Five County Credit Union FY2023 filing

Bath, MEUnknown exempt organizationSince 1956 EIN 01-0261795Revenue $23.6M in FY2023

On file with the IRSancorumcu.com765 Washington Street · Bath, ME

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To help our members achieve financial wellbeing.

$1.8M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

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FY2023 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $1.9M a year · 8% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Pay to officers and key staff
$1.8M
to officers and key staff · 9% of spending
Looks good: pay to officers and key staff is 9% of spending; 15% or less.
Pt VII · Sec A
35 mo
of spending, in cash
Looks good: 35.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $6K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$324.8M
91% of total assets
Concern: liabilities are 91% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$23.6M
+24% vs prior year
Spent
$20.6M
Net assets
$33.4M
By yearFY2020–FY2025
Revenue
$23.6M
FY2023▲ +24%
Tap a bar for its year
Revenue by fiscal year
FY2020$17.7M
FY2021$17.0M
FY2022$19.0M
FY2023$23.6M
FY2024$26.2M
FY2025$29.6M
Expenses
$20.6M
FY2023▲ +18%
Tap a bar for its year
Expenses by fiscal year
FY2020$16.4M
FY2021$14.7M
FY2022$17.4M
FY2023$20.6M
FY2024$24.0M
FY2025$28.8M
Net assets
$33.4M
FY2023▲ +8%
Tap a bar for its year
Net assets by fiscal year
FY2020$26.0M
FY2021$28.3M
FY2022$31.0M
FY2023$33.4M
FY2024$35.7M
FY2025$36.8M

From the FY2023 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

14 people listed on the 990; $1.8M paid to officers and key staff.

Part VII, Section A · reportable compensation
President & CEO
$550,983Pt VII · Sec A
SVP Finance & Technology/C
$273,046Pt VII · Sec A
SVP Support Services
$256,285Pt VII · Sec A
SVP Retail Services
$225,779Pt VII · Sec A
SVP Administration
$196,771Pt VII · Sec A
SVP Human Resources
$174,848Pt VII · Sec A
Highest Compensated Employee
$115,913Pt VII · Sec A
Director
$0Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Terri Ryan—$689,488$196,771$174,518$159,651$151,353
Julie a Marquis$568,880$598,847$550,983$516,721$334,826$315,971
Kenneth H Stockford$272,641$300,224$273,046$250,216$173,274$167,165
Michael Foley$267,009$274,361$256,285$233,061$154,386$145,825
Jennifer Andersen$246,928$242,401$225,779$200,682$121,851$115,223
Lynn Farmer—$188,478$174,848$154,675$132,380$125,435
Kim Hutchins$121,544—————
Scott Budde$117,194$112,086————

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes
  • Loans to or from officersSch L · Pt II2 listed

Programs and updates

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Provided by the organization

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1 program · in their own filed words · FY2023
01

Five county credit union's field of membership includes persons who live or work in the counties of androscoggin, cumberland, lincoln, kennebec, sagadahoc, waldo, somerset, and knox, maine, all active and retired employees of bath iron works, and relatives of eligible members.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2020
Total grants receivedfrom 1 funder$6K

