2024-09-12T08:13:17-05:00 2023-12-31 390758449 WIPFLI LLP 30 LONG CREEK DRIVE SOUTH PORTLAND ME 041062437 990 2023-01-01 010261795 FIVE COUNTY CREDIT UNION FIVE 2074433528 765 WASHINGTON STREET BATH ME 04530 JULIE A MARQUIS CEO & TREASURER 2074433528 2024-09-11 1 1 JULIA HOWLAND CPA P01711658 2077745701 2024-09-11 2023 2024-08-08 14:25:15Z JULIE A MARQUIS 765 WASHINGTON STREET BATH ME 04530 23755370 0 X WWW.FIVECOUNTY.COM X 1956 ME DELIVERING TRUE CONVENIENCE THROUGH EXTENDED HOURS, MODERN & TRADITIONAL BANKING SERVICES AND TRUSTED SOLUTIONS. 7 7 163 11 483182 0 0 0 13809357 16921906 1516679 3327791 3705069 3348991 19031105 23598688 0 0 435820 1207541 9913172 11133796 0 0 0 7025519 8210504 17374511 20551841 1656594 3046847 368273887 358165631 337279899 324765719 30993988 33399912 DELIVERING TRUE CONVENIENCE THROUGH EXTENDED HOURS, MODERN & TRADITIONAL BANKING SERVICES AND TRUSTED SOLUTIONS. 0 0 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. THE CREDIT UNION'S PRIMARY ACTIVITY IS PROVIDING LOANS TO MEMBERS AND THEIR FAMILIES. AS OF 12/31/23, FIVE COUNTY CREDIT UNION SERVES 29,650 MEMBERS AND HAS TOTAL DEPOSITS OF $317,149,354. IN ADDITION, THE CREDIT UNION HAS 22,511 OUTSTANDING LOANS TO MEMBERS WITH A TOTAL BALANCE OF $265,490,599 AT 12/31/2023. 0 0 1 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 4145 0 1 163 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 1 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X KENNETH H STOCKFORD 2074433528 765 WASHINGTON STREET BATH ME 04530 ROBERT BREWER CHAIRMAN 1.00 X X 0 0 0 MERLIN SUGGS VICE CHAIRMAN 1.00 X X 0 0 0 MONA FAULTER SECRETARY/TREASURER 1.00 X X 0 0 0 BRUCE WILSON DIRECTOR 1.00 X 0 0 0 A BOSICA DIRECTOR 1.00 X 0 0 0 PETER DECOURCY DIRECTOR 1.00 X 0 0 0 SAM MAY DIRECTOR 1.00 X 0 0 0 JULIE A MARQUIS PRESIDENT & CEO 40.00 X 550983 0 53401 KENNETH H STOCKFORD SVP FINANCE & TECHNOLOGY/C 40.00 X 273046 0 35460 TERRI RYAN SVP ADMINISTRATION 40.00 X 196771 0 34611 MICHAEL FOLEY SVP SUPPORT SERVICES 40.00 X 256285 0 33249 LYNN FARMER SVP HUMAN RESOURCES 40.00 X 174848 0 24962 JENNIFER ANDERSEN SVP RETAIL SERVICES 40.00 X 225779 0 28312 PATTY DUFFY HIGHEST COMPENSATED EMPLOYEE 40.00 X 115913 0 7825 1793625 0 217820 7 0 1 0 SYNERGENT PO BOX 1236 PORTLAND ME 04104 SERVICE BUREAU 630933 PORTLAND SAFE PO BOX 1540 GRAY ME 04039 ATM & SECURITY 203903 BURGESS TECHNOLOGY SERVICES 6 OAK GROVE AVE BATH ME 04530 TECHNOLOGY SERVICES 146583 FIRST LIGHT FIBER PO BOX 1301 WILLISTON VT 05495 COMMUNICATIONS 144002 4 INTEREST INCOME 522100 13052222 13052222 MEMBER SERVICE FEES 522100 3869684 3869684 16921906 3345492 3345492 138981 147098 9584 -8117 -9584 -17701 -17701 MISCELLANEOUS FEE INCOME 522100 2836605 2836605 ATM FEES 525990 303330 29204 274126 INSURANCE INCOME 524113 209056 209056 3348991 23598688 19787715 483182 3327791 1207541 912890 7966275 668954 957144 628533 33764 180734 509452 550267 250298 1417672 175171 4373 896368 163471 OTHER OPERATING EXPENSE 2966351 PROVISION FOR LOAN LOSS 1062583 20551841 4327300 4519344 102886530 55483600 956327 956327 226006593 263852296 760150 869975 20855731 10561435 10557463 10294296 5779621 5386381 7016057 6738298 9983846 10065114 368273887 358165631 5266059 7126447 50123 370048 331963717 317269224 337279899 324765719 X 0 0 0 0 30993988 33399912 30993988 33399912 368273887 358165631 X 