Central Credit Union Of Maryland
- Assets
- $43.6m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 14
- Location
- Baltimore, MD
- Founding
- 03/1998
- Data as of
- 12/2023
- EIN
- 52-0679182
Organization Overview
Central Credit Union Of Maryland 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 12/2023, Central Credit Union Of Maryland employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Central Credit Union Of Maryland 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, Central Credit Union Of Maryland generated $2.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.8% each year . All expenses for the organization totaled $1.9m during the year ending 12/2023. While expenses have increased by 8.4% 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
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
CENTRAL CREDIT UNION OF MARYLAND PROVIDES FINANCIAL SERVICES TO ITS 4,791 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Martin Chairman | Trustee | 1 | $2,750 |
Ruth Ann White Treasurer | Trustee | 1 | $3,000 |
Helen Schwarz Secretary | Trustee | 2 | $2,400 |
Ron Mcelroy Vice Chairman | Trustee | 1 | $2,500 |
Steve Ports At Large | Trustee | 1 | $2,750 |
Lisa Jester President/ceo | Officer | 40 | $183,141 |
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 | $1,559,379 |
| Investment income | $695,271 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,254,650 |
| 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. | $355,403 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $232,511 |
| Pension plan accruals and contributions | $4,985 |
| Other employee benefits | $104,400 |
| Payroll taxes | $50,262 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,803 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $227,092 |
| Advertising and promotion | $126,930 |
| Office expenses | $69,224 |
| Information technology | $127,150 |
| Royalties | $0 |
| Occupancy | $110,601 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $40,340 |
| Interest | $25,708 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $53,067 |
| Insurance | $36,494 |
| All other expenses | $0 |
| Total functional expenses | $1,890,448 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,189,271 |
| Savings and temporary cash investments | $5,632,963 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $18,363 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $19,866,732 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,004 |
| Investments—publicly traded securities | $11,242,318 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $636,833 |
| Total assets | $43,588,484 |
| Accounts payable and accrued expenses | $156,801 |
| 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 | $57,366 |
| Total liabilities | $214,167 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $38,776,340 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $4,597,977 |
| Total liabilities and net assets/fund balances | $43,588,484 |