Civic Intelligence

Maine Education Credit Union

990 • Fiscal year 2017 • EIN 01-0409063

Dec 01, 2016 to Nov 30, 2017 • Filed on Sep 27, 2018

Organization ProfileWWW.CONNECTEDCREDITUNION.ORG

View Organization Page

PO Box 1096Augusta, ME 04332-1096

(207) 623-3857

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

63rd percentile

0.89x

Higher debt load relative to assets than 63% of similar nonprofits.

2017 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2017

Liabilities / Revenue

47th percentile

19.30x

Higher debt load relative to revenue than 47% of similar nonprofits.

2017 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2017

Net Margin

40th percentile

7.0%

Higher net margin than 40% of similar nonprofits.

2017 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2017

Top Officer Pay

91st percentile

$148,657

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 8.3% of source-year revenue.

2017 filings • 501(c)14 • $25M-$50M nonprofits • Source year 2017

Asset Growth

74th percentile

5.0%

Faster asset growth than 74% of similar nonprofits.

2017 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2016 to 2017

Revenue Growth

46th percentile

4.4%

Faster revenue growth than 46% of similar nonprofits.

2017 filings • 501(c)14 • $25M-$50M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets63rd percentile

Assets

Up

$38,766,825

Up $1,853,911 (+5.0%) from 2016

Net Assets

Up

$4,313,516

Up $124,226 (+3.0%) from 2016

Liabilities

Up

$34,453,309

Up $1,729,685 (+5.3%) from 2016

Revenue And Expenses
Liabilities / Revenue47th percentileNet Margin40th percentile

Revenue

Up

$1,785,269

Up $76,038 (+4.4%) from 2016

Expenses

Up

$1,661,043

Up $112,869 (+7.3%) from 2016

Net Income

Down

$124,226

Down $36,831 (-23%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth74th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2010: $27,819,776Liabilities 2010: $24,632,478Net Assets 2010: $3,187,2982010Assets 2011: $29,088,640Liabilities 2011: $25,707,090Net Assets 2011: $3,381,5502011Assets 2012: $31,142,295Liabilities 2012: $27,601,332Net Assets 2012: $3,540,9632012Assets 2013: $32,748,073Liabilities 2013: $29,059,133Net Assets 2013: $3,688,9402013Assets 2014: $32,599,875Liabilities 2014: $28,763,443Net Assets 2014: $3,836,4322014Assets 2015: $34,835,579Liabilities 2015: $30,807,346Net Assets 2015: $4,028,2332015Assets 2016: $36,912,914Liabilities 2016: $32,723,624Net Assets 2016: $4,189,2902016Assets 2017: $38,766,825Liabilities 2017: $34,453,309Net Assets 2017: $4,313,5162017Assets 2019: $45,768,152Liabilities 2019: $41,097,111Net Assets 2019: $4,671,0412019Assets 2020: $107,608,255Liabilities 2020: $98,118,893Net Assets 2020: $9,489,3622020Assets 2021: $117,326,918Liabilities 2021: $107,319,209Net Assets 2021: $10,007,7092021Assets 2022: $119,172,274Liabilities 2022: $107,631,898Net Assets 2022: $11,540,3762022Assets 2023: $118,978,136Liabilities 2023: $106,360,694Net Assets 2023: $12,617,4422023Assets 2024: $122,170,888Liabilities 2024: $108,183,334Net Assets 2024: $13,987,5542024

Highlighted filing

2017

Assets$38,766,825
Liabilities$34,453,309
Net Assets$4,313,516
Open 2017 Filing

Operations Trend

Revenue Growth46th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0Expenses 2010: $1,238,8842010Expenses 2011: $1,231,0042011Expenses 2012: $1,360,0292012Revenue 2013: $1,475,494Expenses 2013: $1,327,515Net Income 2013: $147,9792013Revenue 2014: $1,493,548Expenses 2014: $1,346,056Net Income 2014: $147,4922014Revenue 2015: $1,545,786Expenses 2015: $1,353,985Net Income 2015: $191,8012015Revenue 2016: $1,709,231Expenses 2016: $1,548,174Net Income 2016: $161,0572016Revenue 2017: $1,785,269Expenses 2017: $1,661,043Net Income 2017: $124,2262017Revenue 2019: $2,232,862Expenses 2019: $2,085,182Net Income 2019: $147,6802019Revenue 2020: $4,444,754Expenses 2020: $4,072,567Net Income 2020: $372,1872020Revenue 2021: $4,204,560Expenses 2021: $3,686,213Net Income 2021: $518,3472021Revenue 2022: $4,668,287Expenses 2022: $3,785,914Net Income 2022: $882,3732022Revenue 2023: $5,874,203Expenses 2023: $4,797,137Net Income 2023: $1,077,0662023Revenue 2024: $6,675,882Expenses 2024: $5,305,769Net Income 2024: $1,370,1132024

