University Credit Union
- Assets
- $424.6m
- Revenue
- $20.7m
- Investments
- $43.9m
- Employees
- 95
- Location
- Orono, ME
- Founding
- Data as of
- 12/2021
- EIN
- 01-6028792
Organization Overview
University Credit Union is located in Orono, ME. As of 12/2021, University Credit Union employed 95 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 12/2021, University Credit Union generated $20.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $16.1m during the year ending 12/2021. While expenses have increased by 1.7% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
UNIVERSITY CREDIT UNION ADVANCES YOUR FINANCIAL WELL-BEING IN EVERY STAGE OF LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS 27,959 MEMBERS AS OF 12/31/2021. 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 |
|---|---|---|---|
Ouellette Renee D President & CEO | Officer | 40 | $259,146 |
Rucker Kyle Mortgage Loan Originator | 40 | $176,074 | |
White-Rideout Deb Exec Vice President | Officer | 40 | $171,983 |
Broniarczyk Cory E Mortgage Loan Originator | 40 | $163,629 | |
Faloon Cody A Mortgage Loan Originator | 40 | $140,276 | |
Gleason April Chief Lending Officer | Officer | 40 | $135,974 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Synergent Data Processing | 12/30/21 | $1,345,151 |
Portland Safe Consulting & Design Inc Equipment & Service Support | 12/30/21 | $267,817 |
St Clair Media Group Marketing | 12/30/21 | $164,400 |
Property Valuation Services Inc Appraisals | 12/30/21 | $209,385 |
Docusign Inc Software Support | 12/30/21 | $152,935 |
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 | $19,082,321 |
| Investment income | $1,229,729 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $343,773 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,708,166 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $110,926 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $724,283 |
| Compensation of current officers, directors, key employees. | $1,013,074 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,904,823 |
| Pension plan accruals and contributions | $509,354 |
| Other employee benefits | $917,365 |
| Payroll taxes | $438,055 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $40,078 |
| Fees for services: Accounting | $38,477 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $364,233 |
| Advertising and promotion | $577,596 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $608,378 |
| Travel | $70,853 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $29,127 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $872,813 |
| Insurance | $12,986 |
| All other expenses | $0 |
| Total functional expenses | $16,129,125 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,127,884 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $1,165,005 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $351,335,862 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $6,685,424 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $43,896,105 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,398,115 |
| Total assets | $424,608,395 |
| Accounts payable and accrued expenses | $2,498,373 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,953,932 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $6,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $374,531,790 |
| Total liabilities | $385,484,095 |
| 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 | $39,124,300 |
| Total liabilities and net assets/fund balances | $424,608,395 |
Grants Awarded
Over the last fiscal year, University Credit Union has awarded $110,926 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
FHLB CONDUIT GRANTS - 9 GRANTEES PURPOSE: JNE RECOVERY GRANTS FROM BOSTON'S FHLB | $50,000 |
Orono, ME PURPOSE: CHARITABLE SUPPORT | $30,100 |
Orono, ME PURPOSE: CHARITABLE SUPPORT | $16,750 |
UNIVERSITY OF MAINE AT PRESQUE ISLE PURPOSE: CHARITABLE SUPPORT | $14,076 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Rivier University Nashua, NH | $135,744,912 | $55,240,683 |
Dexter Southfield Inc Brookline, MA | $119,216,504 | $58,438,330 |
Vna Home & Hospice South Portland, ME | $24,331,547 | $49,774,592 |
World Learning Inc Brattleboro, VT | $69,510,730 | $48,654,850 |
Community Bridges Inc Concord, NH | $17,325,387 | $49,860,729 |
The Grantham Foundation For The Protection Of The Environment Boston, MA | $585,096,833 | $210,457,800 |
St Marys Bank Manchester, NH | $1,405,116,910 | $59,217,128 |
Southwest Boston Senior Services Inc Jamaica Plain, MA | $18,738,837 | $50,976,438 |
Bridgton Hospital Bridgton, ME | $42,315,863 | $55,206,126 |
The Morningside Foundation Newton Centre, MA | $22,445,720 | $11,895,776 |
Uphams Corner Health Committee Inc Dorchester, MA | $23,283,775 | $48,958,688 |
New England Law Boston Boston, MA | $111,835,752 | $46,208,385 |