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Service Credit Union

Portsmouth, NHUnknown exempt organizationSince 1957 EIN 02-0240752Revenue $158.1M in FY2020

On file with the IRSservicecu.org3003 Lafayette Road · Portsmouth, NH

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Credit Union operated without profit for mutual purposes.

Run by 11 volunteers.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

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FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2020
latest Form 990
Concern: the latest return is for FY2020, 6 tax years back; more than 4 tax years.
IRS e-file · Filing history
Pay to officers and key staff
$2.5M
to officers and key staff · 0.4% of spending
Looks good: pay to officers and key staff is 0% of spending; 15% or less.
Pt VII · Sec A
Liabilities
$0
total owed
No data yet: the filing does not give total assets.
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
$158.1M
Spent
$609.5M
Net assets
$0

From the FY2020 Form 990 (year ending September 2020) · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2020.

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

Who runs it and what they're paid

18 people listed on the 990; $2.5M paid to officers and key staff.

Part VII, Section A · reportable compensation
David Araujo
President/CEO
$646,413Pt VII · Sec A
Dan Clarke
SVP, Member Experience
$250,647Pt VII · Sec A
$235,188Pt VII · Sec A
Michael Porter
VP Operations
$194,332Pt VII · Sec A
Wendy Beswick
VP Marketing
$190,923Pt VII · Sec A
Michael Bergeron
VP Logistics
$185,569Pt VII · Sec A
Satish Mehta
SVP, Chief Administrative Officer
$175,635Pt VII · Sec A
Geoffry Gilton
SVP, Technology
$175,479Pt VII · Sec A
See Service Credit Union executive salaries →

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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

Programs and updates

Provides financial services to members for their mutual benefit.

Questions for Service Credit Union

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Provided by the organization

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1 program · in their own filed words · FY2020
01

The credit union provides various types of loans, CDS, share accounts, and ira CDS to members. Interest on members' share and savings accounts for the 9 month period ending september 30, 2020 was $27,454,331.AS of september 30, 2020, the credit union converted to a federal credit union and ceased existence as a state chartered tax-exempt…

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 · this organization's grantmaking
Grants paid · 15 grants · $473.2M · 2020–2020
Service Federal Credit UnionFY2020$472,483,293
Wildcat Sports PropertiesNH · FY2020$167,940
Service Credit Union Impact FoundationNH · FY2020$166,667
NH Food BankNH · FY2020$100,000
Unh Fondation StadiumNH · FY2020$100,000
Seacoast Repertory TheatreNH · FY2020$25,000
The Wright Museum of World War IINH · FY2020$20,000
City of SomersworthFY2020$20,000
Rochester School DepartmentFY2020$12,288
Make a Wish of New Hampshire INCNH · FY2020$10,000
American National Red Cross & Its Constituent Chapters and BranchesDC · FY2020$10,000
Catholic Healthcare TrustNH · FY2020$10,000
Dartmouth-Hitchcock HealthNH · FY2020$10,000
Worldwide Foundation for Credit Unions INCWI · FY2020$10,000
GatherNH · FY2020$7,500