Highlighted filing

2017

Revenue$1,785,269
Expenses$1,661,043
Net Income$124,226
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Dec 1, 2016 to Nov 30, 2017
Signed
Sep 27, 2018
Return Version
2016v3.0
Gross Receipts
$1,788,047
Mission and Program Overview

Mission

Provide members with savings and loan services

Provide members with savings and loan services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$22,452,229$24,357,150▲ $1,904,921
Investments Other Securities$8,195,000$7,934,000▼ $261,000
Rtn Earn Endowment Incm Other Fnds$4,189,290$4,313,516▲ $124,226
Land, Buildings, and Equipment, Net$2,759,161$2,654,816▼ $104,345
Savings and Temporary Cash Investments$1,358,437$1,503,695▲ $145,258
Cash and Non-Interest-Bearing Accounts$406,847$484,824▲ $77,977
Prepaid Expenses and Deferred Charges$72,327$95,474▲ $23,147
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$36,912,914$38,766,825▲ $1,853,911
Other Assets Total$1,668,913$1,736,866▲ $67,953
Liabilities
Accounts Payable and Accrued Expenses$32,723,624$34,453,309▲ $1,729,685
Total Liabilities$32,723,624$34,453,309▲ $1,729,685
Net Assets / Fund Balance
Total Net Assets Fund Balance$4,189,290$4,313,516▲ $124,226
Total Liabilities and Net Assets / Fund Balance$36,912,914$38,766,825▲ $1,853,911

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,979,647$563,605$2,543,252
Land$507,636-$507,636
Equipment$167,533$260,095$427,628
Other Securities$7,934,000--
Compensation and Service Providers
Top Officer Pay91st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Richard LachanceCEOFT$116,763$31,894$148,657

Board Members and Trustees

NameTitle
Norman DavisChairman
Michael ClementsVice Chairman
Isaac DyerDirector
Karen HarringtonDirector
Patricia HewettDirector
M Kevin RichardsonSecretary
Dennis ScatesTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
SynergentData Processing, Marketing, Card ServicePO BOX 1236, Portland, ME 04104$301,012
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,149,695
Investment Income
$117,559
Other Revenue
$518,015
Change in Net Assets
$124,226
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$903,470
Salaries, Compensation, and Employee Benefits$646,549
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$349,906
Other Employee Benefits---$157,989
All Other Expenses---$154,843
Current Officers, Directors, Trustees, and Key Employees---$138,654
Benefits to Members---$111,024
Depreciation Depletion---$102,692
Occupancy---$91,005
Advertising---$78,931
Other Expenses---$32,046
Total Functional Expenses$0$0$0$1,661,043
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Eric LachanceSon of CEOPayment for Landscaping ServicesNo$7,397
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with family members
Yes
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“The credit union had 3,924 members as of 11/30/2017.”

Form 990, Part VI, Section A, Line 7A

“Organization had members authorized to appoint members of the governing body.”

Form 990, Part VI, Section A, Line 7B

“Some governance decisions are subject to approval by members, such as election of the board of directors.”

Form 990, Part VI, Section B, Line 11B

“No review was or will be conducted”

Form 990, Part VI, Section B, Line 12C

“It is part of the swearing in of officers. Annually, each officer receives a copy of the policy and signs off that it is adhered to.”

Form 990, Part VI, Section B, Line 15

“We use a third party salary comparison program with updated ranges of salary based on job description and geographical location. This program is updated and referred to annually by a committee of the board for purposes of determining compensation.”

Form 990, Part VI, Section C, Line 19

“Governing documents are available upon request. Conflict of interest policy is available from the ceo. Financial statements are posted in the lobby and are provided to attendees at the annual meeting.”

Filing and Contact Details

Filer

Filer Name
Connected Credit Union
EIN
01-0409063
Phone
2076233857
Address
PO BOX 1096, AUGUSTA, ME 04332-1096

Signing Officer

Name
Richard Lachance
Title
CEO
Phone
2076233857
Signed
2018-09-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard Lachance
Formed
1967
Legal Domicile
Me
Voting Board Members
7
Independent Board Members
7
Employees
12
Volunteers
0

