Civic Intelligence

Maine Education Credit Union

990 • Fiscal year 2020 • EIN 01-0409063

Jan 01, 2020 to Dec 31, 2020 • Filed on Jun 29, 2022

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

74th percentile

0.91x

Higher debt load relative to assets than 74% of similar nonprofits.

2020 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2020

Liabilities / Revenue

66th percentile

22.08x

Higher debt load relative to revenue than 66% of similar nonprofits.

2020 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2020

Net Margin

42nd percentile

8.4%

Higher net margin than 42% of similar nonprofits.

2020 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2020

Top Officer Pay

29th percentile

$172,685

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 3.9% of source-year revenue.

2020 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2020

Asset Growth

100th percentile

135%

Faster asset growth than 100% of similar nonprofits.

2020 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2019 to 2020

Revenue Growth

100th percentile

99%

Faster revenue growth than 100% of similar nonprofits.

2020 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets74th percentile

Assets

Up

$107,608,255

Up $61,840,103 (+135%) from 2019

Net Assets

Up

$9,489,362

Up $4,818,321 (+103%) from 2019

Liabilities

Up

$98,118,893

Up $57,021,782 (+139%) from 2019

Revenue And Expenses
Liabilities / Revenue66th percentileNet Margin42nd percentile

Revenue

Up

$4,444,754

Up $2,211,892 (+99%) from 2019

Expenses

Up

$4,072,567

Up $1,987,385 (+95%) from 2019

Net Income

Up

$372,187

Up $224,507 (+152%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth100th 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

2020

Assets$107,608,255
Liabilities$98,118,893
Net Assets$9,489,362
Open 2020 Filing

Operations Trend

Revenue Growth100th 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

2020

Revenue$4,444,754
Expenses$4,072,567
Net Income$372,187
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Jun 29, 2022
Return Version
2020v4.2
Gross Receipts
$4,444,754
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$26,531,418$53,963,280▲ $27,431,862
Investments Other Securities$12,428,000$35,402,000▲ $22,974,000
Rtn Earn Endowment Incm Other Fnds$4,690,881$9,489,362▲ $4,798,481
Savings and Temporary Cash Investments$2,551,115$8,612,138▲ $6,061,023
Land, Buildings, and Equipment, Net$2,257,725$2,949,940▲ $692,215
Cash and Non-Interest-Bearing Accounts$406,492$1,328,871▲ $922,379
Prepaid Expenses and Deferred Charges$94,100$320,211▲ $226,111
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$45,583,934$107,608,255▲ $62,024,321
Other Assets Total$1,315,084$5,031,815▲ $3,716,731
Liabilities
Accounts Payable and Accrued Expenses$40,893,053$98,118,893▲ $57,225,840
Total Liabilities$40,893,053$98,118,893▲ $57,225,840
Net Assets / Fund Balance
Total Net Assets Fund Balance$4,690,881$9,489,362▲ $4,798,481
Total Liabilities and Net Assets / Fund Balance$45,583,934$107,608,255▲ $62,024,321

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,206,588$1,579,869$3,786,457
Equipment$141,076$924,323$1,065,399
Land$602,276-$602,276
Other Securities$35,402,000--
Compensation and Service Providers
Top Officer Pay29th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Cathy BondPresidentFT$60,688$111,997$172,685
Richard LachanceCEOFT$128,872$41,563$170,435
Kelley WathenCFOFT$70,779$18,717$89,496

Board Members and Trustees

NameTitle
Michael ClementsChairman
John CassidyVice Chairman
Dennis ScatesDirector
Heather BrowneDirector
Isaac DyerDirector
Karen HarringtonDirector
Kimberly CareyDirector
Miles WhitlockDirector
Patricia SugaDirector
Paula PoolerDirector
Richard GrindallDirector
Patricia HewettSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
SynergentData Processing, Marketing, Card Service2 LEDGEVIEW DRIVE, Westbrook, ME 04096$385,152
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,790,379
Investment Income
$511,624
Other Revenue
$1,142,751
Change in Net Assets
$372,187
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,016,124
Salaries, Compensation, and Employee Benefits$1,608,780
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$901,515
Benefits to Members---$447,663
Current Officers, Directors, Trustees, and Key Employees---$432,616
Information Technology---$289,915
Other Employee Benefits---$274,649
All Other Expenses---$202,876
Depreciation Depletion---$172,608
Advertising---$154,996
Occupancy---$144,812
Fees for Services Other---$97,547
Other Expenses---$50,516
Office Expenses---$40,183
Total Functional Expenses$0$0$0$4,072,567
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 CEOLandscaping ServicesNo$9,938
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
Yes
Business relationship with organization members
No
Material changes to governing documents
Yes
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 4

“By-laws were amended: the credit union board made an allowance this year for virtual meetings due to covid.”

Form 990, Part VI, Section A, Line 6

“The credit union had 8,478 members as of 12/31/2020.”

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
2022-06-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard Lachance
Formed
1967
Legal Domicile
Me
Voting Board Members
12
Independent Board Members
12
Employees
31
Volunteers
20

Preparer

Firm
Wipfli Llp
Address
30 LONG CREEK DRIVE, SOUTH PORTLAND, ME 04106-2437
Preparer
Julia Howland CPA
Phone
2077745701
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 2

“Connect credit union merged with winslow federal credit union in 2020 and introduced indirect lending.”

FORM 990, PART XI, LINE 9:

“Net assets from merged winslow credit union 4,426,294.”

Part XI, Line 9

“On 6/30/20 connected credit union merged with winslow federal credit union. Total net assets acquired were $ 4,426,294.”

