2024-10-16T12:49:14-05:00 2023-12-31 390758449 WIPFLI LLP 30 LONG CREEK DRIVE SOUTH PORTLAND ME 041062437 990 2023-01-01 010196194 MAINE STATE CREDIT UNION MAIN 8005408707 PO BOX 5659 AUGUSTA ME 043325659 JASON HILT INTERIM CFO 8005408707 2024-10-15 1 1 JULIA HOWLAND CPA P01711658 2077745701 2024-10-15 2023 2024-10-15 13:58:12Z STEPHEN WALLACE PO BOX 5659 AUGUSTA ME 043325659 40533071 0 X WWW.MAINESTATECU.ORG X 1935 ME PROVIDE MEMBERS WITH SAVINGS AND LOAN SERVICES. 10 10 154 10 142247 0 44115 55840 17601865 21860081 2218674 3207024 4383727 5108727 24248381 30231672 85040 202037 2798098 7021981 8355070 10617031 0 0 0 9666648 10941248 20904856 28782297 3343525 1449375 586697194 643067217 534910747 588613489 51786447 54453728 PROVIDE MEMBERS WITH SAVINGS AND LOAN SERVICES. 0 0 THE CREDIT UNION HAS 35,440 MEMBERS AS OF 12/31/2023. MEMBERS HAVE ACCESS TO A WIDE VARIETY OF LOW COST, HIGH QUALITY SERVICES. 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 1 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 11099 0 1 154 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X JASON HILT 8005408707 PO BOX 5659 AUGUSTA ME 043325659 ERIC POIRIER CHAIRPERSON 1.00 X X 0 0 0 ROLAND MAHEUX VICE CHAIRPERSON 1.00 X X 0 0 0 GEORGE LAPOINTE TREASURER 1.00 X X 0 0 0 LIZ OUELLETTE SECRETARY 1.00 X X 0 0 0 LEONARD CABANA DIRECTOR 1.00 X 0 0 0 GARY CROCKER DIRECTOR 1.00 X 0 0 0 THOMAS CUSICK DIRECTOR 1.00 X 0 0 0 SU LEIGH DIRECTOR THRU JULY 23' 1.00 X 0 0 0 DUNCAN MACKELLAR DIRECTOR 1.00 X 0 0 0 MICHAEL RODERIGUE DIRECTOR 1.00 X 0 0 0 JAMES SOUCIE DIRECTOR 1.00 X 0 0 0 STEPHEN WALLACE PRESIDENT/CEO 40.00 X 359023 0 46440 ERIN CAMPBELL SVP/CFO THRU SEPT 23' 40.00 X 252715 0 34039 ADAM KAVANAGH SVP/COO THRU SEPT 23' 40.00 X 233444 0 33396 BRIE MELLOR SVP/CHIEF LENDING OFFICER 40.00 X 173153 0 37351 SHANE ABBOTT SVP/CHIEF RETAIL OFFICER 40.00 X 172825 0 37985 JASON HILT VP OF FINANCE/INTERIM CFO 40.00 X 109677 0 17670 BRUCE HARRINGTON VP OF COMMERICAL LENDING 40.00 X 148453 0 38244 JEFFREY CHARLAND VP COMMERCIAL LOAN OFFICER 40.00 X 140867 0 9070 JENNIFER ROPER VP OF MARKETING 40.00 X 130560 0 8539 JENNIFER BECHARD VP OF HUMAN RESOURCES 40.00 X 123251 0 33223 AMANDA CROMMETT VP OF ORG. DEVELOPMENT 40.00 X 116303 0 16655 1960271 0 312612 12 0 1 0 SYNERGENT 2 LEDGEVIEW DR WESTBROOK ME 04092 DATA PROCESSING 1650645 WORKGROUP TECHNOLOGY PARTNERS INC PO BOX 110 WESTBROOK ME 04098 MANAGED IT SERVICES 420780 ALKAMI TECHNOLOGY INC 5601 GRANITE PKWY STE 120 PLANO TX 75024 DATA PROCESSING 406630 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 FINANCIAL SERVICES 301557 LONGFELLOW HOLDINGS LLC 350 LITCHFIELD RD FARMINGDALE ME 04344 LANDSCAPE / PROPERTY MANAGEMENT 110475 6 55840 55840 LOAN INCOME FROM MEMBERS 522100 21860081 21860081 21860081 3199103 3199103 41218 0 41218 41218 41218 10302305 10294384 7921 7921 7921 7015 55840 7015 0 SERVICE CHARGES AND FEES 522100 4134614 4134614 OTHER INCOME 522100 790648 790648 INSURANCE FEES 522100 