Northeast Credit Union
- Assets
- $1.9b
- Revenue
- $105.9m
- Investments
- $103.4m
- Employees
- 528
- Location
- Portsmouth, NH
- Founding
- 11/1976
- Data as of
- 12/2023
- EIN
- 02-0222930
Organization Overview
Northeast Credit Union is located in Portsmouth, NH. The organization was established in 1976. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Northeast Credit Union employed 528 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Northeast 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, Northeast Credit Union generated $105.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $92.2m during the year ending 12/2023. While expenses have increased by 9.6% per year over the past 9 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 CREDIT UNION SERVICES TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONSISTENT WITH THE PRINCIPLES, PHILOSOPHY AND VALUES OF THE CREDIT UNION AND VALUES OF THE CREDIT UNION MOVEMENTS, NORTHEAST CREDIT UNION PROVIDES SAFE, HIGH QUALITY FINANCIAL SERVICES TO MEET THE NEEDS OF OUR MEMBERS OWNERS, ENHANCING THEIR FINANCIALS WELL BEING WHILE MAINTAINING THE STRENGTH OF THE CREDIT UNION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Gibb Director | Trustee | 1 | $0 |
Theresa Palumbo Secretary | OfficerTrustee | 1 | $0 |
Terrance Beers Vice Chariman | OfficerTrustee | 1 | $0 |
David Paciencia Director | Trustee | 1 | $0 |
Regis Saucier Director | Trustee | 1 | $0 |
Julie Cutting-Kelly Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lenders Protection Llc Financing | 12/30/23 | $1,128,856 |
Carousel Industries Of North America Ll Information Technology | 12/30/23 | $495,115 |
Customized Service Concepts Llc Sales | 12/30/23 | $417,946 |
Qualtrics Llc Software | 12/30/23 | $247,247 |
Pemberton & Associates Recruiting Services | 12/30/23 | $205,001 |
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 | $95,817,814 |
| Investment income | $8,471,719 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,619,561 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $105,909,094 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,377,485 |
| Grants and other assistance to domestic individuals. | $38,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,199,283 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $25,841,095 |
| Pension plan accruals and contributions | $2,424,270 |
| Other employee benefits | $5,046,016 |
| Payroll taxes | $2,249,323 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $109,357 |
| Fees for services: Accounting | $203,984 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $8,400 |
| Fees for services: Other | $1,785,080 |
| Advertising and promotion | $2,130,996 |
| Office expenses | $6,950,576 |
| Information technology | $3,278,310 |
| Royalties | $0 |
| Occupancy | $3,020,991 |
| Travel | $126,987 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,062,004 |
| Interest | $11,747,692 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,783,092 |
| Insurance | $348,825 |
| All other expenses | $1,346,559 |
| Total functional expenses | $92,220,522 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $51,424,575 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,558,054 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,615,369,469 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,656,280 |
| Net Land, buildings, and equipment | $39,162,519 |
| Investments—publicly traded securities | $95,597,065 |
| Investments—other securities | $103,356,513 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,327,784 |
| Total assets | $1,947,452,259 |
| Accounts payable and accrued expenses | $19,237,012 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $3,005,128 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $117,907,443 |
| Other liabilities | $1,614,841,937 |
| Total liabilities | $1,754,991,520 |
| 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 | $192,460,739 |
| Total liabilities and net assets/fund balances | $1,947,452,259 |
Grants Awarded
Over the last fiscal year, Northeast Credit Union has awarded $1,332,000 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
FAIR TIDE PURPOSE: DONATION | $10,000 |
WAYPOINT PURPOSE: DONATION | $10,000 |
CHAMBER COLLABORATIVE OF PORTSMOUTH PURPOSE: DONATION | $10,000 |
HANOVER CONSUMER COOPERATIVE SOCIETY INC PURPOSE: DONATION | $50,000 |
CROSS ROADS HOUSE PURPOSE: DONATION | $10,000 |
FAMILIES IN TRANSITION INC PURPOSE: DONATION | $6,000 |