Raw XML AppendixShowing 400 of 480 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/LandBldgEquipBasisNetGrp/BOYAmt02257725
IRS990/LandBldgEquipBasisNetGrp/EOYAmt02949940
IRS990/LandBldgEquipCostOrOtherBssAmt05454132
IRS990/LegalDomicileStateCd0ME
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt00
IRS990/LoanOutstandingInd01
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0PROVIDE MEMBERS WITH SAVINGS AND LOAN SERVICES
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt04690881
IRS990/NetAssetsOrFundBalancesEOYAmt09489362
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt020752
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt020752
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt0144812
IRS990/OfficeExpensesGrp/TotalAmt040183
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt01315084
IRS990/OtherAssetsTotalGrp/EOYAmt05031815
IRS990/OtherChangesInNetAssetsAmt04426294
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0274649
IRS990/OtherExpensesGrp/Desc0SERVICE CHARGES
IRS990/OtherExpensesGrp/Desc1PROVISION FOR LOAN LOSS
IRS990/OtherExpensesGrp/Desc2LOAN SERVICING EXPENSE
IRS990/OtherExpensesGrp/Desc3POSTAGE
IRS990/OtherExpensesGrp/TotalAmt0541376
IRS990/OtherExpensesGrp/TotalAmt1177390
IRS990/OtherExpensesGrp/TotalAmt2143905
IRS990/OtherExpensesGrp/TotalAmt350516
IRS990/OtherRevenueMiscGrp/BusinessCd0522100
IRS990/OtherRevenueMiscGrp/BusinessCd1522100
IRS990/OtherRevenueMiscGrp/Desc0WARRANTY FEES
IRS990/OtherRevenueMiscGrp/Desc1OTHER INCOME
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt0755737
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt1363770
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0755737
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1387014
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt023244
IRS990/OtherRevenueTotalAmt01142751
IRS990/OtherSalariesAndWagesGrp/TotalAmt0901515
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt094100
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0320211
IRS990/PrincipalOfficerNm0RICHARD LACHANCE
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0522100
IRS990/ProgramServiceRevenueGrp/Desc0LOAN INCOME FROM MEMBE
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt02790379
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt02790379
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt026333
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt030375
IRS990/PYOtherExpensesAmt077592
IRS990/PYOtherRevenueAmt046407
IRS990/PYProgramServiceRevenueAmt0115853
IRS990/PYRevenuesLessExpensesAmt019840
IRS990/PYSalariesCompEmpBnftPaidAmt068870
IRS990/PYTotalExpensesAmt0172795
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0192635
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0372187
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt04690881
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt09489362
IRS990/SavingsAndTempCashInvstGrp/BOYAmt02551115
IRS990/SavingsAndTempCashInvstGrp/EOYAmt08612138
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt02206588
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01579869
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt03786457
IRS990ScheduleD/EquipmentGrp/BookValueAmt0141076
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0924323
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt01065399
IRS990ScheduleD/LandGrp/BookValueAmt0602276
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0602276
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt035402000
IRS990ScheduleD/OtherSecuritiesGrp/Desc0OTHER INVESTMENTS
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02949940
IRS990ScheduleD/TotalBookValueSecuritiesAmt035402000
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompensationCommitteeInd0X
IRS990ScheduleJ/CompensationSurveyInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt060688
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1128872
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount02000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount12000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt08065
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt18510
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt010772
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt124918
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt091160
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt16135
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0CATHY BOND
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1RICHARD LACHANCE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0172685
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt1170435
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt10
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0ERIC LACHANCE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0SON OF CEO
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt09938
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0LANDSCAPING SERVICES
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BalanceDueAmt0500000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BoardOrCommitteeApprovalInd01
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/BusinessName/BusinessNameLine1Txt0RICHARD P LACHANCE
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/DefaultInd00
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanFromOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanPurposeTxt0SPLIT DOLLAR LIFE INSURANCE ARRANGEMENT
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt0500000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0CEO
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/WrittenAgreementInd01
IRS990ScheduleL/TotalBalanceDueAmt0500000
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0CONNECT CREDIT UNION MERGED WITH WINSLOW FEDERAL CREDIT UNION IN 2020 AND INTRODUCED INDIRECT LENDING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BY-LAWS WERE AMENDED: THE CREDIT UNION BOARD MADE AN ALLOWANCE THIS YEAR FOR VIRTUAL MEETINGS DUE TO COVID.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE CREDIT UNION HAD 8,478 MEMBERS AS OF 12/31/2020.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ORGANIZATION HAD MEMBERS AUTHORIZED TO APPOINT MEMBERS OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4SOME GOVERNANCE DECISIONS ARE SUBJECT TO APPROVAL BY MEMBERS, SUCH AS ELECTION OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5NO REVIEW WAS OR WILL BE CONDUCTED
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6IT 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/ExplanationTxt7WE 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/ExplanationTxt8GOVERNING 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/ExplanationTxt9NET ASSETS FROM MERGED WINSLOW CREDIT UNION 4,426,294.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10ON 6/30/20 CONNECTED CREDIT UNION MERGED WITH WINSLOW FEDERAL CREDIT UNION. TOTAL NET ASSETS ACQUIRED WERE $ 4,426,294.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART III, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 4
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9FORM 990, PART XI, LINE 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc10PART XI, LINE 9

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$107,608,255
Liabilities
$98,118,893
Net assets
$9,489,362
Revenue
$4,444,754
Expenses
$4,072,567
Net income
$372,187
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