86101 86101 56146 56146 5067509 30231672 26785343 142247 3248242 202037 7021981 1507718 6725855 332986 2050472 29346 80578 12650 1534516 645645 376592 642701 1034786 414081 2179 1015717 141745 PROVISION FOR LOAN LOSS 1928021 SUPERVISION & EXAMINATI 1671436 LOAN SERVICING & COLLEC 1258287 EDUCATION 112600 40368 28782297 4361142 5278933 59291121 72477110 0 12334750 361360311 402520879 22262257 7938266 11962436 14323991 106560002 97585802 110000 110000 43052182 38435752 586697194 643067217 1961935 2864423 532948812 585749066 534910747 588613489 X 0 0 0 0 51786447 54453728 51786447 54453728 586697194 643067217 X 1449375 1217906 X 0 1 X 1 0 1398277 1398277 15514262 4968830 10545432 398558 49907 348651 4816413 2919529 1896884 134747 134747 14323991 OTHER ASSETS 13711837 ACCRUED INTEREST RECEIVABLE 1823807 NATIONAL CU SHARE INS. FUND DEPOSIT 4918457 TRICORP MEMBER SHARE SAVINGS 400000 RIGHT OF USE ASSET-LEASES 514932 CASH SURRENDER VALUE OF SPLIT DOLLAR 17066719 38435752 MEMBER'S SHARE AND SAVINGS ACCOUNTS 585210177 RIGHT OF USE LIABILITY - LEASES 538889 585749066 21281670 0 21281670 8950002 8950002 30231672 19832295 0 19832295 8950002 8950002 28782297 PART XI, LINE 4B - OTHER ADJUSTMENTS: PROVISION FOR LOAN LOSSES 1,928,021. BENEFITS PAID TO MEMBERS 7,021,981. PART XII, LINE 4B - OTHER ADJUSTMENTS: BENEFITS PAID TO MEMBERS 7,021,981. PROVISION FOR LOAN LOSSES 1,928,021. FEEDME5K WALK TO END HUNGER 62855 55840 7015 7015 62855 55840 7015 7015 7015 0 1 MAINE CREDIT UNION'S CAMPAIGN FOR ENDING HUNGER PO BOX 1236 PORTLAND ME 04104 261720415 501(C)(3) 102037 0 TO COMBAT FOOD INSECURITY IN MAINE THE FOUNDATION FOR MAINE COMMUNITY COLLEGES 54 LIGHTHOUSE CIRCLE SOUTH PORTLAND ME 04106 271363414 501(C)(3) 94400 0 SCHOLARSHIPS MAINE MARITIME ACADEMY 1 PLEASANT ST CASTINE ME 04420 016000724 501(C)(3) 5600 0 SCHOLARSHIPS 3 0 PART I, LINE 2: FUNDRAISING ACTIVITY IS DONE FOR ESTABLISHED 501(C)(3) ORGANIZATIONS THAT ARE KNOWN IN OUR COMMUNITY. X 1 1 X X 1 0 0 STEPHEN WALLACE PRESIDENT/CEO 334955 0 10073 0 13995 0 11302 0 35138 0 405463 0 0 0 ERIN CAMPBELL SVP/CFO THRU SEPT 23' 150932 0 7156 0 94627 0 7090 0 26949 0 286754 0 0 0 ADAM KAVANAGH SVP/COO THRU SEPT 23' 135936 0 6589 0 90919 0 6600 0 26796 0 266840 0 0 0 SHANE ABBOTT SVP/CHIEF RETAIL OFFICER 161057 0 5037 0 6731 0 6140 0 31845 0 210810 0 0 0 BRIE MELLOR SVP/CHIEF LENDING OFFICER 161290 0 5132 0 6731 0 6139 0 31212 0 210504 0 0 0 BRUCE HARRINGTON VP OF COMMERICAL LENDING 137536 0 5148 0 5769 0 3162 0 35082 0 186697 0 0 0 JENNIFER BECHARD VP OF HUMAN RESOURCES 121933 0 1318 0 0 0 4442 0 28781 0 156474 0 0 0 PART I, LINE 1A TRAVEL FOR SPOUSES IS OFFERED TO BOARD MEMBERS ATTENDING CERTAIN EVENTS. 