University Credit Union
- Assets
- $480.0m
- Revenue
- $24.2m
- Investments
- $45.8m
- Employees
- 107
- Location
- Orono, ME
- Founding
- Data as of
- 12/2023
- EIN
- 01-6028792
Organization Overview
University Credit Union is located in Orono, ME. As of 12/2023, University Credit Union employed 107 individuals. University 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, University Credit Union generated $24.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $22.5m during the year ending 12/2023. While expenses have increased by 5.2% 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
HERE FOR U - DEDICATED TO PROMOTE FINANCIAL WELL-BEING FOR YOU AND YOUR COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS 28,766 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 |
|---|---|---|---|
Pickering Tonya Director | Trustee | 1 | $0 |
Baillargeon Steve Director | Trustee | 1 | $0 |
Harr Lucy Director | Trustee | 1 | $0 |
Borgman Richard Director | Trustee | 1 | $0 |
Henderson Jon Vice Chairperson | OfficerTrustee | 1 | $0 |
Whitehill Ency Chairperson | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Synergent Data Processing | 12/30/23 | $1,518,605 |
Portland Safe Consulting & Design Inc Equipment & Service Support | 12/30/23 | $261,172 |
M2 The Agency Inc Marketing | 12/30/23 | $219,476 |
Systems Engineering It Support | 12/30/23 | $197,991 |
Otelco Communications | 12/30/23 | $154,302 |
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 | $22,392,736 |
| Investment income | $1,729,836 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$4,818 |
| Net Gain/Loss on Asset Sales | $129,030 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,246,784 |
| 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 | $2,807,191 |
| Compensation of current officers, directors, key employees. | $1,351,310 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,022,654 |
| Pension plan accruals and contributions | $395,506 |
| Other employee benefits | $973,951 |
| Payroll taxes | $525,283 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $73,214 |
| Fees for services: Accounting | $31,944 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $339,645 |
| Advertising and promotion | $725,941 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $676,558 |
| Travel | $120,719 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,965,346 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $754,614 |
| Insurance | $13,402 |
| All other expenses | $0 |
| Total functional expenses | $22,460,398 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $31,669,381 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $3,066,820 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $382,717,531 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $7,200,073 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $45,759,872 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,613,119 |
| Total assets | $480,026,796 |
| Accounts payable and accrued expenses | $4,518,951 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,948,251 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $73,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $361,872,227 |
| Total liabilities | $441,339,429 |
| 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 | $38,687,367 |
| Total liabilities and net assets/fund balances | $480,026,796 |
Grants Awarded
Over the last fiscal year, University Credit Union has awarded $32,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
UNIVERSITY OF MAINE FOUNDATION PURPOSE: CHARITABLE SUPPORT | $20,000 |
UNIVERSITY OF SOUTHERN MAINE FOUNDATION PURPOSE: CHARITABLE SUPPORT | $12,000 |