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$23.6M
Ln 12
Fees for servicesLn 2g$16.9M
Other incomeLn 4–11$3.3M
Investment incomeLn 3$3.3M
Money outPt IX
$20.6M
Ln 25
Owns and owesPt X
$33.4M
net assets · Ln 32
Cash and savingsLn 1–2$60.0M
Total assetsLn 16$358.2M
LiabilitiesLn 26$324.8M
PeoplePt VI, VII
14
listed · VII A
PaidVII A7
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$16.9M
Investment incomeLn 3$3.3M
Other incomeLn 4–11$3.3M
Gains on assetsLn 7−$18K
Total revenueLn 12$23.6M
Assets in detailPt X, end of year
CashLn 1$4.5M
SavingsLn 2$55.5M
Cash and savings togetherLn 1–2$60.0M
InvestmentsLn 11–13$12.1M
Land, buildings, equipmentLn 10c$10.3M
Other assetsLn 15$10.1M
Total assetsLn 16$358.2M
LiabilitiesLn 26$324.8M
Net assetsLn 32$33.4M
OperationsPt I, VI
EmployeesI 5164
VolunteersI 611
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$107.2M$60.0M
InvestmentsLn 11–13$12.8M$12.1M
Land, buildings, equipmentLn 10c$10.6M$10.3M
Total assetsLn 16$368.3M$358.2M
LiabilitiesLn 26$337.3M$324.8M
Net assetsLn 32$31.0M$33.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$1.2M
Pay of current officers, directors and key staffLn 5$913K
Other salaries and wagesLn 7$8.0M
Pension plan contributionsLn 8$669K
Other employee benefitsLn 9$957K
Payroll taxesLn 10$629K
Legal feesLn 11b$34K
Accounting feesLn 11c$181K
Other fees for servicesLn 11g$509K
Advertising and promotionLn 12$550K
Information technologyLn 14$250K
OccupancyLn 16$1.4M
TravelLn 17$175K
InterestLn 20$4K
Depreciation, depletion and amortizationLn 22$896K
InsuranceLn 23$163K
Other expenses (24a–d)Ln 24$4.0M
Total functional expensesLn 25$20.6M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $29.6M$28.8M$769K$36.8M 990 PDF
FY2024 $26.2M$24.0M$2.2M$35.7M 990 PDF
FY2023 Viewing $23.6M$20.6M$3.0M$33.4M 990 PDF
FY2022 $19.0M$17.4M$1.7M$31.0M 990 PDF
FY2021 $17.0M$14.7M$2.2M$28.3M 990 PDF
FY2020 $17.7M$16.4M$1.3M$26.0M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants J · Pay O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $23,598,688 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $13,809,357$16,921,906
I-10 Investment incomePrior year $1,516,679$3,327,791
I-11 Other revenuePrior year $3,705,069$3,348,991
I-12 Total revenuePrior year $19,031,105$23,598,688
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $435,820$1,207,541
I-15 Salaries and benefitsPrior year $9,913,172$11,133,796
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $7,025,519$8,210,504
I-18 Total expensesPrior year $17,374,511$20,551,841
I-19 Revenue less expensesPrior year $1,656,594$3,046,847
Part VI · Governance 7 of 7 board members independent, no flags
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $23,598,688 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $16,921,906$16,921,906
VIII-3 Investment incomeExcluded from tax $3,345,492$3,345,492
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$17,701−$17,701
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $2,865,809 · Unrelated business $483,182$3,348,991
VIII-12 Total revenueRelated to mission $19,787,715 · Unrelated business $483,182 · Excluded from tax $3,327,791$23,598,688
Part IX · Statement of functional expenses $20,551,841 across 17 lines filed
IX-4 Benefits paid to or for members$1,207,541
IX-5 Pay of current officers, directors and key staff$912,890
IX-7 Other salaries and wages$7,966,275
IX-8 Pension plan contributions$668,954
IX-9 Other employee benefits$957,144
IX-10 Payroll taxes$628,533
IX-11b Legal fees$33,764
IX-11c Accounting fees$180,734
IX-11g Other fees for services$509,452
IX-12 Advertising and promotion$550,267
IX-14 Information technology$250,298
IX-16 Occupancy$1,417,672
IX-17 Travel$175,171
IX-20 Interest$4,373
IX-22 Depreciation, depletion and amortization$896,368
IX-23 Insurance$163,471
IX-24 Other expenses (24a–d)$4,028,934
IX-25 Total functional expenses$20,551,841
Part X · Balance sheet $358,165,631 assets, 13 lines filed
Asset lines not itemized here account for $264,808,623; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $4,327,300$4,519,344
X-2 Savings and temporary cash investmentsStart of year $102,886,530$55,483,600
X-9 Prepaid expenses and deferred chargesStart of year $760,150$869,975
X-10c Land, buildings and equipment, netStart of year $10,557,463$10,294,296
X-11 Publicly traded securitiesStart of year $5,779,621$5,386,381
X-12 Other securitiesStart of year $7,016,057$6,738,298
X-15 Other assetsStart of year $9,983,846$10,065,114
X-16 Total assetsStart of year $368,273,887$358,165,631
X-17 Accounts payable and accrued expensesStart of year $5,266,059$7,126,447
X-25 Other liabilitiesStart of year $331,963,717$317,269,224
X-26 Total liabilitiesStart of year $337,279,899$324,765,719
X-32 Total net assets or fund balancesStart of year $30,993,988$33,399,912
X-33 Total liabilities and net assetsStart of year $368,273,887$358,165,631
Part XI · Reconciliation of net assets $33,399,912 net assets at year end
XI-1 Total revenue$23,598,688
XI-2 Total expenses$20,551,841
XI-3 Revenue less expenses$3,046,847
XI-4 Net assets at start of year$30,993,988
XI-5 Net unrealized gains (losses) on investments$71,713
XI-9 Other changes in net assets−$712,636
XI-10 Net assets at end of year$33,399,912

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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