Destinations Credit Union
- Assets
- $70.0m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 25
- Location
- Baltimore, MD
- Founding
- 03/1998
- Data as of
- 12/2021
- 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 12/2021, Destinations Credit Union employed 25 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 12/2021, Destinations Credit Union generated $3.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $3.2m during the year ending 12/2021. 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
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
DESTINATIONS CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS 6,777 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Vittek President/ceo | Officer | 40 | $166,487 |
Walter Sciolli Cso | Officer | 40 | $111,090 |
Christina Kailer CFO | Officer | 40 | $89,984 |
Joan Montgomery Secretary | Trustee | 2 | $3,266 |
Reid Kreider Chairman | Trustee | 2 | $3,176 |
Leonidas Session Director | Trustee | 2 | $2,851 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Worldpay Payment Processing | 12/30/21 | $252,516 |
Cu Answers Card Services | 12/30/21 | $145,209 |
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 | $2,863,382 |
| Investment income | $353,238 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $25,083 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,241,703 |
| 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. | $422,991 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $722,666 |
| Pension plan accruals and contributions | $20,497 |
| Other employee benefits | $56,573 |
| Payroll taxes | $83,688 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $101,381 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $103,126 |
| Office expenses | $134,732 |
| Information technology | $436,240 |
| Royalties | $0 |
| Occupancy | $98,738 |
| Travel | $148 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,636 |
| Interest | $190,522 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $129,984 |
| Insurance | $31,040 |
| All other expenses | $0 |
| Total functional expenses | $3,217,852 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,601,864 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $1,325,262 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $28,919,709 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,571,828 |
| Investments—publicly traded securities | $30,999,418 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,572,286 |
| Total assets | $69,990,367 |
| Accounts payable and accrued expenses | $456,060 |
| Grants payable | $0 |
| Deferred revenue | $4,167 |
| 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 | $460,227 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $61,240,192 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $8,289,948 |
| Total liabilities and net assets/fund balances | $69,990,367 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lehigh Valley Educators Credit Union Allentown, PA | $408,699,262 | $9,686,113 |
Gold Credit Union Allentown, PA | $159,911,772 | $5,388,843 |
Bhcu Ridley Park, PA | $210,321,803 | $8,169,647 |
Viriva Community Credit Union Warminster, PA | $82,892,132 | $3,723,537 |
Entrust Financial Credit Union Richmond, VA | $74,599,111 | $4,148,038 |
Destinations Credit Union Baltimore, MD | $69,990,367 | $3,241,703 |
National Association Of State Credit Union Supervisors Arlington, VA | $4,477,654 | $3,426,834 |
Defense Credit Union Council Inc Washington, DC | $9,962,978 | $3,266,018 |
Spirit Financial Credit Union Levittown, PA | $67,208,957 | $2,444,134 |
Virginia Credit Union League Inc Lynchburg, VA | $12,141,784 | $1,868,332 |
Lancaster Red Rose Credit Union Leola, PA | $62,862,077 | $1,412,692 |
Central Credit Union Of Maryland Baltimore, MD | $46,859,689 | $1,364,889 |