1099S ARE PROVIDED IF THE AMOUNT OF TRAVEL EXCEEDS $600 DURING THE YEAR. THERE WERE NO INSTANCES WHERE THIS HAPPENED IN 2023. PART I, LINE 3 BOARD OF DIRECTORS USES DATA PROVIDED BY OUR SALARY ADMINISTRATION SYSTEM. PART I, LINE 4A 457(B) PLAN - PAYMENTS RECEIVED BY FORMER EMPLOYEE, DUNCAN MACKELLAR, 2023 TOTAL: $11,160 SEVERANCE PAYMENTS WERE RECEIVED BY THE FOLLOWING FORMER EMPLOYEES DURING 2023: ANGELA HARVEY $5,030 ERIN CAMPBELL $55,261 ADAM KAVANAGH $50,000 ARIEL CARON $2,552 STEPHEN WALLACE PRESIDENT/CEO SPLIT DOLLAR LIFE INSURANCE/EXECUTIVE BENEFIT X 6230000 4904000 0 1 1 TUCKER COLE RETIRED, PAST PRESIDENT/CEO SPLIT DOLLAR LIFE INSURANCE/EXECUTIVE BENEFIT X 8162000 5800000 0 1 1 ERIN CAMPBELL FORMER SVP/CFO (DOT 9/2023) SPLIT DOLLAR LIFE INSURANCE/EXECUTIVE BENEFIT X 952500 756750 0 1 1 ADAM KAVANAGH FORMER SVP/COO (DOT 9/2023) SPLIT DOLLAR LIFE INSURANCE/EXECUTIVE BENEFIT X 1100000 874000 0 1 1 12334750 FORM 990, PART VI, SECTION A, LINE 6 THE FIELD OF MEMBERSHIP IN THIS CREDIT UNION INCLUDES ANYONE WHO LIVES, WORKS, WORSHIPS, OR GOES TO SCHOOL IN ANDROSCOGGIN, CUMBERLAND, KENNEBEC, KNOX, LINCOLN, SAGADAHOC, SOMERSET, OR WALDO COUNTIES, OR IF YOU OR SOMEONE IN YOUR IMMEDIATE FAMILY IS A CURRENT OR RETIRED STATE EMPLOYEE. MEMBERSHIP IS ALSO ELIGIBLE TO EMPLOYEES OR MEMBERS OF THE FOLLOWING ORGANIZATIONS: MAINE STATE EMPLOYEES, MAINE STATE EMPLOYEES' ASSOCIATION, MAINE HOUSING AUTHORITY, MAINE TECHNICAL/COMMUNITY COLLEGE SYSTEM, MAINE STATE RETIREMENT SYSTEM, MAINE ASSOCIATION OF RETIREES. ALSO INCLUDED ARE RETIREES OF ANY OF THE ABOVE ORGANIZATIONS AS WELL AS ANY INDIVIDUAL RECEIVING A MAINE STATE RETIREMENT PENSION. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS HAVE A VOTE DURING THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B THE BOARD OF DIRECTORS IS FORMED BY VOLUNTEERS THAT ARE ELECTED DIRECTLY FROM CREDIT UNION MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B 990 REVIEWED BY THE VP OF FINANCE/INTERIM CFO PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C WE HAVE CONFLICT OF INTEREST AND WHISTLEBLOWER POLICIES INCORPORATED IN OUR CODE OF ETHICS. MEMBERS OF THE BOARD OF DIRECTORS SIGN A DOCUMENT REAFFIRMING ANNUALLY THAT THEY ARE ABIDING BY THE POLICY AND REPORTING ANY CONFLICTS OR POTENTIAL CONFLICTS AND ABSTAINING FROM ANY DECISIONS WHERE THERE IS A CONFLICT. THE BOARD REVIEWED THE CODE OF ETHICS POLICY AT THE JUNE 2022 BOARD MEETING AND THERE WERE NO CHANGES FOUND. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS AUTHORIZES THE SALARY AND ANY INCREASES FOR THE CEO. THE CEO IS RESPONSIBLE FOR THE EVALUATIONS, SALARIES, AND SALARY INCREASES OF THE SENIOR MANAGEMENT TEAM. THE CREDIT UNION UTILIZES A COMPENSATION PROGRAM THAT INCORPORATES EXTERNAL MARKET INFORMATION REGARDING SALARIES IN DETERMINING THEIR SALARY RANGES. THE DIRECTOR OF HUMAN RESOURCES MANAGES THE ADMINISTRATION OF THE COMPENSATION STRUCTURE (IN COLLABORATION WITH THE CEO). FORM 990, PART VI, SECTION C, LINE 19 THE ANNUAL REPORT IS POSTED ON THE WEBSITE AND THE INCOME STATEMENT AND BALANCE SHEET IS POSTED IN THE LOBBY. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN OTHER COMPREHENSIVE INCOME 1,321,678. CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE -103,772.