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$158.1M
Ln 12
Fees for servicesLn 2g$152.5M
Investment incomeLn 3$5.5M
Other incomeLn 4–11$92K
Money outPt IX
$609.5M
Ln 25
Owns and owesPt X
$0
net assets · Ln 32
Total assetsLn 16$0
LiabilitiesLn 26$0
PeoplePt VI, VII
18
listed · VII A
PaidVII A16
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$152.5M
Investment incomeLn 3$5.5M
Other incomeLn 4–11$92K
Gains on assetsLn 7$983K
Total revenueLn 12$158.1M
Assets in detailPt X, end of year
CashLn 1$0
SavingsLn 2$0
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$0
Total assetsLn 16$0
LiabilitiesLn 26$0
Net assetsLn 32$0
OperationsPt I, VI
EmployeesI 50
VolunteersI 611
Fiscal year endsHeaderSeptember
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 FY20End FY20
Cash and savingsLn 1–2$318.2M$0
InvestmentsLn 11–13$162.3M$0
Land, buildings, equipmentLn 10c$81.3M$0
Total assetsLn 16$3.82B$0
LiabilitiesLn 26$3.37B$0
Net assetsLn 32$448.0M$0
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$473.6M
Benefits paid to or for membersLn 4$27.5M
Pay of current officers, directors and key staffLn 5$1.6M
Other salaries and wagesLn 7$35.2M
Pension plan contributionsLn 8$4.2M
Other employee benefitsLn 9$6.7M
Payroll taxesLn 10$2.9M
Legal feesLn 11b$95K
Accounting feesLn 11c$161K
Other fees for servicesLn 11g$4.5M
Advertising and promotionLn 12$3.0M
Office expensesLn 13$5.2M
Information technologyLn 14$7.2M
OccupancyLn 16$3.7M
TravelLn 17$321K
Conferences, conventions and meetingsLn 19$7K
InterestLn 20$3.2M
Depreciation, depletion and amortizationLn 22$4.6M
InsuranceLn 23$367K
Other expenses (24a–d)Ln 24$25.5M
Total functional expensesLn 25$609.5M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2020 Latest Viewing $158.1M$609.5M−$451.4M$0 990 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 FY2020 990 (6 parts)
Part I · Summary $158,075,310 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $199,083,287$152,515,405
I-10 Investment incomePrior year $13,114,684$5,468,365
I-11 Other revenuePrior year $8,640$91,540
I-12 Total revenuePrior year $212,206,611$158,075,310
I-13 Grants and similar amounts paidPrior year $1,013,862$473,552,351
I-14 Benefits paid to membersPrior year $37,050,466$27,454,331
I-15 Salaries and benefitsPrior year $62,191,686$50,646,317
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $74,093,221$57,819,277
I-18 Total expensesPrior year $174,349,235$609,472,276
I-19 Revenue less expensesPrior year $37,857,376−$451,396,966
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 $158,075,310 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $147,690,942 · Unrelated business $4,824,463$152,515,405
VIII-3 Investment incomeExcluded from tax $4,484,896$4,484,896
VIII-6 Net rental income or lossUnrelated business $6,480 · Excluded from tax $85,060$91,540
VIII-7 Net gain or loss on sales of assetsExcluded from tax $983,469$983,469
VIII-12 Total revenueRelated to mission $147,690,942 · Unrelated business $4,830,943 · Excluded from tax $5,553,425$158,075,310
Part IX · Statement of functional expenses $609,472,276 across 20 lines filed
IX-1 Grants to domestic organizations$473,552,351
IX-4 Benefits paid to or for members$27,454,331
IX-5 Pay of current officers, directors and key staff$1,597,007
IX-7 Other salaries and wages$35,215,983
IX-8 Pension plan contributions$4,237,567
IX-9 Other employee benefits$6,709,078
IX-10 Payroll taxes$2,886,682
IX-11b Legal fees$94,625
IX-11c Accounting fees$160,667
IX-11g Other fees for services$4,509,036
IX-12 Advertising and promotion$3,006,254
IX-13 Office expenses$5,200,019
IX-14 Information technology$7,241,805
IX-16 Occupancy$3,686,825
IX-17 Travel$320,573
IX-19 Conferences, conventions and meetings$6,645
IX-20 Interest$3,169,598
IX-22 Depreciation, depletion and amortization$4,578,400
IX-23 Insurance$367,421
IX-24 Other expenses (24a–d)$25,477,409
IX-25 Total functional expenses$609,472,276
Part X · Balance sheet $0 assets, 17 lines filed
X-1 Cash, non-interest-bearingStart of year $27,736,864$0
X-2 Savings and temporary cash investmentsStart of year $290,443,231$0
X-3 Pledges and grants receivable$0
X-4 Accounts receivableStart of year $47,081,477$0
X-8 Inventories for sale or use$0
X-9 Prepaid expenses and deferred chargesStart of year $5,075,886$0
X-10c Land, buildings and equipment, netStart of year $81,286,254$0
X-11 Publicly traded securities$0
X-12 Other securitiesStart of year $162,344,906$0
X-13 Program-related investments$0
X-14 Intangible assetsStart of year $154,660$0
X-15 Other assetsStart of year $45,593,542$0
X-16 Total assetsStart of year $3,821,189,390$0
X-25 Other liabilitiesStart of year $3,134,708,492$0
X-26 Total liabilitiesStart of year $3,373,231,836$0
X-32 Total net assets or fund balancesStart of year $447,957,554$0
X-33 Total liabilities and net assetsStart of year $3,821,189,390$0
Part XI · Reconciliation of net assets $0 net assets at year end
XI-1 Total revenue$158,075,310
XI-2 Total expenses$609,472,276
XI-3 Revenue less expenses−$451,396,966
XI-4 Net assets at start of year$447,957,554
XI-5 Net unrealized gains (losses) on investments$3,215,313
XI-8 Prior period adjustments$11,642
XI-9 Other changes in net assets$212,457
XI-10 Net assets at end of year$0

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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