Granite State Credit Union
- Assets
- $697.0m
- Revenue
- $43.4m
- Investments
- $45.6m
- Employees
- 173
- Location
- Manchester, NH
- Founding
- 11/1976
- Data as of
- 12/2023
- EIN
- 02-0227484
Organization Overview
Granite State Credit Union is located in Manchester, 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, Granite State Credit Union employed 173 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Granite State 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, Granite State Credit Union generated $43.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.8% each year. All expenses for the organization totaled $36.9m during the year ending 12/2023. While expenses have increased by 8.6% 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
DEPOSITS AND LENDING TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEPOSITS AND LENDING TO CREDIT UNION MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Denise L Barstow President/ceo | Officer | 45 | $818,994 |
Michele M Plaza Executive Vice President/cio | Officer | 45 | $481,976 |
Lisa R Barowski Executive Vice President/cfo | Officer | 45 | $441,616 |
Karen L Laplume Executive Vice President/coo | Officer | 45 | $383,018 |
Lisa D Egan VP - Human Resources | 45 | $200,429 | |
Tracey A Healey VP - Lending | 45 | $199,973 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
John Papciak Dba P&s Janitorial Janitorial | 12/30/23 | $134,541 |
Snowcap Technologies Llc Information Technology | 12/30/23 | $405,545 |
Boutin Law Pllc Legal | 12/30/23 | $157,556 |
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 | $28,665,957 |
| Investment income | $3,965,180 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $27,295 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $43,417,675 |
| 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. | $2,125,604 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,732,900 |
| Pension plan accruals and contributions | $813,838 |
| Other employee benefits | $2,207,151 |
| Payroll taxes | $835,676 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,273 |
| Fees for services: Accounting | $120,372 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $955,681 |
| Advertising and promotion | $553,076 |
| Office expenses | $1,022,092 |
| Information technology | $2,640,241 |
| Royalties | $0 |
| Occupancy | $1,291,101 |
| Travel | $68,237 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $71,690 |
| Interest | $16 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,152,243 |
| Insurance | $167,415 |
| All other expenses | $93,883 |
| Total functional expenses | $36,911,263 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,101,338 |
| Savings and temporary cash investments | $108,200,549 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $42,581 |
| Loans from Officers, Directors, or Controlling Persons | $1,737,184 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $478,416,859 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,061,840 |
| Net Land, buildings, and equipment | $29,358,450 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $45,574,993 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $23,548,037 |
| Total assets | $697,041,831 |
| Accounts payable and accrued expenses | $3,807,951 |
| 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 | $635,922,560 |
| Total liabilities | $639,730,511 |
| 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 | $57,311,320 |
| Total liabilities and net assets/fund balances | $697,041,831 |