 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 | $73,721 |
| Advertising and promotion | $109,291 |
| Office expenses | $108,371 |
| Information technology | $330,507 |
| Royalties | $0 |
| Occupancy | $178,923 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $119,302 |
| Insurance | $0 |
| All other expenses | $164,707 |
| Total functional expenses | $4,797,137 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $669,199 |
| Savings and temporary cash investments | $2,183,298 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $52,185,759 |
| 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 | $318,994 |
| Net Land, buildings, and equipment | $2,318,118 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $48,326,723 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,976,045 |
| Total assets | $118,978,136 |
| Accounts payable and accrued expenses | $106,360,694 |
| 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 | $106,360,694 |
| 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 | $12,617,442 |
| Total liabilities and net assets/fund balances | $118,978,136 |