Preparer

Firm
Wipfli Llp
Address
30 LONG CREEK DRIVE, SOUTH PORTLAND, ME 04106
Preparer
Brad Weller
Phone
2077745701
Raw XML Appendix367 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/SavingsAndTempCashInvstGrp/BOYAmt01358437
IRS990/SavingsAndTempCashInvstGrp/EOYAmt01503695
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt01979647
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0563605
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt02543252
IRS990ScheduleD/EquipmentGrp/BookValueAmt0167533
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0260095
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0427628
IRS990ScheduleD/LandGrp/BookValueAmt0507636
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0507636
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt07934000
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02654816
IRS990ScheduleD/TotalBookValueSecuritiesAmt07934000
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0ERIC LACHANCE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0SON OF CEO
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt07397
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0PAYMENT FOR LANDSCAPING SERVICES
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CREDIT UNION HAD 3,924 MEMBERS AS OF 11/30/2017.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ORGANIZATION HAD MEMBERS AUTHORIZED TO APPOINT MEMBERS OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2SOME GOVERNANCE DECISIONS ARE SUBJECT TO APPROVAL BY MEMBERS, SUCH AS ELECTION OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3NO REVIEW WAS OR WILL BE CONDUCTED
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4IT IS PART OF THE SWEARING IN OF OFFICERS. ANNUALLY, EACH OFFICER RECEIVES A COPY OF THE POLICY AND SIGNS OFF THAT IT IS ADHERED TO.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5WE USE A THIRD PARTY SALARY COMPARISON PROGRAM WITH UPDATED RANGES OF SALARY BASED ON JOB DESCRIPTION AND GEOGRAPHICAL LOCATION. THIS PROGRAM IS UPDATED AND REFERRED TO ANNUALLY BY A COMMITTEE OF THE BOARD FOR PURPOSES OF DETERMINING COMPENSATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. CONFLICT OF INTEREST POLICY IS AVAILABLE FROM THE CEO. FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY AND ARE PROVIDED TO ATTENDEES AT THE ANNUAL MEETING.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt036912914
IRS990/TotalAssetsEOYAmt038766825
IRS990/TotalAssetsGrp/BOYAmt036912914
IRS990/TotalAssetsGrp/EOYAmt038766825
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt012
IRS990/TotalFunctionalExpensesGrp/TotalAmt01661043
IRS990/TotalGrossUBIAmt018289
IRS990/TotalLiabilitiesBOYAmt032723624
IRS990/TotalLiabilitiesEOYAmt034453309
IRS990/TotalLiabilitiesGrp/BOYAmt032723624
IRS990/TotalLiabilitiesGrp/EOYAmt034453309
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt04189290
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt04313516
IRS990/TotalOtherCompensationAmt031894
IRS990/TotalProgramServiceExpensesAmt01661043
IRS990/TotalProgramServiceRevenueAmt01149695
IRS990/TotalReportableCompFromOrgAmt0116763
IRS990/TotalRevenueGrp/ExclusionAmt0120337
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01646643
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01785269
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt018289
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt036912914
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt038766825
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd01
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 1096
IRS990/USAddress/CityNm0AUGUSTA
IRS990/USAddress/StateAbbreviationCd0ME
IRS990/USAddress/ZIPCd0043321096
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.CONNECTEDCREDITUNION.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0RICHARD LACHANCE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum02076233857
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-09-27
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CONNECTED CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0CONN
ReturnHeader/Filer/EIN0010409063
ReturnHeader/Filer/PhoneNum02076233857
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 1096
ReturnHeader/Filer/USAddress/CityNm0AUGUSTA
ReturnHeader/Filer/USAddress/StateAbbreviationCd0ME
ReturnHeader/Filer/USAddress/ZIPCd0043321096
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0E35234D4C4FE896A059F17F91C877CCCDF43E6F1
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0083F0A034A735FAC2AA5275A5ED8183564E2C864
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt066.186.191.122
ReturnHeader/FilingSecurityInformation/IPDt02018-09-27
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ED
ReturnHeader/FilingSecurityInformation/IPTm012:58:23
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0390758449
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0WIPFLI LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt030 LONG CREEK DRIVE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0SOUTH PORTLAND
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0ME
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd004106
ReturnHeader/PreparerPersonGrp/PhoneNum02077745701
ReturnHeader/PreparerPersonGrp/PreparationDt02018-09-27
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0BRAD WELLER
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02018-09-27T11:59:08-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-12-01
ReturnHeader/TaxPeriodEndDt02017-11-30
ReturnHeader/TaxYr02016

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$38,766,825
Liabilities
$34,453,309
Net assets
$4,313,516
Revenue
$1,785,269
Expenses
$1,661,043
Net income
$124,226
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$122$108$14.0$6.68$5.31$1.37
2023Detailed filing. Detailed filing data is available for this year.$119$106$12.6$5.87$4.80$1.08
2022Detailed filing. Detailed filing data is available for this year.$119$108$11.5$4.67$3.79$0.88
2021Detailed filing. Detailed filing data is available for this year.$117$107$10.0$4.20$3.69$0.52
2020Detailed filing. Detailed filing data is available for this year.$108$98.1$9.49$4.44$4.07$0.37
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$45.8$41.1$4.67$2.23$2.09$0.15
2017Detailed filing. Detailed filing data is available for this year.$38.8$34.5$4.31$1.79$1.66$0.12
2016Detailed filing. Detailed filing data is available for this year.$36.9$32.7$4.19$1.71$1.55$0.16
2015Detailed filing. Detailed filing data is available for this year.$34.8$30.8$4.03$1.55$1.35$0.19
2014Detailed filing. Detailed filing data is available for this year.$32.6$28.8$3.84$1.49$1.35$0.15
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$32.7$29.1$3.69$1.48$1.33$0.15
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$31.1$27.6$3.54$1.36
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.1$25.7$3.38$1.23
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$27.8$24.6$3.19$1.24