Destinations Credit Union
- Assets
- $67.2m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 23
- Location
- Baltimore, MD
- Founding
- 03/1998
- Data as of
- 12/2022
- EIN
- 52-0238203
Organization Overview
Destinations Credit Union is located in Baltimore, MD. The organization was established in 1998. 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 12/2022, Destinations Credit Union employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Destinations 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 12/2022, Destinations Credit Union generated $3.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.3% each year. All expenses for the organization totaled $3.2m during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
DESTINATIONS CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS 6,674 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
George Hamilton Vice Chairman | Trustee | 2 | $1,811 |
Joan Montgomery Secretary | Trustee | 2 | $3,543 |
John Davidson Treasurer | Trustee | 2 | $1,765 |
John Smolenski Director | Trustee | 2 | $2,183 |
Lorenz Birkenbach Director | Trustee | 2 | $1,310 |
Michelle Macer Director | Trustee | 2 | $1,200 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cu Answers Card Services | 12/30/22 | $146,867 |
Fis Payment Processing | 12/30/22 | $114,568 |
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 | $2,849,081 |
| Investment income | $326,826 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$250 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,175,657 |
| 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. | $424,330 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $819,270 |
| Pension plan accruals and contributions | $32,710 |
| Other employee benefits | $71,905 |
| Payroll taxes | $90,210 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $121,439 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $81,924 |
| Office expenses | $121,613 |
| Information technology | $375,887 |
| Royalties | $0 |
| Occupancy | $107,977 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,390 |
| Interest | $185,219 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $132,764 |
| Insurance | $32,251 |
| All other expenses | $0 |
| Total functional expenses | $3,222,458 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,407,976 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $2,732,915 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $29,800,753 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,458,252 |
| Investments—publicly traded securities | $28,439,820 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,324,144 |
| Total assets | $67,163,860 |
| Accounts payable and accrued expenses | $476,003 |
| 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 | $476,003 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $60,203,928 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $6,483,929 |
| Total liabilities and net assets/fund balances | $67,163,860 |