3046847 71713 -712636 X 0 1 X 1 0 12366 PART I-A, LINE 1: $9,206 OF THE DUES PAID BY FIVE COUNTY CREDIT UNION TO THE MAINE CREDIT UNION LEAGUE IN 2023 WERE USED TOWARDS LEGISLATION ACTION. $3,160 IN EXPENSES FOR PARTICIPATION IN GAC. 0 1 X 1989763 1989763 11335050 4110415 7224635 272722 233171 39551 7258196 6217849 1040347 10294296 MEMBERS' SHARES & SAVINGS ACCOUNTS 316779305 LEASE OBLIGATIONS - OPERATING 489919 317269224 X 23670401 71713 71713 23598688 0 23598688 20551841 0 20551841 0 20551841 PART IV, LINE 2B: HELD BACK COMMERCIAL LOANS. WHEN FUNDS ARE REQUESTED BLS VISITS THE PROPERTY AND APPROVES OR DECLINES THE FUNDS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE, EXCEPT TO THE EXTENT IT HAS UNRELATED BUSINESS INCOME. X 1 1 X X X X 0 1 0 JULIE A MARQUIS PRESIDENT & CEO 303782 0 55907 0 191294 0 30762 0 22639 0 604384 0 0 0 KENNETH H STOCKFORD SVP FINANCE & TECHNOLOGY/C 157011 0 33119 0 82916 0 17029 0 18431 0 308506 0 0 0 MICHAEL FOLEY SVP SUPPORT SERVICES 151144 0 28388 0 76753 0 15951 0 17298 0 289534 0 0 0 JENNIFER ANDERSEN SVP RETAIL SERVICES 174808 0 28202 0 22769 0 14513 0 13799 0 254091 0 0 0 TERRI RYAN SVP ADMINISTRATION 157666 0 28533 0 10572 0 18532 0 16079 0 231382 0 0 0 LYNN FARMER SVP HUMAN RESOURCES 139621 0 28195 0 7032 0 16715 0 8247 0 199810 0 0 0 PART I, LINE 1A GROSS-UP PAYMENTS ON SERPS. PART I, LINE 4B TERRI AND LYNN PARTICIPATE IN 457(F). JULIE MARQUIS CEO SPLIT DOLLAR INSURANCE AGREEMENT LOAN X 478679 478679 0 1 1 KEN STOCKFORD SVP FINANCE & TECHNOLOGY/CFO SPLIT DOLLAR INSURANCE AGREEMENT LOAN X 477648 477648 0 1 1 956327 FORM 990, PART VI, SECTION A, LINE 4 CHANGED PAR VALUE FROM $25 TO $5 FORM 990, PART VI, SECTION A, LINE 6 FIVE COUNTY CREDIT UNION OFFERS MEMBERSHIP TO ANYONE WHO WORKS, RESIDES OR WORSHIPS IN ANDROSCOGGIN, CUMBERLAND, FRANKLIN, KENNEBEC, KNOX, LINCOLN, OXFORD, PENOBSCOT, PISCATAQUIS, SAGADAHOC, SOMERSET, AND WALDO COUNTY. MEMBERSHIP IS ALSO AVAILABLE TO EMPLOYEES OF BATH IRON WORKS, EMPLOYEES OF FIVE COUNTY FEDERAL CREDIT UNION AND RELATIVES OF ALL SUCH EMPLOYEES. FORM 990, PART VI, SECTION A, LINE 7A FIVE COUNTY CREDIT UNION MEMBERS OWN THE CREDIT UNION. MEMBERS ARE ENTITLED TO ELECT, AND BE ELECTED TO THE VOLUNTEER BOARD OF DIRECTORS, WHICH IS COMPOSED OF FELLOW MEMBERS AND SETS POLICIES FOR THE OPERATION OF THE CREDIT UNION BASED ON THE NEEDS AND WISHES OF MEMBERS. THE BOARD OF DIRECTORS SETS DIVIDEND RATES, LOAN INTEREST RATES, AND FEES AMONG OTHER THINGS, AND ALSO DETERMINES CREDIT UNION POLICY. FORM 990, PART VI, SECTION B, LINE 11B UPON COMPLETION OF FORM 990, THE GOVERNING BODY REVIEWS THE RETURN BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C COMPLIANCE WITH THE POLICY IS REVIEWED ANNUALLY BY BOARD OF DIRECTORS. THE BOARD OF DIRECTORS AND MANAGEMENT WATCH FOR INSTANCES OF ANY CONFLICT OF INTEREST AT ALL TIMES. FORM 990, PART VI, SECTION B, LINE 15 FIVE COUNTY CREDIT UNION USES COMPEASE SALARY ADMINISTRATION PROGRAM TO DETERMINE COMPENSATION OF THE CREDIT UNION'S OFFICERS AND KEY EMPLOYEES. ADDITIONALLY, YEARLY COMPENSATION REVIEWS ARE PERFORMED FOR ALL EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 FIVE COUNTY CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FINANCIAL STATEMENTS ARE DISPLAYED IN LOBBIES. FORM 990, PART XI, LINE 9: OTHER COMPREHENSIVE LOSS -24,699. ADOPTION OF ASC 326 -687,937.